Australian Broker Call *Extra* Edition – Nov 14, 2022

This story features PENTANET LIMITED, and other companies. For more info SHARE ANALYSIS: 5GG

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)

5GG   AMC   CIP   CLU   GOZ   IGO   JDO   LRK   OBL   ORG   PMV   PXA   RMD   SPL   TPG  

5GG    PENTANET LIMITED

Telecommunication – Overnight Price: $0.29

Bell Potter rates ((5GG)) as Speculative Buy (1) –

Bell Potter lowers its target for Pentanet to 44c from 48c following a relatively flat 1Q update, impacted by a slower subscription uptake as the network performance was interrupted for the neXus rollout.

The company is attempting to bring a world-first mesh network to market, the broker comments.

The broker still assumes a successfully-scaled rollout for that network and cloud gaming services, and maintains its Speculative Buy rating. 

The analyst points to an improvement in operating cash outflows improving to -$1.0m (from -$1.9m in the 4Q of FY22), following a cut back in corporate and staff costs.

This report was published on November 1, 2022.

Target price is $0.44 Current Price is $0.29 Difference: $0.15
If 5GG meets the Bell Potter target it will return approximately 52% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter 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 11.15.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.13.

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

AMC    AMCOR PLC

Paper & Packaging – Overnight Price: $17.37

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

Jarden cuts its earnings per share forecasts for Amcor on concerns that price and volume expectations may prove unrealistic. The broker's assumptions decline -2.7% and -3.4% respectively for FY23 and FY24. 

Despite sings of improving materials availability and a deteriorating volume environment, Amcor continues its inventory build and expects non-material price increases can continue through FY23. Jarden remains cautious that this could see guidance prove ambitious by the third quarter. 

The rating is downgraded to Underweight from Neutral and the target price decreased to $17.05 from $17.50.

This report was published on November 3, 2022.

Target price is $17.05 Current Price is $17.37 Difference: minus $0.32 (current price is over target).
If AMC meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $18.05, suggesting upside of 2.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 67.60 cents and EPS of 111.24 cents.
At the last closing share price the estimated dividend yield is 3.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 118.6, implying annual growth of N/A.
Current consensus DPS estimate is 72.3, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 70.17 cents and EPS of 118.51 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 14.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 122.5, implying annual growth of 3.3%.
Current consensus DPS estimate is 74.1, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 14.3.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CIP    CENTURIA INDUSTRIAL REIT

REITs – Overnight Price: $2.93

Moelis rates ((CIP)) as Buy (1) –

Centuria Industrial REIT's September-quarter appears to have met Moelis' forecasts and the broker says strength in re-leasing spreads evidences continued market strength, as does limited supply and strong demand.

Buy rating retained. Target price falls to $3.69 from $3.88 to reflect cap-rate expansion.

This report was published on October 31, 2022.

Target price is $3.69 Current Price is $2.93 Difference: $0.76
If CIP meets the Moelis target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $3.32, suggesting upside of 8.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 16.00 cents and EPS of 16.90 cents.
At the last closing share price the estimated dividend yield is 5.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.8, implying annual growth of -72.0%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 18.2.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 16.10 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 5.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of 1.2%.
Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 18.0.

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

CLU    CLUEY LIMITED

Education & Tuition – Overnight Price: $0.51

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

A solid first quarter from Cluey, according to Bell Potter, with revenue up 52% on the previous comparable period to $12.0m, student sessions up 42% to a record 175,000, and new students up 52% to 11,300. 

The company remains focused on conserving cash and reaching profitability, and Bell Potter assumes less investment in growth levers moving forward, likely resulting in slower new student and session growth. 

The Buy rating is retained and the target price decreases to $0.90 rom $1.10.

This report was published on November 2, 2022.

Target price is $0.90 Current Price is $0.51 Difference: $0.395
If CLU meets the Bell Potter target it will return approximately 78% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 11.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.51.

Forecast for FY24:

Bell Potter forecasts a full year FY24 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 10.98.

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: $3.23

Moelis rates ((GOZ)) as Buy (1) –

Growthpoint Properties Australia's September-quarter result appears to have fallen short of Moelis' forecasts due to Lion's early surrender of lease.

Moelis observes the property has a 6-star NABER's energy rating and will be presented to market after minor building works.

But the broker appreciates the company's -28% discount to net tangible assets and 6.4% dividend yield and believes industrial rents will likely support valuations in the event of cap rate expansion.

The broker also expects elevated construction costs will limit new supply, favouring existing landlords.

Buy rating retained. Target price falls to $4.07 from $4.37.

This report was published on October 31, 2022.

Target price is $4.07 Current Price is $3.23 Difference: $0.84
If GOZ meets the Moelis target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $3.73, suggesting upside of 11.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 21.40 cents and EPS of 25.70 cents.
At the last closing share price the estimated dividend yield is 6.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of -62.5%.
Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 22.00 cents and EPS of 26.10 cents.
At the last closing share price the estimated dividend yield is 6.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.9, implying annual growth of 7.2%.
Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 14.0.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $16.25

JP Morgan rates ((IGO)) as Overweight (1) –

A mixed bag from IGO in the first quarter saw the company deliver a solid production outcome, but nickel costs increase. Full year guidance was retained, but Nova costs are expected to exceed the guidance range. 

JP Morgan notes remaining capital expenditure for the Cosmos project of $500m is materially above its estimates, but the project should achieve reclassification with $140m. Further, project scope has increased to 1.1m tonnes per annum. 

 The Overweight rating is retained and the target price increases to $17.40 from $16.20.

This report was published on November 2, 2022.

Target price is $17.40 Current Price is $16.25 Difference: $1.15
If IGO meets the JP Morgan target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $15.23, suggesting downside of -11.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 38.00 cents and EPS of 207.00 cents.
At the last closing share price the estimated dividend yield is 2.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 199.9, implying annual growth of 357.4%.
Current consensus DPS estimate is 46.4, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 8.6.

Forecast for FY24:

JP Morgan forecasts a full year FY24 dividend of 68.00 cents and EPS of 242.00 cents.
At the last closing share price the estimated dividend yield is 4.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.5, implying annual growth of -9.7%.
Current consensus DPS estimate is 80.4, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 9.5.

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: $1.22

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

An operational update from Judo Capital has highlighted the better net interest margin achieved in the first quarter, according to Goldman Sachs. The company anticipates its first half net interest margin will meet the upper end of its 3.3-3.5% guidance range. 

Largely on this higher net interest margin, the broker updates its earnings per share forecasts 24.5%, 1.7% and -0.6 through to FY25. The broker finds volumes on track to meet full year guidance. 

The Buy rating is retained and the target price decreases to $1.70 from $1.79.

This report was published on November 1, 2022.

Target price is $1.70 Current Price is $1.22 Difference: $0.48
If JDO meets the Goldman Sachs target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $1.93, suggesting upside of 55.2%(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 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.6, 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 27.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of 69.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.9.

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

LRK    LARK DISTILLING CO. LIMITED

Food, Beverages & Tobacco – Overnight Price: $2.17

Moelis rates ((LRK)) as Hold (3) –

Lark Distilling Co's September-quarter update missed Moelis' forecasts by a decent clip as weaker e-commerce and gift pack sales, labour shortages and a slowing in gin sales took their toll.

But the broker notes gross profit margins held up and the company closed the quarter with $10m in cash and $15m in available debt.

Moelis considers the plan to build the domestic off-premise channel as a plus and expects the recent announcement of a new CEO should drive clarity on the export strategy, which the broker believes is critical to the company's growth prospects.

Hold rating retained. Target price falls to $2.30 from $3.19.

This report was published on November 2, 2022.

Target price is $2.30 Current Price is $2.17 Difference: $0.13
If LRK meets the Moelis target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 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 166.92.

Forecast for FY24:

Moelis 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 72.33.

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

OBL    OMNI BRIDGEWAY LIMITED

Diversified Financials – Overnight Price: $4.36

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

Omni Bridgeway's estimated portfolio value is up 4% quarter-on-quarter, and 28% year-on-year, while implied value was flat quarter-on-quarter but up 16% year-on-year, in what Goldman Sachs found to be a strong result. 

While on the surface a relatively subdued quarter, the broker highlights a significant pipeline of agreed exclusive investment opportunities represents 39% of Omni Bridgeway's commitments target. Goldman Sachs expects the company to deliver higher and more consistent earnings as it scales towards FY25 targets.

The Buy rating is retained and the target price increases to $5.65 from $5.50.

This report was published on November 1, 2022.

Target price is $5.65 Current Price is $4.36 Difference: $1.29
If OBL meets the Goldman Sachs target it will return approximately 30% (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 10.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.90.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 24.00 cents and EPS of 97.00 cents.
At the last closing share price the estimated dividend yield is 5.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.49.

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

ORG    ORIGIN ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $7.83

Jarden rates ((ORG)) as Upgrade to Overweight from Neutral (2) –

Origin Energy's September-quarter gas revenue outpaced Jarden's forecast and the broker believes the company grew market share during recent gas market volatility.

Jarden observes the company's trading position reversed from a small expected loss to a small gain in FY23 and FY24.

The company expects hedging of Cameron LNG volumes in FY25 to generate $350m to $550m.

Given strength in wholesale electricity futures, the broker spies upside to consensus.

Rating upgraded to Overweight from Neutral. Target price rises to $6.00 from $5.80.

This report was published on November 1, 2022.

Target price is $6.00 Current Price is $7.83 Difference: minus $1.83 (current price is over target).
If ORG meets the Jarden target it will return approximately minus 23% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.68, suggesting upside of 0.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 34.50 cents and EPS of 16.30 cents.
At the last closing share price the estimated dividend yield is 4.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.5, implying annual growth of N/A.
Current consensus DPS estimate is 30.1, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 24.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 31.50 cents and EPS of 47.10 cents.
At the last closing share price the estimated dividend yield is 4.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.3, implying annual growth of 47.0%.
Current consensus DPS estimate is 29.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 16.5.

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

PMV    PREMIER INVESTMENTS LIMITED

Apparel & Footwear – Overnight Price: $24.36

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

Premier Investments' September-quarter sales and sales-to-date have outpaced Jarden's forecast, but the broker remains pessimistic heading into year end, given footfall growth is slowing and macro challenges are growing.

But the broker concedes its forecasts may be conservative based on strong youth demographics and product mix.

Overweight rating retained.  Target price rises to $24.50 from $23.00.

This report was published on November 1, 2022.

Target price is $24.50 Current Price is $24.36 Difference: $0.14
If PMV meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $25.72, suggesting upside of 0.6%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 95.00 cents and EPS of 175.10 cents.
At the last closing share price the estimated dividend yield is 3.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 143.3, implying annual growth of -20.1%.
Current consensus DPS estimate is 100.9, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 17.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 88.00 cents and EPS of 160.40 cents.
At the last closing share price the estimated dividend yield is 3.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.7, implying annual growth of -0.4%.
Current consensus DPS estimate is 106.4, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 17.9.

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

PXA    PEXA GROUP LIMITED

Real Estate – Overnight Price: $14.01

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

Pexa Group's settlements, transfers and refinancing all continued to weaken in October, and Jarden estimates the company is on track to miss consensus forecasts on current trends.

The broker sits -12% below consensus and still spies downside.

Underweight rating retained. Target price rises to $12.35 from $12.10 to reflect a higher market price-earnings multiple.

This report was published on November 1, 2022.

Target price is $12.35 Current Price is $14.01 Difference: minus $1.66 (current price is over target).
If PXA meets the Jarden target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $18.25, suggesting upside of 21.9%(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 29.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.4, implying annual growth of 219.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 38.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 35.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.5, implying annual growth of -4.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 39.9.

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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $33.02

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

ResMed's September-quarter result pleased Wilsons, the broker observing the company has sufficient internal capacity for finished AS11s to meet a year of demand growth, including modest market share gains.

The company's card-to-cloud also appears to have made the most of the Philips' recall, says the broker.

If ResMed can continue to benefit from Philips' weakness, the broker spies a re-rating to the upside.

Overweight rating retained. Target price eases to $38.24 form $38.75.

This report was published on October 31, 2022.

Target price is $38.24 Current Price is $33.02 Difference: $5.22
If RMD meets the Wilsons target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $36.63, suggesting upside of 6.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 24.67 cents and EPS of 91.99 cents.
At the last closing share price the estimated dividend yield is 0.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.7, implying annual growth of N/A.
Current consensus DPS estimate is 26.8, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 35.3.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 25.24 cents and EPS of 105.82 cents.
At the last closing share price the estimated dividend yield is 0.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 113.8, implying annual growth of 16.5%.
Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 30.3.

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

SPL    STARPHARMA HOLDINGS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.55

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

Bell Potter lowers its target to 95c from $1.00 largely due to a very modest change in the risk adjustment (probability of success has decreased) the broker applies to Starpharma's DEP products being approved by the FDA before FY26.

Apart from that, the 1Q activity report indicates to the broker a good financial position (cash balance $42.3m), with management expecting an additional $7.0m in the next few months from the Australian government’s R&D tax incentive.

The Speculative Buy rating is unchanged.

This report was published on November 1, 2022.

Target price is $0.95 Current Price is $0.55 Difference: $0.4
If SPL meets the Bell Potter target it will return approximately 73% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 27.50.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.10.

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

TPG    TPG TELECOM LIMITED

Telecommunication – Overnight Price: $4.85

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

Following the sale of its Tower portfolio, TPG Telecom will conduct a review of its Vision Network. Goldman Sachs highlights any potential monetisation of the Vision network would provide additional capital to TPG Telecom. 

The broker estimates a sale of Vision would have an -$82m earnings impact on TPG Telecom, comprising lost fibre to the building earnings and access payments to new network owners, but expects sales proceeds would be used to pay off debt and returned to shareholders. 

The Neutral rating and target price of $6.10 are retained.

This report was published on November 1, 2022.

Target price is $6.10 Current Price is $4.85 Difference: $1.25
If TPG meets the Goldman Sachs target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $6.20, suggesting upside of 25.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 18.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 3.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.9, implying annual growth of 269.9%.
Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 22.5.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 20.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 4.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.2, implying annual growth of 5.9%.
Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 21.3.

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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