Australian Broker Call *Extra* Edition – Mar 30, 2022

This story features AERIS RESOURCES LIMITED, and other companies. For more info SHARE ANALYSIS: AIS

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)

AIS   APE   CGC   COD   DGO   DMP   FFX   GNP   GOR   HTG   JAN   JBH   JHG   MCR   MSB   NEA   NWE   OSL   PEB   PEN   RMD   SGR  

AIS    AERIS RESOURCES LIMITED

Copper – Overnight Price: $0.14

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

Drilling and exploration at Aeris Resources' Tritton Copper Avoca Tank mine have found intersections 75m below established resource, suggesting to Bell Potter that Tritton Copper peak annual production could be upwards of 30,000 tonnes.

In the broker's opinion the market is overlooking the mine life longevity Tritton offers, believing market prices suggest a 4-5 year mine life. Bell Potter considers a 7 year mine life conservative, and expects likely exploration success will sustain a more than 11 year mine life.

The Buy rating is retained and the target price decreases to $0.21 from $0.22.

This report was published on March 28, 2022.

Target price is $0.21 Current Price is $0.14 Difference: $0.07
If AIS meets the Bell Potter target it will return approximately 50% (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 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.67.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.18.

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

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $14.09

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

Bell Potter makes no changes to forecasts for Eagers Automotive following its sale of the Bill Buckle Auto Group, preferring to wait for a potential acquisition in the near-term that may provide an offset.

The broker updates each valuation used to determine its target price for market movements and the passage of time. As a result the target falls by -3% to $16.75. The Buy rating is maintained.

This report was published on March 25, 2022.

Target price is $16.75 Current Price is $14.09 Difference: $2.66
If APE meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $17.86, suggesting upside of 25.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 47.50 cents and EPS of 102.70 cents.
At the last closing share price the estimated dividend yield is 3.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.0, implying annual growth of -15.4%.
Current consensus DPS estimate is 65.3, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 47.50 cents and EPS of 87.90 cents.
At the last closing share price the estimated dividend yield is 3.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.5, implying annual growth of -9.0%.
Current consensus DPS estimate is 61.0, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 14.8.

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

CGC    COSTA GROUP HOLDINGS LIMITED

Agriculture – Overnight Price: $3.21

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

Wilsons visited Costa Group's 40ha tomato glasshouse production asset near Guyra, NSW, which has a recently-added 10ha glasshouse and 2.5ha nursery.

The broker feels new varieties of premium snacking tomatoes, combined with different packaging options will allow the group to explore and unlock new opportunities.

The analyst points out expansion of the asset base has resulted in significant sales volume growth through 2022. The Overweight rating and $3.66 target are retained.

This report was published on March 30, 2022.

Target price is $3.66 Current Price is $3.21 Difference: $0.45
If CGC meets the Wilsons target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $3.64, suggesting upside of 12.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 12.10 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 3.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.4, implying annual growth of 62.6%.
Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 12.90 cents and EPS of 18.40 cents.
At the last closing share price the estimated dividend yield is 4.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.5, implying annual growth of 26.6%.
Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 16.6.

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

COD    CODA MINERALS LIMITED

Mining – Overnight Price: $0.65

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

Coda Minerals has re-evaluated the Emmie IOCG system at the Elizabeth Creek Copper-Cobalt Project and announced an intersection with a new copper-rich bornite dominated zone.

This suggests to Shaw and Partners there may be a significant accumulation of copper and other valuable metals, which may be at least comparable in scale to the adjacent Emmie Bluff copper-cobalt deposit.

The broker retains a Buy rating and $2.50 target price.

This report was published on March 28, 2022.

Target price is $2.50 Current Price is $0.65 Difference: $1.85
If COD meets the Shaw and Partners target it will return approximately 285% (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 3.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.67.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.67.

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

DGO    DGO GOLD LIMITED

Gold & Silver – Overnight Price: $2.80

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

With DGO Gold currently trading at a -19% discount to its listed investments, which include a 14.5% holding in De Gray Mining ((DEG)), Bell Potter notes the stock offers exposure to a quality portfolio of brownfield gold exploration companies well below market price.

According to the broker DGO Gold offers an attractive approach to Australian gold, combining ASX-listed investments to leverage an active greenfield exploration portfolio that the broker values at $36m.

The Buy rating is retained and the target price decreases to $4.41 from $4.47.

This report was published on March 28, 2022.

Target price is $4.41 Current Price is $2.80 Difference: $1.61
If DGO meets the Bell Potter target it will return approximately 58% (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 19.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.07.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 6.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 42.42.

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

DMP    DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco – Overnight Price: $82.92

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

Jarden reiterates its Overweight rating and $108 target price for Domino Pizza Enterprises, despite inflation and reopening uncertainty clouding the June half earnings outlook.

The broker says the medium-term outlook remains good and spies scope for mergers and acquisitions, rising returns, and an admirable runway for growth in Japan and Europe.

This report was published on March 28, 2022.

Target price is $108.00 Current Price is $82.92 Difference: $25.08
If DMP meets the Jarden target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $101.47, suggesting upside of 20.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 213.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 214.5, implying annual growth of 0.8%.
Current consensus DPS estimate is 172.0, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 39.4.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 272.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 260.4, implying annual growth of 21.4%.
Current consensus DPS estimate is 201.3, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 32.4.

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

FFX    FIREFINCH LIMITED

Gold & Silver – Overnight Price: $0.94

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

Firefinch has received ministerial sign-off on the transfer of the Gouolamina Lithium project exploration licence to the Ganfeng/Firefinch joint venture now that Ganfeng has met its investment and project funding conditions. Funding can be released for construction, reports Canaccord Genuity.

The broker notes Ganfeng's investment falls shy of capital expenditure requirements but expects the partners will work to bridge the gap and points to Firefinch's suggested pro-rata entitlement issue, and/or extension of the Ganfeng loan facility.

Meanwhile, the transfer opens the way for Firefinch to transfer its interests in the JV to Leo Lithium as part of the planned de-merger.

The broker considers the stock to be seriously mispriced and reiterates a Speculative Buy rating. Target price steady at $1.90.

This report was published on March 28, 2022.

Target price is $1.90 Current Price is $0.94 Difference: $0.96
If FFX meets the Canaccord Genuity target it will return approximately 102% (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 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.67.

Forecast for FY23:

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

GNP    GENUSPLUS GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $1.24

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

Bell Potter finds GenusPlus Group's recent Pole Foundations acquisition compelling, and expects the purchase can grow earnings to $9.1m in FY24 from $5.7m in FY21, implying a conservative 17% compound growth rate compared to a historic 2-year 57.4% growth rate.

With a number of growth levers at its disposal, and alongside strong organic growth from Pole Foundations, Bell Potter believes GenusPlus Group could double earnings by FY26 if it can execute on continued east coast expansion and a turnaround of recent acquisitions.

Earnings per share forecasts are updated -0.5%, 7.8% and 20.1% through to FY24 driven by first half results and the Pole Foundations acquisition.

The Buy rating is retained and the target price increases to $1.72 from $1.40.

This report was published on March 29, 2022.

Target price is $1.72 Current Price is $1.24 Difference: $0.48
If GNP meets the Bell Potter target it will return approximately 39% (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 2.00 cents and EPS of 11.30 cents.
At the last closing share price the estimated dividend yield is 1.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.97.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 2.40 cents and EPS of 12.90 cents.
At the last closing share price the estimated dividend yield is 1.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.61.

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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.66

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

Gold Road Resources' FY21 result slightly outpaced Bell Potter's forecasts on revenue and earnings (EBITDA) but disappointed on net profit after tax thanks to a blowout in depreciation.

The broker says the midpoint of 2022 guidance suggests a 30% rise in gold production and would depend on better processing plant availability and ore reserve gold grade reconciliation.

2022 EPS forecasts fall -16% while 2023 EPS forecasts rise 3% and 2024 EPS forecasts rise 5%.

Target price steady at $1.70. Buy rating reiterated.

This report was published on March 29, 2022.

Target price is $1.70 Current Price is $1.66 Difference: $0.04
If GOR meets the Bell Potter target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.77, suggesting upside of 11.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 2.00 cents and EPS of 8.70 cents.
At the last closing share price the estimated dividend yield is 1.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.3, implying annual growth of 170.3%.
Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 14.1.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 2.60 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 1.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.3, implying annual growth of 17.7%.
Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 12.0.

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

HTG    HARVEST TECHNOLOGY GROUP LIMITED

Hardware & Equipment – Overnight Price: $0.22

Moelis rates ((HTG)) as Buy (1) –

Moelis notes Harvest Technology's recently announced reseller agreement with Marlink continues to extend the reach of the company's Infinity product suite, with reseller partners now offering access to a combined 75,000 vessels under management.

The broker expects the company is on track to achieve a targeted 1,000 licenses by year end, and anticipates accelerated sales growth as reseller sales staff are brought up to speed.

The company has indicated an expected increase to annual recurring revenue of $2.4-3.9m by June, equating to a 160% half-on-half increase. The 1,000 license target should equate to a year end exiting annual recurring revenue of around $12m, according to Moelis.

The Buy rating and target price of $0.28 are retained.

This report was published on March 29, 2022.

Target price is $0.28 Current Price is $0.22 Difference: $0.06
If HTG meets the Moelis target it will return approximately 27% (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 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.33.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 110.00.

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

JAN    JANISON EDUCATION GROUP LIMITED

Education & Tuition – Overnight Price: $0.97

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

Wilsons points out hybrid schooling conditions have accelerated Janison Education's push into the consumer market with the launch of Direct-To-Parent. This provides an opportunity for increased subscriptions and diversification of end-customers (Parents vs Schools).

In addition, the opportunity should provide increased operating leverage, explains the analyst. Conservative estimates suggest the annual recurring revenue uplift could be 7-9% compared to the broker's current forecast.

More negatively, the group and the OECD have switched off potential revenues from the contract for Russia as an international platform provider. However, another contract with schools via the Australian National Catholic Education Commission is expected to be an offset.

The Overweight rating is retained and the target slips to $1.41 from $1.44.

This report was published on March 24, 2022.

Target price is $1.41 Current Price is $0.97 Difference: $0.44
If JAN meets the Wilsons target it will return approximately 45% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 27.71.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 34.64.

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

JBH    JB HI-FI LIMITED

Consumer Electronics – Overnight Price: $55.21

Jarden rates ((JBH)) as Underweight (4) –

A strong 3Q trading update by JB Hi-Fi was driven by an acceleration in sales and steady/growing gross margins and cost leverage, explains Jarden.

The broker feels the result was a product of both good management and a favourable trading environment. For the third upgrade in six months, the analyst lifts normalised EPS forecasts by 9-10% for FY22 and FY23.

Demand is expected to moderate and competition will increase, requiring further investment, cautions the analyst. The Underweight rating is maintained and the target rises to $50 from $49.

This report was published on March 25, 2022.

Target price is $50.00 Current Price is $55.21 Difference: minus $5.21 (current price is over target).
If JBH meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $57.65, suggesting upside of 2.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 284.00 cents and EPS of 433.90 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 12.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 415.6, implying annual growth of -5.7%.
Current consensus DPS estimate is 270.2, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 247.00 cents and EPS of 378.90 cents.
At the last closing share price the estimated dividend yield is 4.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 374.5, implying annual growth of -9.9%.
Current consensus DPS estimate is 241.0, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 15.0.

Market Sentiment: 0.7
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: $46.44

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

In what Bell Potter believes is good news for Janus Henderson, the young and high-achieving Ali Dibadj is to become the new CEO, effective by the end of June.

The analyst cautions that some key person risk now arises, as some internal candidates have been overlooked in the appointment process.

The Buy rating and $69 target price are maintained.

This report was published on March 25, 2022.

Target price is $69.00 Current Price is $46.44 Difference: $22.56
If JHG meets the Bell Potter target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $56.33, suggesting upside of 17.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 273.16 cents and EPS of 562.54 cents.
At the last closing share price the estimated dividend yield is 5.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 619.5, implying annual growth of N/A.
Current consensus DPS estimate is 213.6, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 7.7.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 270.45 cents and EPS of 557.13 cents.
At the last closing share price the estimated dividend yield is 5.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 631.0, implying annual growth of 1.9%.
Current consensus DPS estimate is 261.5, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 7.6.

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

MCR    MINCOR RESOURCES NL

Nickel – Overnight Price: $2.25

Shaw and Partners rates ((MCR)) as Hold (3) –

Shaw and Partners increases its target price for Mincor Resources to $1.58 from $1.14 after raising its nickel price forecast by 30% for FY22, and 14-19% over the medium to long term.

The broker incorporates further resource upside into the target price from the Kambalda Northern operation, and intersection of first ore at the Cassini nickel mine.

The analyst points out that should the spot nickel price of US$37,200/t be maintained in perpetuity then the valuation would rise to $3.53cps. The Hold rating is maintained.

This report was published on March 28, 2022.

Target price is $1.58 Current Price is $2.25 Difference: minus $0.67 (current price is over target).
If MCR meets the Shaw and Partners target it will return approximately minus 30% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 4.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.87.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 10.00 cents and EPS of 29.30 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.68.

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

MSB    MESOBLAST LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.14

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

Bell Potter says Mesoblast will soon re-submit its biological licence application for remestemcel-L in paediatric acute graft versus host disease, and if approved, could go to market by the end of 2022.

The appointment of the former FDA member, Dr Phillip Krause, to the Board is considered highly positive.

The broker says study results are compelling and expects early revenues could trigger a re-rating, also the balance sheet is funded for at least 12 months and inventory build is under way.

Target price falls to $2 from $3.45 to reflect the cancellation of the Novartis agreement in December. Speculative Buy rating retained.

This report was published on March 29, 2022.

Target price is $2.00 Current Price is $1.14 Difference: $0.86
If MSB meets the Bell Potter target it will return approximately 75% (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 22.58 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.05.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 20.28 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.62.

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

NEA    NEARMAP LIMITED

Software & Services – Overnight Price: $1.51

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

Canaccord Genuity believes its projected sales contribution ratio for Nearmap will be the highest of any mature SaaS stock listed on the ASX, and illustrates exceptional unit economics.

The broker formed this view following an update from management revealing more than $150m in annual contract value (ACV) during
March. The company also reaffirmed “the upper end of the $150-160m guidance for FY22 is on track.

The analyst also points out the company has signed its “largest ever government contract” in North America. It's thought, but not known, this was achieved via a competitive tender. The Buy rating and $3 target price are maintained.

This report was published on March 30, 2022.

Target price is $3.00 Current Price is $1.51 Difference: $1.49
If NEA meets the Canaccord Genuity target it will return approximately 99% (excluding dividends, fees and charges).
Current consensus price target is $2.03, suggesting upside of 34.7%(ex-dividends)
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 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.8, 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:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.9, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Market Sentiment: 0.7
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 Buy (1) –

Canaccord Genuity reports the Lockyer Deep flow test has yielded the highest flow rates from a well test in the Perth Basin and keeps rising.

The broker now expects an expedited appraisal program in the December quarter.

Target price rises to 5c from 4c. Speculative Buy rating retained on Norwest Energy.

This report was published on March 29, 2022.

Target price is $0.05 Current Price is $0.04 Difference: $0.01
If NWE meets the Canaccord Genuity target it will return approximately 25% (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

OSL    ONCOSIL MEDICAL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.04

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

The company's OncoSil device will be trialed in conjunction with chemotherapy in a clinical trial fully funded by the German Federal Joint Commission. Wilsons notes the study aiming to position OncoSil for German statutory insurance reimbursement is a positive.

The broker notes not only will the company receive product revenue for devices used in the trial, but continuing progress in Germany should go some way in rebuilding investor confidence in the device and provide a foothold for the company to restart a US campaign.

The Overweight rating and target price of $0.17 are retained.

This report was published on March 29, 2022.

Target price is $0.17 Current Price is $0.04 Difference: $0.13
If OSL meets the Wilsons target it will return approximately 325% (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 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.00.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.64.

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

PEB    PACIFIC EDGE LIMITED

Overnight Price: $0.86

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

Bell Potter initiates coverage of molecular diagnostics company Pacific Edge with a Buy rating and $1.10 target price. The company's core Cxbladder system aims to detect bladder cancer through the presence of messenger RNA in urine, and its superior performance has driven integration into clinical practices.

Representing 42% of the global market, the US is a major target for the company, and coverage by Centres for Medicare and Medicaid Services and a commercial agreement with Kaiser Permanente offer leverage into the wider market.

This report was published on March 29, 2022.

Target price is $1.10 Current Price is $0.86 Difference: $0.24
If PEB meets the Bell Potter target it will return approximately 28% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.32 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 65.20.

Forecast for FY24:

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

PEN    PENINSULA ENERGY LIMITED

Uranium – Overnight Price: $0.23

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

Peninsula Energy announced the commencement of a feasibility study update for its Wyoming Lance project, taking into consideration experience from de-risking activities undertaken since 2018, with Shaw and Partners expecting a rapid restart of the project following a final investment decision.

The broker assumes production of 1m pounds in 2024 gradually increasing to 2.5m pounds annually by 2028.

Shaw and Partners highlights Peninsula Energy remains the only ASX-listed company with direct exposure to US government initiatives.

The Buy rating and target price of $0.40 are retained.

This report was published on March 29, 2022.

Target price is $0.40 Current Price is $0.23 Difference: $0.17
If PEN meets the Shaw and Partners target it will return approximately 74% (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 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 230.00.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 46.00.

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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $32.53

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

The Federal Drug Administration has advised that ResMed's competitor Philips has been deficient in notifying patients of the risk posed by the degradation of its foam, which could increase the number of devices already under recall (5.2m to date), enabling ResMed to take advantage of a 30% surge in sleep apnea diagnosis in the US, says Jarden.

However, the global shortage of semiconductor chips, and route cancellations relating to the Ukraine War, are containing growth, and last week ResMed attempted to rein in market optimism.

Jarden postpones its forecast June-quarter sales surge to FY23. Target price falls to $38.91 from $41.44. Overweight rating retained.

This report was published on March 28, 2022.

Target price is $38.91 Current Price is $32.53 Difference: $6.38
If RMD meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $37.93, suggesting upside of 15.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 233.67 cents and EPS of 846.92 cents.
At the last closing share price the estimated dividend yield is 7.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.3, implying annual growth of N/A.
Current consensus DPS estimate is 22.5, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 41.5.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 297.23 cents and EPS of 1053.69 cents.
At the last closing share price the estimated dividend yield is 9.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.9, implying annual growth of 20.9%.
Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 34.3.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SGR    STAR ENTERTAINMENT GROUP LIMITED

Gaming – Overnight Price: $3.26

Jarden rates ((SGR)) as Buy (1) –

Jarden notes Crown Resorts' ((CWN)) corporate expenses have risen and extrapolates this to Star Sydney.

The broker changes its slot-machine growth assumptions and spies further blowouts to the Queens Wharf Brisbane timetable and project costs.

FY23 EPS forecasts fall -5% and FY24 EPS forecasts fall -6%.

Jarden downgrades its Star Entertainment Group target price to $4.32 from $4.59. Buy rating retained, the broker noting the company's value is in the licence and property, as demonstrated by the Crown bid.

This report was published on March 28, 2022.

Target price is $4.32 Current Price is $3.26 Difference: $1.06
If SGR meets the Jarden target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $4.19, suggesting upside of 27.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 46.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.2, 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:

Jarden forecasts a full year FY23 dividend of 16.00 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 4.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.0, implying annual growth of N/A.
Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 16.4.

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

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