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

This story features 3P LEARNING LIMITED, and other companies. For more info SHARE ANALYSIS: 3PL

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)

3PL   AIZ   APE   AVG   CCX   CHC   FLT (2)   GTN   HPG   IEL (2)   IFL   INA   JDO   MAP   MAQ   MBH   MCP   MRM   OZL   PPT   QUB   SKC   WOW   WTC   ZIP  

3PL    3P LEARNING LIMITED

Education & Tuition – Overnight Price: $1.25

CCZ Equities rates ((3PL)) as No Rating (-1) –

No rating or price target is provided with CCZ Equities reporting 3P Learning's FY22 beat its forecasts, though the result remained inside management's guidance range.

The broker adds FY23 guidance implies circa 16% headline growth, which is equally ahead of the broker's expectation.

CCZ Equities is clearly positive about management's execution and ambitions. The broker reports its own DCF-modeling suggests a valuation of $1.78 per share for the company ($493.4m in total).

This report was published on August 23, 2022.

Current Price is $1.25. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

CCZ Equities forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.18 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 105.93.

Forecast for FY24:

CCZ Equities forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.17 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.43.

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

AIZ    AIR NEW ZEALAND LIMITED

Transportation & Logistics – Overnight Price: $0.60

Jarden rates ((AIZ)) as Neutral (3) –

Air New Zealand's FY22 loss proved -3% worse than Jarden's forecast, though in line with guidance it would not exceed -NZ$750m.

The broker highlights the ongoing strength of cargo as one of the highlights of the year heavily impacted by the airliner ramping up staff numbers ahead of capacity and with jet fuel cost rising sharply.

Air New Zealand does not expect cargo levels to remain at FY22's elevated level. No guidance was provided for FY23.

Neutral rating retained, while estimates have been lowered. Target is lowered to NZ70c from NZ72c.

This report was published on August 25, 2022.

Current Price is $0.60. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.47 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 129.03.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 5.48 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.94.

This company reports in NZD. 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

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $12.61

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

Only minor adjustments have been made post FY22 release, which pleased Jarden, including the buyback of up to 10% of shares on issue.

The broker notes how strong demand has driven the order bank up a further 32% over the H2.

Target $13.21, up from $12.37 prior. Overweight.

This report was published on August 26, 2022.

Target price is $13.21 Current Price is $12.61 Difference: $0.6
If APE meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $14.30, suggesting upside of 13.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 51.20 cents and EPS of 109.00 cents.
At the last closing share price the estimated dividend yield is 4.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.0, implying annual growth of -15.4%.
Current consensus DPS estimate is 64.6, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 11.9.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 40.80 cents and EPS of 97.00 cents.
At the last closing share price the estimated dividend yield is 3.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.4, implying annual growth of -3.4%.
Current consensus DPS estimate is 61.6, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 12.3.

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

AVG    AUSTRALIAN VINTAGE LIMITED

Food, Beverages & Tobacco – Overnight Price: $0.67

Moelis rates ((AVG)) as Buy (1) –

Australian Vintage has reported full year revenue of $260.1m, in line with Moelis' forecasts but down -12% year-on-year as a result of a bulk wine sales decline and global shipping disruptions. 

More positively, the broker highlights a focus on branded sales has seen market share growth in all key markets, and expects Australian Vintage will continue to outperform market growth.

The broker anticipates costs of goods sold rises in the coming year as an impact of inflationary pressures, but expects price increases and a higher margin sales mix to offset. 

The Buy rating is retained and the target price increases to $0.89 from $0.86.

This report was published on August 26, 2022.

Target price is $0.89 Current Price is $0.67 Difference: $0.22
If AVG meets the Moelis target it will return approximately 33% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 3.40 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 5.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.38.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 3.50 cents and EPS of 9.10 cents.
At the last closing share price the estimated dividend yield is 5.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.36.

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

CCX    CITY CHIC COLLECTIVE LIMITED

Apparel & Footwear – Overnight Price: $1.53

Jarden rates ((CCX)) as Downgrade to Neutral from Overweight (3) –

Jarden explains City Chic Collective's FY22 had all eyes on the reported inventory which had risen 56% over H2, some 20% above the market consensus forecast.

While management has indicated it stands ready to reduce the inventory, Jarden thinks it won't be plausibly achieved without some serious price discounting.

Within this framework, the broker points out competing US plus-sized fashion retailers Torrid and Lane Bryant are actively discounting.

Jarden has downgraded the stock to Neutral from Overweight. Target price $2.09 (was $2.10).

This report was published on September 2, 2022.

Target price is $2.09 Current Price is $1.53 Difference: $0.56
If CCX meets the Jarden target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $2.52, suggesting upside of 64.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 11.60 cents.
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 12.5, implying annual growth of 29.8%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 5.00 cents and EPS of 13.40 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of 13.6%.
Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 10.8.

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

CHC    CHARTER HALL GROUP

REITs – Overnight Price: $12.83

Jarden rates ((CHC)) as Buy (1) –

Are we double-counting a downturn? asks Jarden, while implicit suggesting the market had turned too bearish on future prospects for Charter Hall.

If any serious decline in asset values will take place, the broker suggests, the likes of Charter Hall will see a noticeable pick-up in transaction volumes, which will compensate.

Jarden suggests eventually, evidence of underlying earnings momentum will show itself and this will lead to a re-rating of the shares.

Buy. Target $17.50 (was $19.20).

This report was published on August 26, 2022.

Target price is $17.50 Current Price is $12.83 Difference: $4.67
If CHC meets the Jarden target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $14.84, suggesting upside of 15.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 42.50 cents and EPS of 90.50 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.4, implying annual growth of -51.9%.
Current consensus DPS estimate is 42.6, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 45.10 cents and EPS of 94.70 cents.
At the last closing share price the estimated dividend yield is 3.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.8, implying annual growth of -6.0%.
Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 14.6.

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

FLT    FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $17.37

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

Flight Centre Travel Group reported full year revenue of $1,007m, and an underlying loss of -$361m, with Goldman Sachs noting revenue margins remain a key concern as a mix towards large corporate, domestic and online businesses impacted.

Stronger than expected recovery in Australia was a positive for the broker, which also noted recovery in America was tracking slower than expected. Staff constraints and cost pressures, impacting industry wide, also remain a key issue. 

The Neutral rating is retained and the target price decreases to $19.60 from $20.90.

This report was published on August 26, 2022.

Target price is $19.60 Current Price is $17.37 Difference: $2.23
If FLT meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $16.52, suggesting downside of -4.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 68.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 42.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 20.00 cents and EPS of 102.00 cents.
At the last closing share price the estimated dividend yield is 1.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.3, implying annual growth of 129.2%.
Current consensus DPS estimate is 31.4, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 18.6.

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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Jarden rates ((FLT)) as Neutral (3) –

While Flight Centre Travel's FY22 proved in line with expectations, Jarden's focus is on the strong Q4 when the business generated a profit.

When management spoke about the outlook, it looked better than what Jarden had penciled in. The broker is even more convinced this company will turn itself into a higher margin, more capital light business that, as a result, should generate materially higher returns.

Forecasts have been increased, implying significant growth ahead, but with no immediate prospect for dividends. Target $21.10. Neutral.

This report was published on August 26, 2022.

Target price is $21.10 Current Price is $17.37 Difference: $3.73
If FLT meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $16.52, suggesting downside of -4.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 52.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 42.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 109.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.3, implying annual growth of 129.2%.
Current consensus DPS estimate is 31.4, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 18.6.

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

GTN    GTN LIMITED

Print, Radio & TV – Overnight Price: $0.44

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

With GTN pre-releasing its key financials in June, Canaccord Genuity notes having managed its cost base over a period of reduced revenue, the company has potential for earnings recovery to historic levels as the revenue gap closes. 

The broker highlights Australia and Canada as offering the most upside to revenue recovery.

The company also revealed a new business line of aerial drone displays, with management optimistic about the outlook although investment is substantial. 

The Buy rating is retained and the target price increases to $0.70 from $0.60.

This report was published on August 26, 2022.

Target price is $0.70 Current Price is $0.44 Difference: $0.26
If GTN meets the Canaccord Genuity target it will return approximately 59% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 1.00 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.00.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 2.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 4.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.33.

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: $1.40

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

With churn a key challenge for hipages Group in the last year, Goldman Sachs believes a near-term focus on churn reduction, as part of its longer-term growth strategy, is the right move for the company. 

The broker notes churn has been exacerbated by a tight labour market, which it expects will persist in the near-term before moderating from the second half of FY23. 

Goldman Sachs finds hipages Group a compelling longer-term growth opportunity, with adjacent services and improved monetisation expected to support growth. 

The Buy rating is retained and the target price decreases to $2.20 from $2.55.

This report was published on August 25, 2022.

Target price is $2.20 Current Price is $1.40 Difference: $0.8
If HPG meets the Goldman Sachs target it will return approximately 57% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 140.00.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 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 46.67.

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

IEL    IDP EDUCATION LIMITED

Education & Tuition – Overnight Price: $28.02

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

Goldman Sachs finds IDP Education's full year result testament to the company's ability to manage costs while preparing capacity for a strong rebound of students entering Australia.

The company highlighted strong recovery to placements in Australia, and has flagged a return to pre-covid volumes ahead. 

The broker also expects ongoing investment will support multi-destination growth, with IDP Education expected to open a further 23 offices in the coming year, targeting the underpenetrated and high growth regions of Africa and South East Asia.

The broker adds technology investment should confirm the company's place as an industry leader in the medium-term.

The Buy rating is retained and the target price increases to $36.00 from $35.50.

This report was published on August 25, 2022.

Target price is $36.00 Current Price is $28.02 Difference: $7.98
If IEL meets the Goldman Sachs target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $32.90, suggesting upside of 17.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 41.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 1.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.0, implying annual growth of 62.8%.
Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 46.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 56.00 cents and EPS of 80.00 cents.
At the last closing share price the estimated dividend yield is 2.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.9, implying annual growth of 31.5%.
Current consensus DPS estimate is 36.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 35.5.

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

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

IDP Education's FY22 beat market expectations by some 5%, benefiting from operational leverage plus beneficial FX movements, as IELTS volumes remained below Jarden's forecast.

While some compositional changes have been made to forecasts, Jarden points out the operations are clearly running well in difficult circumstances, underpinning its positive thesis for the years ahead.

The broker sees EBIT growing 47% in FY23 and 30% in FY24. Overweight rating retained. Price target lifts to $33.53 from $31.17.

This report was published on August 26, 2022.

Target price is $33.53 Current Price is $28.02 Difference: $5.51
If IEL meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $32.90, suggesting upside of 17.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 41.10 cents and EPS of 58.90 cents.
At the last closing share price the estimated dividend yield is 1.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.0, implying annual growth of 62.8%.
Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 46.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 53.80 cents and EPS of 76.90 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.9, implying annual growth of 31.5%.
Current consensus DPS estimate is 36.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 35.5.

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

IFL    INSIGNIA FINANCIAL LIMITED

Wealth Management & Investments – Overnight Price: $3.37

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

Jarden applauds the "considerable progress" being made in integrating ANZ Wealth and MLC Wealth acquisitions with cost synergies delivered.

FY22 financials proved better-than-expected and the broker suggests the current valuation remains undemanding, with a juicy-looking dividend on top.

Estimates have been lifted. Target price rises to $3.75 from $3.20. Overweight.

This report was published on August 26, 2022.

Target price is $3.75 Current Price is $3.37 Difference: $0.38
If IFL meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $4.10, suggesting upside of 21.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 20.60 cents and EPS of 31.90 cents.
At the last closing share price the estimated dividend yield is 6.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.9, implying annual growth of 463.6%.
Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 22.60 cents and EPS of 34.60 cents.
At the last closing share price the estimated dividend yield is 6.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.0, implying annual growth of 12.9%.
Current consensus DPS estimate is 28.3, implying a prospective dividend yield of 8.4%.
Current consensus EPS estimate suggests the PER is 9.4.

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

INA    INGENIA COMMUNITIES GROUP

Aged Care & Seniors – Overnight Price: $4.22

Jarden rates ((INA)) as Buy (1) –

Ingenia Communities' FY22 was a positive stand-out, beating expectations by Jarden and market consensus, while also promising further growth when many in the sector do not, points out the broker.

Jarden does believe FY23 guidance needs a bit of luck, but holidays opening could prove the swing factor.

Irrespectively, the broker continues to see strong medium-term targets are in place, with supply not demand being the potential limiting factor.

Buy. Target $5.70 (unchanged).

This report was published on August 26, 2022.

Target price is $5.70 Current Price is $4.22 Difference: $1.48
If INA meets the Jarden target it will return approximately 35% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 11.50 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.88.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 12.30 cents and EPS of 29.20 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.45.

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

JDO    JUDO CAPITAL HOLDINGS LIMITED

Business & Consumer Credit – Overnight Price: $1.18

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

Judo Capital delivered full year cash earnings of $9.1m, a 9% beat to Goldman Sachs' forecast, but lower net interest margins and higher expenses and bad and doubtful debt over the forecast period has driven the broker to downgrade earnings per share forecasts -43.9%, -37.4% and -21.5% through to FY25.

Despite this, the broker reiterates growth remains on track, with Judo Capital the only pure play bank exposure to small and medium business lending. Goldman Sachs predicts Judo Capital's lending portfolio to exceed $9bn in the coming year.

The Buy rating is retained and the target price decreases to $1.79 from $2.05.

This report was published on August 25, 2022.

Target price is $1.79 Current Price is $1.18 Difference: $0.61
If JDO meets the Goldman Sachs target it will return approximately 52% (excluding dividends, fees and charges).
Current consensus price target is $1.93, suggesting upside of 63.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.1, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 28.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of 90.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.1.

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

MAP    MICROBA LIFE SCIENCES LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.21

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

Microba Life Sciences' first full year result since its public listing has included an in-line revenue result according to Canaccord Genuity, and a better than expected operating loss of -$11.5m. 

Canaccord Genuity notes while its target price is based only on Microba Life Sciences' testing business, the company's inflammatory bowel disease testing program, set to enter phase one trials at the end of 2022, could offer 30 cents per share upside if the company is successful in a licensing transaction for the program. 

The Speculative Buy rating and target price of $0.41 are retained.

This report was published on August 26, 2022.

Target price is $0.41 Current Price is $0.21 Difference: $0.2
If MAP meets the Canaccord Genuity target it will return approximately 95% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 6.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.33.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.62.

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

MAQ    MACQUARIE TELECOM GROUP LIMITED

Telecommunication – Overnight Price: $64.20

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

Canaccord Genuity reports an in-line full year result from Macquarie Telecom, exceeding the top end of its earnings guidance range. Revenue of $309m was up 8% year-on-year, partly due to a five month revenue contribution from IC3 East's anchor tenant. 

The company anticipates earnings growth in the coming year, which Canaccord Genuity expects to be skewed to the second half given investment spend in the first half.

The Buy rating and target price of $99.00 are retained.

This report was published on August 26, 2022.

Target price is $99.00 Current Price is $64.20 Difference: $34.8
If MAQ meets the Canaccord Genuity target it will return approximately 54% (excluding dividends, fees and charges).

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

MBH    MAGGIE BEER HOLDINGS LIMITED

Food, Beverages & Tobacco – Overnight Price: $0.33

Taylor Collison rates ((MBH)) as Outperform (2) –

Maggie Beer's FY22 report contained no major surprises post the trading update in May, and that pleased Taylor Collison. The FY22 result landed near the top of management's guidance.

It is the broker's view that discontinuing the dairy assets will provide for a clearer strategy in terms of capital allocation, which can only be a positive for shareholders.

As the company continues to develop its distribution profile while also acquiring new customers at high margins, Taylor Collison sees potential for a re-rate for the stock.

Outperform. No target was provided.

This report was published on August 26, 2022.

Current Price is $0.33. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

Taylor Collison forecasts a full year FY23 EPS of 2.26 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.60.

Forecast for FY24:

Taylor Collison forecasts a full year FY24 EPS of 2.55 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.94.

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

MCP    MCPHERSON'S LIMITED

Health & Nutrition – Overnight Price: $0.79

Moelis rates ((MCP)) as Hold (3) –

Moelis was unsurprised by McPherson's full year result, with the company having pre-reported profit before tax of $10.7m. The broker notes the company was impacted by margin pressure in the year, with price increases in the second half not sufficient to offset increasing costs, a trend expected to persist in the coming year.

Chemist Warehouse remained the company's key growth driver in the year, and the company is in talks with private pharmacies to stock the brand's private label products.

The broker also noted Fusion launched in stores in July, and is expected to launch in New Zealand stores in the coming year. 

The Hold rating is retained and the target price decreases to $0.83 from $0.94. 

This report was published on August 25, 2022.

Target price is $0.83 Current Price is $0.79 Difference: $0.04
If MCP meets the Moelis target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 2.80 cents and EPS of 5.90 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.39.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 5.00 cents and EPS of 6.20 cents.
At the last closing share price the estimated dividend yield is 6.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.74.

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

MRM    MMA OFFSHORE LIMITED

Energy Sector Contracting – Overnight Price: $0.70

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

MMA Offshore's earnings declined -12% on the previous year to $32.3m, with the company noting results were impacted by -$5-6m in covid costs. 

Canaccord Genuity notes both Logistics and Subsea reported strong second halves, increasing earnings contributions substantially. 

The broker expects MMA Offshore could benefit from the supply-dynamic as offshore renewables and energy projects are set for a global investment surge, while boat supply looks unlikely to improve for several years. 

The Buy rating is retained and the target price increases to $0.88 from $0.76.

This report was published on August 26, 2022.

Target price is $0.88 Current Price is $0.70 Difference: $0.18
If MRM meets the Canaccord Genuity target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity 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 77.78.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.43.

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

OZL    OZ MINERALS LIMITED

Copper – Overnight Price: $25.33

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

The new $27.50 target for OZ Minerals, up from $17.00, reflects a 10% premium to BHP Group's ((BHP)) $25/share offer, as JP Morgan still believes a higher offer should emerge.

First half earnings for OZ Minerals were in line with the broker's estimate, while profit was a -9% miss on higher tax and interest costs. The 8c interim dividend was ahead of the expected 7c.

Production guidance was unchanged though capex for project studies increased to $170-190m from $85-105m for long lead items
at West Musgrave. The Neutral rating is retained.

This report was published on August 29, 2022.

Target price is $27.50 Current Price is $25.33 Difference: $2.17
If OZL meets the JP Morgan target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $24.50, suggesting downside of -3.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 13.00 cents and EPS of 56.00 cents.
At the last closing share price the estimated dividend yield is 0.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.1, implying annual growth of -47.9%.
Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 30.5.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 12.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 0.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.5, implying annual growth of 25.8%.
Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 24.2.

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

PPT    PERPETUAL LIMITED

Wealth Management & Investments – Overnight Price: $26.67

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

The proposed tie-up between Perpetual and Pendal Group ((PDL)) has its merits, acknowledges Jarden, but the broker also sees risks in retaining talent and clients.

It is these risks that keep Jarden from upgrading any further than Neutral (from Underweight) at this point. Both fund managers are still in the process of integrating prior acquisitions each, the broker highlights.

Perpetual's FY22 performance proved better-than-expected, underlying, and has triggered upgrades to forecasts. Target price rises to $29.10 from $24.45.

This report was published on August 26, 2022.

Target price is $29.10 Current Price is $26.67 Difference: $2.43
If PPT meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $31.60, suggesting upside of 18.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 167.40 cents and EPS of 193.30 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 13.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 213.0, implying annual growth of 18.6%.
Current consensus DPS estimate is 184.0, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 12.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 178.30 cents and EPS of 205.90 cents.
At the last closing share price the estimated dividend yield is 6.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 239.4, implying annual growth of 12.4%.
Current consensus DPS estimate is 206.3, implying a prospective dividend yield of 7.7%.
Current consensus EPS estimate suggests the PER is 11.1.

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

QUB    QUBE HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $2.92

Jarden rates ((QUB)) as Buy (1) –

Jarden clearly admires Qube Holdings' FY22 performance, given the numerous headwinds throughout the period. The broker believes the outlook remains for strong growth, referring to Qube's exposure to strong export markets such as bulk minerals and agriculture.

The key disappointment is capex remaining high whereas the broker had anticipated less spending by now. Operational headwinds are likely to remain.

Target remains $3.25. Buy.

This report was published on August 26, 2022.

Target price is $3.25 Current Price is $2.92 Difference: $0.33
If QUB meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.28, suggesting upside of 12.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 10.20 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 3.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.9, implying annual growth of 80.6%.
Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 24.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 11.80 cents and EPS of 12.80 cents.
At the last closing share price the estimated dividend yield is 4.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.0, implying annual growth of 9.2%.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 22.5.

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

SKC    SKYCITY ENTERTAINMENT GROUP LIMITED

Gaming – Overnight Price: $2.55

Jarden rates ((SKC)) as Buy (1) –

SkyCity Entertainment's FY22 proved in line, with both Jarden's and market consensus forecasts. There was a slight "beat" at the net profit level, the broker adds.

The casino operator has experienced a strong start into FY23 and management is confident earnings will be back at pre-covid level in FY23.

Jarden retains its Buy rating on valuation grounds. Price target has gained 3% to NZ$3.35.

This report was published on August 26, 2022.

Current Price is $2.55. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 13.01 cents and EPS of 14.40 cents.
At the last closing share price the estimated dividend yield is 5.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.71.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 15.80 cents and EPS of 16.82 cents.
At the last closing share price the estimated dividend yield is 6.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.16.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

WOW    WOOLWORTHS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $36.70

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

Jarden believes Woolworths Group's FY22 performance was in line with H2 trends showing improvement. Cash flow missed expectations but the dividend declared was better-than-expected.

Offsetting all these positives was a rather weak start into FY23, with an underwhelming outlook. Jarden itself is forecasting slowing momentum.

The broker agrees with the view that sales and margins will benefit from inflation, but maybe less and for a shorter time only. Jarden holds a preference for Coles Group ((COL)).

Overweight. Target drops to $39 from $41 on reduced estimates.

This report was published on August 26, 2022.

Target price is $39.00 Current Price is $36.70 Difference: $2.3
If WOW meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $36.24, suggesting downside of -1.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 108.00 cents and EPS of 138.40 cents.
At the last closing share price the estimated dividend yield is 2.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 136.6, implying annual growth of -79.0%.
Current consensus DPS estimate is 103.0, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 26.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 113.00 cents and EPS of 146.30 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 148.7, implying annual growth of 8.9%.
Current consensus DPS estimate is 110.8, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 24.7.

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

WTC    WISETECH GLOBAL LIMITED

Cloud services – Overnight Price: $57.06

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

Jarden had, in anticipation of a positive result, increased its price target to $53. Post result, that target has now been lifted to $64. Overweight rating retained.

The FY22 result in itself had been pre-guided on most metrics, but fresh contracts and increased disclosures have clearly pumped up the broker's confidence and optimism.

Strong organic growth remains the key characteristic for WiseTech Global, opines the broker. Forecasts have been lifted.

This report was published on August 26, 2022.

Target price is $64.00 Current Price is $57.06 Difference: $6.94
If WTC meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $56.18, suggesting downside of -1.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 14.40 cents and EPS of 71.80 cents.
At the last closing share price the estimated dividend yield is 0.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 79.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.0, implying annual growth of 27.3%.
Current consensus DPS estimate is 14.5, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 75.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 19.10 cents and EPS of 95.50 cents.
At the last closing share price the estimated dividend yield is 0.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 59.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.7, implying annual growth of 27.2%.
Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 59.0.

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

ZIP    ZIP CO LIMITED

Business & Consumer Credit – Overnight Price: $0.87

Jarden rates ((ZIP)) as Neutral (3) –

It is Jarden's view that Zip Co revealed larger-than-forecast losses when it released a largely pre-guided FY22 report, but also with a pathway to breaking even.

The broker clearly is backing management in its quest to pull Zip Co into cash EBITDA breakeven with the added notion that Jarden's forecasts assume no global recession on the horizon.

The analysts express their confidence in management's ability to successfully execute on its strategy. Target drops to $1.10 from $1.20. Neutral rating "reiterated" (no, we don't know why either).

This report was published on August 26, 2022.

Target price is $1.10 Current Price is $0.87 Difference: $0.23
If ZIP meets the Jarden target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $0.74, suggesting downside of -14.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 36.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -29.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 23.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.4, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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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