Australian Broker Call *Extra* Edition – May 04, 2022

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

An additional news report on the recommendation, valuation, forecast and opinion changes for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

360   A1M   A2M   ARX   BGA   CCX   CIP   CLU   CMM   COH   CRN   CSS   DXS   ECF   FSF   GOR   HMY   ILU   ING   MAD   NST   OBL   OZL   PLT   TPG   TRS   WOW   WPR   WSA   WSP  

360    LIFE360, INC

Software & Services – Overnight Price: $3.87

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

Life360 released an Appendix 4C for the first quarter 2022 and showed poor operating cashflow -US$38m which was largely expected by Bell Potter.

The broker has lowered the revenue and EBITDA forecasts for 2022 and 2023.

Bell Potter has downgraded the share price target forecast by -18% to $8.25 from $10, while noting Life360 has ceased the US dual-listing process.

A Buy rating is maintained.

This report was published on May 3, 2022.

Target price is $8.25 Current Price is $3.87 Difference: $4.38
If 360 meets the Bell Potter target it will return approximately 113% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 35.85 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.79.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 15.48 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 25.00.

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

A1M    AIC MINES LIMITED

Gold & Silver – Overnight Price: $0.61

Shaw and Partners rates ((A1M)) as Buy rating (1) –

AIC Mines' March-quarter activities report appears to have disappointed Shaw and Partners, as lower grades drove a weaker production performance.

But the broker expects a recovery as grades improve, management advised blasting issues had been rectified at the start of April and that high-grade mining had started at the end of March.

Management increased all-in-sustaining cost guidance to reflect rising smelter costs and the inclusion of freight equalisation into the calculation (it was excluded in December).

Buy rating retained. Target price falls to 73c from 78c to account for the cost revisions and changes to the broker's price deck.

This report was published on April 28, 2022.

Target price is $0.73 Current Price is $0.61 Difference: $0.12
If A1M meets the Shaw and Partners target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 12.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.96.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 7.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.82.

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

A2M    A2 MILK COMPANY LIMITED

Dairy – Overnight Price: $4.34

Jarden rates ((A2M)) as Downgrade to Underweight from Neutral (4) –

Jarden downgrades a2 Milk Co to Underweight from Overweight, noting the company is shifting from being an early defensive covid beneficiary, to a late covid disruption victim. 

The broker says the China's infant formula market is also moving from a period of growth to decline, in line with birth rates

Combine the two factors, and Jarden also spies heightened execution risk to its growth strategy, and doesn't expect daigou channels to return to 60% of pre-covid levels within the next five years.

The company may also be suffering form overstocking just as Chinese lockdowns heighten, possibly forcing the company to buy-back stocks, says the broker.

Target price slumps -33% to NZ$7.90, the broker sitting below consensus.

This report was published on April 27, 2022.

Current Price is $4.34. Target price not assessed.
Current consensus price target is $5.49, suggesting upside of 29.1%(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 28.34 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.3, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 29.7.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 29.94 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.8, implying annual growth of 31.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 22.6.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.84

Jarden rates ((ARX)) as Buy rating (1) –

Aroa Biosurgery's full-year preliminary revenue outpaced Jarden and consensus forecasts by a decent clip (full results are due in May).

Net cash flow was NZ$5.1m, compare with Jarden's forecast outflow of -NZ$0.8m, mainly due to the timing of receipts, followed by stronger sales, and Jarden expects the cash position should correct.

The broker appreciates the company's strong cash balance and expects the company will be cash flow positive by FY25. Post-covid, the company's Myriad is finally starting to ramp up and hospital accounts are on the rise.

Buy rating retained. Target price falls to $1.28 from $1.37 to reflect rising US rates and FX impacts.

This report was published on April 27, 2022.

Target price is $1.28 Current Price is $0.84 Difference: $0.44
If ARX meets the Jarden target it will return approximately 52% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 35.00.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.10 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

BGA    BEGA CHEESE LIMITED

Dairy – Overnight Price: $4.95

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

Bega Cheese announced revised FY22 earnings guidance.

Bell Potter notes that FY22 EBITDA guidance has been downgraded due to Covid costs, flooding and sales slippage from congestion at the Port of Shanghai. The updated guidance is in-line with the broker's previous forecast.

The company also raised farmgate prices guidance for FY22-23 and this is consistent with commodity prices over the second half of FY22.

Due to the higher debt balances and interest rate rises, the broker downgraded forecast profits by -5% for FY22 and FY23.

Bell Potter has maintained the $5.90 price target forecast and a Buy rating.

This report was published on April 27, 2022.

Target price is $5.90 Current Price is $4.95 Difference: $0.95
If BGA meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $5.18, suggesting upside of 5.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 11.00 cents and EPS of 14.20 cents.
At the last closing share price the estimated dividend yield is 2.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of -41.1%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 30.6.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 16.50 cents and EPS of 24.40 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.3, implying annual growth of 50.9%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 20.3.

Market Sentiment: 0.0
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: $2.82

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

City Chic Collective's 17-week trading update to April 24 has missed Jarden and consensus forecasts, growth landing at 25%, compared with consensus forecasts of 34%.

The broker spies an accelerating run rate in several businesses, which Jarden expects will generate a sharp year-on-year step-up over the seasonally strong June quarter; and management reiterated FY22 earnings and inventory guidance.

Jarden says the company's inventory build remains a bone of contention for investors given balance-sheet risk rises.

Overweight rating retained. Target price falls to $6.17 from $6.48 to reflect interest rate movements.

This report was published on April 27, 2022.

Target price is $6.17 Current Price is $2.82 Difference: $3.35
If CCX meets the Jarden target it will return approximately 119% (excluding dividends, fees and charges).
Current consensus price target is $4.84, suggesting upside of 74.7%(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 13.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.36.

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 22.7.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 7.00 cents and EPS of 18.10 cents.
At the last closing share price the estimated dividend yield is 2.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.58.

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 1.6%.
Current consensus EPS estimate suggests the PER is 17.4.

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

CIP    CENTURIA INDUSTRIAL REIT

REITs – Overnight Price: $3.74

Moelis rates ((CIP)) as Buy (1) –

Centuria Industrial REIT continues to benefit from a strong industrial real estate market according to Moelis, with the company reporting 38,813 square metres leased across 13 deals in the third quarter.

The broker highlights Silk Logistics ((SLH)) took on a three-year lease for 3,200 square feet in Derrimut, while 5,300 square feet recently completed at Bundamba was leased on a five-year contract.

The company also acquired three urban infill sites and two development sites during the quarter, for a combined $119m.

The Buy rating and target price of $4.12 are retained.

This report was published on April 27, 2022.

Target price is $4.12 Current Price is $3.74 Difference: $0.38
If CIP meets the Moelis target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $4.21, suggesting upside of 12.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 17.30 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 4.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.2, implying annual growth of -84.5%.
Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 20.5.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 18.00 cents and EPS of 19.10 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of 5.5%.
Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 19.4.

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

CLU    CLUEY LIMITED

Education & Tuition – Overnight Price: $1.00

Bell Potter rates ((CLU)) as Speculative Buy (1) –

Cluey released a strong Q3FY22 trading update with record revenue of 120% year-on-year from the core Cluey business, comments Bell Potter.

The broker notes the company announced a shift from Code Camp in the school holiday camp market, towards the after-school market with plans to launch pilot programs in the UK during Q422.

The broker observes Cluey remains well capitalised with net cash of $28.7m on the balance sheet at the end of March 2022.

Bell Potter has not changed its share price target, at $1.50, and the stock is Buy (speculative) rated.

This report was published on April 27, 2022.

Target price is $1.50 Current Price is $1.00 Difference: $0.5
If CLU 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 FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 12.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.20.

Forecast for FY22:

Bell Potter 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 14.29.

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $4.07

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

Capricorn Metals announced its March quarter FY22 production report which was in-line with Bell Potter's expectations.

The company reported cash flow of $35m and was able to repay $10m in debt. At the end of the quarter, Capricorn Metals held cash and bullion of $45m and net debt of $20m, a reduction of -$25m over the quarter, the broker notes.

Although Bell Potter slightly lowered the earnings forecasts for FY22 and FY23, the broker upgraded the price target by 12% to $3.90 from $3.47 on the back of improved financial management and lower development risks.

The share price has outperformed the ASX Gold Index over the last 12 months and a Hold rating is maintained.

This report was published on April 27, 2022.

Target price is $3.90 Current Price is $4.07 Difference: minus $0.17 (current price is over target).
If CMM meets the Bell Potter target it will return approximately minus 4% (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 27.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.07.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 29.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.99.

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

COH    COCHLEAR LIMITED

Medical Equipment & Devices – Overnight Price: $226.69

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

Jarden believes Cochlear's $170m purchase of Oticon from Demant (to be funded from cash reserves) is a sensible strategic move, in that it enables the company to offer an attractive product suite and enter a market with few at-scale competitors.

The broker estimates the company should be able to swiftly tip the acquired business into profitability.

Target price falls -2% to $250.36 to reflect increases to the broker's risk-free rate. Overweight rating retained.

This report was published on April 27, 2022.

Target price is $250.36 Current Price is $226.69 Difference: $23.67
If COH meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $227.58, suggesting downside of -0.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 298.60 cents and EPS of 428.50 cents.
At the last closing share price the estimated dividend yield is 1.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 427.7, implying annual growth of -13.9%.
Current consensus DPS estimate is 290.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 53.3.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 310.10 cents and EPS of 481.10 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 47.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 479.0, implying annual growth of 12.0%.
Current consensus DPS estimate is 329.4, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 47.6.

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

CRN    CORONADO GLOBAL RESOURCES INC

Coal – Overnight Price: $2.37

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

Coronado Global Resources reported March quarter 2022 production and sales that were slightly below Bell Potter's estimates.

Record prices and improved production following the impact of weather events and a shutdown at Curragh in the previous quarter flowed through to record revenues and earnings, although the results were weaker than the broker had forecast.

Bell Potter expects the company to generate 'exceptionally' strong cash flow from the met coal outlook.

In the absence of any acquisitions or new project developments, the broker expects Coronado Global Resources to return surplus funds to shareholders. The company announced plans to start a biannual fixed dividend of US$0.005, in addition to the 60-100% payout policy.

The broker's share price target remains unchanged at $2.55 and the stock is Buy rated due to the yield and commodity price strength.

This report was published on April 27, 2022.

Target price is $2.55 Current Price is $2.37 Difference: $0.18
If CRN meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.81, suggesting upside of 18.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 25.80 cents and EPS of 112.44 cents.
At the last closing share price the estimated dividend yield is 10.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.0, implying annual growth of N/A.
Current consensus DPS estimate is 38.6, implying a prospective dividend yield of 16.2%.
Current consensus EPS estimate suggests the PER is 2.9.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 35.31 cents and EPS of 51.33 cents.
At the last closing share price the estimated dividend yield is 14.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.4, implying annual growth of -60.5%.
Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 8.7%.
Current consensus EPS estimate suggests the PER is 7.3.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CSS    CLEAN SEAS SEAFOOD LIMITED

Aquaculture – Overnight Price: $0.62

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

Clean Seas Seafood Q322 activities showed higher year-to-date prices than expected by Bell Potter.

The higher than forecast prices have led the broker to reduce the earnings losses for FY22 and raise the FY23 earnings by +107%, although the previous forecast was coming off a low base.

According to the broker, Clean Seas Seafood provides investors with operating leverage to the re-opening in global food service channels.

Bell Potter has a Buy rating (speculative) and the broker has maintained irs price target at $0.85.

This report was published on April 27, 2022.

Target price is $0.85 Current Price is $0.62 Difference: $0.23
If CSS meets the Bell Potter target it will return approximately 37% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 7.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.95.

Forecast for FY23:

Bell Potter 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 124.00.

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

DXS    DEXUS

REITs – Overnight Price: $11.07

Jarden rates ((DXS)) as Neutral (3) –

Dexus has entered a Share Sale and Purchase Agreement with AMP/Collimate Capital ((AMP)) to pay $250m up front and an earn out of up to $300m to buy Collimate's real estate and domestic infrastructure equity business.

Dexus is also considering a coinvestment in the platform for $450m in cash.

Jarden says a bull-case scenario is that the acquisition would increase earnings and drive a premium to asset backing.

The bear case notes that Dexus has no historical expertise in infrastructure and could end up with less appealing assets and limited accretion, especially given AMP's recent challenges and given Dexus is divesting non-core Office.

Overall, Jarden appreciates the company's bid to attain fund-manager status and remains on the fence. Neutral rating and $11.60 retained.

This report was published on April 27, 2022.

Target price is $11.60 Current Price is $11.07 Difference: $0.53
If DXS meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $12.29, suggesting upside of 10.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 53.00 cents and EPS of 70.60 cents.
At the last closing share price the estimated dividend yield is 4.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.1, implying annual growth of -36.1%.
Current consensus DPS estimate is 53.4, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 54.30 cents and EPS of 71.30 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 15.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.7, implying annual growth of -0.6%.
Current consensus DPS estimate is 55.2, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 16.6.

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

ECF    ELANOR COMMERCIAL PROPERTY FUND

REITs – Overnight Price: $1.07

Moelis rates ((ECF)) as No Rating (-1) –

Elanor Commercial Property Fund will acquire a 49.9% stake in an Elanor Investors Group ((ENN)) managed fund. According to Moelis, the fund will take ownership of premium quality commercial office building 19 Harris Street in Pyrmont, valued at $185m.

The building has best in class ESG credentials, as one of 56 buildings in Australia to be carbon-neutral certified.

While the company is raising $36.6m to fund the acquisition, Elanor Investors Group will make an $8.4m capital contribution to funds. The broker notes Elanor Commercial Property Fund's stake equates to a net tangible asset value of $41.5m.

Given research restrictions, Moelis has withheld its rating and target price.

This report was published on April 27, 2022.

Current Price is $1.07. Target price not assessed.

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

FSF    FONTERRA SHAREHOLDERS FUND

Dairy – Overnight Price: $2.58

Jarden rates ((FSF)) as Neutral (3) –

The NZ Government will progress enabling legislation to the airy Industry Restructuring Act for Fonterra Shareholders Fund's proposed capital structure changes.

The legislation should lower the cost of entry for farmers seeking to join the co-operative and supply milk to Fonterra Shareholders.

The government also plans to strengthen the act with amendments designed to reduce risks around contestability for farmers' milk supply and its impact on the wider dairy industry.

Jarden expects these will favour processors over farmers but are within expectations. Neutral rating and NZ$4 target price.

This report was published on April 27, 2022.

Current Price is $2.58. Target price not assessed.
The company's fiscal year ends in July.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 18.83 cents and EPS of 30.88 cents.
At the last closing share price the estimated dividend yield is 7.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.35.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 21.66 cents and EPS of 34.74 cents.
At the last closing share price the estimated dividend yield is 8.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.43.

This company reports in NZD. 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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.45

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

Gold Road Resources March quarter 2022 processed grade report exceeded the broker's forecast. The processed tonnes were slightly lower due to a five-day plant shutdown. Without the ball mill reline shutdown, Gruyere would have beaten Bell Potter's estimates.

Operating cash flow of $39m was affected by a $10m increase in working capital.

The company has $138m of cash and equivalents, a $1.1m increase in the quarter.

Bell Potter has increased the EPS forecasts +2% 2022 due to the updated production assumptions and has retained the Buy recommendation. Going forward the broker expects the company to use Gruyere as a platform to invest in other tier 1 gold assets.

This report was published on April 27, 2022.

Target price is $1.50 Current Price is $1.45 Difference: $0.05
If GOR meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $1.80, suggesting upside of 24.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 3.00 cents and EPS of 9.30 cents.
At the last closing share price the estimated dividend yield is 2.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.5, implying annual growth of 151.2%.
Current consensus DPS estimate is 1.2, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 2.70 cents and EPS of 16.40 cents.
At the last closing share price the estimated dividend yield is 1.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.7, implying annual growth of 21.0%.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 11.4.

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

HMY    HARMONEY CORP LIMITED

Diversified Financials – Overnight Price: $1.37

Jarden rates ((HMY)) as Buy (1) –

Harmoney's March-quarter trading update appears to have pleased Jarden, and management reiterated recently upgraded guidance.

Strong customer origination and direct customer acquisitions supported the growth, and the loan book is on track.

Jarden considers Harmoney to be a market-leading digital lender and believes the company is well positioned to take advantage of the structural disruption to traditional lenders.

Target price shifts to NZ$3.02 from NZ$3.31. 

This report was published on April 27, 2022.

Current Price is $1.37. Target price not assessed.
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 0.09 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1457.45.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.84 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.47.

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

ILU    ILUKA RESOURCES LIMITED

Mineral Sands – Overnight Price: $11.06

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

Iluka Resources' March-quarter result pleased Shaw and Partners, the company benefiting from several tailwinds, including zircon and rutile price hikes thanks to the Ukraine conflict.

Meanwhile the company has added a rare-earths unit and announced the demerger of Sierra Rutile.

The broker favours the company and reckons Iluka's newly announced rare-earths business should help it grow from a $5bn company to $15bn within the next 3-7 years – a doubling or tripling of the broker's valuation.

This report was published on April 28, 2022.

Target price is $14.00 Current Price is $11.06 Difference: $2.94
If ILU meets the Shaw and Partners target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $11.79, suggesting upside of 6.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 45.00 cents and EPS of 94.60 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.1, implying annual growth of 18.1%.
Current consensus DPS estimate is 32.4, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 10.8.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 42.00 cents and EPS of 94.80 cents.
At the last closing share price the estimated dividend yield is 3.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.3, implying annual growth of -9.6%.
Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 12.0.

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

ING    INGHAMS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $2.87

Goldman Sachs rates ((ING)) as Sell (5) –

According to Goldman Sachs, Inghams Group provided a trading update which continued to reflect challenging market conditions through the second half of FY22 from Covid and weather-related impacts.

The broker thinks the market will look through these impacts to the longer term cost rises from a lack of pricing relative to feed costs.

Accordingly Goldman Sachs has cut earnings forecasts to account for lower margin forecasts, with the latter shifting to 7.4% (FY23) compared to 9.1% in FY18.

The  price target has been reduced -9.2% to $2.95 to reflect these changes, as well as the anticipated impact of higher interest rates. A Sell rating is maintained.

This report was published on May 3, 2022.

Target price is $2.95 Current Price is $2.87 Difference: $0.08
If ING meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.44, suggesting upside of 24.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 6.50 cents and EPS of 9.40 cents.
At the last closing share price the estimated dividend yield is 2.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of -35.8%.
Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 19.2.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 12.50 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 4.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, implying annual growth of 66.7%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 11.5.

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

MAD    MADER GROUP LIMITED

Mining Sector Contracting – Overnight Price: $2.86

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

Bell Potter believes Mader Group released a strong earnings update for Q322 with record US revenue growth of US$2.3m +131% year-on-year, which was ahead of expectations.

Australian revenue rose 20% year-on-year despite the headwinds from Omicron. The removal of border restrictions led to a strong improvement in headcount with 60 new apprentices.

Improved growth expectations for the US business has led Bell Potter to increase EPS forecasts by +1.1% and 3.2% respectively for FY22 and FY23.

Bell Potter has maintained the Buy rating as the broker feels the 19.5x FY23 PER offers fair value. Target price moved to $3.10 from $2.30 prior.

This report was published on April 27, 2022.

Target price is $3.10 Current Price is $2.86 Difference: $0.24
If MAD meets the Bell Potter target it will return approximately 8% (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 5.02 cents and EPS of 16.97 cents.
At the last closing share price the estimated dividend yield is 1.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.85.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 6.25 cents and EPS of 20.78 cents.
At the last closing share price the estimated dividend yield is 2.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.77.

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $9.57

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

Northern Star Resources' March-quarter sales and production pleased Shaw and Partners, the company reporting strong free cash flow of $284m buoyed by a tax refund, and emerging from the quarter in a strong position to fund growth across operations.

Overall guidance was reiterated but cost guidance rose.

Buy rating and $12.80 target price retained.

This report was published on April 27, 2022.

Target price is $12.80 Current Price is $9.57 Difference: $3.23
If NST meets the Shaw and Partners target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $12.44, suggesting upside of 30.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 20.00 cents and EPS of 36.20 cents.
At the last closing share price the estimated dividend yield is 2.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.8, implying annual growth of -75.8%.
Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 34.2.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 22.00 cents and EPS of 42.10 cents.
At the last closing share price the estimated dividend yield is 2.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.7, implying annual growth of 57.2%.
Current consensus DPS estimate is 26.6, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 21.8.

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

OBL    OMNI BRIDGEWAY LIMITED

Diversified Financials – Overnight Price: $3.32

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

Goldman Sachs revised their earnings forecasts on the back of Omni Bridgeway's Q322 portfolio update.

The company reported case completions of $14.4m, totaling $129,9m year-to-date with a further $62.2m in income yet to be recognised.

Omni Bridgeway has cash and receivables of $263.7m with 70% on the balance sheet and the broker considers the Q322 update as solid.

Goldman Sachs has lowered its price target by -2.9% to $4.95 from $5.00 on the updated Estimated Portolfio Value.

A Buy rating is maintained.

This report was published on May 2, 2022.

Target price is $4.95 Current Price is $3.32 Difference: $1.63
If OBL meets the Goldman Sachs target it will return approximately 49% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of 12.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.67.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 18.00 cents and EPS of 108.00 cents.
At the last closing share price the estimated dividend yield is 5.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.07.

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

OZL    OZ MINERALS LIMITED

Copper – Overnight Price: $24.46

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

OZ Minerals March 2022 production results were impacted by weather events and Covid-related employee absenteeism. These issues were flagged by the company according to the broker.

Copper and gold grades were below the broker's forecasts and tonnes mined were materially down quarter-on-quarter.

Bell Potter notes that the greatest threat to the company maintaining its group production guidance is from Prominent Hill, but highlights that OZ Minerals' management has a strong track record at reaching guidance.

The broker has reduced the 2022 earnings forecast by -7% but lifted the 2023 earnings forecast +2%.

The price target has been raised to $27.53 from $24.78 on the back of a higher valuation for the West Musgrave project.

Bell Potter rates the company as a best-in-class copper producer and considers the current pullback a buying opportunity.

This report was published on April 27, 2022.

Target price is $27.53 Current Price is $24.46 Difference: $3.07
If OZL meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $25.61, suggesting upside of 7.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 27.00 cents and EPS of 167.50 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 14.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 165.4, implying annual growth of 3.6%.
Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 14.4.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 22.00 cents and EPS of 149.30 cents.
At the last closing share price the estimated dividend yield is 0.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 136.5, implying annual growth of -17.5%.
Current consensus DPS estimate is 27.7, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: -0.1
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: $0.86

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

Plenti Group's FY22 full-year result outpaced Shaw and Partners' forecasts, thanks to record March-quarter originations (March is a seasonally slower period).

The broker says exit run-rates suggest strength should continue into the June quarter and FY23, but notes rainfall in Qld and NSW did feature. Cash outpaced the broker and guidance by a decent clip. 

Management guided to slightly higher funding costs on new loans and plans to raise rates to support profits. Meanwhile, arrears were down.

Buy rating retained. Target price falls to $1.87 from $2.13.

This report was published on April 28, 2022.

Target price is $1.87 Current Price is $0.86 Difference: $1.01
If PLT meets the Shaw and Partners target it will return approximately 117% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 6.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.10.

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

TPG    TPG TELECOM LIMITED

Telecommunication – Overnight Price: $5.66

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

TPG Telecom provided a Q1 trading update at the AGM. Goldman Sachs notes it is positive to see subscriber growth (Q122 +70k mobile adds) and (Q122 +15k fixed wireless), but the rate of growth is more subdued than expected.

The broker considers the June 2022 investor day as an important date to update the market on the 2022 forecast earnings targets ahead of the shareholder escrow completion later this calendar year.

The stock is rated Neutral and the price target is unchanged at $6.10.

This report was published on May 3, 2022.

Target price is $6.10 Current Price is $5.66 Difference: $0.44
If TPG meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $6.87, suggesting upside of 21.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.2, implying annual growth of 190.5%.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 32.8.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 20.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.9, implying annual growth of 33.1%.
Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 24.6.

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

TRS    REJECT SHOP LIMITED

Household & Personal Products – Overnight Price: $3.92

Jarden rates ((TRS)) as Buy (1) –

Reject Shop's March-quarter trading met Jarden and consensus forecasts.

But the share price has taken a beating, and the broker sheets this back to the resignation of the company's CEO.

Jarden believes Reject Shop could be a key beneficiary from improvements in global freight conditions.

Buy rating and $10.40 target price retained.

This report was published on April 27, 2022.

Target price is $10.40 Current Price is $3.92 Difference: $6.48
If TRS meets the Jarden target it will return approximately 165% (excluding dividends, fees and charges).
Current consensus price target is $7.53, suggesting upside of 102.5%(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 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.3, implying annual growth of -48.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 32.9.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 21.00 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 5.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.3, implying annual growth of 141.6%.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 13.6.

Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

WOW    WOOLWORTHS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $38.44

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

Woolworths Group reported Q3 sales growth of 9.7%, ahead of Goldman Sachs forecasts.

The broker believes the company managed the supply chain and Covid absenteeism well and increased market share from both a value and volume perspective.

The outlook commentary on the investor call was noted by the broker as 'cautiously optimistic'.

Goldman Sachs has upgraded the sales and earnings forecasts and believes the company to be a defensive play versus the rising cost inflation backdrop with leading operational/digital capabilities.

The broker has raised the forecast price target to $41.70 from $40.50 and a Buy rating is maintained.

This report was published on May 4, 2022.

Target price is $41.70 Current Price is $38.44 Difference: $3.26
If WOW meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $38.12, suggesting upside of 0.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 96.00 cents and EPS of 128.00 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.3, implying annual growth of -27.1%.
Current consensus DPS estimate is 87.7, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 31.7.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 118.00 cents and EPS of 156.00 cents.
At the last closing share price the estimated dividend yield is 3.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 139.6, implying annual growth of 16.0%.
Current consensus DPS estimate is 99.3, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 27.3.

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

WPR    WAYPOINT REIT LIMITED

REITs – Overnight Price: $2.52

Moelis rates ((WPR)) as Buy (1) –

Waypoint REIT will divest 29 service station assets to Fawkner Property for $142m, in line with the company's intention to dispose of assets with uncertain long-term prospects to improve portfolio quality, Moelis notes.

The broker highlights Waypoint REIT has flagged an intention to dispose of -$300m in assets, including -$150m in 2022. While the company is yet to provide guidance around sale proceeds, Moelis notes proceeds from asset sales in 2021 were returned to shareholders.

The Buy rating and target price of $3.06 are retained.

This report was published on April 27, 2022.

Target price is $3.06 Current Price is $2.52 Difference: $0.54
If WPR meets the Moelis target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $2.92, suggesting upside of 16.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 16.40 cents and EPS of 16.40 cents.
At the last closing share price the estimated dividend yield is 6.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of -71.8%.
Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 15.5.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 16.60 cents and EPS of 16.60 cents.
At the last closing share price the estimated dividend yield is 6.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.7, implying annual growth of 3.7%.
Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 15.0.

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

WSA    WESTERN AREAS LIMITED

Nickel – Overnight Price: $3.84

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

Shaw and Partners has one word for shareholders – Accept.

The broker says that in the absence of a rival bid and the recent run in nickel, the bid appears Fair and Reasonable.

Hold rating retained. Target price steady at $3.87.

This report was published on April 28, 2022.

Target price is $3.87 Current Price is $3.84 Difference: $0.03
If WSA meets the Shaw and Partners target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.80, suggesting downside of -1.4%(ex-dividends)
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 16.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.9, implying annual growth of N/A.
Current consensus DPS estimate is 0.2, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 16.8.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of -17.5%.
Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 20.4.

Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

WSP    WHISPIR LIMITED

Cloud services – Overnight Price: $1.19

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

Whispir's March-quarter cash-flow-and-activities update pleased Shaw and Partners, the company reporting a -16% fall in costs, an 82% jump in cash receipts, while reaffirming guidance.

The company reported a strong pipeline across Asia as activity recovers post-covid and 26 new customers were added in North America.

Whispir is also benefiting from north-American changes to communications and compliance. Buy rating and $3.50 target price reiterated, the broker considering the company a bargain.

This report was published on May 28, 2022.

Target price is $3.50 Current Price is $1.19 Difference: $2.31
If WSP meets the Shaw and Partners target it will return approximately 194% (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 15.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.93.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 10.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.55.

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

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

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

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