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   CXL   FBU   FFX   FLT   FMG   FZO   HLS   IDX   IGO   ILU   IMA   JHG   JRV   KGN   MOZ   NIC (2)   NUC   OGC   RED   RMD   SBM   SFR (2)   SHL   SLA   SYA   UBI   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 580-585k from 580-590k.

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 $4.24 Difference: $2.56
If ABB meets the JP Morgan target it will return approximately 60% (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 70.67.

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 20.19.

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 $0.96 Difference: $0.19
If ALK meets the Bell Potter target it will return approximately 20% (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 24.00.

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 16.84.

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.

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 retained.

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 $0.21 Difference: $0.26
If AR1 meets the Petra Capital target it will return approximately 124% (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 3.56.

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 2.84.

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 $31.70 Difference: $0.3
If ARB meets the JP Morgan target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $43.91, suggesting upside of 38.5%(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 2.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 148.1, implying annual growth of 5.8%.
Current consensus DPS estimate is 60.7, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 21.4.

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 2.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 154.5, implying annual growth of 4.3%.
Current consensus DPS estimate is 62.3, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 20.5.

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 $0.35 Difference: $0.13
If ARU meets the Petra Capital target it will return approximately 37% (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 58.33.

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 116.67.

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 $1.37 Difference: $1.13
If AX1 meets the Jarden target it will return approximately 82% (excluding dividends, fees and charges).
Current consensus price target is $2.06, suggesting upside of 50.5%(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 4.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.27.

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 6.1%.
Current consensus EPS estimate suggests the PER is 14.6.

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 8.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.79.

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 9.0%.
Current consensus EPS estimate suggests the PER is 9.3.

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 $0.31 Difference: $0.33
If BCB meets the Petra Capital target it will return approximately 106% (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 31.00.

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 2.38.

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 $0.37 Difference: $0.23
If BUB meets the Bell Potter target it will return approximately 62% (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 92.50.

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 92.50.

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 $21.32 Difference: $3.68
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 29.4%(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 142.13.

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 167.9.

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 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.32.

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

CXL    CALIX LIMITED

Mining Sector Contracting – Overnight Price: $7.11

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

Cannacord Genuity pulls forward forecast demand for Calix's technology, based on the company's pipeline, and believes the company represents a unique investment proposition aligned to the ESG thematic.

Calix is a platform technology that aims to provide green tech solutions to major global industries.

The company's LEILAC technology has proven a greater than 90% carbon capture rate, and the broker believes the company offers the largest near-term option for the decarbonisation of the Cement and Lime Industries, with identifiable milestones over the next two years.

Cannacord recognises that Calix's  multiple presents high downside risk if execution falls short and that investment requires a high degree of confidence, but that the pipeline is 4x its size a year ago and the model is highly cash generative.

Buy rating retained and target price rises to $10.60 from $6.40.

This report was published on May 2, 2022.

Target price is $10.60 Current Price is $6.90 Difference: $3.7
If CXL meets the Canaccord Genuity target it will return approximately 54% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 5.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 130.19.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 4.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 168.29.

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 $5.37. Target price not assessed.
Current consensus price target is $9.30, suggesting upside of 73.2%(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 53.07 cents.
At the last closing share price the estimated dividend yield is 7.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.4, implying annual growth of N/A.
Current consensus DPS estimate is 35.8, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 38.58 cents and EPS of 56.27 cents.
At the last closing share price the estimated dividend yield is 7.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.4, 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 9.9.

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

FFX    FIREFINCH LIMITED

Gold & Silver – Overnight Price: $0.89

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

Petra Capital notes the countdown for the spin-off of Leo Lithium ((LLL)) has begun and believes it will be a big plus for the company.

The broker considers Goulamina to be sharply undervalued in the share price.

Meanwhile, the pro-rata offer at 70c per Leo Lithium share to raise $80m from Firefinch shareholders (1 share for every 1.4 Firefinch shares) closes May 5. 

The deal values Petra at $1.6bn and Lithium at $848m.

Buy rating retained. Target price is $1.75.

This report was published on May 2, 2022.

Target price is $1.75 Current Price is $0.90 Difference: $0.85
If FFX meets the Petra Capital target it will return approximately 94% (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 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 100.00.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of 700.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 0.13.

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 $19.96 Difference: minus $3.96 (current price is over target).
If FLT meets the JP Morgan target it will return approximately minus 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $18.24, suggesting downside of -8.6%(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 15.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -135.3, 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 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 36.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.9, implying annual growth of N/A.
Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 46.5.

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

FMG    FORTESCUE METALS GROUP LIMITED

Iron Ore – Overnight Price: $19.11

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

Fortescue Metals delivered record iron ore shipments of 46.5m tonnes in the March quarter, leading the company to upgrade full year shipments guidance by 3-5m tonnes. Goldman Sachs also noted the company achieved an average price realisation of 70%.

Less positively high grade production from West Pilbara Fines further decline during the quarter, now down to an annualised 17m tonnes compared to initial guidance of 40m tonnes.

Meanwhile, capital expenditure for the Iron Bridge project increased US$300m to US3.6-3.8bn as first production is delayed three months, with Goldman Sachs noting the company is at in inflection point for capital allocation.

The Sell rating is retained and the target price decreased to $14.90 from $15.20.

This report was published on April 28, 2022.

Target price is $14.90 Current Price is $19.55 Difference: minus $4.65 (current price is over target).
If FMG meets the Goldman Sachs target it will return approximately minus 24% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $18.22, suggesting downside of -6.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 174.20 cents and EPS of 270.82 cents.
At the last closing share price the estimated dividend yield is 8.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 295.9, implying annual growth of N/A.
Current consensus DPS estimate is 212.3, implying a prospective dividend yield of 10.9%.
Current consensus EPS estimate suggests the PER is 6.6.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 97.99 cents and EPS of 176.92 cents.
At the last closing share price the estimated dividend yield is 5.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 267.8, implying annual growth of -9.5%.
Current consensus DPS estimate is 186.7, implying a prospective dividend yield of 9.5%.
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: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

FZO    FAMILY ZONE CYBER SAFETY LIMITED

Software & Services – Overnight Price: $0.32

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

Third quarter annual recurring revenue for Family Zone Cyber Safety was broadly in-line with Shaw and Partners forecast. The target price falls to $0.82 from $0.85 mainly due to foreign exchange impacts. Buy.

The analyst highlights significant growth in the company's US education Monitor product which now has over 200,000 active users since launch in November last year.

ARR growth is being driven by stronger average revenue per user (ARPU), explains the broker, which was around $10 per student over the quarter. Adoption of the Monitor and Classroom products, as well as cross-sell and upsell are contributing to strong revenues.

This report was published on May 2, 2022.

Target price is $0.82 Current Price is $0.32 Difference: $0.5
If FZO meets the Shaw and Partners target it will return approximately 156% (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 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.40.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.32.

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

HLS    HEALIUS LIMITED

Healthcare services – Overnight Price: $4.20

Jarden rates ((HLS)) as Neutral (3) –

As a result of omicron impacts, the latest Medicare data continues to show a slower recovery than Jarden expected for diagnostic imaging and pathology (ex-covid PCR tests).

As elective surgeries and GP visits have been affected, the broker downgrades its 2H industry estimates for diagnostic imaging and pathology.

After a negative earnings revisions for Healius and an adjustment to Jarden's risk-free rate assumption, the target price falls to $4.23 from $4.90. The Neutral rating is maintained.

This report was published on May 2, 2022.

Target price is $4.23 Current Price is $4.01 Difference: $0.22
If HLS meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.99, suggesting upside of 24.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 20.00 cents and EPS of 59.50 cents.
At the last closing share price the estimated dividend yield is 4.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.9, implying annual growth of 601.2%.
Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 14.00 cents and EPS of 24.60 cents.
At the last closing share price the estimated dividend yield is 3.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.9, implying annual growth of -50.9%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 13.9.

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

IDX    INTEGRAL DIAGNOSTICS LIMITED

Medical Equipment & Devices – Overnight Price: $3.63

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

As a result of omicron impacts, the latest Medicare data continues to show a slower recovery than Jarden expected for diagnostic imaging and pathology (ex-covid PCR tests).

As elective surgeries and GP visits have been affected, the broker downgrades its 2H industry estimates for diagnostic imaging and pathology.

After a negative earnings revisions for Integral Diagnostics and an adjustment to Jarden's risk-free rate assumption, the target price falls to $4.94 from $5.35. The Overweight rating is maintained.

This report was published on May 11, 2022.

Target price is $4.94 Current Price is $3.76 Difference: $1.18
If IDX meets the Jarden target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $4.41, suggesting upside of 17.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 7.80 cents and EPS of 14.70 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 25.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of -8.9%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 26.5.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 10.10 cents and EPS of 20.60 cents.
At the last closing share price the estimated dividend yield is 2.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.1, implying annual growth of 48.6%.
Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 17.8.

Market Sentiment: 0.6
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 $11.25 Difference: $5.95
If IGO meets the JP Morgan target it will return approximately 53% (excluding dividends, fees and charges).
Current consensus price target is $13.89, suggesting upside of 23.4%(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 0.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.63.

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 21.3.

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 7.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.75.

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 7.4%.
Current consensus EPS estimate suggests the PER is 5.5.

Market Sentiment: 0.0
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: $10.17

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

A strong March quarter from Iluka Resources saw the company deliver a 16% quarter-on-quarter mineral sands revenue increase. Goldman Sachs notes while zircon, rutile and synthetic rutile sales were broadly flat, revenue per tonne was up 18% quarter-on-quarter.

Further, the company confirmed a US$100 per tonne zircon price increase from April, while rutile and synthetic rutile prices at a ten-year high which should benefit the company when contracting volumes for the fourth quarter restart of the synthetic rutile kiln 1.

The Buy rating is retained and the target price decreases to $13.90 from $14.00.

This report was published on April 27, 2022.

Target price is $13.90 Current Price is $10.03 Difference: $3.87
If ILU meets the Goldman Sachs target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $11.79, suggesting upside of 17.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 29.50 cents and EPS of 98.30 cents.
At the last closing share price the estimated dividend yield is 2.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.20.

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 3.2%.
Current consensus EPS estimate suggests the PER is 9.8.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 7.50 cents and EPS of 88.40 cents.
At the last closing share price the estimated dividend yield is 0.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.35.

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 2.5%.
Current consensus EPS estimate suggests the PER is 10.9.

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

IMA    IMAGE RESOURCES NL

Mineral Sands – Overnight Price: $0.20

Petra Capital rates ((IMA)) as Upgrade to Buy from Hold (1) –

Image Resources' March-quarter sales and production missed Petra Capital's forecasts but pricing outpaced.

The broker now sets estimates at to the low end of guidance.

Petra Capital consider's the company's prospects to be positive, citing the multi-decade growth pipeline, and believes the recent share-price retreat provides a good opportunity to enter the stock

Rating upgraded to Buy and target price inches up to 30c from 29c.

This report was published on May 2, 2022.

Target price is $0.30 Current Price is $0.20 Difference: $0.1
If IMA meets the Petra Capital target it will return approximately 50% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Petra Capital forecasts a full year FY21 dividend of 2.00 cents and EPS of 3.70 cents.
At the last closing share price the estimated dividend yield is 10.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.41.

Forecast for FY22:

Petra Capital forecasts a full year FY22 dividend of 2.00 cents and EPS of 4.30 cents.
At the last closing share price the estimated dividend yield is 10.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.65.

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 $39.15 Difference: minus $1.15 (current price is over target).
If JHG meets the JP Morgan target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $47.75, suggesting upside of 22.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 216.39 cents and EPS of 391.94 cents.
At the last closing share price the estimated dividend yield is 5.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 499.8, implying annual growth of N/A.
Current consensus DPS estimate is 225.6, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 7.8.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 239.52 cents and EPS of 398.75 cents.
At the last closing share price the estimated dividend yield is 6.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 518.0, implying annual growth of 3.6%.
Current consensus DPS estimate is 276.7, implying a prospective dividend yield of 7.1%.
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

JRV    JERVOIS GLOBAL LIMITED

New Battery Elements – Overnight Price: $0.74

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

March quarter results for Jervois Global were better than Shaw and Partners had expected. The target price rises to $0.92 from $0.89 and the Buy rating is unchanged.

Management reaffirmed FY22 guidance and released a bankable feasibility study for the Sao Miguel Paulista nickel/cobalt refinery restart in Brazil. Earnings guidance for the Kokkola cobalt refinery in Finland was also maintained.

The analyst points out cobalt demand remains strong for key demand sectors including chemicals, batteries, as well as catalysts and ceramics.

This report was published on May 2, 2022.

Target price is $0.92 Current Price is $0.74 Difference: $0.18
If JRV meets the Shaw and Partners target it will return approximately 24% (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 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.53.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 6.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.88.

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

KGN    KOGAN.COM LIMITED

Retailing – Overnight Price: $3.50

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

Kogan's April trading update missed Cannacord Genuity's forecasts, gross sales falling -4% and gross profit slumping -11%. Gross margins and earnings also disappointed.

Cannacord Genuity sheets the disappointment to a slump in customer online demand post covid – and pinpoints the company's private label as the main culprit.

Earnings forecasts fall -48% in FY22, -28% in FY23 and -13% in FY23. 

The broker retains a long-term Buy rating but cuts the target price to $6 from $9.20.

This report was published on May 2, 2022.

Target price is $6.00 Current Price is $3.72 Difference: $2.28
If KGN meets the Canaccord Genuity target it will return approximately 61% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.20.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 18.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.67.

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

MOZ    MOSAIC BRANDS LIMITED

Apparel & Footwear – Overnight Price: $0.52

Wilsons rates ((MOZ)) as Downgrade to Market Weight from Overweight (3) –

Mosaic Brands' March-quarter trading update disappointed Wilsons, covid continuing to hit the store networks, mall traffic and staff absenteeism.

Management guides to a flat second-half FY22 (year on year).

Given the increased uncertainty, Wilsons cuts its target price by -66.9% to 60c from $1.83 – a -60% discount to valuation.

Rating cut to Market Weight from Overweight.

This report was published on May 2, 2022.

Target price is $0.60 Current Price is $0.53 Difference: $0.07
If MOZ meets the Wilsons target it will return approximately 13% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 11.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.45.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of 14.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.79.

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 6.81 cents and EPS of 16.88 cents.
At the last closing share price the estimated dividend yield is 5.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of N/A.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 8.6.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 10.89 cents and EPS of 28.72 cents.
At the last closing share price the estimated dividend yield is 9.39%.
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 16.8, implying annual growth of 24.4%.
Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 6.9.

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

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

Nickel Mines' March quarter earnings, up 20% quarter-on-quarter, benefited from a combination of strong operational performance and higher realised pricing. Canaccord Genuity notes production of 11,200 tonnes of nickel was achieved, an 11% quarter-on-quarter increase.

Cash flow at the end of the quarter was a miss on the broker's expectations at US$131m compared to an anticipated US$151m, attributed to higher outflows from the Angel project.

The Buy rating is retained and the target price increases to $1.60 from $1.50.

This report was published on April 29, 2022.

Target price is $1.60 Current Price is $1.16 Difference: $0.44
If NIC meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $1.63, suggesting upside of 40.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 5.44 cents and EPS of 5.44 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of N/A.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 8.6.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 5.44 cents and EPS of 5.44 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.8, implying annual growth of 24.4%.
Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 6.9.

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

NUC    NUCHEV PTY LIMITED

Dairy – Overnight Price: $0.30

Wilsons rates ((NUC)) as Market Weight (3) –

Nuchev's March-quarter result disappointed Wilsons, as lockdowns in China and supply-chain issues triggered a -43% revenue slump, and average selling prices fell.

Domestic grocery and pharmacy sales jumped 36% and momentum continues into the June quarter.

No guidance was provided.

While the broker considers the challenges to be temporary, it cuts its target price to 31c from 44c.

Market-Weight rating retained.

This report was published on May 2, 2022.

Target price is $0.31 Current Price is $0.29 Difference: $0.02
If NUC meets the Wilsons target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 15.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.88.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 14.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.99.

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

OGC    OCEANAGOLD CORP

Gold & Silver – Overnight Price: $3.24

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

Production of 134,000 ounces from OceanaGold during the March quarter was a beat on Canaccord Genuity's expected 113,000 ounces, a strong result coupled with all-in sustaining costs of $US$1,084 per ounce compared to an expected US$1,354.

The result was driven by a record 60,000 ounce quarterly production at the Haile project, although partially offset by lower production at Waihi. A grade control drill program is underway at Waihi's Martha underground site, aiming to increase mining rates.

Earnings of US$158m were a beat on Canaccord Genuity's anticipated US$97m, leaving US$195 cash on hand at the end of the quarter and allowing a -29% quarter-on-quarter net debt reduction during the period.

The Buy rating is retained and the target price increases to $4.10 from $3.50.

This report was published on April 29, 2022.

Target price is $4.10 Current Price is $3.11 Difference: $0.99
If OGC meets the Canaccord Genuity target it will return approximately 32% (excluding dividends, fees and charges).

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

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 $0.35 Difference: $0.12
If RED meets the Petra Capital target it will return approximately 34% (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 175.00.

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 11.29.

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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $27.86

Wilsons rates ((RMD)) as Downgrade to Market Weight from Overweight (3) –

Wilsons downgrades ResMed to Market Weight from Overweight, as component scarcity and rising freight costs continues to stymie the company.

ResMed has managed to benefit from the Philips recall, the broker pointing to sustainable global market-share gains of 8% to 10%.

Wilsons doubts Philips will re-enter anytime soon as the recall deepens, and this should prove a respite for ResMed until January.

But while broker expects the company will post above-system growth over FY23, it is unlikely to offset other challenges.

EPS forecasts fall -6% in FY22 and -10% in FY23. Target price slumps to $30.69 from $42.18.

This report was published on May 2, 2022.

Target price is $30.69 Current Price is $28.42 Difference: $2.27
If RMD meets the Wilsons target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $35.44, suggesting upside of 24.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 23.00 cents and EPS of 78.66 cents.
At the last closing share price the estimated dividend yield is 0.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.6, implying annual growth of N/A.
Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 34.4.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 23.54 cents and EPS of 84.92 cents.
At the last closing share price the estimated dividend yield is 0.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.0, implying annual growth of 21.1%.
Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 28.4.

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

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 $1.17 Difference: $0.98
If SBM meets the Canaccord Genuity target it will return approximately 84% (excluding dividends, fees and charges).
Current consensus price target is $1.55, suggesting upside of 32.5%(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 0.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.40.

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 35.5.

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 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.80.

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 19.2.

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 70.5, implying annual growth of N/A.
Current consensus DPS estimate is 12.5, 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 40.8, implying annual growth of -42.1%.
Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 12.5.

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

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

Despite a weaker than expected March quarter from Sandfire Resources, Goldman Sachs notes the company's Matsa project has shown some early signs of improvement, reporting March ore production in line with an annual 4.9m tonne run rate and copper grades of 2.4%.

The company has indicated tonnes and grade from Matsa will likely be lower in the June quarter, and a long-term mine plan is expected in the September quarter, including updated reserve and the cost and timeline of project expansion.

The Neutral rating is retained and the target price increases to $6.10 from $5.70.

This report was published on April 29, 2022.

Target price is $6.10 Current Price is $5.09 Difference: $1.01
If SFR meets the Goldman Sachs target it will return approximately 20% (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:

Goldman Sachs forecasts a full year FY22 dividend of 10.50 cents and EPS of 51.00 cents.
At the last closing share price the estimated dividend yield is 2.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.5, implying annual growth of N/A.
Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 7.2.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 16.30 cents and EPS of 65.00 cents.
At the last closing share price the estimated dividend yield is 3.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.8, implying annual growth of -42.1%.
Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 12.5.

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

SHL    SONIC HEALTHCARE LIMITED

Healthcare services – Overnight Price: $34.78

Jarden rates ((SHL)) as Neutral (3) –

As a result of omicron impacts, the latest Medicare data continues to show a slower recovery than Jarden expected for diagnostic imaging and pathology (ex-covid PCR tests).

As elective surgeries and GP visits have been affected, the broker downgrades its 2H industry estimates for diagnostic imaging and pathology.

After a negative earnings revisions for Sonic Healthcare and an adjustment to Jarden's risk-free rate assumption, the target price falls to $32.38 from $35.17. The Neutral rating is maintained.

This report was published on May 2, 2022.

Target price is $32.38 Current Price is $35.24 Difference: minus $2.86 (current price is over target).
If SHL meets the Jarden target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $39.40, suggesting upside of 11.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 98.00 cents and EPS of 301.00 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 311.5, implying annual growth of 13.1%.
Current consensus DPS estimate is 99.4, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 98.00 cents and EPS of 179.40 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 182.5, implying annual growth of -41.4%.
Current consensus DPS estimate is 107.6, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 19.3.

Market Sentiment: 0.4
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 Jarden's 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 $2.45 Difference: $1.17
If SLA meets the Jarden target it will return approximately 48% (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 14.76.

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 10.29.

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

SYA    SAYONA MINING LIMITED

New Battery Elements – Overnight Price: $0.25

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

Sayona Mining has announced a shallow, high-grade lithium oxide discovery at Moblan, outside the existing resource envelope.

Petra Capital says this implies a large new addition to the project and supports the company's ambition to become a major lithium chemicals supplier in North America (both lithium hydroxide and lithium carbonate).

The broker appreciates the size and low-capital demands (estimated at $75m) of the discovery, which allows the company to easily fund Abitibi development from internal cash given the JV with Piedmont Lithium ((PLL)).

The broker notes solid progress in integrating the company as a "lynchpin" in North American EV manufacturing centres.

Buy rating and 43c target price retained. At spot prices, the target price rises to $2.85, notes Petra.

This report was published on May 2, 2022.

Target price is $0.43 Current Price is $0.25 Difference: $0.18
If SYA meets the Petra Capital target it will return approximately 72% (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 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.71.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 83.33.

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

UBI    UNIVERSAL BIOSENSORS, INC

Medical Equipment & Devices – Overnight Price: $0.52

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

Universal Bionensor's March-quarter result met Cannacord Genuity's forecasts, revenue rising on the back of strong coagulation testing, followed by HRL testing. 

The broker notes the pipeline is growing and sales are accelerating.

The company has announced a 1:6.5 $20m entitlement offer, (CDIs at 77c) following a $6m placement at the same price ,to increase its manufacturing and research-and-development strength.

Target price falls to $1.05 from $1.25 to reflect the dilution.

Speculative Buy rating retained.

This report was published on May 2, 2022.

Target price is $1.05 Current Price is $0.50 Difference: $0.55
If UBI meets the Canaccord Genuity target it will return approximately 110% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 5.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.47.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.62.

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 $1.36 Difference: $1.44
If WGX meets the Canaccord Genuity target it will return approximately 106% (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 22.67.

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 2.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.80.

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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