Australian Broker Call *Extra* Edition – Apr 29, 2022

This story features AROA BIOSURGERY LIMITED, and other companies. For more info SHARE ANALYSIS: ARX

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)

ARX   BOE   BPT (2)   CAI   CCX   COD   CV1   LOT   MCR   MIN (2)   MMM   NUF   OZL (2)   PCK   PDN   PEN   PLT   PPT   PRU   PYG   S32   SOM   UMG   WHC   WSP  

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.85

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

Canaccord Genuity is impressed with FY22 results which beat forecasts and guidance, considering the headwinds from the pandemic at times limited the access to hospitals and physicians.

The broker is keenly awaiting potential catalysts for near-term momentum, including quarterly sales updates and the announcement or publication of new and supportive clinical data. Buy rating retained along with a $1.80 target.

This report was published on April 26, 2022.

Target price is $1.80 Current Price is $0.85 Difference: $0.95
If ARX meets the Canaccord Genuity target it will return approximately 112% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 60.71.

Forecast for FY24:

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

BOE    BOSS ENERGY LIMITED

Uranium – Overnight Price: $2.54

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

Boss Energy's March-quarter activities report has pleased Shaw and Partners, the broker believing it paves the way for a final decision on  its Honey Uranium Project, which requires low upfront capital (about $125m) and less than a year to restart.

Shaw and Partners believes Boss Energy could become one of the lowest cost uranium producers in the Western World.

The broker appreciates the balance sheet and believes uranium markets are tightening. 

Buy recommendation retained. Target price eases to $3.20 from $3.25.

This report was published on April 27, 2022.

Target price is $3.20 Current Price is $2.54 Difference: $0.66
If BOE meets the Shaw and Partners target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 423.33.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 22.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.19.

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

BPT    BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.59

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

Quarterly production was weaker than expected amid heavy rainfall across the Cooper Basin, natural field decline and unplanned maintenance at Middleton.

Bell Potter notes the Waitsia stage 2 development is on budget and on schedule for first LNG in the second half of 2023.

The broker believes the company has a strong, fully funded energy production growth outlook which is diversified and should benefit from tightening east coast gas markets.

Buy rating retained. Target is raised to $2.00 from $1.80.

This report was published on April 26, 2022.

Target price is $2.00 Current Price is $1.59 Difference: $0.41
If BPT meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $1.78, suggesting upside of 11.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 3.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 1.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.1, implying annual growth of 109.7%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 5.5.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 2.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 1.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.7, implying annual growth of -18.6%.
Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 6.7.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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

Higher prices offset softer production in the March quarter, Canaccord Genuity observes. As the oil price is maintaining its hold on US$100/bbl and lower-priced gas contracts are rolling off, the broker increases the target to $1.72 from $1.66.

The main concern is the production outlook, particularly the Western Flank, and consequently Canaccord Genuity maintains a Hold rating.

This report was published on April 27, 2022.

Target price is $1.72 Current Price is $1.59 Difference: $0.13
If BPT meets the Canaccord Genuity target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.78, suggesting upside of 11.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 2.00 cents and EPS of 23.40 cents.
At the last closing share price the estimated dividend yield is 1.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.1, implying annual growth of 109.7%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 5.5.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 2.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 1.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.7, implying annual growth of -18.6%.
Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 6.7.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CAI    CALIDUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.98

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

Canaccord Genuity believes there is potential for a re-rating coming into first production, as the company is now continuously processing  ore at its Warrawoona gold project in the Pilbara.

The company expects 80,000 ozpa over an eight-year mine life for an all-in sustainable cost of $1292/oz. The broker maintains a Speculative Buy rating with a target of $1.15.

This report was published on April 26, 2022.

Target price is $1.15 Current Price is $0.98 Difference: $0.17
If CAI meets the Canaccord Genuity target it will return approximately 17% (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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 98.00.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.13.

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: $3.00

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

The company has reaffirmed expectations for second half EBITDA to be above the prior half. No specific guidance was provided. Trading is strong in the Americas and while recovering in Europe has slowed in Australia.

Revenue growth is below expectations and Wilsons downgrades forecasts to reflect the current run rates, driven by softer growth expectations in Australasian stores and online, which are cycling difficult comparables.

Overweight rating maintained. Target is $4.80.

This report was published on April 28, 2022.

Target price is $4.80 Current Price is $3.00 Difference: $1.8
If CCX meets the Wilsons target it will return approximately 60% (excluding dividends, fees and charges).
Current consensus price target is $4.84, suggesting upside of 61.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of 12.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.2, implying annual growth of 27.2%.
Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 24.6.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 17.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.9, implying annual growth of 30.3%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 18.9.

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

COD    CODA MINERALS LIMITED

Mining – Overnight Price: $0.63

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

Coda Minerals has announced large bornite widths and chalcopyrite mineralisation at its Elizabeth Creek Project and more anomalies to support the prospectivity of the Cameron River Project in Queensland, where maiden drilling is expected to begin in the September quarter.

Coda Minerals explores for copper, gold, cobalt and other base metals.

Buy recommendation and $2.50 target price retained.

This report was published on April 27, 2022.

Target price is $2.50 Current Price is $0.63 Difference: $1.87
If COD meets the Shaw and Partners target it will return approximately 297% (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 16.15.

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 16.15.

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

CV1    CV CHECK LIMITED

Software & Services – Overnight Price: $0.13

Shaw and Partners rates ((CV1)) as Buy (1) –

CV Check's March-quarter result met Shaw and Partners forecasts, reporting strong revenue in a seasonal low period, which was further impacted by covid.

Cash flow proved the highlight with year-to-date cash flow hitting $2.1m, compared with the broker's $0.6m forecast. Gross margins of 64% were in line.

Management guided to several new contract wins in coming months and plans to role out its mobile credentials passport.

The broker notes the company is trading at a -75% discount to peers and expects the company will outperform in the period ahead.

Buy recommendation and 18c target price retained. 

This report was published on April 27, 2022.

Target price is $0.18 Current Price is $0.13 Difference: $0.05
If CV1 meets the Shaw and Partners target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 130.00.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.33.

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

LOT    LOTUS RESOURCES LIMITED

Mining – Overnight Price: $0.34

Canaccord Genuity rates ((LOT)) as Speculative Buy (3) –

After the Russia/Ukraine conflict, Canaccord Genuity believes Western utilities will pay a premium for uranium from lower-risk countries. While the broker’s long-term price forecast of US$65/lb is unchanged, a US$10/lb "Western premium" is added to most projects.

The broker also points out security of supply concerns have already lifted conversion prices to all-time highs, while enrichment prices are up 43% year-to-date. In addition, UF6 and U3O8 prices are at their highest levels in 11 years.

Canaccord Genuity lifts its target price for Lotus Resources to $0.41 from $0.30 and maintains its Speculative Buy rating. The preferred Australian exposure is Paladin Energy ((PDN)).

This report was published on April 22, 2022.

Target price is $0.41 Current Price is $0.34 Difference: $0.07
If LOT meets the Canaccord Genuity target it will return approximately 21% (excluding dividends, fees and charges).

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

MCR    MINCOR RESOURCES NL

Nickel – Overnight Price: $2.39

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

Mincor Resources has commenced nickel ore delivery to the Kambalda nickel concentrator and announced first ore mining at Cassini. Production guidance is expected to commence in the September quarter.

Bell Potter notes nickel prices have outperformed consensus estimates and remain the key catalyst for the share price.

With this update, the broker increases the target to $2.35 from $1.95, noting the nickel price has directly accounted for 68% of share price appreciation over the last 12 months. Hold maintained.

This report was published on April 26, 2022.

Target price is $2.35 Current Price is $2.39 Difference: minus $0.04 (current price is over target).
If MCR meets the Bell Potter target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 2.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 91.92.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 29.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.13.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $58.15

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

Mineral Resources will offer up to US$1bn in senior unsecured notes due 2027 and senior unsecured notes due 2030. The cash proceeds will be used for general corporate purposes.

Bell Potter considers the debt offering is a first step in the company funding its transformational iron ore and lithium projects. Buy rating and $70 target maintained.

This report was published on April 26, 2022.

Target price is $70.00 Current Price is $58.15 Difference: $11.85
If MIN meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $68.94, suggesting upside of 18.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 40.90 cents and EPS of 309.30 cents.
At the last closing share price the estimated dividend yield is 0.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 241.5, implying annual growth of -64.1%.
Current consensus DPS estimate is 95.4, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 24.1.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 96.00 cents and EPS of 551.40 cents.
At the last closing share price the estimated dividend yield is 1.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 894.9, implying annual growth of 270.6%.
Current consensus DPS estimate is 353.2, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 6.5.

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

Mineral Resources has retained FY22 volume guidance at 275-290mt. Goldman Sachs notes key iron ore and lithium growth projects appear on track.

Another rapid growth phase is commencing in Western Australia with the construction of two major greenfield iron ore projects with a combined 80-90mtpa of capacity.

While mining service volumes dropped in the March quarter in line with seasonal trends they were still up 16% on the prior corresponding quarter. Buy rating maintained. Target is raised to $73.80 from $70.80.

This report was published on April 22, 2022.

Target price is $73.80 Current Price is $58.15 Difference: $15.65
If MIN meets the Goldman Sachs target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $68.94, suggesting upside of 18.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 64.00 cents and EPS of 238.10 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 24.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 241.5, implying annual growth of -64.1%.
Current consensus DPS estimate is 95.4, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 24.1.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 244.00 cents and EPS of 600.00 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 9.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 894.9, implying annual growth of 270.6%.
Current consensus DPS estimate is 353.2, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 6.5.

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

MMM    MARLEY SPOON AG

Consumer Products & Services – Overnight Price: $0.46

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

Active subscribers grew 15% in the March quarter, broadly in line with expectations. The company has reiterated 2022 guidance, expecting net revenue growth in the mid-to high teens.

Wilsons notes the launch of Market at the end of the first quarter introduces a new revenue stream which will allow customers to add additional meal options and grocery items to their basket. This should drive growth in both the base and average revenue per unit.

Overweight rating and $1.86 target maintained.

This report was published on April 28, 2022.

Target price is $1.46 Current Price is $0.46 Difference: $1
If MMM meets the Wilsons target it will return approximately 217% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 17.37 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.65.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 13.14 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.50.

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

NUF    NUFARM LIMITED

Agriculture – Overnight Price: $6.56

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

The first half trading update signalled first half EBITDA of $320-340m, which is well above Bell Potter's forecasts. A greater first half bias is expected in FY22 because of forward purchasing.

Nevertheless, this implies a stronger gross margin outcome than the broker had previously incorporated.

Bell Potter believes Nufarm is well-placed to navigate a normalisation of Australian demand over FY22-23, given recovering acreages in North America and Europe. Buy rating retained. Target rises to $7.85 from $6.40.

This report was published on April 26, 2022.

Target price is $7.85 Current Price is $6.56 Difference: $1.29
If NUF meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $6.78, suggesting upside of 3.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 8.00 cents and EPS of 32.10 cents.
At the last closing share price the estimated dividend yield is 1.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.2, implying annual growth of 111.8%.
Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 20.4.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 9.00 cents and EPS of 36.20 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.6, implying annual growth of -5.0%.
Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 21.4.

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

OZL    OZ MINERALS LIMITED

Copper – Overnight Price: $25.03

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

Labour and logistics had an impact on the March quarter at both Prominent Hill and Carrapateena underground, resulting in a -6% and -16% drop in copper/gold production. Labour availability is expected to improve in the second quarter and the company maintains production and cost guidance.

Goldman Sachs notes the West Musgrave feasibility study is progressing and models development capital of $1.53bn which compares with the company's optimised pre-feasibility estimate of $1.167bn from December 2020.

Buy rating retained. Target Is reduced to $27.50 from $28.70.

This report was published on April 22, 2022.

Target price is $27.50 Current Price is $25.03 Difference: $2.47
If OZL meets the Goldman Sachs target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $25.61, suggesting upside of 2.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 41.20 cents and EPS of 206.00 cents.
At the last closing share price the estimated dividend yield is 1.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 164.5, implying annual growth of 3.1%.
Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 75.10 cents and EPS of 250.00 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 135.4, implying annual growth of -17.7%.
Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 18.5.

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

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

OZ Minerals missed JP Morgan's 1Q copper and gold output forecasts by -7% and -11% and reported elevated unit costs. Misses were largely caused by operations at the Prominent Hills mine.

Like many of its peers, the company was impacted by covid-related absenteeism resulting in lower production and a subsequent rise in unit costs, explains the broker.

The analyst downgrades FY22 profit estimates by -14% and lowers the target to $24 from $25. The Neutral rating is maintained given shares are trading at around the broker's valuation.

This report was published on April 26, 2022.

Target price is $24.00 Current Price is $25.03 Difference: minus $1.03 (current price is over target).
If OZL meets the JP Morgan target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $25.61, suggesting upside of 2.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 43.00 cents and EPS of 143.00 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 164.5, implying annual growth of 3.1%.
Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 48.00 cents and EPS of 160.00 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 135.4, implying annual growth of -17.7%.
Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 18.5.

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

PCK    PAINCHEK LIMITED

Medical Equipment & Devices – Overnight Price: $0.04

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

Canaccord Genuity notes PainChek remains affected by the pandemic, making minimal progress in Australia in the aged care sector. Around 56,700 bed conversions remain outstanding and a timeline is yet to be established. 

As a result, Canaccord Genuity downgrades revenue estimates by -12% for FY22 and -22% for FY23. A Speculative Buy rating is maintained while the target is reduced to $0.10 from $0.14.

This report was published on April 26, 2022.

Target price is $0.10 Current Price is $0.04 Difference: $0.06
If PCK meets the Canaccord Genuity target it will return approximately 150% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.00.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 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 13.33.

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

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $0.77

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

After the Russia/Ukraine conflict, Canaccord Genuity believes Western utilities will pay a premium for uranium from lower-risk countries. While the broker’s long-term price forecast of US$65/lb is unchanged, a US$10/lb "Western premium" is added to most projects.

The broker also points out security of supply concerns have already lifted conversion prices to all-time highs, while enrichment prices are up 43% year-to-date. In addition, UF6 and U3O8 prices are at their highest levels in 11 years.

In Australia, the analysts prefer Paladin Energy and lift the target price to $1.20 from $1.02. Buy.

This report was published on April 22, 2022.

Target price is $1.20 Current Price is $0.77 Difference: $0.43
If PDN meets the Canaccord Genuity target it will return approximately 56% (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.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents.

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

PEN    PENINSULA ENERGY LIMITED

Uranium – Overnight Price: $0.23

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

After the Russia/Ukraine conflict, Canaccord Genuity believes Western utilities will pay a premium for uranium from lower-risk countries. While the broker’s long-term price forecast of US$65/lb is unchanged, a US$10/lb "Western premium" is added to most projects.

The broker also points out security of supply concerns have already lifted conversion prices to all-time highs, while enrichment prices are up 43% year-to-date. In addition, UF6 and U3O8 prices are at their highest levels in 11 years.

Canaccord Genuity lifts its target price for Peninsula Energy to $0.43 from $0.30 and maintains its Speculative Buy rating. The preferred Australian exposure is Paladin Energy ((PDN)).

This report was published on April 22, 2022.

Target price is $0.43 Current Price is $0.23 Difference: $0.2
If PEN meets the Canaccord Genuity target it will return approximately 87% (excluding dividends, fees and charges).

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

PLT    PLENTI GROUP LIMITED

Business & Consumer Credit – Overnight Price: $0.88

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

Originations were ahead of estimates in the March quarter. Automotive lending stood out, Wilsons notes, with origination growth of 13.7%. This segment now represents 57.3% of the loan book.

Funding costs on new originations have increased amid expectations of official rate increases. The broker observes credit quality remains positive.

The Overweight rating and $2.10 target are unchanged.

This report was published on April 27, 2022.

Target price is $2.10 Current Price is $0.88 Difference: $1.22
If PLT meets the Wilsons target it will return approximately 139% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 8.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.35.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.78.

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

PPT    PERPETUAL LIMITED

Wealth Management & Investments – Overnight Price: $32.08

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

Bell Potter found the March quarter update positive, noting funds under management were held back by investment markets. There was no mention of Pendal ((PDL)) or the proposed merger.

In the broker's view a decision on Pendal remains in limbo. Bell Potter retains a Buy rating, reducing the target to $42.00 from $42.80.

This report was published on April 26, 2022.

Target price is $42.00 Current Price is $32.08 Difference: $9.92
If PPT meets the Bell Potter target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $40.39, suggesting upside of 25.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 218.00 cents and EPS of 263.90 cents.
At the last closing share price the estimated dividend yield is 6.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 264.7, implying annual growth of 96.1%.
Current consensus DPS estimate is 211.0, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 222.00 cents and EPS of 266.40 cents.
At the last closing share price the estimated dividend yield is 6.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 279.0, implying annual growth of 5.4%.
Current consensus DPS estimate is 219.8, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 11.5.

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

PRU    PERSEUS MINING LIMITED

Gold & Silver – Overnight Price: $1.91

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

It is Canaccord Genuity's view that Perseus Mining produced a strong quarter with 13 3000 ounces of gold at a cost of US$908/oz. The outstanding performer was Yaoure because of higher throughput and recovery, offsetting lower-than-expected production from Edikan.

Guidance is unchanged and Canaccord Genuity considers Perseus Mining well-placed to hit its FY22 targets. Buy retained. Target is $2.55.

This report was published on April 26, 2022.

Target price is $2.55 Current Price is $1.91 Difference: $0.64
If PRU meets the Canaccord Genuity target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $2.10, suggesting upside of 9.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 1.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 0.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.4, implying annual growth of 113.2%.
Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 9.4.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 1.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 0.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.7, implying annual growth of 11.3%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 8.4.

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

PYG    PAYGROUP LIMITED

Cloud services – Overnight Price: $0.45

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

The quarterly update provided a small upgrade to expectations on revenue and returns, which meet Canaccord Genuity's forecasts.

The broker believes the company is approaching FY23 with good operating momentum after four consecutive quarters of record contract  signings.

The business is also well funded and the fourth quarter has approached cash flow breakeven. Buy rating retained. Target is $0.85.

This report was published on April 26, 2022.

Target price is $0.85 Current Price is $0.45 Difference: $0.4
If PYG meets the Canaccord Genuity target it will return approximately 89% (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.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents.

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

S32    SOUTH32 LIMITED

Mining – Overnight Price: $4.75

Shaw and Partners rates ((S32)) as Buy (1) –

South32's March-quarter trading updated pleased Shaw and Partners, delivering an in-line result, and management reiterated guidance across all operations.

Positives included a return to a net cash position after completing the Sierra Gorda copper 45% stake for US$1.4bn, thanks to free cash flow generation of $500m for the March quarter.

There were a few negatives: self-sanctioning over Ukraine, higher aluminium costs and higher cost guidance across the portfolio.

The broker spies several upside catalysts including the Mozal equity transaction; a decision in the December quarter on the extension at DND LOM; Cannington this quarter; and the Eagle Downs project is also rocking around.

Buy rating and $6 target price retained.

This report was published on April 27, 2022.

Target price is $6.00 Current Price is $4.75 Difference: $1.25
If S32 meets the Shaw and Partners target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $6.05, suggesting upside of 27.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 48.83 cents and EPS of 89.12 cents.
At the last closing share price the estimated dividend yield is 10.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.6, implying annual growth of N/A.
Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 8.5%.
Current consensus EPS estimate suggests the PER is 5.6.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 43.27 cents and EPS of 78.41 cents.
At the last closing share price the estimated dividend yield is 9.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 94.8, implying annual growth of 12.1%.
Current consensus DPS estimate is 43.5, implying a prospective dividend yield of 9.2%.
Current consensus EPS estimate suggests the PER is 5.0.

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

SOM    SOMNOMED LIMITED

Medical Equipment & Devices – Overnight Price: $1.86

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

Wilsons notes, while sales momentum appears to have moderated in the March quarter from a very strong prior quarter, geographically all regions grew compared with a weak pandemic-affected prior corresponding quarter.

FY22 guidance was reaffirmed for revenue growth of at least 15% with EBITDA breaking even. The broker places its Overweight rating and $2.40 target under review.

This report was published on April 27, 2022.

Target price is $2.40 Current Price is $1.86 Difference: $0.54
If SOM meets the Wilsons target it will return approximately 29% (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 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 37.20.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 56.36.

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

UMG    UNITED MALT GROUP LIMITED

Agriculture – Overnight Price: $4.05

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

The company has issued like-for-like EBITDA guidance for FY22 of $103-128m which compares to Bell Potter's prior forecast of $140m.

The variation stems from elevated barley procurement costs, delayed sales from supply chain disruptions and slower realisation of transformation benefits.

As a result, the broker downgrades net profit forecast by -23% for FY22 and -6% for FY23. Hold rating and $4.35 target unchanged.

This report was published on April 26, 2022.

Target price is $4.35 Current Price is $4.05 Difference: $0.3
If UMG meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $4.61, suggesting upside of 13.7%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 6.50 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 1.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.9, implying annual growth of 201.5%.
Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 29.1.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 11.50 cents and EPS of 21.70 cents.
At the last closing share price the estimated dividend yield is 2.84%.
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 25.8, implying annual growth of 85.6%.
Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 15.7.

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

WHC    WHITEHAVEN COAL LIMITED

Coal – Overnight Price: $4.96

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

Shaw and Partners observes a record average coal price of $315/t in the March quarter, noting Whitehaven Coal is generating a lot of cash relative to costs. The company has reported a JORC reserve upgrade to 380mt.

The broker suggests record coal prices and record cash flow, amid a return to net cash should mean the share price heads to stellar levels.

While ESG headwinds and investor reticence may preclude a hike in the share price to that extent, Shaw and Partners believes $4.50 is still too low. Target is raised to $6.25. Buy rating retained.

This report was published on April 21, 2022.

Target price is $6.25 Current Price is $4.96 Difference: $1.29
If WHC meets the Shaw and Partners target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $5.70, suggesting upside of 14.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 46.00 cents and EPS of 132.00 cents.
At the last closing share price the estimated dividend yield is 9.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 145.9, implying annual growth of N/A.
Current consensus DPS estimate is 42.4, implying a prospective dividend yield of 8.5%.
Current consensus EPS estimate suggests the PER is 3.4.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 81.00 cents and EPS of 163.00 cents.
At the last closing share price the estimated dividend yield is 16.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 136.9, implying annual growth of -6.2%.
Current consensus DPS estimate is 49.2, implying a prospective dividend yield of 9.9%.
Current consensus EPS estimate suggests the PER is 3.6.

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

WSP    WHISPIR LIMITED

Cloud services – Overnight Price: $1.25

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

Whispir has confirmed it is on track to meet FY22 guidance. Australia is returning to normal while the company has signalled Asia and North America are showing signs of traction.

Wilsons expects the SingTel contract in FY23 to make a meaningful financial contribution. The broker retains an Overweight rating and reduces the target to $3.05 from $3.92.

This report was published on April 28, 2022.

Target price is $3.05 Current Price is $1.25 Difference: $1.8
If WSP meets the Wilsons target it will return approximately 144% (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 13.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.40.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 11.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.96.

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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