Australian Broker Call *Extra* Edition – May 11, 2022

This story features AUSSIE BROADBAND LIMITED, and other companies. For more info SHARE ANALYSIS: ABB

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)

ABB   ALK   AMP   AR1   ARB   ARU   AX1   BCB   BCI   BUB   CTD   FBU   FLT   IGO   JHG   NIC   RED   SBM   SFR   SLA   WGX  

ABB    AUSSIE BROADBAND LIMITED

Telecommunication – Overnight Price: $4.04

JP Morgan rates ((ABB)) as Overweight (1) –

JP Morgan maintains its longer-term investment view and Overweight rating for Aussie Broadband despite a slightly disappointing trading update. FY22 subscriber guidance was lowered due to Origin Energy's ((ORG)) white label customers churning before being transferred.

Management lowered the top end of full year subscription guidance to 580,000-585,000 from 580,000-590,000.

Also, there were increased connectivity virtual circuit (CVC) usage costs charged by the NBN, explains the broker. The target price falls to $6.80 from $7.00.

This report was published on May 3, 2022.

Target price is $6.80 Current Price is $4.04 Difference: $2.76
If ABB meets the JP Morgan target it will return approximately 68% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 67.33.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 0.00 cents and EPS of 21.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.24.

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

ALK    ALKANE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.95

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

March quarter results for Alkane Resources outperformed Bell Potter's forecast though FY22 guidance was unchanged. The target price rises to $1.15 from $1.10 due to the broker's increased gold price forecasts and a minor upgrade to the FY22 production estimate.

Timing of the initial Boda mineral resource estimate was delayed due to covid-related staff shortages of external service providers, explains the analyst.

Meanwhile, Bell Potter expects the government approvals process to complete for the Tomingley Gold Extension project by mid-2022. Buy.

This report was published on April 29, 2022.

Target price is $1.15 Current Price is $0.95 Difference: $0.2
If ALK meets the Bell Potter target it will return approximately 21% (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 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.75.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.67.

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

AMP    AMP LIMITED

Insurance – Overnight Price: $1.16

Jarden rates ((AMP)) as Neutral (3) –

With the sale proceeds of AMP's international infrastructure equity business exceeding Jarden's expectation, the broker increases its buyback assumption to $1bn from $700m previously. The target price rises to $1.30 from $1.20.

Management has confirmed the majority of cash proceeds will be returned to shareholders, with further upside over time from earn-outs.

Nonetheless, the analyst retains a Neutral rating as significant cost-out execution risks and competitive pressures weigh on its core Australian Wealth Management and Bank divisions. The Neutral rating is unchanged.

This report was published on April 29, 2022.

Target price is $1.30 Current Price is $1.16 Difference: $0.14
If AMP meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $1.11, suggesting downside of -4.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 7.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.0, implying annual growth of N/A.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 6.00 cents and EPS of 9.50 cents.
At the last closing share price the estimated dividend yield is 5.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of 22.9%.
Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 13.5.

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

AR1    AUSTRAL RESOURCES AUSTRALIA LIMITED

Copper – Overnight Price: $0.23

Petra Capital rates ((AR1)) as Buy (1) –

Petra Capital increases its target price for Austral Resources Australia to $0.47 from $0.45 on upward revisions to near-term copper cathode output. The output derives from the company's Mt Kelly copper oxide solvent-extraction/electrowinning plant.

The analyst highlights an aggressive 12-month exploration program which aims to expand the company's existing resource of around 420,000t of contained copper. Buy.

The March quarter saw operations commence at the new Anthill Mine.

This report was published on April 29, 2022.

Target price is $0.47 Current Price is $0.23 Difference: $0.24
If AR1 meets the Petra Capital target it will return approximately 104% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Petra Capital forecasts a full year FY22 dividend of 0.00 cents and EPS of 5.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.90.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of 7.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.11.

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

ARB    ARB CORPORATION LIMITED

Automobiles & Components – Overnight Price: $31.47

JP Morgan rates ((ARB)) as Upgrade to Neutral from Underweight (3) –

The fall in ARB Corp's share price in recent months brings the stock back towards JP Morgan's amended share price target of $32, down from $36.  As a result, the broker upgrades its rating to Neutral from Underweight.

As part of a market update, management guided to 2H sales being broadly in-line with the 1H and flagged operational challenges and cost inflation in the business. The broker remains cautious on the outlook, especially as many of the company's products are large-ticket items.

Nonetheless, the analyst points out ARB’s strong brands provide a level of pricing power.

This report was published on May 5, 2022.

Target price is $32.00 Current Price is $31.47 Difference: $0.53
If ARB meets the JP Morgan target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $45.93, suggesting upside of 45.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 77.00 cents and EPS of 161.00 cents.
At the last closing share price the estimated dividend yield is 2.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 150.9, implying annual growth of 7.8%.
Current consensus DPS estimate is 62.1, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 20.9.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 67.00 cents and EPS of 133.00 cents.
At the last closing share price the estimated dividend yield is 2.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 157.8, implying annual growth of 4.6%.
Current consensus DPS estimate is 63.9, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 19.9.

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

ARU    ARAFURA RESOURCES LIMITED

Rare Earth Minerals – Overnight Price: $0.34

Petra Capital rates ((ARU)) as Buy (1) –

High demand for the supply of materials for electric vehicles gives Petra Capital confidence around the funding process for Arafura Resources' Nolans rare earth project in the Northern Territory.

Societe Generale and National Australia Bank ((NAB)) have been announced as the mandated lead arrangers and book runners for the project.

Recent share price strength leads the broker to lift the price in its capital raising forecast to $0.40/share from $0.25/share. Due to lower equity dilution, the 12-month price target rises to $0.48 from $0.36. Buy.

This report was published on April 29, 2022.

Target price is $0.48 Current Price is $0.34 Difference: $0.14
If ARU meets the Petra Capital target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Petra Capital 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 56.67.

Forecast for FY23:

Petra Capital 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 113.33.

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

AX1    ACCENT GROUP LIMITED

Apparel & Footwear – Overnight Price: $1.29

Jarden rates ((AX1)) as Overweight (2) –

Following a business update from Accent Group, Jarden lowers its FY22-24 earnings (EBIT) estimates by -6-2% after softer-than-expected sales, albeit in a stronger gross margin environment.

The analyst also increase cost-of-doing-business (CODB) forecasts by around -2-4% on higher distribution, wages and occupancy costs, and the target price falls to $2.50 from $2.70.

While the broker has a sector preference for Universal Store ((UNI)) in the short term, Accent Group is still considered relatively attractive on a medium-term view. The Overweight rating is unchanged.

This report was published on April 29, 2022.

Target price is $2.50 Current Price is $1.29 Difference: $1.21
If AX1 meets the Jarden target it will return approximately 94% (excluding dividends, fees and charges).
Current consensus price target is $2.06, suggesting upside of 59.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 5.60 cents and EPS of 7.50 cents.
At the last closing share price the estimated dividend yield is 4.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.4, implying annual growth of -33.8%.
Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 11.10 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 8.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.7, implying annual growth of 56.4%.
Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 9.5%.
Current consensus EPS estimate suggests the PER is 8.8.

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

BCB    BOWEN COKING COAL LIMITED

Coal – Overnight Price: $0.30

Petra Capital rates ((BCB)) as Buy (1) –

The US$55m loan secured by Bowen Coking Coal from Taurus Mining Finance is larger than Petra Capital had anticipated. It's felt this may result in a more rapid ramp-up at the Burton coal mine.

Funds will also be applied to the restart of the Bluff coal mine in QLD and construction of Broadmeadow East in the Bowen Basin (QLD).

After the analyst updates the forecast model for changes to debt, royalties and the earlier than forecast capital expenditure, the target price is lowered to $0.64 from $0.66. Buy.

This report was published on April 29, 2022.

Target price is $0.64 Current Price is $0.30 Difference: $0.34
If BCB meets the Petra Capital target it will return approximately 113% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Petra Capital forecasts a full year FY22 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.00.

Forecast for FY23:

Petra Capital 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 2.31.

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

BCI    BCI MINERALS LIMITED

Iron Ore – Overnight Price: $0.37

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

Following 3Q results for BCI Minerals, Bell Potter suspects weaker earnings at Iron Valley were due to lower realised pricing, as well as lower sales volumes. Nonetheless, improved 4Q realised pricing is expected, given strength in the Fe 62% benchmark iron ore price.

Meanwhile, management expects higher capital costs at the Mardie Salt and Potash Project from inflationary cost pressures as well as potential delays to the development timeline.

Bell Potter lowers its target price to $0.61 from $0.63 and maintains its Buy rating.

This report was published on April 29, 2022.

Target price is $0.61 Current Price is $0.37 Difference: $0.24
If BCI meets the Bell Potter target it will return approximately 65% (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 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 61.67.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.67.

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

BUB    BUBS AUSTRALIA LIMITED

Dairy – Overnight Price: $0.38

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

Following a 3Q activities and cashflow report by Bubs Australia, Bell Potter reduces its FY22-24 net revenue forecasts by -2-3% and adjusts the FY22 mix profile to incorporate increased B2B sales. The target price falls to $0.60 from $0.70. Buy, Speculative risk.

Management expects modest half-on-half sales growth in the 2H, while 4Q sales are expected to benefit from recent orders from Alpha Group and the a2 protein product launch.

The analyst notes the upside potential from equity linked sales targets with Alpha Group, the company's Daigou partner.

This report was published on April 29, 2022.

Target price is $0.60 Current Price is $0.38 Difference: $0.22
If BUB meets the Bell Potter target it will return approximately 58% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 95.00.

Forecast for FY23:

Bell Potter forecasts a full year FY23 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 95.00.

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

CTD    CORPORATE TRAVEL MANAGEMENT LIMITED

Travel, Leisure & Tourism – Overnight Price: $21.29

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

Following a trading update by Corporate Travel Management, JP Morgan raises its target price to $25 from $24.50. The Neutral rating is retained.

Management expects a strong 4Q led by North America and Europe, while a stronger outcome in A&NZ should offset 3Q (omicron-induced) weakness.

Ongoing covid-19 restrictions and border closures in Hong Kong and China are delaying the Asian recovery, though the analyst notes the profit contribution from the region is less than 10% on a recovered pro forma basis.

This report was published on May 4, 2022.

Target price is $25.00 Current Price is $21.29 Difference: $3.71
If CTD meets the JP Morgan target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $27.58, suggesting upside of 29.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 10.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 0.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 141.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.7, implying annual growth of N/A.
Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 167.6.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 41.00 cents and EPS of 81.00 cents.
At the last closing share price the estimated dividend yield is 1.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.2, implying annual growth of 586.6%.
Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 24.4.

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

FBU    FLETCHER BUILDING LIMITED

Building Products & Services – Overnight Price: $5.33

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

While JP Morgan lifts its FY22 earnings (EBIT) forecast for Fletcher Building to reflect upgraded FY22 earnings guidance, the target falls to NZ$6.50 from NZ$7.10, as the ASX200 ex Resources has de-rated. The Neutral rating is unchanged.

The earnings guidance was a 2% beat versus the broker's expectation and 3% ahead of the consensus estimate as the Concrete and Distribution businesses are attaining short-term margin targets earlier than expected.

Even though rising interest rates should weigh on the New Zealand housing sector, management believes industry capacity constraints will extend volumes into FY23. Infrastructure and commercial work is also expected to pick up into FY23.

This report was published on May 4, 2022.

Current Price is $5.33. Target price not assessed.
Current consensus price target is $9.30, suggesting upside of 74.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 38.11 cents and EPS of 53.08 cents.
At the last closing share price the estimated dividend yield is 7.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.5, implying annual growth of N/A.
Current consensus DPS estimate is 35.9, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 38.59 cents and EPS of 56.28 cents.
At the last closing share price the estimated dividend yield is 7.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.5, implying annual growth of 7.9%.
Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 9.8.

This company reports in NZD. 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

FLT    FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $20.28

JP Morgan rates ((FLT)) as Underweight (5) –

Despite Flight Centre Travel's strong total transaction value (TTV) recovery momentum, JP Morgan assesses a slower-than-expected earnings recovery following a trading update.

The broker estimates management's guidance for a FY22 underlying earnings (EBITDA) loss of -$195m-225m was an around -10% miss at the midpoint compared to the consensus expectation.

An Underweight rating is maintained, given potential execution risks the analyst sees for a recovery in the Leisure business towards profitability. The target price rises to $16 from $15.

This report was published on May 5, 2022.

Target price is $16.00 Current Price is $20.28 Difference: minus $4.28 (current price is over target).
If FLT meets the JP Morgan target it will return approximately minus 21% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $17.62, suggesting downside of -13.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 133.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -133.9, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 0.00 cents and EPS of 55.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.5, implying annual growth of N/A.
Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 46.6.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $11.34

JP Morgan rates ((IGO)) as Overweight (1) –

JP Morgan assesses mixed 3Q results for IGO as nickel earnings were a beat versus the analyst's forecast while lithium pricing disappointed.

Average lithium revenue per tonne was lower than expected due to a missed shipment from the prior quarter, while technical-grade product was at a discount to chemical-grade (rather than the usual premium), explains JP Morgan.

The broker lowers its near-term forecast realised lithium prices, which offsets a better-than-expected cost outcome during the quarter. The target price falls to $17.20 from $17.40. Overweight.

This report was published on May 3, 2022.

Target price is $17.20 Current Price is $11.34 Difference: $5.86
If IGO meets the JP Morgan target it will return approximately 52% (excluding dividends, fees and charges).
Current consensus price target is $13.89, suggesting upside of 22.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 9.00 cents and EPS of 52.00 cents.
At the last closing share price the estimated dividend yield is 0.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.9, implying annual growth of 119.0%.
Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 21.4.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 83.00 cents and EPS of 237.00 cents.
At the last closing share price the estimated dividend yield is 7.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 203.4, implying annual growth of 284.5%.
Current consensus DPS estimate is 82.8, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 5.6.

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

JHG    JANUS HENDERSON GROUP PLC

Wealth Management & Investments – Overnight Price: $39.62

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

JP Morgan lowers its price target for Janus Henderson to $38 from $47 as 1Q results missed expectations. The near-term outlook is considered bleak given a deteriorating flows environment. The Neutral rating is retained.

Earnings in the 1Q were impacted by lower asset under management (AUM) levels and lower performance fees, partially offset by higher fee rates than anticipated, explains the broker.

Management expects overall performance fees to be negative in 2022, which JP Morgan reminds investors is a long way from total performance fees of $103m in 2021.

This report was published on May 6, 2022.

Target price is $38.00 Current Price is $39.62 Difference: minus $1.62 (current price is over target).
If JHG 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 $47.75, suggesting upside of 20.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 216.30 cents and EPS of 391.78 cents.
At the last closing share price the estimated dividend yield is 5.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 503.4, implying annual growth of N/A.
Current consensus DPS estimate is 227.3, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 7.9.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 239.42 cents and EPS of 398.59 cents.
At the last closing share price the estimated dividend yield is 6.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 521.8, implying annual growth of 3.7%.
Current consensus DPS estimate is 278.8, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 7.6.

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

NIC    NICKEL MINES LIMITED

Nickel – Overnight Price: $1.16

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

Despite input cost inflation pressures across the sector, Bell Potter assesses Nickel Mines turned in an excellent outcome when reporting on its nickel projects in Indonesia.

The update also put to bed concerns that had arisen around potential disruptions stemming from Tsingshan’s (the parent company of Nickel Mines' partner in Indonesia) widely-reported short nickel position, explains the analyst.

The broker adjusts its 2022 and 2023 earnings forecasts by 10% and -5% on a higher predicted nickel price offset by increased cost forecasts and conservative price realisation estimates. 

The Buy rating and $2.00 target price are unchanged.

This report was published on April 29, 2022.

Target price is $2.00 Current Price is $1.16 Difference: $0.84
If NIC meets the Bell Potter target it will return approximately 72% (excluding dividends, fees and charges).
Current consensus price target is $1.63, suggesting upside of 40.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 6.80 cents and EPS of 16.87 cents.
At the last closing share price the estimated dividend yield is 5.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.6, implying annual growth of N/A.
Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 8.5.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 10.88 cents and EPS of 28.70 cents.
At the last closing share price the estimated dividend yield is 9.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of 25.0%.
Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 6.8.

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

RED    RED 5 LIMITED

Gold & Silver – Overnight Price: $0.34

Petra Capital rates ((RED)) as Buy (1) –

Now that Red 5's King of the Hills project is close to being de-risked, Petra Capital lowers its discount rate to 7% from 8%, which raises the target price to $0.47 from $0.41. 

Open pit and underground mining recently restarted at the project and the company is close to completing and commissioning the new processing plant, with first gold expected in early May.

The broker believes the start of production from the new operation provides a positive step-change in gold output and costs for Red 5. The Buy rating is maintained.

This report was published on April 29, 2022.

Target price is $0.47 Current Price is $0.34 Difference: $0.13
If RED meets the Petra Capital target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Petra Capital forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 170.00.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.97.

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

SBM    ST. BARBARA LIMITED

Gold & Silver – Overnight Price: $1.16

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

Lower production at both Lenora and Atlantic drove St. Barbara to miss Canaccord Genuity's March quarter production forecast of 71,000 ounces, with the company reporting production of 62,000 ounces.

The company's all-in sustaining costs also increased significantly quarter-on-quarter, to $2,290 per ounce, with the company attributing the cost jump to inflation, as well as labour shortages and diesel costs in WA.

While St. Barbara maintained full year guidance, Canaccord Genuity sits at the low end of the production guidance range and at the high end of costs.

The Buy rating is retained and the target price decrease to $2.15 from $2.65.

This report was published on April 28, 2022.

Target price is $2.15 Current Price is $1.16 Difference: $0.99
If SBM meets the Canaccord Genuity target it will return approximately 85% (excluding dividends, fees and charges).
Current consensus price target is $1.55, suggesting upside of 33.6%(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 5.00 cents.
At the last closing share price the estimated dividend yield is 0.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.3, implying annual growth of N/A.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 35.2.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 3.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 2.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.1, implying annual growth of 84.8%.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 19.0.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $5.09

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

Sandfire Resources closed out its June quarter with reported production of 28,800 tonnes copper, 16,000 tonnes zinc, and 7,000 ounces gold, with group costs of US$1.17 per pound largely in line with Canaccord Genuity's forecasts despite a miss on costs from Matsa.

Matsa did generally outperform Canaccord Genuity's expectations, but the broker remains concerned about the project's current cost structure which implies a 30% increase to the broker's estimate. While high zinc prices are offsetting, the broker is cautious on zinc pricing.

The Hold rating is retained and the target price decreases to $5.75 from $6.00.

This report was published on April 28, 2022.

Target price is $5.75 Current Price is $5.09 Difference: $0.66
If SFR meets the Canaccord Genuity target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $7.24, suggesting upside of 42.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 8.00 cents and EPS of 60.00 cents.
At the last closing share price the estimated dividend yield is 1.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.8, implying annual growth of N/A.
Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 7.2.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 10.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 1.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.9, implying annual growth of -42.2%.
Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 12.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SLA    SILK LASER AUSTRALIA LIMITED

Healthcare services – Overnight Price: $2.47

Jarden rates ((SLA)) as Buy (1) –

Jarden assesses strong 3Q revenue generation for Silk Laser Australia, which demonstrates the resilience of the category in varying macroeconomic climates. Nonetheless, the analyst is uncertain about the outlook around 4Q sales due to covid and economic headwinds.

As the lead time for opening new clinics is longer due to building-sector labour shortages and supply chain delays, the broker reduces its clinic rollout estimate to six from ten.

The target price is slashed to $3.62 from $5.97 due largely to Jardens increased risk-free rate across the forecast period. The Buy rating is maintained.

This report was published on April 29, 2022.

Target price is $3.62 Current Price is $2.47 Difference: $1.15
If SLA meets the Jarden target it will return approximately 47% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 16.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.88.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 23.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.38.

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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.35

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

Westgold Resources' March quarter production of 65,400 ounces was broadly in line with Canaccord Genuity's expectations, with the broker noting strong production from Bryah offset lower than anticipated production from Murchison. 

The broker noted production from Murchison was reflective of the project becoming mill constrained, and Canaccord Genuity anticipates further grade improvement from the project as underground projects ramp up. Full year guidance was maintained.

The Buy rating is retained and the target price decreases to $2.80 from $3.00.

This report was published on April 29, 2022.

Target price is $2.80 Current Price is $1.35 Difference: $1.45
If WGX meets the Canaccord Genuity target it will return approximately 107% (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 1.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 0.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.50.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 3.00 cents and EPS of 20.00 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 6.75.

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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