Australian Broker Call *Extra* Edition – Mar 16, 2022

This story features ARISTOCRAT LEISURE LIMITED, and other companies. For more info SHARE ANALYSIS: ALL

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)

ALL   BOE   BRG   ELD (3)   HSN   MCL   MFG   NEC   NIC   NWE   PPH   QUB   RIO   SRG   SWM   TSI   UWL (2)  

ALL    ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $35.63

Jarden rates ((ALL)) as Buy (2) –

Jarden spies a medium-term risk to Aristocrat Leisure's earnings as vertical integration accelerates the shift from traditional console to mobile gaming and intensifies market competition.

The broker expects higher design and development costs as a result.

But Jarden says the market is already pricing in risks, some of which may be independent to those Jarden has nominated.

Jarden suspect the market may be discounting the potential for M&A, which could trigger an upward re-rate as the company deploys capital. 

Overweight rating and $41.75 target retained.

This report was published on March 15, 2022.

Target price is $41.75 Current Price is $35.63 Difference: $6.12
If ALL meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $48.20, suggesting upside of 31.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 62.00 cents and EPS of 155.30 cents.
At the last closing share price the estimated dividend yield is 1.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.1, implying annual growth of 18.7%.
Current consensus DPS estimate is 59.9, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 24.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 67.00 cents and EPS of 166.30 cents.
At the last closing share price the estimated dividend yield is 1.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 177.0, implying annual growth of 16.4%.
Current consensus DPS estimate is 72.6, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 20.7.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BOE    BOSS ENERGY LIMITED

Uranium – Overnight Price: $2.42

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

Boss Energy's first half results were a pleasant surprise for Bell Potter given benefits from elevated uranium pricing. The company noted front end engineering and design work for the Honeymoon restart will be complete by end of March with a final investment decision ahead.

Bell Potter expects there is resource expansion upside to Boss Energy's current portfolio, and drilling is underway.

The Buy rating is retained and the target price increases to $3.57 from $3.47.

This report was published on March 16, 2022.

Target price is $3.57 Current Price is $2.42 Difference: $1.15
If BOE meets the Bell Potter target it will return approximately 48% (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 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 806.67.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 605.00.

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

BRG    BREVILLE GROUP LIMITED

Household & Personal Products – Overnight Price: $27.25

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

JP Morgan believes Breville Group's acquisition of LELIT, the Italian-based coffee machine designer and manufacturer, will provide potential medium-term growth via further distribution channel diversification.

The analyst doesn’t believe the business will contribute materially to group profitability in the near-term.

The transaction will be funded 50/50 debt/scrip with Breville Group shares priced at $27.64.

The Neutral rating is retained by the broker given the currently high multiple. The target price is decreased to $29 from $30.

This report was published on March 16, 2022.

Target price is $29.00 Current Price is $27.25 Difference: $1.75
If BRG meets the JP Morgan target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $33.03, suggesting upside of 21.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 30.00 cents and EPS of 76.00 cents.
At the last closing share price the estimated dividend yield is 1.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.6, implying annual growth of 19.5%.
Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 34.7.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 34.00 cents and EPS of 87.00 cents.
At the last closing share price the estimated dividend yield is 1.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.9, implying annual growth of 14.4%.
Current consensus DPS estimate is 36.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 30.3.

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

ELD    ELDERS LIMITED

Agriculture – Overnight Price: $13.29

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

Elders' latest trading update has demonstrated a stronger than expected start to the year according to Bell Potter, and the company is now suggesting full year earnings will grow 20-30% year-on-year to $200-217m (consensus was $179m). 

Elevated sheep and cattle pricing continues to benefit Agency results, while Retail and Wholesale both reported year-on-year improvement which the broker attributes to improved summer crops and pricing for agriculture chemicals and fertiliser. 

Bell Potter upgrades net profit forecasts 16% and 8% for FY22 and FY23 respectively.

The Hold rating is retained and the target price increases to $13.65 from $12.90. 

This report was published on March 16, 2022.

Target price is $13.65 Current Price is $13.29 Difference: $0.36
If ELD meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $14.46, suggesting upside of 9.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 44.00 cents and EPS of 89.70 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.0, implying annual growth of -8.2%.
Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 44.00 cents and EPS of 80.10 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.8, implying annual growth of -7.0%.
Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 16.2.

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

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

Elders has issued a trading update, announcing earnings (EBIT) should outpace consensus by 20% to 30%, thanks to organic growth and acquisitions, struck on strong margins from its integration strategy, says Goldman Sachs.

The broker says reluctance to re-rate Elders after the drought, despite consistent beats, fails to consider the long-term structural changes in the market, which the broker believes should support continued earnings growth.

The broker says strong operating conditions and completion of the integration strategy (now at 50%) should accelerate Elders' business transformation, building momentum and sustainable earnings through FY23.

EPS forecasts are upgraded 13% in FY22; 13% in FY23 and 12% in FY24.

Buy rating retained. Target price rises to $17.65 from $15.65.

This report was published on March 14, 2022.

Target price is $15.65 Current Price is $13.29 Difference: $2.36
If ELD meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $14.46, suggesting upside of 9.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 45.00 cents and EPS of 93.00 cents.
At the last closing share price the estimated dividend yield is 3.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.0, implying annual growth of -8.2%.
Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 47.00 cents and EPS of 97.00 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.8, implying annual growth of -7.0%.
Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 16.2.

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

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

A trading update from Elders has guided to full year earnings up 20-30% on the previous comparable period, driving Shaw and Partners to lift its earnings per share forecasts 11% and 17% for FY22 and FY23 as the company continues to deliver on strategy. 

The company reported improvement in its Retail and Wholesale segments compared to performance in the last financial year, and management considers majority of sales to be a result of increased activity. Agency and Real Estate segments also performed well. 

The Buy rating is retained and the target price increases to $16.50 from $15.00.

This report was published on March 15, 2022.

Target price is $16.50 Current Price is $13.29 Difference: $3.21
If ELD meets the Shaw and Partners target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $14.46, suggesting upside of 9.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 42.00 cents and EPS of 86.00 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.0, implying annual growth of -8.2%.
Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 42.00 cents and EPS of 87.80 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.8, implying annual growth of -7.0%.
Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 16.2.

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

HSN    HANSEN TECHNOLOGIES LIMITED

IT & Support – Overnight Price: $5.09

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

Hansen Technologies has confirmed a US$25.6m seven-year contract with Exelon Corp for its Hansen Market-Message solution. While only issuing earnings forecast upgrades of 2% over FY23 and FY24, Shaw and Partners notes the agreement derisks forecasts. 

With the broker assuming Hansen Technologies can achieve 2-2.5% annual topline growth, equating to a require $6-7m in new revenue, the contract underwrites forecast growth in the next year. Further, Shaw and Partners expects the contract will support a 33% margin in FY23 and FY24, a beat on the company's target of more than 30%.

The Buy rating is retained and the target price increases to $6.15 from $6.10.

This report was published on March 16, 2022.

Target price is $6.15 Current Price is $5.09 Difference: $1.06
If HSN meets the Shaw and Partners target it will return approximately 21% (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 12.00 cents and EPS of 26.80 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 18.99.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 10.00 cents and EPS of 27.50 cents.
At the last closing share price the estimated dividend yield is 1.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.51.

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

MCL    MIGHTY CRAFT LIMITED

Food, Beverages & Tobacco – Overnight Price: $0.27

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

Cannacord Genuity says Mighty Craft has materially increased its distribution reach with beer, cider, RTD and spirits, some of which have posted first sales in February.

Having moved into the black and management guiding to a strong second half, the broker retains its Speculative Buy and 54c target price.

This report was published on March 10, 2022.

Target price is $0.54 Current Price is $0.27 Difference: $0.27
If MCL meets the Canaccord Genuity target it will return approximately 100% (excluding dividends, fees and charges).

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

MFG    MAGELLAN FINANCIAL GROUP LIMITED

Wealth Management & Investments – Overnight Price: $13.86

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

Magellan Financial Group reported a further -$6.0bn in outflows in a little over two weeks leading up to February 23, on top of the already announced -$10.8bn since the beginning of the year. Jarden expects peak outflows to persist for up to another two months. 

Given the update, Jarden increases its expected outflows for March to -$7.7bn from -$3.3bn and for April to -$3.2bn from -$1.2bn. Second half outflow forecast is now -$25bn from a previous -$18bn. 

The Underweight rating is retained and the target price decreases to $13.35 from $14.25.

This report was published on March 14, 2022.

Target price is $13.35 Current Price is $13.86 Difference: minus $0.51 (current price is over target).
If MFG meets the Jarden target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $13.51, suggesting downside of -8.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 EPS of 215.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 219.4, implying annual growth of 51.7%.
Current consensus DPS estimate is 186.6, implying a prospective dividend yield of 12.7%.
Current consensus EPS estimate suggests the PER is 6.7.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 135.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.3, implying annual growth of -35.1%.
Current consensus DPS estimate is 122.2, implying a prospective dividend yield of 8.3%.
Current consensus EPS estimate suggests the PER is 10.3.

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

NEC    NINE ENTERTAINMENT CO. HOLDINGS LIMITED

Print, Radio & TV – Overnight Price: $2.77

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

Goldman Sachs revisits the Australian Total TV market after the strong December-half results, which were accompanied by upgraded June-half guidance.

The broker estimates the TV market will grow 11% in the June half as the advertising market tightens heading into the Federal Election and Winter Olympics, but expects it will decline thereafter due to structural reasons and the cycling of covid benefits. 

Goldman Sachs notes Nine Entertainments resilience in previous market downturns thanks to its efficient operating expenditure, 1P data advantage and large, diversified suite of digital assets; and the broker finds the valuation attractive.

Buy rating and $3.30 target price retained.

This report was published on March 15, 2022.

Target price is $3.30 Current Price is $2.77 Difference: $0.53
If NEC meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $3.56, suggesting upside of 26.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 11.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 3.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.1, implying annual growth of 92.2%.
Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 12.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.3, implying annual growth of 6.3%.
Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 13.8.

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

NIC    NICKEL MINES LIMITED

Nickel – Overnight Price: $1.16

Canaccord Genuity rates ((NIC)) as Downgrade to Hold from Buy (3) –

Cannacord reminds investors the London Metal Exchange has suspended nickel trading after what appears to have been a short squeeze post Ukraine driven by partner Tsingshan.

The broker says the timeline to nickel price peaks now appears to have contracted and given several unknowns surrounding both the market (the Chinese Construction Bank Corp has been given extra time to pay hundreds of millions in margin calls and the Ukraine conflict) and the company, it is taking a step back.

Target price falls to $1.60 from $1.80 and the broker downgrades to Hold from Buy. 

This report was published on March 9, 2022.

Target price is $1.60 Current Price is $1.16 Difference: $0.44
If NIC meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $1.54, suggesting upside of 31.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 5.40 cents and EPS of 8.10 cents.
At the last closing share price the estimated dividend yield is 4.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.3, implying annual growth of N/A.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 5.40 cents and EPS of 14.85 cents.
At the last closing share price the estimated dividend yield is 4.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of 31.1%.
Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 6.3%.
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

NWE    NORWEST ENERGY NL

Overnight Price: $0.04

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

Cannacord Genuity initiates coverage of Norwest Energy with a Speculative Buy rating and 0.04c target price.

The broker says Norwest's Lockyer Deep discovery in the onshore Perth basin could be one of the most material exploration successes of 2021, boasting porosity and inferred permeability well above peers.

Market fundamentals are strong but political impediments remain. 

This report was published on March 14, 2022.

Target price is $0.04 Current Price is $0.04 Difference: $0.004
If NWE meets the Canaccord Genuity target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

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 minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 40.00.

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

PPH    PUSHPAY HOLDINGS LIMITED

Software & Services – Overnight Price: $1.01

Jarden rates ((PPH)) as Buy (2) –

Pushpay has narrowed its FY22 earnings guidance range, with the midpoint ahead of consensus. Jarden says the news should relieve concerns after the December-half downgrade.

Management reports strong cash generation and a fall in net debt from US$90m post the Resi Media acqusition to US$5.4m as at the end of February.

Jarden notes the company has been resistant to inflation in the past and management reports an improvement in cross-sell opportunities from acquisitions, which could open opportunities for the company.

Jarden cuts the target price to NZ$1.40 from NZ$1.75 to reflect a sector sell-off; changes to the discount rate; and an easing in short-term growth. Overweight rating retained.

This report was published on March 15, 2022.

Current Price is $1.01. Target price not assessed.
Current consensus price target is $1.90, suggesting upside of 86.3%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 4.19 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.3, 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 19.2.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.86 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.4, implying annual growth of 20.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.9.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

QUB    QUBE HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $3.06

Jarden rates ((QUB)) as Buy (1) –

Providing further detail on the breakdown of its target price for Qube Holdings, Jarden highlights it values the company's core businesses, Moorebank and Patrick, at $2.28 and $1.41 per share respectively. 

The broker acknowledges the Moorebank valuation may be considered expensive but sees fair value in the company's 50% stake in container terminal operator Patrick. Jarden sees a pathway for strong near-term growth and feels valuation is warranted accordingly. 

The Buy rating and target price of $3.65 are retained. 

This report was published on March 14, 2022.

Target price is $3.65 Current Price is $3.06 Difference: $0.59
If QUB meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $3.32, suggesting upside of 8.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 EPS of 8.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.5, implying annual growth of 96.7%.
Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 32.1.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 10.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.1, implying annual growth of 16.8%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 27.5.

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

RIO    RIO TINTO LIMITED

Bulks – Overnight Price: $106.75

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

Goldman Sachs considers Rio Tinto's non-binding bid for 49% for the outstanding shares of Turquoise Hill at C$34 – a premium of 32% to the previous closing price – to be -43% below the valuation contained in the broker's price target.

The deal will take Rio Tinto's stake in Oyu Tolgoi to 66% from 34% (the balance being owned by the Mongolian government) and accounts for two months free cash flow.

Goldman Sachs notes Oyu Tolgoi is one of the company's core growth assets, and will allow the company to double copper estimates (to 25% above the broker's forecast) and boasts a life of 40 years with a 50% expansion potential. 

Buy rating retained. Target price is $122.40.

This report was published on March 15, 2022.

Target price is $122.40 Current Price is $106.75 Difference: $15.65
If RIO meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $116.93, suggesting upside of 9.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 1255.74 cents and EPS of 1517.69 cents.
At the last closing share price the estimated dividend yield is 11.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1580.4, implying annual growth of N/A.
Current consensus DPS estimate is 1120.5, implying a prospective dividend yield of 10.5%.
Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 1201.73 cents and EPS of 1330.00 cents.
At the last closing share price the estimated dividend yield is 11.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1204.1, implying annual growth of -23.8%.
Current consensus DPS estimate is 811.7, implying a prospective dividend yield of 7.6%.
Current consensus EPS estimate suggests the PER is 8.9.

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

SRG    SRG GLOBAL LIMITED

Mining Sector Contracting – Overnight Price: $0.56

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

SRG Global has announced the acquisition of WBHO Infrastructure's West Australian business for $15.2m, with settlement expected in March. Part of the WBHO Australia Group, WBHO WA is an asset management, civil maintenance and construction services provider. 

WBHO WA is estimated to generate $150m in annual revenue, and with little investment or capital expenditure required according to Shaw and Partners the purchase would significantly benefit FY23 earnings. 

The Buy rating and target price of $0.75 are retained. 

This report was published on March 15, 2022.

Target price is $0.75 Current Price is $0.56 Difference: $0.19
If SRG meets the Shaw and Partners target it will return approximately 34% (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 3.00 cents and EPS of 4.40 cents.
At the last closing share price the estimated dividend yield is 5.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.73.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 3.50 cents and EPS of 5.10 cents.
At the last closing share price the estimated dividend yield is 6.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.98.

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

SWM    SEVEN WEST MEDIA LIMITED

Print, Radio & TV – Overnight Price: $0.60

Goldman Sachs rates ((SWM)) as Downgrade to Sell from Neutral (5) –

Goldman Sachs revisits the Australian Total TV market after the strong December-half results, which were accompanied by upgraded June-half guidance.

The broker estimates the TV market will grow 11% in the June half as the advertising market tightens heading into the Federal Election and Winter Olympics, but expects it will decline thereafter due to structural reasons and the cycling of covid benefits. 

 The broker downgrades Seven West Media to Sell from Neutral, believing the company has the lowest upside and offers fewer long-term opportunities to peers to offset impending declines.

Target price is 60c compared with 31% upside potential for peers.

This report was published on March 15, 2022.

Target price is $0.60 Current Price is $0.60 Difference: $0
If SWM meets the Goldman Sachs target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $0.88, suggesting upside of 41.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 3.00 cents and EPS of 11.60 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.7, implying annual growth of -43.4%.
Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 5.3.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 6.00 cents and EPS of 10.20 cents.
At the last closing share price the estimated dividend yield is 10.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.0, implying annual growth of 2.6%.
Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 5.2.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

TSI    TOP SHELF INTERNATIONAL HOLDINGS LIMITED

Food, Beverages & Tobacco – Overnight Price: $1.39

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

Following Cannacord's initiation of coverage of Top Shelf International in December, the broker takes a deeper dive and finds the agave spirit market to be one of the fastest growing categories internationally and domestically in the past five years. 

The spirit has been posting a 10% compound annual growth rate for the past decade, compared to 6% for other spirits and now comprises 14% of the US market.

That agave can be used across several categories and be mixed, blended or sipped should support growth, says the broker. It is also grain free, gaining support from the health and wellness theme says the broker.

Given Top Shelf International's first mover brand advantage, the broker spies long-term strength and support.

Speculative Buy rating and $2.44 target price retained.

This report was published on March 14, 2022.

Target price is $2.44 Current Price is $1.39 Difference: $1.05
If TSI meets the Canaccord Genuity target it will return approximately 76% (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 22.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.32.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.90.

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

UWL    UNITI GROUP LIMITED

Telecommunication – Overnight Price: $4.01

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

Uniti Group has received a preliminary, non-binding and highly conditional cash bid from Morrisson & Co to buy the company for $4.50 a share. Terms include exclusivity until April 22, 2022.

Goldman Sachs says the bid follows management's results announcement that it had received interest from several parties, and is consistent with elevated market interest in telecom and fixed-line assets globally.

The broker notes the bid implies a FY23 EV/EBITDA multiple of 21x, which compares with recent fibre network transactions at 16x to 20x; Vocus at 11x EBITDA; 70% Optus towers holding at 28x; the 49% share in Telstra TowerCo at 28x EBITDAaL; and several core Chorus trades on 12.3x EV/EBITDA.

Goldman Sachs expects Uniti Group will trade at a premium to competitive fibre assets, noting its long-term pipeline of contracted premises; and leanings to monopoly fibre.

While NBN remains a wildcard, the broker retains a Neutral rating and sets a $3.90 target price.

This report was published on March 15, 2022.

Target price is $3.90 Current Price is $4.01 Difference: minus $0.11 (current price is over target).
If UWL meets the Goldman Sachs 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:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.45.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.85.

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

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Jarden rates ((UWL)) as Buy (1) –

Uniti Group has received a non-binding indicative cash bid from HRL Morrison & Co for $4.50 a share.

It includes an exclusivity period until April 22, with competing bids in the wings.

Buy rating and $4.39 target price retained.

This report was published on March 15, 2022.

Target price is $4.39 Current Price is $4.01 Difference: $0.38
If UWL meets the Jarden target it will return approximately 9% (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 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.45.

Forecast for FY23:

Jarden forecasts a full year FY23 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 30.61.

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

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