Australian Broker Call *Extra* Edition – Jun 17, 2022

This story features ANZ GROUP HOLDINGS LIMITED, and other companies. For more info SHARE ANALYSIS: ANZ

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)

ANZ   BEN   BHP   BOQ   CBA   CGC   CKF   CYG (2)   DMP   EHL   EM2   GDF   GMA   HUB (3)   KGN   MND   NAB   PBH   PXA   QAN   QML   RDY   RFF   RMD   SKC   STX   TNE   TPW   TRS   UNI (2)   WBC  

ANZ    AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

Banks – Overnight Price: $21.51

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

Jarden reviews the outlook for Australian banks and updates for new interest rates and credit growth forecasts.

While still envisaging rising rates and margins will support earnings growth in FY23, as the housing market comes off the boil the broker suspects sentiment on the sector will remain negative until early 2023.

The broker downgrades  ANZ Bank to Underweight from Neutral, reflecting the challenging environment. Target is reduced to $24.50 from $29.20.

This report was published on June 15, 2022.

Target price is $24.50 Current Price is $21.51 Difference: $2.99
If ANZ meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $29.18, suggesting upside of 38.8%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 144.00 cents and EPS of 208.00 cents.
At the last closing share price the estimated dividend yield is 6.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 208.2, implying annual growth of -4.1%.
Current consensus DPS estimate is 141.7, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 146.00 cents and EPS of 226.00 cents.
At the last closing share price the estimated dividend yield is 6.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 225.1, implying annual growth of 8.1%.
Current consensus DPS estimate is 154.8, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 9.3.

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

BEN    BENDIGO & ADELAIDE BANK LIMITED

Banks – Overnight Price: $8.85

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

Jarden reviews the outlook for Australian banks and updates for new interest rates and credit growth forecasts.

While still envisaging rising rates and margins will support earnings growth in FY23, as the housing market comes off the boil the broker suspects sentiment on the sector will remain negative until early 2023.

The broker downgrades Bendigo & Adelaide Bank to Underweight from Neutral, reducing the target to $9.20 from $9.80.

This report was published on June 15, 2022.

Target price is $9.20 Current Price is $8.85 Difference: $0.35
If BEN meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $10.56, suggesting upside of 21.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 54.00 cents and EPS of 76.00 cents.
At the last closing share price the estimated dividend yield is 6.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.3, implying annual growth of -20.2%.
Current consensus DPS estimate is 53.5, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 55.00 cents and EPS of 76.00 cents.
At the last closing share price the estimated dividend yield is 6.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.6, implying annual growth of -0.9%.
Current consensus DPS estimate is 56.3, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 11.2.

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

BHP    BHP GROUP LIMITED

Bulks – Overnight Price: $44.01

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

BHP Group will now retain its NSW energy coal business and seek approval to mine at Mt Arthur beyond 2026 when the current consent expires. The company has decided that there were no suitable offers after spending two years on the sale process.

Shaw and Partners notes NSW energy coal, which has been challenged asset for several years until the surge in the thermal coal price, is small relative to the company's portfolio. The broker will "watch with interest" the response from the NSW and federal governments to the decision.

The Buy rating is maintained. Target is $46.43.

This report was published on June 17, 2022.

Target price is $46.43 Current Price is $44.01 Difference: $2.42
If BHP meets the Shaw and Partners target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $47.79, suggesting upside of 11.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 1432.02 cents and EPS of 618.65 cents.
At the last closing share price the estimated dividend yield is 32.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 645.7, implying annual growth of N/A.
Current consensus DPS estimate is 602.0, implying a prospective dividend yield of 14.0%.
Current consensus EPS estimate suggests the PER is 6.7.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 526.50 cents and EPS of 487.09 cents.
At the last closing share price the estimated dividend yield is 11.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 558.8, implying annual growth of -13.5%.
Current consensus DPS estimate is 443.3, implying a prospective dividend yield of 10.3%.
Current consensus EPS estimate suggests the PER is 7.7.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BOQ    BANK OF QUEENSLAND LIMITED

Banks – Overnight Price: $6.54

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

Jarden reviews the outlook for Australian banks and updates for new interest rates and credit growth forecasts.

While still envisaging rising rates and margins will support earnings growth in FY23, as the housing market comes off the boil the broker suspects sentiment on the sector will remain negative until early 2023.

Bank of Queensland's Overweight rating is maintained with the target reduced to $8.00 from $9.20.

This report was published on June 15, 2022.

Target price is $8.00 Current Price is $6.54 Difference: $1.46
If BOQ meets the Jarden target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $9.68, suggesting upside of 51.5%(ex-dividends)
The company's fiscal year ends in August.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 45.00 cents and EPS of 73.00 cents.
At the last closing share price the estimated dividend yield is 6.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.2, implying annual growth of 13.8%.
Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 46.00 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 7.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.5, implying annual growth of 1.7%.
Current consensus DPS estimate is 51.8, implying a prospective dividend yield of 8.1%.
Current consensus EPS estimate suggests the PER is 8.2.

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

CBA    COMMONWEALTH BANK OF AUSTRALIA

Banks – Overnight Price: $90.47

Jarden rates ((CBA)) as Upgrade to Neutral from Underweight (3) –

Jarden reviews the outlook for Australian banks and updates for new interest rates and credit growth forecasts.

While still envisaging rising rates and margins will support earnings growth in FY23, as the housing market comes off the boil the broker suspects sentiment on the sector will remain negative until early 2023.

The broker upgrades CommBank to Neutral from Underweight, reflecting the recent share price performance and expectations that the higher quality business should perform better during a downturn. Target is reduced to $98 from $103.

This report was published on June 15, 2022.

Target price is $98.00 Current Price is $90.47 Difference: $7.53
If CBA meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $92.79, suggesting upside of 5.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 387.00 cents and EPS of 523.70 cents.
At the last closing share price the estimated dividend yield is 4.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 533.8, implying annual growth of -7.1%.
Current consensus DPS estimate is 369.9, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 408.00 cents and EPS of 534.00 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 563.9, implying annual growth of 5.6%.
Current consensus DPS estimate is 413.3, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 15.6.

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

CGC    COSTA GROUP HOLDINGS LIMITED

Agriculture – Overnight Price: $2.99

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

Bell Potter has described year-to-date pricing trends for Costa Group as reasonable, highlighting a 17% year-on-year increase on landed  prices in China and a 19% increase on orange prices in Japan, although exports to date are modest, while avocados present a swing variable to the full year result.

The broker reiterated return on the company's $540m deployed capital since 2019 is expected to drive earnings through to 2023.

The Buy rating is retained and the target price decreases to $3.75 from $3.90.

This report was published on June 17, 2022.

Target price is $3.75 Current Price is $2.99 Difference: $0.76
If CGC meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $3.63, suggesting upside of 24.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 10.00 cents and EPS of 14.70 cents.
At the last closing share price the estimated dividend yield is 3.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.4, implying annual growth of 62.6%.
Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 19.0.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 11.00 cents and EPS of 19.20 cents.
At the last closing share price the estimated dividend yield is 3.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.8, implying annual growth of 28.6%.
Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 14.7.

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

CKF    COLLINS FOODS LIMITED

Food, Beverages & Tobacco – Overnight Price: $8.87

Jarden rates ((CKF)) as Neutral (3) –

Jarden transfers coverage of Collins Foods to Olivia Salmon, noting the company is due to report its FY22 results on June 28. The main issue is the impact of rising chicken costs as well as wages and whether the company can pass on these to consumers and still retain a "value" status.

The broker downgrades FY23 estimates for earnings per share by -30.3% and assumes a slower store roll-out, higher input costs and higher operating expenditure. Neutral retained while awaiting more clarity on any offsets to costs. Target is reduced to $9.48 for $14.16.

This report was published on June 16, 2022.

Target price is $9.48 Current Price is $8.87 Difference: $0.61
If CKF meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $14.53, suggesting upside of 70.4%(ex-dividends)
The company's fiscal year ends in May.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 25.00 cents and EPS of 48.30 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.9, implying annual growth of 76.6%.
Current consensus DPS estimate is 27.5, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 17.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 20.00 cents and EPS of 37.30 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.6, implying annual growth of 9.4%.
Current consensus DPS estimate is 30.2, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 15.6.

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

CYG    COVENTRY GROUP LIMITED

Hardware & Equipment – Overnight Price: $1.20

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

Coventry Group has guided to FY22 revenue of $315-325m, slightly ahead of Bell Potter's expectations and representing 11% growth at the mid point. Underlying EBITDA is expected to be $15-16m, and representing 16% growth at the mid point.

The broker makes no material changes to forecasts but assesses the latest guidance adds more certainty, given the pace of inflation as well as concerns regarding cost pressures in Fluid Systems. Buy rating maintained. Target is reduced to $1.70 from $2.00.

This report was published on June 15, 2022.

Target price is $1.70 Current Price is $1.20 Difference: $0.5
If CYG meets the Bell Potter target it will return approximately 42% (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 3.60 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.67.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 3.40 cents and EPS of 7.70 cents.
At the last closing share price the estimated dividend yield is 2.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.58.

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

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

Coventry Group's latest guidance for FY22 included sales that were in line with estimates while earnings were below, and Shaw and Partnners makes no changes to forecasts, intending to reassess its outlook at the full year result in August.

At the current share price, the broker believes the marginal buyer of Coventry Group can benefit from the successful turnaround efforts by management over the past four years.

Shaw and Partners remains very optimistic on the outlook for the stock, believing it has been oversold in recent months. Buy rating and $2.33 target retained.

This report was published on June 16, 2022.

Target price is $2.33 Current Price is $1.20 Difference: $1.13
If CYG meets the Shaw and Partners target it will return approximately 94% (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 3.00 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.17.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 4.00 cents and EPS of 16.80 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.14.

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

DMP    DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco – Overnight Price: $62.45

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

Jarden believes the outlook Domino's Pizza Enterprises is improving as it manages inflation better than peers and cements its position as a value retailer.

Medium-term growth expectations for same-store sales of 3-6% and 9-12% network growth have been reiterated by the company.

As Japanese stores typically take longer to mature, the broker also concludes Japanese margins could surprise on the upside in FY23, owing to the implied decline in franchise profit margins and lack of recovery in company-owned margins.

Overweight rating maintained. Target is reduced to $93 from $96.

This report was published on June 15, 2022.

Target price is $93.00 Current Price is $62.45 Difference: $30.55
If DMP meets the Jarden target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $91.90, suggesting upside of 52.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 209.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 205.0, implying annual growth of -3.7%.
Current consensus DPS estimate is 165.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 29.5.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 246.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 240.3, implying annual growth of 17.2%.
Current consensus DPS estimate is 189.6, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 25.2.

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

EHL    EMECO HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.75

Jarden rates ((EHL)) as Buy (1) –

Emeco Holdings has updated EBITDA guidance for FY22, with earnings now expected at the lower end of the $250-260m range. Still, Jarden asserts this is a strong result given the headwinds facing the business.

The broker lowers estimates for the Pit 'N' Portal business slightly, as this is expected to have been most affected by the labour and pandemic issues. Earnings growth is expected to return in FY23 as temporary headwinds abate.

The broker believes the share price has undershot the fundamentals and retains a Buy rating. Target is raised to $1.55 from $1.50.

This report was published on June 15, 2022.

Target price is $1.55 Current Price is $0.75 Difference: $0.8
If EHL meets the Jarden target it will return approximately 107% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 3.10 cents and EPS of 13.30 cents.
At the last closing share price the estimated dividend yield is 4.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.64.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 5.70 cents and EPS of 16.20 cents.
At the last closing share price the estimated dividend yield is 7.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.63.

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

EM2    EAGLE MOUNTAIN MINING LIMITED

Mining – Overnight Price: $0.30

Shaw and Partners rates ((EM2)) as Initiation of coverage with Buy (1) –

Shaw and Partners initiates coverage on Eagle Mountain Mining with a Buy rating and $0.47 target. The company has a underground copper/gold mine at Oracle Ridge in the US.

The broker highlights the ease of access to the resource, low mining development costs and access to low-cost power, also pointing out significant new copper supply is required to meet forecast future demand.

This report was published on June 17, 2022.

Target price is $0.47 Current Price is $0.30 Difference: $0.17
If EM2 meets the Shaw and Partners target it will return approximately 57% (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 11.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.54.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 5.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.26.

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

GDF    GARDA PROPERTY GROUP

REITs – Overnight Price: $1.61

Moelis rates ((GDF)) as Buy (1) –

In a notable de-risking for two of Garda Property's developments according to Moelis, the company has secured a 10-year leasing pre-comitment for its Richlands development and fully leased its Wacol buildings. 

On completion, the Wacol leases will contribute $1.48m net operating income, bringing the site's annualised net operating income to $2.15m. Moelis notes completion of Wacol's Building A and B looks to complete earlier than anticipated and impact income from FY24. 

The Buy rating is retained and the target price increases to $2.14 from $2.10.

This report was published on June 16, 2022.

Target price is $2.14 Current Price is $1.61 Difference: $0.53
If GDF meets the Moelis target it will return approximately 33% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 7.20 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 4.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.13.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 7.60 cents and EPS of 8.50 cents.
At the last closing share price the estimated dividend yield is 4.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.94.

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

GMA    GENWORTH MORTGAGE INSURANCE AUSTRALIA LIMITED

Banks – Overnight Price: $2.39

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

Genworth Mortgage Insurance Australia has retained its core strategy, concentrating on the lenders mortgage insurance offering while prepared to consider incremental opportunities that may ultimately help Australians entering the housing market.

In its investor briefing the company has noted gross written premium is slowing while net earned premium is benefiting from book growth in the prior year.

Rising bond yields have resulted in mark to market losses in the first half while reinvestment running yields have improved significantly.

The comments on medium-term revenue are a little more positive than Goldman Sachs forecasts, which reflects its more conservative outlook for mortgage credit growth. The Buy rating is maintained. Target is reduced to $3.47 from $3.54.

This report was published on June 16, 2022.

Target price is $3.47 Current Price is $2.39 Difference: $1.08
If GMA meets the Goldman Sachs target it will return approximately 45% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 41.00 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 17.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.56.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 28.00 cents and EPS of 38.00 cents.
At the last closing share price the estimated dividend yield is 11.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.29.

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

HUB    HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $19.45

Jarden rates ((HUB)) as Neutral (3) –

Hub24's strategy briefing has provided further insight into development. Jarden believes the business is now better positioned relative to peers, providing more integrated solutions as convergence across advisory disciplines continues.

Yet, because of heightened market volatility that is undermining momentum in the short term, the broker retains a Neutral rating. Target is reduced to $24.35 from $28.45.

This report was published on June 15, 2022.

Target price is $24.35 Current Price is $19.45 Difference: $4.9
If HUB meets the Jarden target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $31.38, suggesting upside of 73.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 19.70 cents and EPS of 43.80 cents.
At the last closing share price the estimated dividend yield is 1.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.3, implying annual growth of 224.7%.
Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 43.9.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 26.00 cents and EPS of 58.60 cents.
At the last closing share price the estimated dividend yield is 1.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.9, implying annual growth of 47.5%.
Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 29.8.

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

Market volatility remains a key focus for Hub24 according to JP Morgan, with the company reporting continuing impacts to its flow and funds growth. Hub24 guides to fourth quarter inflows inline with the previous comparable period, suggesting around $2.5bn. 

Longer-term, the company announced its intention to launch a self-managed super fund product for Class from early 2023, a move JP Morgan notes appears to target a future customer base. The company expects Class to deliver 8% earnings per share growth in FY23.

The Neutral rating is retained and the target price decreases to $22.00 from $25.60.

This report was published on June 16, 2022.

Target price is $22.00 Current Price is $19.45 Difference: $2.55
If HUB meets the JP Morgan target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $31.38, suggesting upside of 73.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 12.80 cents and EPS of 38.00 cents.
At the last closing share price the estimated dividend yield is 0.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.3, implying annual growth of 224.7%.
Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 43.9.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 21.30 cents and EPS of 58.00 cents.
At the last closing share price the estimated dividend yield is 1.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.9, implying annual growth of 47.5%.
Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 29.8.

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

Hub24 has signalled its future strategy, with plans to introduce a new SMSF service covering all segments of the wealth chain. This will include advice implementation through to portfolio implementation and reporting.

Shaw and Partners sniffs the opportunity in the wind, noting the market leading platform and structural tailwinds including rising SMSF penetration and 12% superannuation guarantees by 2025.

Yet the broker suspects initial adoption will be modest and dependent on the success of the pilot. The broker retains a Buy rating and reduces the target to $34.50 from $37.80.

This report was published on June 17, 2022.

Target price is $34.50 Current Price is $19.45 Difference: $15.05
If HUB meets the Shaw and Partners target it will return approximately 77% (excluding dividends, fees and charges).
Current consensus price target is $31.38, suggesting upside of 73.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 14.40 cents and EPS of 39.70 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 48.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.3, implying annual growth of 224.7%.
Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 43.9.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 19.80 cents and EPS of 49.40 cents.
At the last closing share price the estimated dividend yield is 1.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.9, implying annual growth of 47.5%.
Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 29.8.

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

KGN    KOGAN.COM LIMITED

Retailing – Overnight Price: $2.90

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

Despite consensus earnings forecasts for Kogan.com in FY22 declining a significant -85% since a peak in April 2021, analysts from Jarden anticipate the market may still be overestimating the company's earnings.

The broker downgrades its own earnings forecasts -11% and -21% for FY22 and FY23 respectively, noting following a loss-making third quarter the company continues to face consumer spend headwinds, inflation and supply chain constraints.

Jarden continues to describe Kogan.com as a solid online retailer, but notes a sharp step-up in competitive intensity for domestic online retailers. The Underweight rating is retained and the target price decreases to $3.52 from $6.42.

This report was published on June 15, 2022.

Target price is $3.52 Current Price is $2.90 Difference: $0.62
If KGN meets the Jarden target it will return approximately 21% (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 minus 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 93.55.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 6.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.62.

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

MND    MONADELPHOUS GROUP LIMITED

Mining Sector Contracting – Overnight Price: $10.45

Jarden rates ((MND)) as Neutral (3) –

Opportunity for Monadelphous Group from high energy prices may be limited according to Jarden. Unlike in previous oil and gas capital expenditure cycles, the broker anticipates this cycle will largely consist of brownfield capacity expansions rather than new greenfield projects, limiting upside for the company.

However, the broker also finds Monadelphous well-positioned to win upcoming oil and gas tenders, noting six major competitors have left the sector since the last cycle. The broker adjusts its earnings per share forecasts -1.5%, 3.7% and 3.6% through to FY24.

The Neutral rating is retained and the target price increases to $10.35 from $10.10.

This report was published on June 15, 2022.

Target price is $10.35 Current Price is $10.45 Difference: minus $0.1 (current price is over target).
If MND meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $11.40, suggesting upside of 11.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 41.20 cents and EPS of 49.60 cents.
At the last closing share price the estimated dividend yield is 3.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.6, implying annual growth of 3.8%.
Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 19.9.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 47.40 cents and EPS of 56.40 cents.
At the last closing share price the estimated dividend yield is 4.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.8, implying annual growth of 15.9%.
Current consensus DPS estimate is 48.4, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 17.2.

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

NAB    NATIONAL AUSTRALIA BANK LIMITED

Banks – Overnight Price: $26.36

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

Jarden reviews the outlook for Australian banks and updates for new interest rates and credit growth forecasts.

While still envisaging rising rates and margins will support earnings growth in FY23, as the housing market comes off the boil the broker suspects sentiment on the sector will remain negative until early 2023.

The broker lifts earnings forecasts for National Australia Bank in FY22-23 by 1-3%, to mainly reflect accelerated margin expansion from a revised cash rate profile as well as consolidation of the Citigroup Australian retail business.

Overweight maintained. Target is reduced to $31 from $33.

This report was published on June 15, 2022.

Target price is $31.00 Current Price is $26.36 Difference: $4.64
If NAB meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $33.14, suggesting upside of 29.7%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 147.00 cents and EPS of 208.00 cents.
At the last closing share price the estimated dividend yield is 5.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 211.8, implying annual growth of 9.7%.
Current consensus DPS estimate is 148.0, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 156.00 cents and EPS of 226.00 cents.
At the last closing share price the estimated dividend yield is 5.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 235.1, implying annual growth of 11.0%.
Current consensus DPS estimate is 163.1, implying a prospective dividend yield of 6.4%.
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

PBH    POINTSBET HOLDINGS LIMITED

Gaming – Overnight Price: $2.04

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

PointsBet Holdings has rejected the bid by News Corp ((NWS)) for the company's Australian business. The signal of intent by News Corp suggests to the analyst heightened competition is imminent for the Australian market.

JP Morgan remains Underweight and lowers its target price by -30% to $1.95 due to a lowering of its long-term US market share share forecast, as well as terminal margin assumptions. A slightly higher valuation for the Australian business provides a partial offset.

This report was published on June 15, 2022.

Target price is $1.95 Current Price is $2.04 Difference: minus $0.09 (current price is over target).
If PBH meets the JP Morgan target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 82.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.49.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 103.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.98.

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

PXA    PEXA GROUP LIMITED

Overnight Price: $12.16

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

PEXA Group is reportedly being investigated by the ACCC for anti-competitive conduct, with Jarden noting the investigation comes off the back of a complaint filed by e-settlement provider Sympli according to The Australian. 

The company is accused of delaying industry interoperability, with PEXA Group having worked towards interoperability for a number of years. The broker sees a potential investigation as applying pressure to achieve interoperability on time, and notes there are expectations PEXA Group will concede 15% market share to Sympli.

The Underweight rating and target price of $14.50 are retained.

This report was published on June 15, 2022.

Target price is $14.50 Current Price is $12.16 Difference: $2.34
If PXA meets the Jarden target it will return approximately 19% (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 43.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.76.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 34.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.45.

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

QAN    QANTAS AIRWAYS LIMITED

Transportation & Logistics – Overnight Price: $4.52

Jarden rates ((QAN)) as Buy (1) –

Qantas Airways has issued earnings targets for its frequent flyer business, at $500-600m in EBIT by FY24. Based on Jarden's estimates and visible consensus data, the market appears to deduce this level of profitability is unlikely until post FY25.

Hence, there could be substantial upside to earnings estimates if the targets are achieved by FY24. Moreover, the perceived higher quality of these earnings means the broker would expect the uplift to be complemented by an improved valuation dynamic.

Higher oil prices and potentially weaker demand could be offset over the short term by a stronger domestic market and loyalty earnings, Jarden adds. Buy rating and $6.30 target unchanged.

This report was published on June 15, 2022.

Target price is $6.30 Current Price is $4.52 Difference: $1.78
If QAN meets the Jarden target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $6.23, suggesting upside of 44.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 73.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -66.1, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 8.10 cents and EPS of 20.20 cents.
At the last closing share price the estimated dividend yield is 1.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.4, implying annual growth of N/A.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 11.3.

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

QML    QMINES LIMITED

Mining – Overnight Price: $0.20

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

QMines has additional drilling results for Mount Charmers copper project in Queensland. Shallow, thick and high-grade copper/gold intercepts have been recorded in intersections of up to 5.1% copper equivalent.

Shaw and Partners assumes the company successfully increases the resource to 130,000t of contained copper and uses a multiple around $560/t. Buy rating and $0.74 target retained.

This report was published on June 17, 2022.

Target price is $0.74 Current Price is $0.20 Difference: $0.54
If QML meets the Shaw and Partners target it will return approximately 270% (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 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.76.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.50.

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

RDY    READYTECH HOLDINGS LIMITED

Software & Services – Overnight Price: $2.61

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

ReadyTech has acquired IT Vision, a local government software provider based in Western Australia. The acquisition adds 190 local government customers across WA, South Australia and Queensland.

Shaw and Partners notes this provides an accelerated path to cloud subscription for IT Vision's existing customers and the opportunity to cross-sell from ReadyTech's broader product range.

The broker increases FY23/24 revenue and earnings forecasts by 14% and 9-11% respectively and raises the target to $4.40 from $4.20. Buy rating reiterated.

This report was published on June 17, 2022.

Target price is $4.40 Current Price is $2.61 Difference: $1.79
If RDY meets the Shaw and Partners target it will return approximately 69% (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 8.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.35.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 11.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.51.

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

RFF    RURAL FUNDS GROUP

REITs – Overnight Price: $2.55

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

Bell Potter notes as sector-wide de-rating of A-REITs investment, with the index have fallen -22% since April. Rural Funds has not been immune to the sell-off albeit has outperformed on a relative basis.

The broker reviews forecasts and downgrades FY23-24 estimates to reflect a higher cost of funding. A Hold rating is maintained, although a more favourable value dynamic is seen emerging. Bell Potter reduces the target to $2.75 from $2.95.

This report was published on June 15, 2022.

Target price is $2.75 Current Price is $2.55 Difference: $0.2
If RFF meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 11.70 cents and EPS of 11.90 cents.
At the last closing share price the estimated dividend yield is 4.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.43.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 11.70 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 4.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.35.

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: $28.84

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

ResMed will acquire a German software provider to out-of-hospital care, MediFox Dan, for US$1bn. Wilsons considers it was inevitable that the company would expand its connected care strategy internationally, and recent reimbursement initiatives in France and Germany may have been the necessary catalyst.

The acquisition is modestly accretive in its own right, the broker points out, but the valuation only makes sense if the deal leads to incremental medical device sales in these settings. Market Weight rating retained. Target is $30.71, marginally raised from $30.69.

This report was published on June 16, 2022.

Target price is $30.71 Current Price is $28.84 Difference: $1.87
If RMD meets the Wilsons target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $35.06, suggesting upside of 25.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 23.21 cents and EPS of 79.37 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 36.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.0, implying annual growth of N/A.
Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 34.0.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 23.76 cents and EPS of 85.97 cents.
At the last closing share price the estimated dividend yield is 0.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.6, implying annual growth of 21.5%.
Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 28.0.

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

SKC    SKYCITY ENTERTAINMENT GROUP LIMITED

Gaming – Overnight Price: $2.41

Jarden rates ((SKC)) as Upgrade to Buy from Overweight (1) –

With SKYCITY Entertainment guiding to full year earnings of NZ$135-140m, Jarden notes a strong fourth quarter recovery is implied. The broker had previously estimated the company would achieve earnings of NZ$123m, and deliver a net loss of -NZ$1.5m compared to the company's guidance now of a NZ$3.5-7.0m profit. 

Jarden notes guidance suggests second half earnings of around NZ$100, and implies trading in May and June reverted to pre-covid levels. Results are attributed to an easing of restrictions and increased retail mobility.

The rating is upgraded to Buy from Overweight and the target price increases to NZ$3.25 from NZ$3.20.

This report was published on June 15, 2022.

Current Price is $2.41. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.75 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 320.91.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 11.26 cents and EPS of 12.57 cents.
At the last closing share price the estimated dividend yield is 4.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.17.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

STX    STRIKE ENERGY LIMITED

NatGas – Overnight Price: $0.28

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

Bell Potter initiates coverage on Strike Energy, a Perth Basin gas exploration and development company. The broker highlights Strike Energy's advanced projects, including the Walyering field which looks to be the company's first producing asset from early 2023.

Production at Walyering will be followed by the company's West Erregulla project, with the sites expected to produce 25 terrajoules and 87 terrajoules per day respectively. 

Bell Potter highlights including the company's South Erregulla and Project Haber the company could reach daily production of 190 terrajoules, with production of 1.4m tonnes urea fertiliser possible between 2025-2026. 

Strike Energy is also committed to net zero Scope 1 and 2 emissions by 2030, with Project Haber to displace more carbon intensive urea fertiliser imports and become a sizeable producer and consumer of hydrogen. 

The broker initiates with a Buy rating and a target price of $0.39.

This report was published on June 17, 2022.

Target price is $0.39 Current Price is $0.28 Difference: $0.11
If STX meets the Bell Potter target it will return approximately 39% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 56.00.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 56.00.

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

TNE    TECHNOLOGY ONE LIMITED

IT & Support – Overnight Price: $10.13

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

TechnologyOne could be on the path to higher growth in the coming year, with Bell Potter anticipating the company may exceed its usual 10-15% profit before tax growth guidance in FY23. 

Further, the broker expects higher growth and margin expansion may continue beyond the coming year. Bell Potter anticipates the company's profit before tax growth guidance range may increase to 15-20% in the coming year, and that this will be maintained near-term.

The Buy rating is retained and the target price decreases to $12.50 from $12.75.

This report was published on June 17, 2022.

Target price is $12.50 Current Price is $10.13 Difference: $2.37
If TNE meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).
The company's fiscal year ends in September.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 15.30 cents and EPS of 26.40 cents.
At the last closing share price the estimated dividend yield is 1.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.37.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 17.60 cents and EPS of 30.70 cents.
At the last closing share price the estimated dividend yield is 1.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.00.

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

TPW    TEMPLE & WEBSTER GROUP LIMITED

Furniture & Renovation – Overnight Price: $3.40

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

Despite headwinds, analysts from Jarden anticipate Temple & Webster's transition to the online homewares and furniture space will drive growth, but note difficulty in predicting how the company will perform in economic and housing cycles given its limited track record.

The broker anticipates Temple & Webster's new online platform The Build could underpin double-digit growth, but is cautious on building top line growth into valuations given rising interest rates and falling house prices generally see renovation activity decline. 

Headwinds see the broker reduce its long-term forecasts, downgrading its revenue estimate -47% in FY31. The Overweight rating is retained and the target price decreases to $4.05 from $9.16.

This report was published on June 15, 2022.

Target price is $4.05 Current Price is $3.40 Difference: $0.65
If TPW meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $8.14, suggesting upside of 147.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 80.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.7, implying annual growth of -50.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 57.7.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 69.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.4, implying annual growth of 12.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 51.4.

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

TRS    REJECT SHOP LIMITED

Household & Personal Products – Overnight Price: $3.39

Jarden rates ((TRS)) as Buy (1) –

Reject Shop's update included several positives, with guidance in line and the observation that consumer behaviour is "normalising" gradually.

Jarden is more confident US trends may begin to manifest in Australia. Capital management is being considered and will be decided in August, which could be materially accretive based on the broker's scenario analysis.

Phil Bishop has also been appointed as the new CEO. Jarden expects cost challenges will materialise over FY23, particularly around wages as well as fuel but considers these manageable.  Buy rating retained. Target is $8.30.

This report was published on June 16, 2022.

Target price is $8.30 Current Price is $3.39 Difference: $4.91
If TRS meets the Jarden target it will return approximately 145% (excluding dividends, fees and charges).
Current consensus price target is $6.67, suggesting upside of 96.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 16.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.8, implying annual growth of -54.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 34.6.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 38.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.9, implying annual growth of 143.9%.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 14.2.

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

UNI    UNIVERSAL STORE HOLDINGS LIMITED

Apparel & Footwear – Overnight Price: $3.43

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

FY22 guidance is roughly in line with Jarden's estimates. In the broker's view, Universal Store's guidance should alleviate some concerns regarding inventory over the short term.

Still, the consumer business is expected to come under significant pressure over the next 12-18 months, although the company's youth demographic appears relatively better protected. The broker also expects the Fair Work decision on pay to drive a higher cost base going forward.

If trading strength continues, upside risk is envisaged while underlying gross margins remain ahead of expectations. FY23-24 EBIT estimates are cut by -25-30% and the target is lowered to $5.50 from $9.00. Overweight retained.

This report was published on June 15, 2022.

Target price is $5.50 Current Price is $3.43 Difference: $2.07
If UNI meets the Jarden target it will return approximately 60% (excluding dividends, fees and charges).
Current consensus price target is $4.78, suggesting upside of 41.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 16.00 cents and EPS of 25.50 cents.
At the last closing share price the estimated dividend yield is 4.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.5, implying annual growth of -17.4%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 12.3.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 21.00 cents and EPS of 32.50 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 10.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.8, implying annual growth of 26.5%.
Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 9.7.

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

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

Universal Store's latest sales and earnings guidance is ahead of Wilsons' estimates. Core customers appear to have returned to stores and the broker is encouraged by the resilience of gross margins in the second half.

Nevertheless, Wilsons forecasts gross margins to decline -108 basis points to reflect the emerging input cost inflation.

The broker's target is reduced to $5.50 from $6.80, to reflect average growth in earnings per share of 13.9% per annum over three years and a multiple premium is expected to emerge versus peers when additional Perfect Stranger store openings are confirmed.

Overweight retained.

This report was published on June 15, 2022.

Target price is $5.50 Current Price is $3.43 Difference: $2.07
If UNI meets the Wilsons target it will return approximately 60% (excluding dividends, fees and charges).
Current consensus price target is $4.78, suggesting upside of 41.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 15.00 cents and EPS of 28.60 cents.
At the last closing share price the estimated dividend yield is 4.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.5, implying annual growth of -17.4%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 12.3.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 21.90 cents and EPS of 43.80 cents.
At the last closing share price the estimated dividend yield is 6.38%.
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 34.8, implying annual growth of 26.5%.
Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 9.7.

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

WBC    WESTPAC BANKING CORPORATION

Banks – Overnight Price: $19.33

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

Jarden reviews the outlook for Australian banks and updates for new interest rates and credit growth forecasts.

While still envisaging rising rates and margins will support earnings growth in FY23, as the housing market comes off the boil the broker suspects sentiment on the sector will remain negative until early 2023.

The broker lifts estimates for Westpac in FY23 by 2%, noting the bank is comparatively better exposed to recent increases in swap rates as well as benefiting from a revised cash rate profile. Target is reduced to $22.50 from $24.50 and the rating is downgraded to Underweight from Neutral.

This report was published on June 15, 2022.

Target price is $22.50 Current Price is $19.33 Difference: $3.17
If WBC meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $25.34, suggesting upside of 34.7%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 123.00 cents and EPS of 146.00 cents.
At the last closing share price the estimated dividend yield is 6.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 156.3, implying annual growth of 4.6%.
Current consensus DPS estimate is 121.1, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 127.00 cents and EPS of 189.00 cents.
At the last closing share price the estimated dividend yield is 6.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 189.0, implying annual growth of 20.9%.
Current consensus DPS estimate is 136.1, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 10.0.

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

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