Australian Broker Call *Extra* Edition – Aug 05, 2022

This story features AI-MEDIA TECHNOLOGIES LIMITED, and other companies. For more info SHARE ANALYSIS: AIM

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)

AIM   ALC   ARU   AUT   AZY   BGL   BRB   BTH   CEL   CLU (2)   CMM   DEG   GSS   HFR   HPG   IDX   IGO   KSN   MAD   MCR (2)   MGV   MIN   MQG   MZZ   OKU   ORR   PDI   RIO   RRL   RXL   SBM   STX   TIE   TTM   TUL   VUL  

AIM    AI-MEDIA TECHNOLOGIES LIMITED

Commercial Services & Supplies – Overnight Price: $0.31

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

Ai-Media Technologies' June-quarter revenue fell short of Bell Potter and guidance, possibly due to external delays to technology refits, speculates the broker.

Gross margins held above 50% for FY22 and the company finished the year with a cash balance of $15.2m.

Bell Potter lowers revenue forecasts and raises gross margin assumptions.

Target price falls to 70c from 90c. Buy rating retained. 

This report was published on July 28, 2022.

Target price is $0.70 Current Price is $0.31 Difference: $0.39
If AIM meets the Bell Potter target it will return approximately 126% (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 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.76.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 51.67.

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

ALC    ALCIDION GROUP LIMITED

Healthcare services – Overnight Price: $0.17

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

Canaccord Genuity highlights a good 4Q22 reported result for Alcidion Group with revenues coming in-line with forecasts with a better than expected bottom line.

The company anticipates positive EBITDA earnings for FY22 and with contracted revenues in place of $28.3 and $2.9m in renewals, the broker expects Alcidion Group to be earnings positive in FY23. 

Canaccord Genuity points out the favourable macro tailwinds from the ongoing digitalisation of contracts in the UK health market with 20% of the NHS trusts still working on pen and paper systems.

A Buy rating is maintained and the price target is raised to 20c from 16c based on adjusted valuation multiples.

This report was published on July 28, 2022.

Target price is $0.20 Current Price is $0.17 Difference: $0.03
If ALC meets the Canaccord Genuity target it will return approximately 18% (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 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 56.67.

Forecast for FY23:

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

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

ARU    ARAFURA RESOURCES LIMITED

Rare Earth Minerals – Overnight Price: $0.32

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

Bell Potter reviews its forecasts for Arafura Resources having pushed first-production forecasts out to the September 2025 quarter.

Speculative Buy rating retained. Target price falls to 56c from 60c.

This report was published on July 29, 2022.

Target price is $0.56 Current Price is $0.32 Difference: $0.24
If ARU meets the Bell Potter target it will return approximately 75% (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 2.02 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.84.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.48 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.20.

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

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

A genuine explosion in costs for the gold mining industry, ranging from diesel, steel and drilling to freight and labour, has led to a general re-modeling and review of the ASX-listed sector by the team of analysts at Canaccord Genuity.

On average, reports the team, price targets have been reduced by -24% as projections for operational costs and capex needed to be revised upwards.

Speculative Buy rating retained for Auteco Minerals while the new price target of 18c compares with 26c previously.

This report was published on July 28, 2022.

Target price is $0.18 Current Price is $0.05 Difference: $0.13
If AUT meets the Canaccord Genuity target it will return approximately 260% (excluding dividends, fees and charges).

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

AZY    ANTIPA MINERALS LIMITED

Mining – Overnight Price: $0.04

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

Antipa Minerals has triggered the dilute-drawdown provision of the Citadel JV with Rio Tinto ((RIO)), realising a $0.5m payment and the JV stake reducing to between 31-32% from 35%, notes Shaw and Partners.

The broker considers the sell down as sensible allowing the company to focus on the 100% owned Minyari Dome Project which is considered a potential feed source for Newcrest's ((NCM)) Telfer operations.

The Buy rating and target price at 8.2c are maintained.

This report was published on July 28, 2022.

Target price is $0.08 Current Price is $0.04 Difference: $0.042
If AZY meets the Shaw and Partners target it will return approximately 105% (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 4.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.83.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 5.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.74.

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

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $0.83

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

A genuine explosion in costs for the gold mining industry, ranging from diesel, steel and drilling to freight and labour, has led to a general re-modeling and review of the ASX-listed sector by the team of analysts at Canaccord Genuity.

On average, reports the team, price targets have been reduced by -24% as projections for operational costs and capex needed to be revised upwards.

Bellevue Gold has kept its Speculative Buy rating while its price target has fallen to $1.45 (from $1.55).

This report was published on July 28, 2022.

Target price is $1.45 Current Price is $0.83 Difference: $0.62
If BGL meets the Canaccord Genuity target it will return approximately 75% (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

BRB    BREAKER RESOURCES NL

Mining – Overnight Price: $0.20

Canaccord Genuity rates ((BRB)) as Speculative Buy (-1) –

A genuine explosion in costs for the gold mining industry, ranging from diesel, steel and drilling to freight and labour, has led to a general re-modeling and review of the ASX-listed sector by the team of analysts at Canaccord Genuity.

On average, reports the team, price targets have been reduced by -24% as projections for operational costs and capex needed to be revised upwards.

Breaker Resources is rated Speculative Buy with a price target of 30c, down from 45c previously.

This report was published on July 28, 2022.

Target price is $0.30 Current Price is $0.20 Difference: $0.1
If BRB meets the Canaccord Genuity target it will return approximately 50% (excluding dividends, fees and charges).

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

BTH    BIGTINCAN HOLDINGS LIMITED

Cloud services – Overnight Price: $0.71

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

Bigtincan Holdings reported 4Q22 results which came in-line with the company's guidance for annual recurring revenue (ARR) and earnings, notes Canaccord Genuity.

The company is guiding to cash flow breakeven in FY23 which the broker views as attainable in the 2H23 with growth in ARR and cost improvements.

No FY23 revenue guidance was provided, but current monthly revenue of $10.5m implies $126m in annualised revenues.

The Buy rating and target price of $1.50 are retained.

This report was published on July 28, 2022.

Target price is $1.50 Current Price is $0.71 Difference: $0.79
If BTH meets the Canaccord Genuity target it will return approximately 111% (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 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 101.43.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 355.00.

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

CEL    CHALLENGER EXPLORATION LIMITED

Gold & Silver – Overnight Price: $0.19

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

A genuine explosion in costs for the gold mining industry, ranging from diesel, steel and drilling to freight and labour, has led to a general re-modeling and review of the ASX-listed sector by the team of analysts at Canaccord Genuity.

On average, reports the team, price targets have been reduced by -24% as projections for operational costs and capex needed to be revised upwards.

Challenger Exploration is rated Speculative Buy with a revised price target of 40c, down from 60c.

This report was published on July 28, 2022.

Target price is $0.40 Current Price is $0.19 Difference: $0.21
If CEL meets the Canaccord Genuity target it will return approximately 111% (excluding dividends, fees and charges).

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

CLU    CLUEY LIMITED

Education & Tuition – Overnight Price: $0.48

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

Clue's June-quarter trading metrics broadly met Bell Potter's forecasts. 

But revenue proved a miss and discounting weighed on gross margins. The broker downgrades estimates accordingly.

Buy rating retained. Target price falls to $1.10 from $1.50.

This report was published on July 29, 2022.

Target price is $1.10 Current Price is $0.48 Difference: $0.62
If CLU meets the Bell Potter target it will return approximately 129% (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 13.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.53.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 8.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.71.

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

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

The weaker than anticipated 4Q22 reported revenue results for Cluey are seen through the lens of seasonal Easter impacts by Canaccord Genuity.

Revenues grew an estimated 116% to $34m, which is below the broker's forecast of $34m.

1Q23 price increases, 7% on average, have been put in place which is viewed as supportive by the analyst for revenue growth and margins and the company is aiming for 55% gross margins in FY23 versus 53% in FY22.

With $24m of cash on the balance sheet, Canaccord Genuity considers Cluey as being in a strong financial position to benefit from the growth in the offline tutoring market which offers an estimated total addressable market (TAM) of $4bn p.a.

A Buy rating and $1.20 price target are retained.

This report was published on July 27, 2022.

Target price is $1.20 Current Price is $0.48 Difference: $0.72
If CLU meets the Canaccord Genuity target it will return approximately 150% (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 14.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.38.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 9.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.27.

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $4.02

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

Canaccord Genuity adjusts earnings forecasts for Capricorn Metals' reported 4Q22 production and cost report plus updated guidance.

The broker views the FY23 production guidance as a miss and the cost guidance is below expectations with Capricorn Metals paying off debt of $15m and moving to a net cash position of $1m.

The company is expected to provide a resource market update on MGGP by September with Canaccord Genuity anticipating the Feasibility Study and final investment decision by 2H22.

Earnings forecasts have been modified for production and cost changes.

Target price remains at $3.90 and the rating is downgraded to Hold from Buy on valuation grounds.

This report was published on July 27, 2022.

Target price is $3.90 Current Price is $4.02 Difference: minus $0.12 (current price is over target).
If CMM meets the Canaccord Genuity target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 28.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.36.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 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 14.89.

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

DEG    DE GREY MINING LIMITED

Gold & Silver – Overnight Price: $0.93

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

A genuine explosion in costs for the gold mining industry, ranging from diesel, steel and drilling to freight and labour, has led to a general re-modeling and review of the ASX-listed sector by the team of analysts at Canaccord Genuity.

On average, reports the team, price targets have been reduced by -24% as projections for operational costs and capex needed to be revised upwards.

Canaccord Genuity rates De Grey Mining Speculative Buy with a new price target of $1.80 versus $2.15 prior.

This report was published on July 28, 2022.

Target price is $1.80 Current Price is $0.93 Difference: $0.87
If DEG meets the Canaccord Genuity target it will return approximately 94% (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

GSS    GENETIC SIGNATURES LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.12

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

Genetic Signatures' June-quarter result fell a touch shy of Bell Potter's forecasts after posting record sales. The company emerged with $36.9m in cash.

PCR testing in Australia is declining and covid testing is shifting towards rapid antigen testing, notes the broker.

Hold rating retained. Target price falls -9% to $1.25 from $1.38.

This report was published on July 29, 2022.

Target price is $1.25 Current Price is $1.12 Difference: $0.13
If GSS meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

HFR    HIGHFIELD RESOURCES LIMITED

Mining – Overnight Price: $1.00

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

Canaccord Genuity considers Highfield Resources as providing potential exposure to the increasing importance of food supply security post the Ukraine/Russia war.

The broker notes the company has received a construction license from the Undues de Lerde Townhall in Aragon to start the first phase of the Muga potash project with Highfield Resources awaiting the final approval.

Canaccord Genuity is expecting production to start at Muga by mid-late 2024.

Speculative Buy rating and the price target is raised to $1.68 from $1.56.

This report was published on July 27, 2022.

Target price is $1.68 Current Price is $1.00 Difference: $0.68
If HFR meets the Canaccord Genuity target it will return approximately 68% (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 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 111.11.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 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 45.45.

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

HPG    HIPAGES GROUP HOLDINGS LIMITED

Online media & mobile platforms – Overnight Price: $1.56

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

hipages Group's June-quarter result outpaced Goldman Sachs' forecasts, the company logging 400 new tradies, compared with the broker's forecast of 300.

The broker views this a sign of revival in momentum and expects the slowing economy and housing cycle will favour the company's platform as elevated churn from labour shortages subsides.

The broker suggests the result revealed higher average revenue per user; a rise in repeat customers; lower churn and cancellations; and positive free cash flow. Net cash sat at $13.2m.

Buy rating retained. Target price rises 2% to $2.55.

This report was published on July 29, 2022.

Target price is $2.55 Current Price is $1.56 Difference: $0.99
If HPG meets the Goldman Sachs target it will return approximately 63% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.00.

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

IDX    INTEGRAL DIAGNOSTICS LIMITED

Medical Equipment & Devices – Overnight Price: $3.26

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

Integral Diagnostics' pre-announced operating revenue missed consensus by -1%, a poor performance in NZ cancelling a small beat in Australia.

Goldman Sachs' EPS forecasts fall for FY22, FY23 and FY24. Target price falls -17% to $3.50 from $4.20.

Buy rating retained, the broker believing the company is outperforming operationally; infections are moderating; and the business is seen as offering a superior volume/margin profile.

This report was published on July 29, 2022.

Target price is $3.50 Current Price is $3.26 Difference: $0.24
If IDX meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $3.26, suggesting upside of 0.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 6.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.8, implying annual growth of -30.7%.
Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 30.2.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 11.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 3.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.9, implying annual growth of 47.2%.
Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 20.5.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $11.13

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

Canaccord Genuity views IGO's 4Q22 as mixed with the Nova and Greenbushes results better than expected and Forrestania and Kwinana below estimates. On balance the result missed forecasts.

The lower guided contract spodumene price is a concern for Greenbushes, alongside the lack of transparency, notes the analyst.

Cost pressures remain for Nova's nickel and copper operations and Canaccord Genuity highlights the asset is now post peak production, even if the quality is sound.

Forecast EBITDA is adjusted for improved forward guidance, however the price target is lowered to $11.00 from $11.25 on a lower valuation multiple.

Buy rating is maintained.

This report was published on July 27, 2022.

Target price is $11.00 Current Price is $11.13 Difference: minus $0.13 (current price is over target).
If IGO meets the Canaccord Genuity target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $12.65, suggesting upside of 13.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 10.00 cents and EPS of 44.00 cents.
At the last closing share price the estimated dividend yield is 0.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.5, implying annual growth of 121.5%.
Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 20.8.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 10.00 cents and EPS of 175.00 cents.
At the last closing share price the estimated dividend yield is 0.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 189.3, implying annual growth of 253.8%.
Current consensus DPS estimate is 47.1, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 5.9.

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

KSN    KINGSTON RESOURCES LIMITED

Mining – Overnight Price: $0.10

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

A genuine explosion in costs for the gold mining industry, ranging from diesel, steel and drilling to freight and labour, has led to a general re-modeling and review of the ASX-listed sector by the team of analysts at Canaccord Genuity.

On average, reports the team, price targets have been reduced by -24% as projections for operational costs and capex needed to be revised upwards.

Canaccord Genuity rates Kingston Resources a Speculative Buy. Price target has dropped to 40c from 70c.

This report was published on July 28, 2022.

Target price is $0.40 Current Price is $0.10 Difference: $0.3
If KSN meets the Canaccord Genuity target it will return approximately 300% (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

MAD    MADER GROUP LIMITED

Mining Sector Contracting – Overnight Price: $2.82

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

Shaw and Partners is impressed with the Q422 results from Mader Group with the company generating a beat across all financials with an improved net debt position and $60m on hand.

The broker highlights Mader Group is managing to exceed expectations in North America where there are significant growth opportunities as well as increasing work and market share in Australia, outside of OEM.

The broker's earnings forecasts are upgraded by 6%, 3% and 3% for FY22, FY23 and FY24, respectively.

A Buy rating is maintained and the target price is lifted to $3.39 from $3.28.

This report was published on July 28, 2022.

Target price is $3.39 Current Price is $2.82 Difference: $0.57
If MAD meets the Shaw and Partners target it will return approximately 20% (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 4.40 cents and EPS of 12.80 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.03.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 5.00 cents and EPS of 14.80 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.05.

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

MCR    MINCOR RESOURCES NL

Nickel – Overnight Price: $1.91

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

Mineral Resources' June-quarter result appears to have pleased Bell Potter, the company guided to a full ramp-up of mining operations in FY23 and increasing its resource estimate at Golden Mile.

The broker observes the company has met several milestones: payment for first sales was received; first ore was delivered for toll treating; and first quarterly production has been delivered. 

David Southam is succeeded as managing directed by Gabrielle Iwanow. EPS forecasts fall in FY23 to reflect a slower than-expected ramp-up.

Target price rises to $2.10 from $2 to reflect a one-year extension of mine-life. Buy rating retained.

This report was published on July 29, 2022.

Target price is $2.10 Current Price is $1.91 Difference: $0.19
If MCR meets the Bell Potter target it will return approximately 10% (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 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 112.35.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.36.

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 ((MCR)) as Buy (1) –

Mincor Resources announced the June quarter activity report and the replacement of Dave Southam as CEO by Gabrielle Iwanow, formerly from the iron ore operations of Rio Tinto ((RIO)).

The change is viewed as reasonable given the company is moving from the development phase which suited the former CEO as a finance expert to operations.

Mincor Resources received payment on the first ore delivery to the BHP ((BHP)), Kambalda Concentrator resulting in net cash flow of $25.3m in the quarter.

The broker notes the company has a robust balance sheet with $49m in net cash. The price target is raised to $2.38 from $2.33 on the back of higher cash balances.

 A Buy rating is maintained.

This report was published on July 28, 2022.

Target price is $2.38 Current Price is $1.91 Difference: $0.47
If MCR meets the Shaw and Partners target it will return approximately 25% (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 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 477.50.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 3.00 cents and EPS of 22.60 cents.
At the last closing share price the estimated dividend yield is 1.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.45.

Market Sentiment: 1.0
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: $0.28

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

A genuine explosion in costs for the gold mining industry, ranging from diesel, steel and drilling to freight and labour, has led to a general re-modeling and review of the ASX-listed sector by the team of analysts at Canaccord Genuity.

On average, reports the team, price targets have been reduced by -24% as projections for operational costs and capex needed to be revised upwards.

Musgrave Minerals is rated Speculative Buy with an updated price target of 55c, down from 70c.

This report was published on July 28, 2022.

Target price is $0.55 Current Price is $0.28 Difference: $0.27
If MGV meets the Canaccord Genuity target it will return approximately 96% (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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $55.50

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

Mineral Resources' June-quarter production pleased Bell Potter, lithium and iron ore meeting, or nearly meeting, guidance, and costs were in line.

The broker spies a strong rise in the company's lithium performance.

Mineral Resources is increasing its stake in its joint venture with Albemarle Corp to 50% from 40% and the pair will jointly invest in lithium hydroxide conversion of all of Wodgina spodumene concentrates to lithium hydroxide.

Bell Potter considers these announcements to be transformational. EPS forecasts rise 24% in FY22; 6% in FY23 and 8% in FY24.

Buy rating retained. Target price rises to $75.75 from $70.

This report was published on July 29, 2022.

Target price is $75.00 Current Price is $55.50 Difference: $19.5
If MIN meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $73.34, suggesting upside of 32.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 59.80 cents and EPS of 172.80 cents.
At the last closing share price the estimated dividend yield is 1.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 259.1, implying annual growth of -61.5%.
Current consensus DPS estimate is 120.1, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 21.4.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 176.80 cents and EPS of 707.00 cents.
At the last closing share price the estimated dividend yield is 3.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1193.5, implying annual growth of 360.6%.
Current consensus DPS estimate is 508.4, implying a prospective dividend yield of 9.2%.
Current consensus EPS estimate suggests the PER is 4.7.

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

MQG    MACQUARIE GROUP LIMITED

Wealth Management & Investments – Overnight Price: $175.90

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

Macquarie Group's June-quarter result appears to have missed Goldman Sachs' forecast, albeit on a solid performance, as conditions softened.

The broker says yet another increase in the business capital requirements suggest growth prospects are good, even though FY23 earnings will likely fall.

EPS forecasts fall -1.4% in FY23; -3.4% in FY22; and -3.5% in FY25. Neutral rating retained. Target price falls to $194.03 from $203.95.

This report was published on July 29, 2022.

Target price is $194.03 Current Price is $175.90 Difference: $18.13
If MQG meets the Goldman Sachs target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $192.83, suggesting upside of 9.6%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 585.00 cents and EPS of 1030.00 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 17.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1049.6, implying annual growth of -17.5%.
Current consensus DPS estimate is 612.4, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 16.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 630.00 cents and EPS of 1103.00 cents.
At the last closing share price the estimated dividend yield is 3.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1090.8, implying annual growth of 3.9%.
Current consensus DPS estimate is 646.8, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 16.1.

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

MZZ    MATADOR MINING LIMITED

Gold & Silver – Overnight Price: $0.13

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

A genuine explosion in costs for the gold mining industry, ranging from diesel, steel and drilling to freight and labour, has led to a general re-modeling and review of the ASX-listed sector by the team of analysts at Canaccord Genuity.

On average, reports the team, price targets have been reduced by -24% as projections for operational costs and capex needed to be revised upwards.

Canaccord Genuity's rating for Matador Mining remains a Speculative Buy with a price target of 30c, down from 60c.

This report was published on July 28, 2022.

Target price is $0.30 Current Price is $0.13 Difference: $0.17
If MZZ meets the Canaccord Genuity target it will return approximately 131% (excluding dividends, fees and charges).

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

OKU    OKLO RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.14

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

A genuine explosion in costs for the gold mining industry, ranging from diesel, steel and drilling to freight and labour, has led to a general re-modeling and review of the ASX-listed sector by the team of analysts at Canaccord Genuity.

On average, reports the team, price targets have been reduced by -24% as projections for operational costs and capex needed to be revised upwards.

The rating for Oklo Resources remains Speculative Buy. Price target has not changed from 17c. This is the sole exception in the broker's coverage to not see its target decline.

This report was published on July 28, 2022.

Target price is $0.17 Current Price is $0.14 Difference: $0.03
If OKU meets the Canaccord Genuity target it will return approximately 21% (excluding dividends, fees and charges).

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

ORR    ORECORP LIMITED

Gold & Silver – Overnight Price: $0.42

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

A genuine explosion in costs for the gold mining industry, ranging from diesel, steel and drilling to freight and labour, has led to a general re-modeling and review of the ASX-listed sector by the team of analysts at Canaccord Genuity.

On average, reports the team, price targets have been reduced by -24% as projections for operational costs and capex needed to be revised upwards.

Canaccord Genuity's rating for OreCorp has remained Speculative Buy. Price target tumbles to $1 from $1.50.

This report was published on July 28, 2022.

Target price is $1.00 Current Price is $0.42 Difference: $0.58
If ORR meets the Canaccord Genuity target it will return approximately 138% (excluding dividends, fees and charges).

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

PDI    PREDICTIVE DISCOVERY LIMITED

Gold & Silver – Overnight Price: $0.23

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

A genuine explosion in costs for the gold mining industry, ranging from diesel, steel and drilling to freight and labour, has led to a general re-modeling and review of the ASX-listed sector by the team of analysts at Canaccord Genuity.

On average, reports the team, price targets have been reduced by -24% as projections for operational costs and capex needed to be revised upwards.

Predictive Discovery has kept its Speculative Buy rating with an updated price target of 36c, down from 46c.

This report was published on July 28, 2022.

Target price is $0.36 Current Price is $0.23 Difference: $0.13
If PDI meets the Canaccord Genuity target it will return approximately 57% (excluding dividends, fees and charges).

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

RIO    RIO TINTO LIMITED

Bulks – Overnight Price: $95.30

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

Rio Tinto reported 1H22 earnings of $8.6bn which is marginally better, by 3%, than consensus forecasts notes Shaw and Partners.

The $4.3bn interim dividend announcement was the second highest on record, but below very upbeat market expectations.

The analyst considers the announcement is in-line with the company's 50% payout ratio, so maybe not a "miss" after all?

Shaw and Partners sees potential iron ore headwinds to the share price performance but believes with the appropriate management culture, Rio Tinto can continue on the road to "redemption" after some years of mishaps and diversions including Juukan, Mongolia by way of example.

A Hold rating and $105.00 price target are retained.

This report was published on July 28, 2022.

Target price is $105.00 Current Price is $95.30 Difference: $9.7
If RIO meets the Shaw and Partners target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $110.36, suggesting upside of 15.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 15946.99 cents and EPS of 1629.34 cents.
At the last closing share price the estimated dividend yield is 167.33%.
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 1501.7, implying annual growth of N/A.
Current consensus DPS estimate is 949.4, implying a prospective dividend yield of 10.0%.
Current consensus EPS estimate suggests the PER is 6.3.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 1230.36 cents and EPS of 1223.01 cents.
At the last closing share price the estimated dividend yield is 12.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1355.6, implying annual growth of -9.7%.
Current consensus DPS estimate is 916.9, implying a prospective dividend yield of 9.6%.
Current consensus EPS estimate suggests the PER is 7.0.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
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: $1.78

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

Shaw and Partners highlights Regis Resources' 4Q22 results update paved the wave for a record end to FY22 with gold production at 437.3Koz and with costs marginally above guidance at $1,591/oz.

The company has lifted production guidance to 450-500Koz over the next 2-3 years and above 500Koz thereafter.

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

This report was published on July 27, 2022.

Target price is $3.10 Current Price is $1.78 Difference: $1.32
If RRL meets the Shaw and Partners target it will return approximately 74% (excluding dividends, fees and charges).
Current consensus price target is $1.83, suggesting upside of 3.0%(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 11.20 cents.
At the last closing share price the estimated dividend yield is 3.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of -72.3%.
Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 7.00 cents and EPS of 21.80 cents.
At the last closing share price the estimated dividend yield is 3.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.3, implying annual growth of 95.9%.
Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 12.4.

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

RXL    ROX RESOURCES LIMITED

Mining – Overnight Price: $0.26

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

A genuine explosion in costs for the gold mining industry, ranging from diesel, steel and drilling to freight and labour, has led to a general re-modeling and review of the ASX-listed sector by the team of analysts at Canaccord Genuity.

On average, reports the team, price targets have been reduced by -24% as projections for operational costs and capex needed to be revised upwards.

The broker continues to rate Rox Resources as a Speculative Buy. Price target has lost -30c to 80c.

This report was published on July 28, 2022.

Target price is $0.80 Current Price is $0.26 Difference: $0.54
If RXL meets the Canaccord Genuity target it will return approximately 208% (excluding dividends, fees and charges).

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

SBM    ST. BARBARA LIMITED

Gold & Silver – Overnight Price: $1.21

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

Shaw and Partners congratulates St. Barbara on delivering on guidance for the June quarter trading update of 281koz for the FY22, as well as the improvement in free cashflow despite the inflationary and operational headwinds from covid, weather and energy costs.

The company flagged divestment of non core assets with the potential sale of Simberi and Atlantic Gold notes the broker, as well as updating the market on the consolidation plans for Leonora.

Shaw and Partners highlights St. Barbara is one of the cheapest in the broker's universe of mining stocks and the cheapest gold miner. 

A Buy rating and $1.80 price target are maintained.

This report was published on July 28, 2022.

Target price is $1.80 Current Price is $1.21 Difference: $0.59
If SBM meets the Shaw and Partners target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $1.14, suggesting downside of -6.0%(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 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.2, implying annual growth of N/A.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 55.0.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 9.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.2, implying annual growth of 136.4%.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 23.3.

Market Sentiment: 0.3
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 Buy (1) –

Strike Energy has upgradds 2P reserves at the West Erregull gas field to 422PJ from 300PJ. Bell Potter says this further de-risks the field, which is undergoing EPA approval.

First gas production is expected in late 2024, and an offtake agreement is in place with Wesfarmers ((WES)) and Perth Energy.

Buy rating retained. Target price rises to 41c from 39c.

This report was published on July 29, 2022.

Target price is $0.41 Current Price is $0.28 Difference: $0.13
If STX meets the Bell Potter target it will return approximately 46% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

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

Forecast for FY23:

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

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

TIE    TIETTO MINERALS LIMITED

Gold & Silver – Overnight Price: $0.50

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

A genuine explosion in costs for the gold mining industry, ranging from diesel, steel and drilling to freight and labour, has led to a general re-modeling and review of the ASX-listed sector by the team of analysts at Canaccord Genuity.

On average, reports the team, price targets have been reduced by -24% as projections for operational costs and capex needed to be revised upwards.

Tietto Minerals has kept its Speculative Buy rating, while the broker's price target has dropped to 65c from 85c.

This report was published on July 28, 2022.

Target price is $0.65 Current Price is $0.50 Difference: $0.15
If TIE meets the Canaccord Genuity target it will return approximately 30% (excluding dividends, fees and charges).

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

TTM    TITAN MINERALS LIMITED

Gold & Silver – Overnight Price: $0.06

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

A genuine explosion in costs for the gold mining industry, ranging from diesel, steel and drilling to freight and labour, has led to a general re-modeling and review of the ASX-listed sector by the team of analysts at Canaccord Genuity.

On average, reports the team, price targets have been reduced by -24% as projections for operational costs and capex needed to be revised upwards.

Canaccord Genuity continues to rate Titan Minerals as a Speculative Buy with a price target of 20c, dowm from 25c previously.

This report was published on July 28, 2022.

Target price is $0.20 Current Price is $0.06 Difference: $0.14
If TTM meets the Canaccord Genuity target it will return approximately 233% (excluding dividends, fees and charges).

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

TUL    TULLA RESOURCES PLC

Gold & Silver – Overnight Price: $0.54

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

A genuine explosion in costs for the gold mining industry, ranging from diesel, steel and drilling to freight and labour, has led to a general re-modeling and review of the ASX-listed sector by the team of analysts at Canaccord Genuity.

On average, reports the team, price targets have been reduced by -24% as projections for operational costs and capex needed to be revised upwards.

Tulla Resources has kept its Speculative Buy rating, while Canaccord Genuity's price target has fallen to $1 from $1.20.

This report was published on July 28, 2022.

Target price is $1.00 Current Price is $0.54 Difference: $0.46
If TUL meets the Canaccord Genuity target it will return approximately 85% (excluding dividends, fees and charges).

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: $7.72

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

Canaccord Genuity points out Vulcan Energy Resources has received some positive municipality and council votes supporting the 3D seismic test works to obtain data for the Zero Carbon Lithium project in Germany.

The company has also signed an agreement with Enel Green Power in Italy to explore and develop geothermal lithium across the country as well as the existing Cesano license.

Speculative Buy rating and $23 target price retained.

This report was published on July 27, 2022.

Target price is $23.00 Current Price is $7.72 Difference: $15.28
If VUL meets the Canaccord Genuity target it will return approximately 198% (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

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

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

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