Australian Broker Call *Extra* Edition - Jun 30, 2022

Daily Market Reports | Jun 30 2022

This story features 4DMEDICAL LIMITED, and other companies. For more info SHARE ANALYSIS: 4DX

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)

4DX 5GG AAC AHX APX AUT BWX CAI CAR CMM COE CSL CUP DCN EVN (3) FWD GCY GOR GOZ HFR HLA IKE LPD MAD MGV MTS (2) NST (2) OGC OZL (2) PPG PRU RED RMS RRL (2) RSG SBM SEG SLR SLX TNT VCX VUL WGX XPN

4DX 4DMEDICAL LIMITED

Medical Equipment & Devices – Overnight Price: $0.50

Bell Potter rates ((4DX)) as Buy (1) –

4DMedical has signed a three-year contract with Australia's largest medical imaging provider, I-MED, formalising its relationship.

Commercial details have not been disclosed but Bell Potter believes the revenue will be material and ups its revenue forecast from $2m for FY23 to $3.6m for FY24.

Speculative Buy rating retained. Target price rises to 65c form 63c.

This report was published on June 29, 2022.

Target price is $0.65 Current Price is $0.50 Difference: $0.15
If 4DX meets the Bell Potter target it will return approximately 30% (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 6.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.58.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 6.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.69.

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

5GG PENTANET LIMITED

Telecommunication – Overnight Price: $0.28

Shaw and Partners rates ((5GG)) as Buy (1) –

Pentanet's Perth-based next-gen high-speed wireless network neXus has launched, with successful rollout key to Shaw and Partners' valuation of the company. The broker notes the network should provide support to additional customers in under-served areas.

Shaw and Partners highlights the commercial launch is in line with the company's timeframe, and that the network provides a clear speed advantage over average fixed broadband speeds with neXus recording average maximum speeds of 607mbps download and 513mbps upload during beta testing.

The Buy rating and target price of $0.40 are retained.

This report was published on June 27, 2022.

Target price is $0.40 Current Price is $0.28 Difference: $0.12
If 5GG meets the Shaw and Partners target it will return approximately 43% (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 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.73.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.00.

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

AAC AUSTRALIAN AGRICULTURAL COMPANY LIMITED

Agriculture – Overnight Price: $2.21

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

Bell Potter notes the main driver of value in Australian Agricultural Co is the asset base, and given the strong contribution from the herd property and valuation in recent years, expects a recalibration in cattle prices is now on the cards.

Back at the water ranch, the broker says the company is better utilising its water asset in Northwest Queensland, and this asset offers value-add potential in coming years.

Meanwhile, the company is enjoying improved supply chain returns given ins flexibility in capital allocation, says the broker.

Rating is downgraded to Hold from Buy to reflect recent share-price strength. Target price rises to $2.35 from $2.15.

This report was published on June 28, 2022.

Target price is $2.35 Current Price is $2.21 Difference: $0.14
If AAC meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 122.78.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 170.00.

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

AHX APIAM ANIMAL HEALTH LIMITED

Healthcare services – Overnight Price: $0.66

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

Apiam Animal Health has continued with its acquisition activity, with Shaw and Partners highlighting the company added $17m in annualised revenue through acquisition in the second half, off the back of a further $27m added in the first half.

The broker notes Apiam Animal Health spent $22.1m to acquire The Vet Practice, Victorian Equine Group and Romsey Veterinary Surgery.

The broker highlights the latter two see Apiam further expand its portfolio in the racing area, with equine now accounting for 25% of group revenue.

The broker continues to see potential to double revenues to $300m by FY24 through organic expansion and further acquisition. The Buy rating is retained and the target price decreases to $1.04 from $1.26.

This report was published on June 29, 2022.

Target price is $1.04 Current Price is $0.66 Difference: $0.38
If AHX meets the Shaw and Partners target it will return approximately 58% (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 1.90 cents and EPS of 4.40 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 2.80 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 4.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.00.

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

APX APPEN LIMITED

IT & Support – Overnight Price: $5.86

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

Appen advised at its Technology Day that it plans to double revenue and raise margins by 2026, reports Canacord Genuity, through a four-pronged strategy: Grow, Automate, Expand and Evolve.

The broker seems to think the company wants to have its cake and eat it too, by promoting automation in some parts but emphasising human involvement in data training, while simultaneously improving gross margins through productivity.

Hold rating retained. Target price falls to $6.60 from $8.

This report was published on June 28, 2022.

Target price is $6.60 Current Price is $5.86 Difference: $0.74
If APX meets the Canaccord Genuity target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $6.43, suggesting upside of 12.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.08 cents and EPS of 30.70 cents.
At the last closing share price the estimated dividend yield is 0.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.4, implying annual growth of 17.8%.
Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.09 cents and EPS of 34.50 cents.
At the last closing share price the estimated dividend yield is 0.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.1, implying annual growth of 7.4%.
Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 14.6.

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

AUT AUTECO MINERALS LIMITED

Gold & Silver – Overnight Price: $0.05

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

Further drilling at Auteco Minerals' Pickle Crow gold project revealed a high grade discovery further from the original mine, demonstrating a spread of gold mineralisation according to Shaw and Partners, which sees Auteco Minerals on the way to a multi-million ounce gold asset.

While Auteco Minerals upgraded its high grade resource to 1.92m ounces at 9.3 grams of gold per tonne and its banded iron formation resource to 0.3m ounces at 3.8 grams of gold per tonne, the broker anticipates further resource upgrades before the end of the year.

The Buy rating and target price of $0.21 are retained.

This report was published on June 29, 2022.

Target price is $0.21 Current Price is $0.05 Difference: $0.16
If AUT meets the Shaw and Partners target it will return approximately 320% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.14.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.14.

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

BWX BWX LIMITED

Household & Personal Products – Overnight Price: $0.67

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

Shaw and Partners notes BWX issued a significant full year guidance downgrade, alongside announcing a $23.2m capital raise to pay down debt. The company now guides to revenue of $212m, compared to a previous $240-250m, and earnings of $12-26m, compared to a previous $34-37m.

The broker highlights the company anticipates it will deliver a -$10-14m net loss, a significant difference from Shaw and Partners' forecast for a $10.4m net profit. The capital raise should see net debt reduce to -$58-62m, with a target to reduce this to -$23m by June 2023.

Shaw and Partners expects market sentiment for the stock to be negative for the next twelve months, but retains its Buy rating given the share price discount. The target price decreases to $1.00 from $2.70.

This report was published on June 29, 2022.

Target price is $1.00 Current Price is $0.67 Difference: $0.33
If BWX meets the Shaw and Partners target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $0.88, suggesting upside of 38.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 6.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.2, 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:

Shaw and Partners forecasts a full year FY23 dividend of 2.10 cents and EPS of 5.20 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.2, implying annual growth of N/A.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 7.8.

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

CAI CALIDUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.60

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

Canaccord Genuity has conducted a review of the Australian gold sector in response to continuing inflation and labour shortages, which has resulted in increases in cost guidance and earnings downgrades.

Evolution Mining's recent share-price retreat has the broker asking, who's next?

Canaccord Genuity raises all-in-sustaining cost estimates for FY23 and FY24 by 12%. The broker then stresses producers on the basis of a -10% lower gold price to determine liquidity risk. Target prices fall on average -17% across the board.

Calidus Resources was one of the companies to perform poorly on the stress test. Speculative Buy rating retained. Target price falls to $1.05 from $1.20.

This report was published on June 28, 2022.

Target price is $1.05 Current Price is $0.60 Difference: $0.45
If CAI meets the Canaccord Genuity target it will return approximately 75% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents.

Forecast for FY23:

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

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

CAR CARSALES.COM LIMITED

Automobiles & Components – Overnight Price: $18.25

Goldman Sachs rates ((CAR)) as No Rating (-1) –

Carsales has announced the proposed acquisition of the remaining 51% interest in Trader Interactive for a price of $1,172m. Goldman Sachs notes the sale is set to be funded through a $1,207m equity raise, as well as an increase to debt facilities to $1,400m from $900m.

The broker highlights the purchase price is equivalent to 23.6x earnings, compared with the 26.5x paid for the initial 49% stake in May 2021.The company expects the acquisition will be low double-digit earnings accretive from its first year

Goldman Sachs is currently not rated on Carsales.

This report was published on June 28, 2022.

Current Price is $18.25. Target price not assessed.
Current consensus price target is $22.82, suggesting upside of 22.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 54.00 cents and EPS of 69.00 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.7, implying annual growth of 30.5%.
Current consensus DPS estimate is 53.9, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 27.0.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 65.00 cents and EPS of 81.00 cents.
At the last closing share price the estimated dividend yield is 3.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.9, implying annual growth of 14.8%.
Current consensus DPS estimate is 65.0, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 23.5.

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

CMM CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $3.26

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

Evolution Mining's recent share-price retreat has the broker asking, who's next?

Buy rating retained for Capricorn Metals. Target price falls to $4 from $4.20.

This report was published on June 28, 2022.

Target price is $4.00 Current Price is $3.26 Difference: $0.74
If CMM meets the Canaccord Genuity target it will return approximately 23% (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 27.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.07.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 32.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.19.

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

COE COOPER ENERGY LIMITED

Crude Oil – Overnight Price: $0.25

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

Cooper Energy has signed a binding agreement with APA Group to acquire the Orbost gas processing plant for $270-330m, formalising the bid. Completion is expected on July 31.

The company's $244m equity raising was successful and a $400m revolving corporate debt facility to refinance previous debt has been arranged, clearing several capital issues, says the broker.

Bell Potter expects earnings will improve from FY23 and expects high gas prices and improved production at Sole should underwrite earnings.

Buy rating retained, reflecting strong east-coast gas fundamentals. Target price slips to $0.28 from $0.33 to reflect the recent equity dilution.

This report was published on June 28, 2022.

Target price is $0.28 Current Price is $0.25 Difference: $0.03
If COE meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $0.28, suggesting upside of 10.4%(ex-dividends)
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 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 62.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -10.7, 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:

Bell Potter forecasts a full year FY23 dividend of 0.20 cents and EPS of 2.10 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 11.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.8, 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 2.1.

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

CSL CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $269.79

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

With CSL's Vifor Pharma acquisition delayed and now expected past June, Jarden has taken a closer look at Vifor Pharma's TAVNEOS research and development opportunity. Despite the delay, the broker is confident that the acquisition will proceed.

TAVNEOS is an orally administered treatment for auto-immune disease ANCA-associated vasculitis, noting Vifor Pharma is well-positioned for the treatment's launch outside of the US, and that the treatment has a total addressable market of 9,000 patients annually.

The Overweight rating is retained and the target price decreases to $322.41 from $357.40.

This report was published on June 28, 2022.

Target price is $322.41 Current Price is $269.79 Difference: $52.62
If CSL meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $314.92, suggesting upside of 16.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 215.98 cents and EPS of 687.47 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 39.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 716.9, implying annual growth of N/A.
Current consensus DPS estimate is 309.1, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 37.9.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 373.28 cents and EPS of 808.95 cents.
At the last closing share price the estimated dividend yield is 1.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 851.3, implying annual growth of 18.7%.
Current consensus DPS estimate is 365.6, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 31.9.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CUP COUNTPLUS LIMITED

Commercial Services & Supplies – Overnight Price: $0.70

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

New FY22 earnings (EBITDA) guidance by Countplus was a slight miss versus Wilsons forecast.

Management also advised it will commence a share buyback of up to 10% of shares on issue, and alluded to other potential capital management initiatives.

The broker retains its Market Weight rating though lowers its target price to $0.65 from $0.79 on the uncertainty prior to an appointment of a new and potentially unknown ceo, which may lead to a change of strategy.

This report was published on June 28, 2022.

Target price is $0.65 Current Price is $0.70 Difference: minus $0.05 (current price is over target).
If CUP meets the Wilsons target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 2.70 cents and EPS of 4.50 cents.
At the last closing share price the estimated dividend yield is 3.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.56.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 3.30 cents and EPS of 5.60 cents.
At the last closing share price the estimated dividend yield is 4.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.50.

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

DCN DACIAN GOLD LIMITED

Gold & Silver – Overnight Price: $0.08

Canaccord Genuity rates ((DCN)) as Downgrade to Hold from Buy (3) –

Evolution Mining's recent share-price retreat has the broker asking, who's next?

Canaccord Genuity raises all-in-sustaining cost estimates for FY23 and FY24 by 12%. The broker then stressed producers on the basis of a -10% lower gold price to determine liquidity risk. Target prices fall on average -17% across the board.

Dacian Gold was one of the companies to perform poorly on the stress test. Rating downgraded to Hold from Speculative Buy. Target price falls to 9c from 15c.

This report was published on June 28, 2022.

Target price is $0.09 Current Price is $0.08 Difference: $0.01
If DCN meets the Canaccord Genuity target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents.

Forecast for FY23:

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

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

EVN EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $2.40

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

Evolution Mining's recent share-price retreat has the broker asking, who's next?

Hold rating retained for Evolution Mining. Target price slumps to $2.80 from $4.20.

This report was published on June 28, 2022.

Target price is $2.80 Current Price is $2.40 Difference: $0.4
If EVN meets the Canaccord Genuity target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $3.39, suggesting upside of 40.7%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 16.3, implying annual growth of -19.3%.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY23:

Current consensus EPS estimate is 21.8, implying annual growth of 33.7%.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 11.1.

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

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

In an initial review by JP Morgan, Evolution Mining's two year guidance for FY23/24 was well below the broker's forecasts with a -6-13% miss on production and a -50% miss on higher costs.

The misses were primarily the result of slower ramp-ups at Red Lake and Mungari, explains the analyst, while lower volumes were compounded by significant cost inflation.

The Overweight rating and $4.60 target price are maintained.

This report was published on June 28, 2022.

Target price is $4.60 Current Price is $2.40 Difference: $2.2
If EVN meets the JP Morgan target it will return approximately 92% (excluding dividends, fees and charges).
Current consensus price target is $3.39, suggesting upside of 40.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 8.00 cents and EPS of 20.00 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 12.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of -19.3%.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 12.00 cents and EPS of 41.00 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.8, implying annual growth of 33.7%.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 11.1.

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

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

Evolution Mining has reported suffering the headwinds continuing to impact the industry, not just at its Western Australia sites but also across its East Coast and Canadian projects.

Shaw and Partners notes the company cited covid absenteeism, weather impacts, and poor performance and pricing as headwinds.

The broker highlights the company not only lowered its near-term outlook, but also production guidance through to FY24, with delays of the Red Lake transformation impacting the outlook.

Shaw and Partners notes the sole positive is that capital expenditure for the project is also delayed to FY23.

The Buy rating is retained and the target price decreases to $4.60 from $4.75.

This report was published on June 28, 2022.

Target price is $4.60 Current Price is $2.40 Difference: $2.2
If EVN meets the Shaw and Partners target it will return approximately 92% (excluding dividends, fees and charges).
Current consensus price target is $3.39, suggesting upside of 40.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 9.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 3.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of -19.3%.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 11.00 cents and EPS of 25.10 cents.
At the last closing share price the estimated dividend yield is 4.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.8, implying annual growth of 33.7%.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 11.1.

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

FWD FLEETWOOD LIMITED

Infra & Property Developers – Overnight Price: $1.32

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

Fleetwood's recent downgrade in response to rising costs and shortages of labour and materials, combined with poor weather disappointed the broker.

But Canaccord Genuity notes the group holds about $50m net cash as a buffer, which many of its competitors may lack.

Management signals a return to profitability in FY23 and the broker remains positive on the demand for building solutions.

Buy rating retained. Target price falls to $2.50 from $3.

This report was published on June 28, 2022.

Target price is $2.50 Current Price is $1.32 Difference: $1.18
If FWD meets the Canaccord Genuity target it will return approximately 89% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.04 cents and EPS of minus 0.03 cents.
At the last closing share price the estimated dividend yield is 0.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4400.00.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.08 cents and EPS of 0.09 cents.
At the last closing share price the estimated dividend yield is 0.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1466.67.

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

GCY GASCOYNE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.24

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

Evolution Mining's recent share-price retreat has the broker asking, who's next?

Gascoyne Resources was one of the companies to perform poorly on the stress test. Speculative Buy rating retained. Target price falls to 47c from 57c.

This report was published on June 28, 2022.

Target price is $0.47 Current Price is $0.24 Difference: $0.23
If GCY meets the Canaccord Genuity target it will return approximately 96% (excluding dividends, fees and charges).

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

GOR GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.17

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

Evolution Mining's recent share-price retreat has the broker asking, who's next?

Gold Road Resources' Buy rating is retained. Target price falls to $1.85 from $2.20.

This report was published on June 28, 2022.

Target price is $1.85 Current Price is $1.17 Difference: $0.68
If GOR meets the Canaccord Genuity target it will return approximately 58% (excluding dividends, fees and charges).
Current consensus price target is $1.68, suggesting upside of 47.7%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 10.5, implying annual growth of 151.2%.
Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 10.9.

Forecast for FY23:

Current consensus EPS estimate is 12.9, implying annual growth of 22.9%.
Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 8.8.

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

GOZ GROWTHPOINT PROPERTIES AUSTRALIA

Infra & Property Developers – Overnight Price: $3.51

Moelis rates ((GOZ)) as Buy (1) –

Growthpoint Properties Australia has upgraded its funds from operations guidance 2.5% to 27.7 cents per share, following a previous upgrade in December, with Moelis noting a full distribution of 20.8 cents per share implies a conservative 75% payout ratio.

The broker highlights since December, the company has acquired two office assets and benefited from favourable leasing outcomes across its portfolio, including Woolworths ((WOW)) exercising its five-year lease option at Larapinta and a leasing contract with the Victorian State Government at the newly acquired Dandenong space.

The Buy rating and target price of $4.41 are retained.

This report was published on June 26, 2022.

Target price is $4.41 Current Price is $3.51 Difference: $0.9
If GOZ meets the Moelis target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $4.28, suggesting upside of 22.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 20.80 cents and EPS of 27.70 cents.
At the last closing share price the estimated dividend yield is 5.93%.
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 24.9, implying annual growth of -65.3%.
Current consensus DPS estimate is 20.9, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 21.30 cents and EPS of 27.60 cents.
At the last closing share price the estimated dividend yield is 6.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.8, implying annual growth of -0.4%.
Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 14.1.

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

HFR HIGHFIELD RESOURCES LIMITED

Mining – Overnight Price: $0.83

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

Highfield Resources has been awarded a license for construction of the Muga Project minegate and a local authority permit in Aragon.

Canacord Genuity notes potash prices remain elevated post the Ukraine invasion and banks appear highly supportive of the Muga project. First production is due mid to late 2024 and the broker expects all regulatory approvals and debt financing should be finalised soon.

Speculative Buy rating and $1.56 target price retained.

This report was published on June 28, 2022.

Target price is $1.56 Current Price is $0.83 Difference: $0.73
If HFR meets the Canaccord Genuity target it will return approximately 88% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 63.85.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 25.15.

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

HLA HEALTHIA LIMITED

Healthcare services – Overnight Price: $1.40

Jarden rates ((HLA)) as Buy (1) –

Healthia has cited appointment cancellations and team absenteeism, both as a result of covid, as the driver of the -23% downgrade it has issued to its full year earnings guidance. Jarden notes company commentary is consistent with impacts reported by industry peers.

The broker highlights Healthia does expect to move into FY23 with a portfolio of annualised earnings of at least $40m, and Jarden is anticipating the company will achieve earnings of $42.2m in the coming year, which it notes allows a buffer for further headwinds.

The Buy rating is retained and the target price decreases to $2.24 from $2.67.

This report was published on June 28, 2022.

Target price is $2.24 Current Price is $1.40 Difference: $0.84
If HLA meets the Jarden target it will return approximately 60% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 EPS of 8.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.28.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 12.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.57.

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

IKE IKEGPS GROUP LIMITED

Hardware & Equipment – Overnight Price: $0.63

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

Bell Potter has transferred coverage of ikeGPS Group to a new analyst.

The broker remains upbeat on the company's demand outlook, which is underwritten by a $26m contract backlog and the fibre/5G rollout in the US.

Bell Potter expects the company will post a compound annual growth rate of 27.3% between FY22 and FY22, all going to plan.

EPS forecasts rise 0.7% in FY23, 36% in FY24 and 269.8% in FY25.

Speculative Buy rating retained. Target price falls to 88c following a rebasing of industry multiples and the heightened risk profile for equities.

This report was published on June 29, 2022.

Target price is $0.88 Current Price is $0.63 Difference: $0.25
If IKE meets the Bell Potter target it will return approximately 40% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 6.59 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.56.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 4.05 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.57.

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

LPD LEPIDICO LIMITED

New Battery Elements – Overnight Price: $0.03

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

Lepidico announced positive exploration results from its Namibian Karabib lithium project, with Shaw and Partners noting the company reported high grade lepidolite intercepts. Lepidico's proprietary technology could see it deliver a low-cost source of lithium from lepidolite.

Shaw and Partners highlight the company also discovered a new lepidolite pegmatite at the Homestead prospect, which should add mine life and higher grade in the early years of the project. Lepidico is expected to release a new Definitive Feasibility Study in the third quarter.

The Buy rating and target price of $0.06 are retained.

This report was published on June 29, 2022.

Target price is $0.06 Current Price is $0.03 Difference: $0.03
If LPD meets the Shaw and Partners target it will return approximately 100% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.00.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.00.

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

MAD MADER GROUP LIMITED

Mining Sector Contracting – Overnight Price: $2.65

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

Despite the inflationary pressures impacting the domestic mining industry, Bell Potter expects Mader Group can continue to deliver record quarterly revenue performance given strong demand and notes a favourable medium-term outlook.

Bell Potter anticipates Mader Group will meet its full year revenue guidance below $370m and net profit below $24m. The broker also notes Mader Group's growth strategy should see the company benefit from further diversification across geography, services, customer base and commodity exposure.

The Hold rating is retained and the target price decreases to $2.65 from $3.10.

This report was published on June 28, 2022.

Target price is $2.65 Current Price is $2.65 Difference: $0
If MAD meets the Bell Potter target it will return approximately 0% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 5.10 cents and EPS of 16.80 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.77.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 5.79 cents and EPS of 19.28 cents.
At the last closing share price the estimated dividend yield is 2.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.74.

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

MGV MUSGRAVE MINERALS LIMITED

Gold & Silver – Overnight Price: $0.25

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

Canaccord Genuity conducted a site visit to Musgrave Minerals' Cue Gold Project and appreciates the easy access and notes visible gold is not uncommon in drilling results.

All up, the broker believes the company is executing well, despite labour shortages and inflation.

Speculative Buy rating and 70c target price retained.

This report was published on June 28, 2022.

Target price is $0.70 Current Price is $0.25 Difference: $0.45
If MGV meets the Canaccord Genuity target it will return approximately 180% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents.

Forecast for FY23:

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

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

MTS METCASH LIMITED

Food, Beverages & Tobacco – Overnight Price: $4.25

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

Metcash's full year results have delivered a strong sales beat to Goldman Sachs' expectations. The broker notes results suggest full year sales growth of 4.4%, supported by second half sales growth of 7.1%, compared to respective forecasts of 2.6% and 5.1%.

Already looking ahead, the broker expects the inflationary environment and rational cost pass through should support Metcash in continuing to deliver strong sales from its Food division, but does expect Metcash will struggle to take further market share.

The broker lifts its earnings forecasts 6.5% and 6.4% in FY23 and FY24 respectively. The Neutral rating is retained and the target price increases to $4.50 from $4.40.

This report was published on June 28, 2022.

Target price is $4.50 Current Price is $4.25 Difference: $0.25
If MTS meets the Goldman Sachs target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.69, suggesting upside of 10.2%(ex-dividends)
The company's fiscal year ends in April.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 22.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 5.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.3, implying annual growth of 21.3%.
Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 14.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 23.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 5.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.9, implying annual growth of -1.3%.
Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 14.2.

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

Jarden rates ((MTS)) as Downgrade to Overweight from Buy (2) –

Metcash delivered a strong full year result, 7% ahead of consensus, and Jarden notes top line momentum could suggest the company will retain more market share than it has anticipated.

Higher costs associated with Project Horizon were the downside to the result, driving flat year-on-year reported profits despite underlying profits being up 19%. Jarden expects Metcash can benefit from the current inflationary environment, and sees the company's outlook as favourable.

The rating is downgraded to Overweight from Buy and the target price decreases to $4.60 from $4.80.

This report was published on June 28, 2022.

Target price is $4.60 Current Price is $4.25 Difference: $0.35
If MTS meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.69, suggesting upside of 10.2%(ex-dividends)
The company's fiscal year ends in April.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 22.00 cents and EPS of 32.20 cents.
At the last closing share price the estimated dividend yield is 5.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.3, implying annual growth of 21.3%.
Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 14.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 23.00 cents and EPS of 32.60 cents.
At the last closing share price the estimated dividend yield is 5.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.9, implying annual growth of -1.3%.
Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 14.2.

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

NST NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $7.03

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

Evolution Mining's recent share-price retreat has the broker asking, who's next?

Northern Star Resources is one of the broker's top picks, the broker appreciating its organic growth profile, operational scale and flexibility, and strong balance sheet, which should position it competitively in the labour market against smaller peers, says the broker.

Buy rating retained. Target price falls to $12.65 from $15.15.

This report was published on June 28, 2022.

Target price is $12.65 Current Price is $7.03 Difference: $5.62
If NST meets the Canaccord Genuity target it will return approximately 80% (excluding dividends, fees and charges).
Current consensus price target is $11.39, suggesting upside of 63.9%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 26.3, implying annual growth of -77.1%.
Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 26.4.

Forecast for FY23:

Current consensus EPS estimate is 42.5, implying annual growth of 61.6%.
Current consensus DPS estimate is 26.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 16.4.

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

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

An update on Northern Star Resources' Kalgoorlie gold mine mill expansion looks set to increase gold production by 200,000 ounces per annum, and reduce costs at the currently high-cost site by -$200 per ounce, as noted by Shaw and Partners.

The broker notes the company has reduced a potential twenty expansion options to three, with Shaw and Partners' preference the hybrid plan that would see 70% of components replaced and allow for capacity expansion of 24m tonnes per annum at a cost of $1bn.

Shaw and Partners highlights capital management is a key focus for the company. The Buy rating and target price of $12.80 are retained.

This report was published on June 30, 2022.

Target price is $12.80 Current Price is $7.03 Difference: $5.77
If NST meets the Shaw and Partners target it will return approximately 82% (excluding dividends, fees and charges).
Current consensus price target is $11.39, suggesting upside of 63.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 19.00 cents and EPS of 37.10 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.3, implying annual growth of -77.1%.
Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 26.4.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 20.00 cents and EPS of 44.10 cents.
At the last closing share price the estimated dividend yield is 2.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.5, implying annual growth of 61.6%.
Current consensus DPS estimate is 26.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 16.4.

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

OGC OCEANAGOLD CORP

Gold & Silver – Overnight Price: $2.80

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

Evolution Mining's recent share-price retreat has the broker asking, who's next?

OceanaGold's Buy rating is retained. Target price eases to $3.90 from $4.10.

This report was published on June 28, 2022.

Target price is $3.90 Current Price is $2.80 Difference: $1.1
If OGC meets the Canaccord Genuity target it will return approximately 39% (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

OZL OZ MINERALS LIMITED

Copper – Overnight Price: $17.75

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

The combination of inflation, supply chain issues, and a conveyor belt failure at its Carrapateena site have proved too much for OZ Minerals, with the company downgrading its copper production guidance -8% and increasing cost guidance 25%, as noted by Goldman Sachs.

While already at the lower end of guidance for the company's Prominent Hill project, Goldman Sachs lowers its full year forecast for Carrapateena to 57,000 tonnes.

The Buy rating is retained and the target price decreases to $26.10 from $27.50.

This report was published on June 28, 2022.

Target price is $26.10 Current Price is $17.75 Difference: $8.35
If OZL meets the Goldman Sachs target it will return approximately 47% (excluding dividends, fees and charges).
Current consensus price target is $22.77, suggesting upside of 26.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 30.00 cents and EPS of 150.00 cents.
At the last closing share price the estimated dividend yield is 1.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 135.3, implying annual growth of -15.2%.
Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 13.3.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 74.00 cents and EPS of 247.00 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 127.8, implying annual growth of -5.5%.
Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 14.0.

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

Shaw and Partners rates ((OZL)) as Upgrade to Buy from Hold (1) –

Shaw and Partners notes OZ Minerals is the latest Australian miner to downgrade full year guidance ahead of the financial year end, with copper production guidance lowered due to a mixture of staff absenteeism, weather events, resourcing issues, equipment failure, and inflating costs.

The broker notes the company has a track record of operational and financial delivery, and expects if OZ Minerals has been dragged down by headwinds the market will likely see further guidance downgrades in the sector.

The rating is upgraded to Buy from Hold and the target price decreases to $22.00 from $23.50.

This report was published on June 29, 2022.

Target price is $22.00 Current Price is $17.75 Difference: $4.25
If OZL meets the Shaw and Partners target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $22.77, suggesting upside of 26.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 26.00 cents and EPS of 148.20 cents.
At the last closing share price the estimated dividend yield is 1.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 135.3, implying annual growth of -15.2%.
Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 13.3.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 33.00 cents and EPS of 152.60 cents.
At the last closing share price the estimated dividend yield is 1.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 127.8, implying annual growth of -5.5%.
Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 14.0.

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

PPG PRO-PAC PACKAGING LIMITED

Paper & Packaging – Overnight Price: $0.51

Moelis rates ((PPG)) as Hold (3) –

While Moelis maintains its Hold rating for Pro-Pac Packaging, its target price is slashed to $0.58 from $1.16 to reflect ongoing macro uncertainties and margin pressures facing the business.

Management lowered profit guidance as a result of higher resin costs and challenges in training and retaining labour at the hard flexibles plant. In addition, further debt drawdowns have been required to counter global supply chain disruptions.

Separately, the company has raised around $56m from the divestment of the Rigid Business.

This report was published on June 29, 2022.

Target price is $0.58 Current Price is $0.51 Difference: $0.07
If PPG meets the Moelis target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 39.23.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.86.

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

PRU PERSEUS MINING LIMITED

Gold & Silver – Overnight Price: $1.61

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

Evolution Mining's recent share-price retreat has the broker asking, who's next?

Perseus Mining is one of the broker's top picks given its west-African focus leaves it less-exposed to Australia's inflationary pressure, and the company holds a strong balance sheet and solid growth options.

Buy rating retained. Target price falls to $2.40 from $2.55.

This report was published on June 28, 2022.

Target price is $2.40 Current Price is $1.61 Difference: $0.79
If PRU meets the Canaccord Genuity target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $2.10, suggesting upside of 31.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 1.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 0.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.5, implying annual growth of 114.2%.
Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 7.8.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 1.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 0.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of 15.1%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 6.8.

Market Sentiment: 0.7
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: $0.27

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

Evolution Mining's recent share-price retreat has the broker asking, who's next?

Red 5 was one of the companies to perform poorly on the stress test. Speculative Buy rating retained. Target price falls to 40c from 50c.

This report was published on June 28, 2022.

Target price is $0.40 Current Price is $0.27 Difference: $0.13
If RED meets the Canaccord Genuity target it will return approximately 48% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents.

Forecast for FY23:

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

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

RMS RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.92

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

Canaccord

Evolution Mining's recent share-price retreat has the broker asking, who's next?

The broker expects producers with hub and spoke operations will experience increased pressure given their higher sensitivity to costs. Ramelius Resources is one such company. Buy rating retained. Target price falls to $1.95 from $2.40.

This report was published on June 28, 2022.

Target price is $1.90 Current Price is $0.92 Difference: $0.98
If RMS meets the Canaccord Genuity target it will return approximately 107% (excluding dividends, fees and charges).
Current consensus price target is $1.57, suggesting upside of 76.4%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 8.8, implying annual growth of -43.7%.
Current consensus DPS estimate is 0.6, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY23:

Current consensus EPS estimate is 12.3, implying annual growth of 39.8%.
Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 7.2.

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

RRL REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.36

Canaccord Genuity rates ((RRL)) as Downgrade to Hold from Buy (3) –

Evolution Mining's recent share-price retreat has the broker asking, who's next?

Regis Resources was one of the companies to perform poorly on the stress test, the broker noting net debt has risen by $102m to $133m, and $300m debt is due in May 2024. The broker says Regis screens as one of the most exposed mid-cap producers.

Canaccord Genuity belies the company may need to defer development of McPhillamys to reduce FY24 capital expenditure, or refinance the maturing 2024 debt.

Rating downgraded to Hold from Buy. Target price slumps to $1.60 from $2.60.

This report was published on June 28, 2022.

Target price is $1.60 Current Price is $1.36 Difference: $0.24
If RRL meets the Canaccord Genuity target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $2.18, suggesting upside of 66.4%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 5.9, implying annual growth of -77.6%.
Current consensus DPS estimate is 1.2, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 22.2.

Forecast for FY23:

Current consensus EPS estimate is 17.9, implying annual growth of 203.4%.
Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 7.3.

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

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

While FY22 has been a tough year for Regis Resources, Shaw and Partners notes the company has faced the same challenges as its WA peers, and highlights company commentary suggests the June quarter could be the company's strongest for the year.

The broker notes a stronger June quarter could see the company meet full year guidance, and highlights the medium-term appeal in Regis Resources as Tropicana prepares to move into higher grades, operations at Duketon stabilise, and the company moves towards approval for the McPhillamys project.

The Buy rating and target price of $3.10 are retained.

This report was published on June 27, 2022.

Target price is $3.10 Current Price is $1.36 Difference: $1.74
If RRL meets the Shaw and Partners target it will return approximately 128% (excluding dividends, fees and charges).
Current consensus price target is $2.18, suggesting upside of 66.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 7.00 cents and EPS of 25.50 cents.
At the last closing share price the estimated dividend yield is 5.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.9, implying annual growth of -77.6%.
Current consensus DPS estimate is 1.2, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 22.2.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 7.00 cents and EPS of 30.80 cents.
At the last closing share price the estimated dividend yield is 5.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 203.4%.
Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 7.3.

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

RSG RESOLUTE MINING LIMITED

Gold & Silver – Overnight Price: $0.24

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

Evolution Mining's recent share-price retreat has the broker asking, who's next?

Resolute Mining is downgraded to Speculative Buy from Buy. Target price falls to 65c from 95c.

This report was published on June 28, 2022.

Target price is $0.65 Current Price is $0.24 Difference: $0.41
If RSG meets the Canaccord Genuity target it will return approximately 171% (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: 0.5
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: $0.78

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

Evolution Mining's recent share-price retreat has the broker asking, who's next?

St. Barbara was one of the companies to perform poorly on the stress test. The broker expects the company may need to defer capial expenditure at Leonora, removing $150m of capex. Hold rating retained. Target price steady at 90c.

This report was published on June 28, 2022.

Target price is $0.90 Current Price is $0.78 Difference: $0.12
If SBM meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $1.24, suggesting upside of 62.8%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 2.1, implying annual growth of N/A.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 36.2.

Forecast for FY23:

Current consensus EPS estimate is 7.6, implying annual growth of 261.9%.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 10.0.

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

SEG SPORTS ENTERTAINMENT GROUP LIMITED

Media – Overnight Price: $0.24

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

Shaw and Partners initiates coverage on Sports Entertainment, noting $42m in investment and acquisition since FY19 has supported the company in becoming a leading player in Australasian sports media, with potential for continued strong earnings growth.

The broker notes Sports Entertainment continues to operate on its sport-based strategy, allowing it to offer its clients the ability to advertise to a specific demographic and maximise ad spend across digital, radio and print assets.

Shaw and Partners expects a continuation of this strategy will drive higher earnings, and expects company revenue will exceed $100m in FY22. The broker initiates with a Buy rating and a target price of $0.33.

This report was published on June 29, 2022.

Target price is $0.33 Current Price is $0.24 Difference: $0.09
If SEG meets the Shaw and Partners target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.67.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 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 24.00.

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

SLR SILVER LAKE RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.24

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

Evolution Mining's recent share-price retreat has the broker asking, who's next?

The broker expects producers with hub and spoke operations will experience increased pressure given their higher sensitivity to costs. Silver Lake Resources is one such company. Buy rating retained. Target price falls to $2.05 from $2.20.

This report was published on June 28, 2022.

Target price is $2.05 Current Price is $1.24 Difference: $0.81
If SLR meets the Canaccord Genuity target it will return approximately 65% (excluding dividends, fees and charges).
Current consensus price target is $2.08, suggesting upside of 70.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.2, implying annual growth of -35.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY23:

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

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.0, implying annual growth of 108.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.1.

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

SLX SILEX SYSTEMS LIMITED

Hardware & Equipment – Overnight Price: $2.02

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

Shaw and Partners notes the announcement by Silex Systems' zero-spin silica joint venture partner, Silicon Quantum Computing, that it has manufactured the first atomic scale integrated circuit, opens a pathway to building a commercial quantum computer.

With silicon key to the circuit, and in limited supply as a result of the Russia-Ukraine conflict, Silex Systems zero-spin silica could offer a supply chain not impacted by geopolitical risk.

Shaw and Partners notes the company looks on track for a demonstration of its zero-spin silica technology by the end of 2022. The broker has preemptively valued the asset at $30m, but believes this may prove conservative.

The Buy rating and target price of $3.40 are retained.

This report was published on June 27, 2022.

Target price is $3.40 Current Price is $2.02 Difference: $1.38
If SLX meets the Shaw and Partners target it will return approximately 68% (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 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 106.32.

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 126.25.

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

TNT TESSERENT LIMITED

IT & Support – Overnight Price: $0.12

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

Tesserent has refinanced its existing $35m debt facility, securing an upsized loan with CommBank ((CBA)) that will give the company access to a further $20m. Shaw and Partners notes the facility will fund previous and future acquisitions.

The broker finds the move positive, noting the new facility is less expensive and should allow for cost savings. Tesserent management also guided to more than 100% earnings growth in FY22 over the previous year, which the broker notes indicates earnings of $19.2m.

The Buy rating is retained and the target price decreases to $0.25 from $0.28.

This report was published on June 27, 2022.

Target price is $0.25 Current Price is $0.12 Difference: $0.13
If TNT meets the Shaw and Partners target it will return approximately 108% (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 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.00.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.

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

VCX VICINITY CENTRES

REITs – Overnight Price: $1.92

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

Goldman Sachs notes Vicinity Centres will pursue a $2.9bn five-year development pipeline, largely focused on key assets Chadstone, Victoria Gardens, Box Hill Central, Chatswood Chase, Bankstown Central and Buranda Village.

The broker highlights the company is targeting mixed-use opportunities, primarily in commercial office and residential. Goldman Sachs finds Vicinity Centres well-positioned to benefit from its medium- to long-term development strategy.

The Buy rating and target price of $2.10 are retained.

This report was published on June 28, 2022.

Target price is $2.10 Current Price is $1.92 Difference: $0.18
If VCX meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $1.90, suggesting upside of 1.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.7, implying annual growth of N/A.
Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 14.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.5, implying annual growth of 6.8%.
Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 15.0.

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

VUL VULCAN ENERGY RESOURCES LIMITED

New Battery Elements – Overnight Price: $5.55

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

Stellantis, one of the world's largest automakers, has invested $74m in Vulcan Energy Resources, via a share placement of 11.5m shares at $6.62 a share, a 32% premium to the previous close.

Canaccord Genuity perceives this as a positive, despite the company's dramatic fall in line with the lithium sector. The company holds $205m in cash and now has another $76m from Stellantis.

Speculative Buy rating and $23 target price retained.

This report was published on June 28, 2022.

Target price is $23.00 Current Price is $5.55 Difference: $17.45
If VUL meets the Canaccord Genuity target it will return approximately 314% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents.

Forecast for FY23:

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

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

WGX WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.19

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

Evolution Mining's recent share-price retreat has the broker asking, who's next?

The broker expects producers with hub and spoke operations will experience increased pressure given their higher sensitivity to costs. Westgold Resources is one such company. Buy rating retained. Target price falls to $2.30 from $2.80.

This report was published on June 28, 2022.

Target price is $2.30 Current Price is $1.19 Difference: $1.11
If WGX meets the Canaccord Genuity target it will return approximately 93% (excluding dividends, fees and charges).

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

XPN XPON TECHNOLOGIES GROUP LIMITED

Cloud services – Overnight Price: $0.13

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

Shaw and Partners initiates coverage on XPON Technologies, a marketing technology vendor with significant growth in recent years. The broker expects the company can maintain a 40% revenue compound annual growth rate through to FY25, and break even in FY24.

The broker highlights XPON Technologies enables customers to gain value from first-party data, making it highly leveraged to the current shift away from third-party cookies, as well as the mega trends of consumer privacy and data rights.

According to Shaw and Partners, Google's move to phase out third-party cookies in mid-2023 will be a key catalyst for the company, effectively making third-party cookies obsolete. The broker initiates with a Buy rating and a target price of $0.35.

This report was published on June 29, 2022.

Target price is $0.35 Current Price is $0.13 Difference: $0.22
If XPN meets the Shaw and Partners target it will return approximately 169% (excluding dividends, fees and charges).

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.42.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.50.

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

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

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

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.

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