Australian Broker Call *Extra* Edition – Aug 09, 2022

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

An additional news report on the recommendation, valuation, forecast and opinion changes for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

ABB   AD8   APX (2)   ASX   BUB   BWP (2)   CBA   CIA   CLG   COF   CSL   FZO   GL1   GMA   GOR   GOZ   KGN   LME   LOV   MIN   NEU   NWC   PEB   PGL   RCL   RSG   TSI  

ABB    AUSSIE BROADBAND LIMITED

Telecommunication – Overnight Price: $3.18

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

Following Aussie Broadband's 4Q trading update, Shaw and Partners believes the share price is oversold, and the business remains strong, with multiple organic growth levers. The Buy rating is unchanged.

The update revealed to the analyst slower than expected connections though higher than expected earnings. The target slips to $5.38 from $6.02 after the broker's weighted average cost of capital assumption was increased to allow for lower peer group valuations.

Management guided for FY22 operating earnings (EBITDA) towards the top-end of previous guidance.

This report was published on August 2, 2022.

Target price is $5.38 Current Price is $3.18 Difference: $2.2
If ABB meets the Shaw and Partners target it will return approximately 69% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 8.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.55.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 1.80 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 0.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.47.

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

AD8    AUDINATE GROUP LIMITED

Hardware & Equipment – Overnight Price: $9.65

Canaccord Genuity rates ((AD8)) as Buy (1) –

Preliminary FY22 results for Audinate Group were "impressive" assesses Canaccord Genuity, with revenue a 10% beat versus the broker's forecast and the consensus estimate.

Management attributed the better results to “improved chip supplies allowing unmet demand in 3Q22 to be delivered, and some 1Q23 demand was delivered early”.

The analyst feels pricing power is implied by gross profit margins that remained within expectations, noting despite cost pressures.

The target price rises to $10 from $8 after Canaccord Genuity raises its FY22-24 revenue forecasts by 10%, 8% and 9%, respectively, and the Buy rating is maintained.

This report was published on July 29, 2022.

Target price is $10.00 Current Price is $9.65 Difference: $0.35
If AD8 meets the Canaccord Genuity target it will return approximately 4% (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 0.03 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 32166.67.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.01 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 96500.00.

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

APX    APPEN LIMITED

IT & Support – Overnight Price: $4.98

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

Appen provided an update for first half results and the FY22 trading outlook, which was below Bell Potter's expectations. As a result, underlying earnings (EBITDA) forecasts for 2022-24 are reduced by -48%, -29% and -27%, respectively.

The broker's DPS forecasts over the same period also fall by -70%, -70% and -58%, respectively. The cash position is considered ok and it's assumed the company keeps paying a (reduced) dividend).

Management noted no improvement to July trading and stated "there remains uncertainty about a continued slowdown of spending from our Global customers”.

The target price falls to $4.25 from $6.50 and the Hold rating is unchanged.

This report was published on August 3, 2022.

Target price is $4.25 Current Price is $4.98 Difference: minus $0.73 (current price is over target).
If APX meets the Bell Potter target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.70, suggesting downside of -5.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 3.00 cents and EPS of 4.10 cents.
At the last closing share price the estimated dividend yield is 0.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 121.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of -47.9%.
Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 30.9.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 3.00 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 0.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of 36.6%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 22.6.

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

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

Following Appen's update for first half results and the FY22 trading outlook, Wilsons lowers its FY22-FY24 earnings (EBITDA) forecasts by -21% to -42% and lowers its target price by -23% to $4.44. The Market Weight rating is unchanged.

Management stated “With no improvement in July trading there remains uncertainty about a continued slowdown of spending from our Global customers…".

A former tailwind from a high level of project-based work from a small number of concentrated clients has turned into a headwind, notes the analyst. Earnings visibility remains clouded, and with no FY22 guidance, forecasting FY22 results is considered challenging.

This report was published on August 3, 2022.

Target price is $4.44 Current Price is $4.98 Difference: minus $0.54 (current price is over target).
If APX meets the Wilsons target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.70, suggesting downside of -5.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 11.00 cents and EPS of minus 2.20 cents.
At the last closing share price the estimated dividend yield is 2.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 226.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of -47.9%.
Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 30.9.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 12.50 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 2.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 69.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of 36.6%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 22.6.

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

ASX    ASX LIMITED

Wealth Management & Investments – Overnight Price: $84.26

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

Following the previously announced delay to the go live date for ASX's CHESS replacement, the company is now suggesting it does not anticipate the replacement DLT program to be implemented before late 2024, with Jarden noting this represents a more than three year delay from its orginal launch date.

The broker notes the delay has not only caused frustration among market users, but will incur higher implementation costs. The company has highlighed more development than previously anticipated was required, and has engaged Accenture to conduct an independent review and provide a revised go-live date over the next twelve weeks.

The Underweight rating and target price of $73.10 are retained.

This report was published on August 3, 2022.

Target price is $73.10 Current Price is $84.26 Difference: minus $11.16 (current price is over target).
If ASX meets the Jarden target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $82.25, suggesting downside of -2.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 246.10 cents and EPS of 261.00 cents.
At the last closing share price the estimated dividend yield is 2.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 263.0, implying annual growth of 5.9%.
Current consensus DPS estimate is 236.7, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 32.0.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 254.20 cents and EPS of 273.40 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 282.5, implying annual growth of 7.4%.
Current consensus DPS estimate is 254.1, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 29.8.

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

BUB    BUBS AUSTRALIA LIMITED

Dairy – Overnight Price: $0.62

Bell Potter rates ((BUB)) as Speculative Hold (3) –

Bell Potter reviews Bubs Australia's 4Q report issued on July 20, noting sales were strong due to the ranging of Bub Supreme with the Alpha Group and over 500 Coles Group ((COL)) stores. The initial Fly Formula shipments to the USA also assisted.

The broker expects strong trends to continue into 1Q of FY23 and assumes the company is granted ongoing US market access. The target rises to $0.75 from $0.70.

The analyst looks at the US opportunity and believes it is material though the competition will likely be fierce from well-capitalised competitors such as Danone, Bellamy’s and Nestle.

This report was published on August 3, 2022.

Target price is $0.75 Current Price is $0.62 Difference: $0.13
If BUB meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 310.00.

Forecast for FY23:

Bell Potter forecasts a full year FY23 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 68.89.

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

BWP    BWP TRUST

REITs – Overnight Price: $4.12

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

Jarden notes BWP Trust appears well positioned for the current volatility in the REIT market, expecting the company to benefit from low gearing, a high and long duration hedge profile, and 51% Consumer Price Index (CPI) linked leases, but also notes the REIT appears to lack pricing power. 

The broker notes CPI linked leases should benefit from growth, driving momentum for the REIT. Jarden highlights while the balance sheet remains in good shape, fixed debt will limit funds from operations growth in the medium term.

The broker notes better structural growth can probably be found in other asset classes and REITs. The Underweight rating is retained and the target price decreases to $3.40 from $3.50.

This report was published on August 3, 2022.

Target price is $3.40 Current Price is $4.12 Difference: minus $0.72 (current price is over target).
If BWP meets the Jarden target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.82, suggesting downside of -7.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 18.30 cents and EPS of 18.10 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.6, implying annual growth of -76.8%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 23.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 18.30 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.4, implying annual growth of 4.5%.
Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 22.4.

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

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Moelis rates ((BWP)) as Sell (5) –

Moelis highlights BWP Trust reported FY22 results in line with expectations of $117.5m in distributable profits.

The broker observes the strength of the REIT's balance sheet as positive but considers the repositioning of three assets as a potential drag on future earnings with any CPI benefits offset by construction delays and higher costs.

BWP Trust guided to flat dividend per unit and the NTA rose 17.6% to $3.87.

Sell rating retained. Target price is raised to $3.77 from $3.63.

This report was published on August 3, 2022.

Target price is $3.77 Current Price is $4.12 Difference: minus $0.35 (current price is over target).
If BWP meets the Moelis target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.82, suggesting downside of -7.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 18.30 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.6, implying annual growth of -76.8%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 23.4.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 18.70 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 4.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.4, implying annual growth of 4.5%.
Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 22.4.

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

CBA    COMMONWEALTH BANK OF AUSTRALIA

Banks – Overnight Price: $102.60

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

Ahead of CommBank's results date, Goldman Sachs notes second half earnings of $4,742 were down -1% on the previous comparable period but did beat consensus forecasts.

The broker anticipates a second half net interest margin of 1.88%, supported by early benefits of cash rate rises from the third quarter, and expects the market will look for more detail as to the leveraging of net interest margins to cash rate rises.

The Sell rating and target price of $90.45 are retained.

This report was published on August 2, 2022.

Target price is $90.45 Current Price is $102.60 Difference: minus $12.15 (current price is over target).
If CBA meets the Goldman Sachs target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $88.48, suggesting downside of -13.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 380.00 cents and EPS of 551.10 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 527.0, implying annual growth of -8.3%.
Current consensus DPS estimate is 371.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 449.00 cents and EPS of 573.70 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 555.7, implying annual growth of 5.4%.
Current consensus DPS estimate is 411.5, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 18.5.

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

CIA    CHAMPION IRON LIMITED

Iron Ore – Overnight Price: $4.98

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

June quarter earnings (EBITDA) for Champion Iron were around -40% below Goldmans Sachs and consensus forecasts. Lower-than-expected realised iron ore on timing of shipments and higher provisional pricing headwinds weighed.

Also, earnings suffered from start-up costs associated with the ramp-up of Bloom Lake Phase 2, explains the analyst.

On the positive side of the coin, mine material movements and iron production were ahead of the broker's forecasts, and the ramp-up of Bloom Lake Phase 2 to 16Mtpa is running ahead of the target for full nameplate production in the December quarter.

Goldman Sachs lowers FY23-FY25 EPS forecasts by -10%, -1% and -5%, respectively, on the result and increases to the fixed cost base and sustaining capex assumptions for Bloom Lake Phase 2.  Accordingly, the target falls to $7.00 from $7.30. Buy.

This report was published on August 3, 2022.

Target price is $7.00 Current Price is $4.98 Difference: $2.02
If CIA meets the Goldman Sachs target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 31.28 cents and EPS of 71.09 cents.
At the last closing share price the estimated dividend yield is 6.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.00.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 39.92 cents and EPS of 79.84 cents.
At the last closing share price the estimated dividend yield is 8.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.24.

This company reports in CAD. 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

CLG    CLOSE THE LOOP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.46

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

Shaw and Partners initiates coverage on Close the Loop. Describing the company as a differentiated packaging player, the broker notes Close the Loop is a participant in the circular economy, which it expects will see the company benefit from ESG tailwinds.

The broker notes the company has upgraded its prospectus forecasts a number of times since the initial public offering in December, with revenue forecasts rising 11.0% and earnings 10.5%.

The broker expects continuing growth of operating leverage and acquisitions are ahead, and notes the valuation is attractive.

The broker initiates with a Buy rating and a target price of $0.57.

This report was published on August 1, 2022.

Target price is $0.57 Current Price is $0.46 Difference: $0.11
If CLG meets the Shaw and Partners target it will return approximately 24% (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 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.40.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.86.

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

COF    CENTURIA OFFICE REIT

REITs – Overnight Price: $1.69

Moelis rates ((COF)) as Buy (1) –

When taking into account dividend yield and net tangible assets, Moelis estimates Centuria Office REIT is the cheapest REIT within the ASX300. This view comes as the REIT reported FY22 funds from operations (FFO) of 18.2cpu, just below guidance for 18.3cpu.

The analyst feels management has adopted conservative assumptions in guiding to FY23 FFO of 15.8cpu and a dividend of 14.1cpu.

The broker lowers its earnings estimates due to assuming a higher cost of debt and its target price falls to $2.36 from $2.44. The Buy rating is maintained.

This report was published on August 3, 2022.

Target price is $2.36 Current Price is $1.69 Difference: $0.67
If COF meets the Moelis target it will return approximately 40% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 14.10 cents and EPS of 16.20 cents.
At the last closing share price the estimated dividend yield is 8.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.43.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 14.60 cents and EPS of 16.70 cents.
At the last closing share price the estimated dividend yield is 8.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.12.

Market Sentiment: 0.5
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: $295.64

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

CSL received the final regulatory approvals for the Vifor acquisition which should be fully completed by August 9.

Jarden adjusts earnings per share forecasts to account for the Vifor acquisition (including the debt issuance and equity raising) by -1.9%, 2.3% for FY22 and FY23, respectively.

CSL is Jarden's preferred pick in the healthcare sector.

The broker sees considerable synergies to be generated from the Vifor acquisition as well as some positive news from two Vifor R&D projects (KORSUVA and TAVNEOS), as well as a better assessment of MIRCERA which have yet to be included in consensus estimates.

Accordingly, the CSL price target is raised to $336.81 from $322.41 and an Outperform rating is retained.

This report was published on August 7, 2022.

Target price is $336.81 Current Price is $295.64 Difference: $41.17
If CSL meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $322.32, suggesting upside of 9.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 EPS of 679.81 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 703.7, implying annual growth of N/A.
Current consensus DPS estimate is 304.8, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 42.0.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 834.35 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 827.3, implying annual growth of 17.6%.
Current consensus DPS estimate is 357.7, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 35.7.

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

FZO    FAMILY ZONE CYBER SAFETY LIMITED

Software & Services – Overnight Price: $0.40

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

Family Zone Cyber Safety's fourth quarter results revealed annual recurring revenue ahead of Shaw and Partners's forecasts, while average revenue per new student remained strong at $9 compared to a group blended rate of $5.75.

The broker notes the company continues to target an average revenue per unit of $10 in the next 2-3 years, with the broker highlighting given its 12m student base, that target implies annual recurring revenue of $48m, equating to 60% growth.

Pipeline remains strong, and the company holds a 38% market share in the UK and 16% market share in the US. The Buy rating and target price of $0.66 are retained.

This report was published on August 1, 2022.

Target price is $0.66 Current Price is $0.40 Difference: $0.26
If FZO meets the Shaw and Partners target it will return approximately 65% (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 8.33.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.38.

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

GL1    GLOBAL LITHIUM RESOURCES LIMITED

New Battery Elements – Overnight Price: $1.78

Shaw and Partners rates ((GL1)) as Buy (1) –

Following the release of Global Lithium Resources' June quarter results, Shaw and Partners notes the company remains focused on the discovery and development of its two core hard rock lithium assets, the Marble Bar Lithium Project and the Manna Lithium Project. 

The broker's valuation assumes the company will successfully double its current lithium resource base over the coming year, with Shaw and Partners anticipating resources at both key assets to grow substantially. 

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

This report was published on August 1, 2022.

Target price is $2.10 Current Price is $1.78 Difference: $0.32
If GL1 meets the Shaw and Partners target it will return approximately 18% (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 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 74.17.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 35.60.

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

GMA    GENWORTH MORTGAGE INSURANCE AUSTRALIA LIMITED

Banks – Overnight Price: $3.00

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

Goldman Sachs has updated its forecasts for Genworth Mortgage Insurance Australia, reallocating second half FY22 investment gains into the first half of FY22. Full year earnings remain unchanged. 

The Buy rating and target price of $3.47 are retained.

This report was published on August 2, 2022.

Target price is $3.47 Current Price is $3.00 Difference: $0.47
If GMA meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 41.00 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 13.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.98.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 28.00 cents and EPS of 38.00 cents.
At the last closing share price the estimated dividend yield is 9.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.89.

Market Sentiment: -1.0
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: $1.46

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

Following June quarter production results for Gold Road Resources, Canaccord Genuity continues to see the business as one of the more resilient to inflation pressures. This view is attributed to the low cost profile and relative simplicity of operations.

All-in sustaining costs (AISC) fell -25% from the previous corresponding period, while quarterly production was a 20% quarter-on-quarter increase.

The Gruyere gold mine in WA is on-track to meet guidance of 300-340koz at an AISC of $1,270-1,470/oz, notes the analyst.

The Buy rating is unchanged, while the target rises to $1.85 from $1.80.

This report was published on July 29, 2022.

Target price is $1.85 Current Price is $1.46 Difference: $0.39
If GOR meets the Canaccord Genuity target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $1.70, suggesting upside of 16.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 2.00 cents and EPS of 0.10 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1460.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of 132.1%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 15.1.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 3.00 cents and EPS of 0.11 cents.
At the last closing share price the estimated dividend yield is 2.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1327.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.1, implying annual growth of 4.1%.
Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 14.5.

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: $3.64

Moelis rates ((GOZ)) as Buy (1) –

 Moelis notes the acquisition of Fortis Funds Management for $45m by Growthpoint Properties Australia.

Fortis is a privately owned real estate funds management business with $1.9bn in assets under management and a 30year track record.

The acquisition is consistent with Growthpoint Properties Australia's strategy to expand into funds management with the aim of growing this division at a 10-20% rate, reminds the broker.

Moelis is looking for more details to be announced at the FY22 results report on August 16.

The Buy rating is retained and the target price is increased to $4.42 from $4.41.

This report was published on August 3, 2022.

Target price is $4.42 Current Price is $3.64 Difference: $0.78
If GOZ meets the Moelis target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $4.14, suggesting upside of 13.6%(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 5.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.2, implying annual growth of -64.8%.
Current consensus DPS estimate is 20.9, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 14.4.

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 5.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.3, implying annual growth of 0.4%.
Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 14.4.

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

KGN    KOGAN.COM LIMITED

Retailing – Overnight Price: $4.24

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

Following Canaccord Genuity's earnings revisions after FY22 preliminary results for Kogan.com, the broker's target lifts to $4.50 from $4.00. Gross sales were in-line with the broker's estimate, while gross profit was a -5% miss.

The analyst highlights 4Q operating expenses (including fulfilment) fell by -22% compared to the previous corresponding period, with the cost-of-doing-business (CODB) at around 13%, and trending towards the 11% achieved over FY17-21.

Canaccord remains cautious partly due to the uncertain consumer backdrop in FY23 and retains is Hold rating.

This report was published on July 29, 2022.

Target price is $4.50 Current Price is $4.24 Difference: $0.26
If KGN meets the Canaccord Genuity target it will return approximately 6% (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 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 326.15.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 128.48.

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

LME    LIMEADE INC

Cloud services – Overnight Price: $0.28

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

With Limeade currently in its key selling window, Shaw and Partners anticipates the company's cashflow guidance indicates good news ahead.

At the end of the second quarter, the company has grown its late-stage pipeline to $18m, the company's largest pipeline in at least six quarters. The company reported net revenue of retention of 99% year-to-date, a notable improvement on 79% in the previous year, the broker observes.

The cheapest enterprise software stock covered by Shaw and Partners, and with the enterprise value reflecting just 40% of the capital invested in the last five years, the broker notes deep value. The Buy rating and target price of $0.65 are retained.

This report was published on August 1, 2022.

Target price is $0.65 Current Price is $0.28 Difference: $0.37
If LME meets the Shaw and Partners target it will return approximately 132% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 6.25 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.48.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.20.

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

LOV    LOVISA HOLDINGS LIMITED

Retailing – Overnight Price: $17.29

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

With Lovisa Holdings delivering a strong second half trading update, Jarden expects investors will be looking to see if the company maintained sales growth through to the end of April in its full year results. 

The broker highlighted Bureau of Statistics data suggest 16% year-on-year growth in the clothing, footwear and accessories category on the previous comparable period, noting this could benefit Lovisa Holdings, but trading conditions could prove difficult in the US.

The broker lifts its revenue forecasts 2% and 3% for FY22 and FY23, also lifting anticipated costs of labour and property. The Neutral rating is retained and the target price decreases to $18.22 from $18.32.

This report was published on August 3, 2022.

Target price is $18.22 Current Price is $17.29 Difference: $0.93
If LOV meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $20.42, suggesting upside of 18.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 50.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 2.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.8, implying annual growth of 115.6%.
Current consensus DPS estimate is 52.4, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 34.7.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 50.00 cents and EPS of 62.70 cents.
At the last closing share price the estimated dividend yield is 2.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.5, implying annual growth of 25.5%.
Current consensus DPS estimate is 50.5, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 27.7.

Market Sentiment: 0.8
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: $57.88

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

Mineral Resources has reported a strong June quarter, according to Goldman Sachs. Lithium hydroxide earnings were ahead of expectations at US$150-170m, with the Mt Marion mine achieving high realised pricing. 

Group-wide, the broker notes iron ore production was up 15% quarter-on-quarter, 9% ahead of Goldman Sachs' forecast, but realised prices and mining services volumes were a slight miss for the broker.

Ramp up of the Wodgina mine remains on track, 500,000 tonnes spodumene per annum expected from the September quarter. 

The Buy rating is retained and the target price increases to $65.80 from $65.40.

This report was published on August 2, 2022.

Target price is $65.80 Current Price is $57.88 Difference: $7.92
If MIN meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $73.34, suggesting upside of 26.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 67.00 cents and EPS of 249.00 cents.
At the last closing share price the estimated dividend yield is 1.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.24.

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 2.1%.
Current consensus EPS estimate suggests the PER is 22.3.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 296.00 cents and EPS of 740.00 cents.
At the last closing share price the estimated dividend yield is 5.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.82.

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 8.8%.
Current consensus EPS estimate suggests the PER is 4.8.

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

NEU    NEUREN PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $5.80

Bell Potter rates ((NEU)) as Speculative Buy (1) –

Neuren Pharmaceuticals provided a 2Q22 trading update.

Bell Potter points out the July 17 announcement whereby the US joint venture Acadia submitted a New Drug Application to the FDA for trofinetide, and the review process expected to take 6 months which could deliver a US$10m payment to the company.

Neuren Pharmaceuticals' NNZ-2591 has also been approved for phase 3 trials.

The analyst adjusts the valuation for the start of NNZ-2591 revenues from FY26 onwards.

Buy rating is maintained and the price target rises to $7.00 from $5.10.

This report was published on August 1, 2022.

Target price is $7.00 Current Price is $5.80 Difference: $1.2
If NEU meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 6.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 93.55.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 241.67.

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

NWC    NEW WORLD RESOURCES LIMITED

Copper – Overnight Price: $0.03

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

Shaw and Partners notes the June quarter report shows building momentum at New World Resources, with a scoping study during the period outlining a 1m tonne per annum scenario over a ten year mine life based on the current resource.

Further, the broker noted while the scoping study was based on the existing 7.7m tonne mineral resource, the company retains its target to increase this to a 10-12m tonne high grade mineralisation resource during 2022. 

The Buy rating and target price of $0.15 are retained, with the broker's valuation assuming an increase of the resource to 12m tonnes.

This report was published on August 1, 2022.

Target price is $0.15 Current Price is $0.03 Difference: $0.12
If NWC meets the Shaw and Partners target it will return approximately 400% (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 4.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.65.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 7.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.39.

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

PEB    PACIFIC EDGE LIMITED

Medical Equipment & Devices – Overnight Price: $0.49

Bell Potter rates ((PEB)) as Downgrade to Hold from Buy (3) –

Bell Potter points out the draft article for the potential reclassification of Cxbladder tests to Non-Covered CPT codes would have a deleterious impact on Pacific Edge with CMS reimbursements representing 65% of the company's revenues.

The company disputes the legality of the proposed changes and considers them as unlikely to be sustained through the review process.

The analyst views the potential changes would impact the FY24 and FY25 revenues but the company would re-submit for re-imboursement.

Bell Potter downgrades the recommendation to Hold from Buy and the target price is lowered to 55c from 95c due to changes in the valuation model.

This report was published on August 1, 2022.

Target price is $0.55 Current Price is $0.49 Difference: $0.06
If PEB meets the Bell Potter target it will return approximately 12% (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 minus 2.91 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.83.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.63 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.63.

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

PGL    PROSPA GROUP LIMITED

Diversified Financials – Overnight Price: $0.80

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

Prospa Group has delivered a stronger than expected fourth quarter, according to Shaw and Partners, reporting originations of $246m well ahead of the broker's anticipated $224m. 

The broker noted the fourth quarter result drove full year earnings to $12m, an impressive jump on the $0.5m year-on-year, but that the full year result is nevertheless a miss on expectations. 

Strong cash flow yield was a highlight, and Shaw and Partners notes positive momentum and strong revenue yield should continue. The Buy rating and target price of $1.60 are retained. 

This report was published on August 1, 2022.

Target price is $1.60 Current Price is $0.80 Difference: $0.8
If PGL 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 FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 3.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.62.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.55.

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

RCL    READCLOUD LIMITED

Education & Tuition – Overnight Price: $0.18

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

Following modest 3Q results for ReadCloud, Canaccord Genuity thinks downside risk remains, despite the broker having recently lowered revenue estimates for FY22 and FY23. 

Growth has been slowed by covid and QLD floods, while QLD schools delayed  the purchase of eBooks pending a change in
the school curriculum, explains Canaccord Genuity.

The analyst raises the discount rate to 14% from 11.5%, which drives a -27% reduction in price target to $0.33. The current FY22 revenue estimate is maintained.

The recent international initiatives by management could open up a meaningful new revenue stream, according to the broker. The Speculative Buy rating is unchanged.

This report was published on July 29, 2022.

Target price is $0.33 Current Price is $0.18 Difference: $0.15
If RCL meets the Canaccord Genuity target it will return approximately 83% (excluding dividends, fees and charges).
The company's fiscal year ends in September.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.00.

Forecast for FY23:

Canaccord Genuity 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 36.00.

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: $0.30

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

Canaccord Genuity sees an improving outlook for Resolute Mining following June quarter production results, and raises its target to $0.65 from $0.55. Production and all-in sustaining costs (AISC) were a marginal beat versus the analysts's forecasts.

While FY22 guidance was maintained, rising fuel costs could see AISC guidance at risk, believes the broker. Separately, it's felt positive studies at Syama North could be a potential near-term catalyst and the Buy rating is retained.

As management expects to offset most forecast cost inflation via improved productivity and high grades, Canaccord lowers its AISC forecasts.

This report was published on July 29, 2022.

Target price is $0.65 Current Price is $0.30 Difference: $0.35
If RSG meets the Canaccord Genuity target it will return approximately 117% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 4.17 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.20.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.39 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.60.

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

TSI    TOP SHELF INTERNATIONAL HOLDINGS LIMITED

Food, Beverages & Tobacco – Overnight Price: $1.24

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

Top Shelf International's fourth quarter results revealed strong branded sales in the period, bolstered by contributions from its Coles Liquor Group ((COL)) agreement. 

Shaw and Partners notes the company reported $8.5m in revenue in the quarter, ahead of its forecast $7.9m, while annual revenue grew to $26.6m, up from $19.2m in the previous year.

The broker expects the company will deliver significant growth into FY23, with emerging whisky volumes set to support a strong year.

The company is expected to further benefit from international penetration in the coming year. The Buy rating is retained and the target price decreases to $1.86 from $2.14.

This report was published on August 1, 2022.

Target price is $1.86 Current Price is $1.24 Difference: $0.62
If TSI meets the Shaw and Partners target it will return approximately 50% (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 29.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.19.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.79.

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

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