Daily Market Reports | Nov 17 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.
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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 AMA ASX ATU BVS CAU CMM (2) COI CSR CTT DHG (2) EHE ERD (2) EVT GDF IGO ING JHX MAD NAB (2) NWS OFX (2) ORI PDL PTM REA (2) SGM (2) SGP TCL TLC TLX WAF WBC (2)
ABB AUSSIE BROADBAND LIMITED
Telecommunication – Overnight Price: $2.52
JP Morgan rates ((ABB)) as Overweight (1) –
Aussie Broadband appears focused on growth opportunities given commentary at its recent investor day, with the company guiding to higher capital expenditure in the coming year despite the completion of its fibre project expected in the next month.
According to JP Morgan, the company is confident in growth opportunities in the Government and Enterprise segments, which is underpinned expected increased expenditure.
The Overweight rating is retained and the target price decreases to $4.00 from $4.40.
This report was published on November 10, 2022.
Target price is $4.00 Current Price is $2.52 Difference: $1.48
If ABB meets the JP Morgan target it will return approximately 59% (excluding dividends, fees and charges).
Current consensus price target is $3.10, suggesting upside of 20.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
JP Morgan forecasts a full year FY23 dividend of 0.00 cents and EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.2, implying annual growth of 368.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 22.9.
Forecast for FY24:
JP Morgan forecasts a full year FY24 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.75.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 16.2, implying annual growth of 44.6%.
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: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AMA AMA GROUP LIMITED
Automobiles & Components – Overnight Price: $0.27
Bell Potter rates ((AMA)) as Upgrade to Buy from Hold (1) –
Bell Potter assesses the impact of a revised pricing plan agreement with Suncorp ((SUN)) by the AMA Group.
The new agreement reflects cost inflation, whilst supporting the AMA Group to grow capacity in Capital SMART, by accepting "more drivable repairs.
The pricing commenced October 1 and runs through to June 2023.
Accordingly, Bell Potter modified EBITDA forecasts by 15% and 8% for FY23 and FY24, respectively, with management re-stating EBITDA guidance of $70-$90m for FY23.
The rating is upgraded to Buy from Hold and the target raised to 32c from 25c.
This report was published on November 8, 2022.
Target price is $0.32 Current Price is $0.27 Difference: $0.055
If AMA 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 FY23:
Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.52.
Forecast for FY24:
Bell Potter forecasts a full year FY24 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 29.44.
Market Sentiment: 0.0
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: $71.13
Jarden rates ((ASX)) as Underweight (4) –
Jarden observes October trading activity for ASX remained soft and activity levels to-date across the 1H are down for futures and cash equities by -6% and -8%, respectively.
On top of these weak figures, the analyst notes the lowest level of capital raisings in October for at least a decade.
The broker lowers its EPS estimates by -1% across the board and its target falls to $68.05 from $70.60.
The Underweight rating is unchanged, given Jarden considers ASX is one of the most expensive exchanges globally, and has downside risk from further CHESS replacement delays.
This report was published on November 7, 2022.
Target price is $68.05 Current Price is $71.13 Difference: minus $3.08 (current price is over target).
If ASX meets the Jarden target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $79.79, suggesting upside of 12.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 243.60 cents and EPS of 270.60 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.29.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 273.0, implying annual growth of 3.9%.
Current consensus DPS estimate is 246.8, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 26.1.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 260.50 cents and EPS of 289.40 cents.
At the last closing share price the estimated dividend yield is 3.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.58.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 285.1, implying annual growth of 4.4%.
Current consensus DPS estimate is 257.4, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 24.9.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ATU ATRUM COAL LIMITED
Coal – Overnight Price: $0.01
Shaw and Partners – Cessation of coverage
This report was published on November 16, 2022.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BVS BRAVURA SOLUTIONS LIMITED
Wealth Management & Investments – Overnight Price: $0.81
Goldman Sachs rates ((BVS)) as Neutral (3) –
Bravura Solutions' rude earnings update raises many concerns for Goldman Sachs, the broker now expecting a rebasing of the company's earnings (EBITDA) margin profile.
The broker says the churn of high-margin legacy contracts could augur worse to come and notes that visibility is poor given the company has to contend with wage inflation, an organisational restructure, cash burn and balance sheet issues, a shift to lower-margin business, and product realignment.
Goldman Sachs expects investors will want to see a tangible improvement before revisiting the company.
FY23 EPS forecasts fall -75% in FY23; -58% in FY24; and -44% in FY25, in line with consensus.
Neutral rating retained. Target price fall to 75c from $1.55.
This report was published on November 8, 2022.
Target price is $0.75 Current Price is $0.81 Difference: minus $0.055 (current price is over target).
If BVS meets the Goldman Sachs target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 80.50.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.25.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CAU CRONOS AUSTRALIA LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.69
Bell Potter rates ((CAU)) as Upgrade to Buy from Hold (1) –
Bell Potter views the recent report from the TGA detailing Authorised Prescriber (AP) Data for the first time as a positive for Cronos Australia, as it offers greater clarity around the trends in use of medicinal cannabis products in Australia.
The analyst considers the update as confirmation that the market is only at the early stages of adoption from prescribers.
The target is raised to $1 from $0.90 and the rating upgraded to Buy from Hold.
This report was published on November 8, 2022.
Target price is $1.00 Current Price is $0.69 Difference: $0.31
If CAU meets the Bell Potter target it will return approximately 45% (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 1.60 cents and EPS of 2.60 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.54.
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 2.00 cents and EPS of 3.60 cents.
At the last closing share price the estimated dividend yield is 2.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.17.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CMM CAPRICORN METALS LIMITED
Gold & Silver – Overnight Price: $4.17
Bell Potter rates ((CMM)) as Hold (3) –
Bell Potter highlights the September quarter production report from Capricorn Metals came in slightly below expectations.
A mill shutdown during the quarter resulted in 31.0koz of production versus the broker's 32.3koz estimate, while costs were higher.
Nevertheless, the result is considered robust, coming in at the upper end of guidance and the costs are some of the lowest in the industry.
Bell Potter adjusts EPS forecasts by -1% and 6% for FY23 and FY24.
A Hold rating is maintained and the target raised to $4.10 from $3.70 from the updated Resource and Reserves which lifts the valuation.
This report was published on November 8, 2022.
Target price is $4.10 Current Price is $4.17 Difference: minus $0.07 (current price is over target).
If CMM meets the Bell Potter target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 28.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.73.
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 27.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.11.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Canaccord Genuity rates ((CMM)) as Buy (1) –
Capricorn Metals' update reveals the Mt Gibson Gold Project resource has risen 32% and Canaccord Genuity believes this creates a strong foundation for the project's maiden reserve, anticipated this quarter.
All going well, the broker expects construction to start in the FY23 December quarter.
Buy rating retained. Target price rises to $4.15 from $4.
This report was published on November 7, 2022.
Target price is $4.15 Current Price is $4.17 Difference: minus $0.02 (current price is over target).
If CMM meets the Canaccord Genuity target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 27.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.44.
Forecast for FY24:
Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 30.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.90.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
COI COMET RIDGE LIMITED
NatGas – Overnight Price: $0.18
Bell Potter rates ((COI)) as Buy (1) –
Comet Ridge reported an update on the initial Reserve certification of the 100% owned Mahalo acreage and Bell Potter views this an a positive development to confirm the value of the company's 100% owned investments.
Equally this takes Comet Ridge closer to development and production for the Greater Mahalo area.
Bell Potter highlights that the company had cash of $18.1m and drawn debt of $10m as at the end of September.
The Speculative Buy rating is retained and the target price adjusts to 26c from 24c.
This report was published on November 8, 2022.
Target price is $0.26 Current Price is $0.18 Difference: $0.08
If COI meets the Bell Potter target it will return approximately 44% (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 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 25.71.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.00.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CSR CSR LIMITED
Building Products & Services – Overnight Price: $4.67
Jarden rates ((CSR)) as Overweight (2) –
First half underlying profit for CSR beat forecasts by Jarden and consensus by 4% and 5%, respectively. A record 15.3% earnings (EBIT) margin was achieved via cost management and higher product pricing.
Less positively, the Aluminium division underperformed expectations due to rising input costs, according to the analyst, and management lowered FY23 earnings guidance for the business.
Despite looming macroeconomic challenges, the broker maintains its Overweight rating on an attractive dividend yield, ongoing share buyback and land bank value (prime industrial). The target falls to $5.50 from $5.65.
This report was published on November 7, 2022.
Target price is $5.50 Current Price is $4.67 Difference: $0.83
If CSR meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $5.47, suggesting upside of 17.1%(ex-dividends)
The company's fiscal year ends in March.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 32.60 cents and EPS of 44.20 cents.
At the last closing share price the estimated dividend yield is 6.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.57.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 44.0, implying annual growth of -21.2%.
Current consensus DPS estimate is 34.7, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 10.6.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 29.30 cents and EPS of 41.80 cents.
At the last closing share price the estimated dividend yield is 6.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.17.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 39.1, implying annual growth of -11.1%.
Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 11.9.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CTT CETTIRE LIMITED
Apparel & Footwear – Overnight Price: $1.67
Bell Potter rates ((CTT)) as Buy (1) –
Bell Potter transfers coverage of Cettire with a Buy rating and a $2.20 target.
The broker likes the long term prospects for the company, and expects Cettire to continue to perform better than other global luxury retailers and e-commerce operators.
Cettire announced 1Q23 results of 71% sales growth, supported by its 3 core markets and 50 emerging markets.
Looking ahead Bell Potter is awaiting the trajectory of marketing costs post the downtrend to low-double digit levels in the 1Q23.
A Buy rating and $2.20 target.
This report was published on November 8, 2022.
Target price is $2.20 Current Price is $1.67 Difference: $0.53
If CTT meets the Bell Potter target it will return approximately 32% (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 2.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 64.23.
Forecast for FY24:
Bell Potter forecasts a full year FY24 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 50.61.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DHG DOMAIN HOLDINGS AUSTRALIA LIMITED
Real Estate – Overnight Price: $3.01
Goldman Sachs rates ((DHG)) as Buy (1) –
Goldman Sachs highlights a dissapointing margin update during 1Q results by Domain Holdings Australia, despite in-line revenue growth.
The company has less scope than competitor REA Group to manage its costs base, explains the analyst, being ranked second in a softening revenue environment and with greater exposure to Melbourne/Sydney listings.
The broker remains positive on the outlook, given a relatively cheap valuation and strong growth prospects.
The Buy rating is maintained, while the target is reduced to $3.90 from $4.20.
This report was published on November 10, 2022.
Target price is $3.90 Current Price is $3.01 Difference: $0.89
If DHG meets the Goldman Sachs target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $3.63, suggesting upside of 17.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 7.00 cents and EPS of 10.20 cents.
At the last closing share price the estimated dividend yield is 2.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.51.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.0, implying annual growth of 69.5%.
Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 30.8.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 8.00 cents and EPS of 12.90 cents.
At the last closing share price the estimated dividend yield is 2.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.33.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.0, implying annual growth of 20.0%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 25.7.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((DHG)) as Neutral (3) –
Trading updates in the 1Q by both Domain Holdings Australia and REA Group revealed a deterioration in housing listings volumes due to rising interest rates, observes Jarden.
Being the number two player in the space, the broker notes (and expected) rising costs are impacting Domain (which expects margins to decline) more than REA Group.
After allowing for lower listing volumes and increased costs, Jarden lowers its EPS forecasts for Domain. The target price falls to $3.40 from $3.90, after a higher weighted average cost of capital (WACC) assumption is also incorporated. Neutral retained.
This report was published on November 10, 2022.
Target price is $3.40 Current Price is $3.01 Difference: $0.39
If DHG meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $3.63, suggesting upside of 17.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 7.30 cents and EPS of 10.50 cents.
At the last closing share price the estimated dividend yield is 2.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.67.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.0, implying annual growth of 69.5%.
Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 30.8.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 9.60 cents and EPS of 13.80 cents.
At the last closing share price the estimated dividend yield is 3.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.81.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.0, implying annual growth of 20.0%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 25.7.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
EHE ESTIA HEALTH LIMITED
Aged Care & Seniors – Overnight Price: $2.15
Jarden rates ((EHE)) as Buy (1) –
Jarden believes the acquisition by Estia Health of an operating portfolio of four facilities from Premier Health Care represents good value, and is cheaper than building new beds.
Further, the purchase of two freehold sites is a positive move into a historically difficult market to obtain licences in an under-bedded region in Adelaide, according to the analyst. The other two facilities are in Queensland.
Despite an increase in risk free rates (rising bond yields) applied to Estia's cash flows, the broker raises its target to $3.18 from $2.88 on the transaction. Buy.
This report was published on November 7, 2022.
Target price is $3.18 Current Price is $2.15 Difference: $1.03
If EHE meets the Jarden target it will return approximately 48% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 11.70 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 5.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.36.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 9.60 cents and EPS of 11.40 cents.
At the last closing share price the estimated dividend yield is 4.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.86.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ERD EROAD LIMITED
Transportation & Logistics – Overnight Price: $1.17
Bell Potter rates ((ERD)) as Buy (1) –
Bell Potter considers the trading update from Eroad as positive.
The company announced a a new North American contract with food service company Sysco; renewal of the ABC North American supplier contract and management "narrowed guidance" to between sales of NZ$154m-NZ$164 and EBIT -NZ$5m.
Eroad is managing costs despite ongoing supply chain problems.
Bell Potter makes no changes to earnings forecasts, and awaits the 1H23 results in a few weeks, but the valuation is adjusted to reflect the changing market.
A Buy rating is retained and the target lowered to $2.50 from $2.75.
This report was published on November 8, 2022.
Target price is $2.50 Current Price is $1.17 Difference: $1.33
If ERD meets the Bell Potter target it will return approximately 114% (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 11.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.92.
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 4.03 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 29.05.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((ERD)) as Neutral (3) –
Following a market update by Eroad, Jarden makes limited changes to FY23 forecasts though meaningful downgrades result from lower medium-to long-term growth assumptions.
Management reaffirmed FY23 normalised earnings (EBIT) guidance, from which the analyst assumes underlying cost growth of 7%, mostly from an increased R&D spend.
The target is lowered to NZ$1.65 from NZ$2.75 and the Neutral rating is unchanged on execution concerns in North America, particularly in light of the worsening macroeconomic backdrop.
This report was published on November 8, 2022.
Current Price is $1.17. Target price not assessed.
The company's fiscal year ends in March.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 9.44 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.40.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.56 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 75.10.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
EVT EVT LIMITED
Travel, Leisure & Tourism – Overnight Price: $14.10
JP Morgan rates ((EVT)) as Neutral (3) –
While the outlook for EVT Ltd appears positive according to JP Morgan, the broker highlights a delayed start to the summer season as a result of wet weather and a thin line up of movie releases through the remainder of 2022 limits near-term earnings upside.
The broker expects first half results to be largely dependent on the release of Avatar, but other movie releases have been delayed to avoid competing with the film which will likely drag on results.
The Neutral rating is retained and the target price decreases to $15.40 from $15.50.
This report was published on November 10, 2022.
Target price is $15.40 Current Price is $14.10 Difference: $1.3
If EVT meets the JP Morgan target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
JP Morgan forecasts a full year FY23 dividend of 36.00 cents and EPS of 48.00 cents.
At the last closing share price the estimated dividend yield is 2.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.38.
Forecast for FY24:
JP Morgan forecasts a full year FY24 dividend of 32.00 cents and EPS of 64.00 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 22.03.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GDF GARDA PROPERTY GROUP
REITs – Overnight Price: $1.40
Moelis rates ((GDF)) as Buy (1) –
Garda Property has agreed to sell its Mackay industrial assets for $35.5m – a 9.4% discount to book value, and Moelis expects the proceeds will be redirected to development assets such as Pinnacle A&B and Acacia ridge.
The broker observes the price implies a cap-rate expansion of 60 basis points and that balance sheet gearing will return to 33.5%. Guidance is unchanged.
The broker expects the company's near-term developments to deliver soon, but now sits at the low end of guidance.
Buy rating retained. Target price falls to $1.87 from $2.08.
This report was published on November 9, 2022.
Target price is $1.87 Current Price is $1.40 Difference: $0.475
If GDF meets the Moelis target it will return approximately 34% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Moelis forecasts a full year FY23 dividend of 7.20 cents and EPS of 6.50 cents.
At the last closing share price the estimated dividend yield is 5.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.46.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 7.50 cents and EPS of 7.70 cents.
At the last closing share price the estimated dividend yield is 5.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.12.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IGO IGO LIMITED
Nickel – Overnight Price: $15.97
JP Morgan rates ((IGO)) as Overweight (1) –
JP Morgan upgrades lithium prices to reflect pervasive undersupply, noting rising auction prices, challenges in increasing near-term output and an 80% increase in EV sales in September.
Spodumene price forecasts rise 44% in FY23 and 66% in FY24.
The broker's net profit-after-tax forecast for IGO is 90% above consensus.
IGO is one of Macquarie's favourite sector picks.
Overweight rating retained. Target price rises 11% to $19.30 from $17.40.
This report was published on November 8, 2022.
Target price is $19.30 Current Price is $15.97 Difference: $3.33
If IGO meets the JP Morgan target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $15.23, suggesting downside of -3.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
JP Morgan forecasts a full year FY23 dividend of 45.00 cents and EPS of 235.00 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.80.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 2.9%.
Current consensus EPS estimate suggests the PER is 7.9.
Forecast for FY24:
JP Morgan forecasts a full year FY24 dividend of 104.00 cents and EPS of 364.00 cents.
At the last closing share price the estimated dividend yield is 6.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.39.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 5.1%.
Current consensus EPS estimate suggests the PER is 8.7.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ING INGHAMS GROUP LIMITED
Food, Beverages & Tobacco – Overnight Price: $2.74
Goldman Sachs rates ((ING)) as Sell (5) –
Goldman Sachs updates currency and interest rate assumptions, and expects this will impact Inghams Group negatively.
EPS forecasts fall -7.1% in FY23; -5.1% in FY24; and -5.2% in FY25.
The broker spies other headwinds, including feed and cost inflation, margin pressure, and weaker poultry demand.
Sell rating retained. Target price slips to $2.55 from $2.65.
This report was published on November 8, 2022.
Target price is $2.55 Current Price is $2.74 Difference: minus $0.19 (current price is over target).
If ING meets the Goldman Sachs target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.82, suggesting upside of 3.0%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 11.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 4.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.27.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.9, implying annual growth of 68.3%.
Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 17.2.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 15.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 5.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.70.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 22.7, implying annual growth of 42.8%.
Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 12.1.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
JHX JAMES HARDIE INDUSTRIES PLC
Building Products & Services – Overnight Price: $29.19
Jarden rates ((JHX)) as Downgrade to Neutral from Overweight (3) –
Second quarter adjusted net income for James Hardie Industries was a -7% miss versus the consensus expectation and management lowered FY23 guidance for a second time.
Jarden was surprised by a sharp 2H downgrade to sales guidance in Nth America due to a significant deterioration in demand for single-family home new starts. Management now anticipates a decline of -5-8% after previously expecting high single-digit growth.
The analyst downgrades the rating to Neutral from Overweight and has concerns around potential negative operating leverage upon profitability, with under-utilisation of new capacity in a declining demand environment.
The company will prioritise a US$200m share buyback over the payment of unfranked cash dividends. The target is lowered to $32.75 from $42.40.
This report was published on November 9, 2022.
Target price is $32.75 Current Price is $29.19 Difference: $3.56
If JHX meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $40.57, suggesting upside of 39.0%(ex-dividends)
The company's fiscal year ends in February.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 192.86 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.14.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 221.9, implying annual growth of N/A.
Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 13.2.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 138.47 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.08.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 211.9, implying annual growth of -4.5%.
Current consensus DPS estimate is 21.8, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 13.8.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MAD MADER GROUP LIMITED
Mining Sector Contracting – Overnight Price: $3.82
Bell Potter rates ((MAD)) as Buy (1) –
Bell Potter evaluates quarterly data from major heavy mobile equipment original equipment manufacturers and dealers in North America, one of Mader Group's growth markets, and finds mining activity remains strong and dealer-to-book ratios ar above 100%, pointing to continued optimism.
The broker also observes more capital expenditure commitments from miners.
EPS forecasts rise 2% in FY23; and 7% in FY24 and FY25.
Buy rating retained. Target price rises to $4.20 from $3.85.
This report was published on November 9, 2022.
Target price is $4.20 Current Price is $3.82 Difference: $0.38
If MAD meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 7.99 cents and EPS of 27.12 cents.
At the last closing share price the estimated dividend yield is 2.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.08.
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 7.80 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 2.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.61.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NAB NATIONAL AUSTRALIA BANK LIMITED
Banks – Overnight Price: $30.31
Goldman Sachs rates ((NAB)) as Buy (1) –
Higher-than-expected bad and doubtful debts (BDD) led to a -1% miss on cash earnings (versus Goldman Sachs forecast) for National Australia Bank in FY22. The 78cps final dividend exceeded the previously estimated 77cps.
The broker's target rises to $35.41 from $34.81 on higher EPS forecasts for FY23 and FY24, due to a steeper rise in net interest margin (NIM) now expected in the 1H of FY23 and lower BDD's, offset by lower operating income.
The analyst expects NIM upside and a strong performance by the business bank, given commercial lending will be better protected from competitive pressures compared to mortgage lending. Buy.
This report was published on November 10, 2022.
Target price is $35.41 Current Price is $30.31 Difference: $5.1
If NAB meets the Goldman Sachs target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $32.12, suggesting upside of 4.5%(ex-dividends)
The company's fiscal year ends in September.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 EPS of 256.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.84.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 250.4, implying annual growth of 17.0%.
Current consensus DPS estimate is 174.0, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 12.3.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 EPS of 250.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.12.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 246.2, implying annual growth of -1.7%.
Current consensus DPS estimate is 179.0, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 12.5.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((NAB)) as Overweight (2) –
FY22 results for National Australia Bank were broadly in line with Jarden 's expectations, with stronger margins partly offset by higher costs. The target is revised up to $33 from $32 after allowing for a roll forward of earnings and EPS revisions.
Given the broker's preference for more defensive bank exposures, the Overweight rating is maintained.
The net interest margin (NIM) increased by 10bps in the 4Q and the analyst expects a further expansion, given ongoing industry tailwinds.
However, according to Jarden, margins are likely to peak in the 2H of FY23 going on early evidence of a sharp rise in deposit pricing, an adverse mix shift to term deposits and intensifying mortgage competition.
This report was published on November 10, 2022.
Target price is $33.00 Current Price is $30.31 Difference: $2.69
If NAB meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $32.12, suggesting upside of 4.5%(ex-dividends)
The company's fiscal year ends in September.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 162.00 cents and EPS of 236.50 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.82.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 250.4, implying annual growth of 17.0%.
Current consensus DPS estimate is 174.0, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 12.3.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 162.00 cents and EPS of 244.30 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.41.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 246.2, implying annual growth of -1.7%.
Current consensus DPS estimate is 179.0, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 12.5.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NWS NEWS CORPORATION
Print, Radio & TV – Overnight Price: $26.96
Goldman Sachs rates ((NWS)) as Buy (1) –
First quarter results for News Corp were broadly in line with Goldman Sachs' expectations.
Revenue from Digital Real Estate was 3% better than the analyst expected on outperformance by Move, while earnings were a -14% miss on higher marketing and employee costs for strategic investments.
Despite Amazon warehousing impacts, Book Publishing was better than expected, points out the broker, though management still expects ongoing supply chain impacts for the division.
The target falls by -6% to $30. Buy.
This report was published on November 10, 2022.
Target price is $30.00 Current Price is $26.96 Difference: $3.04
If NWS meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $33.37, suggesting upside of 23.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 EPS of 76.37 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.30.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 108.7, implying annual growth of N/A.
Current consensus DPS estimate is 32.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 24.8.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 EPS of 107.21 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.15.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 135.0, implying annual growth of 24.2%.
Current consensus DPS estimate is 35.5, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 20.0.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
OFX OFX GROUP LIMITED
Diversified Financials – Overnight Price: $2.60
Canaccord Genuity rates ((OFX)) as Buy (1) –
OFX Group's September-half result beat consensus and Canaccord Genuity's forecasts, thanks to a 50% jump in fee and trading income, and a 53% jump in net operating income.
Global currency volatility and strong beat from recent acquisition FIRMA were the main contributors, automated transaction values outpacing guidance and strengthening margins.
Management upgrades guidance and the broker notes the company has one of the highest operating leverages on the ASX and notes debt is being rapidly repaid, opening the door for more M&A.
EPS forecasts rise 11% in FY23; 6% in FY24 and 4% in FY25.
Buy rating retained, the broker believing its proposition as an inflationary hedge is timely. Target price rises to $3.35 from $3.30.
This report was published on November 9, 2022.
Target price is $3.35 Current Price is $2.60 Difference: $0.75
If OFX meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).
The company's fiscal year ends in March.
Forecast for FY23:
Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 15.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.33.
Forecast for FY24:
Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 15.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.33.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Wilsons rates ((OFX)) as Overweight (1) –
OFX Group's September-half result outpaced Wilsons's forecast and management increased FY23 guidance but moderated expetations for FY24, expecting inflation to weigh on consumer spending.
The broker expects average transaction values will continue with trade remaining strong despite inflation, and the broker believes the company can continue to raise prices, cut transaction costs and bank fees, and gain higher interest income on funds in transit.
EPS forecasts rise 9% in FY23 to reflect lower forecast depreciation and amortisation. The broker forecasts a three-year annual compound growth rate for EPS.
Overweight rating retained. Target price rises to $3.23 from $3.05
This report was published on November 9, 2022.
Target price is $3.23 Current Price is $2.60 Difference: $0.63
If OFX meets the Wilsons target it will return approximately 24% (excluding dividends, fees and charges).
The company's fiscal year ends in March.
Forecast for FY23:
Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 15.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.46.
Forecast for FY24:
Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 14.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.69.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ORI ORICA LIMITED
Mining Sector Contracting – Overnight Price: $15.22
Goldman Sachs rates ((ORI)) as Buy (1) –
FY22 adjusted profit and earnings (EBIT) for Orica exceeded Goldman Sachs' forecasts, with all regions except for Latin America outperforming. There's considered to be meaningful momentum across both ammonium pricing and technology adoption.
Given vague FY23 guidance by management, the broker assumes earnings growth from continuing operations of around 15%. The company was more specific on guidance for three-year return on assets (RONA) of 10.5-13%, up from 10-12%.
The analyst suspects management targets are overly conservative and forecasts a FY23-25 RONA of 13.6%.
Goldman Sachs' FY23-25 earnings estimates are broadly unchanged. After allowing for a better-than-expected debt balance, the target rises to $18.50 from $17.40. Buy.
This report was published on November 10, 2022.
Target price is $18.50 Current Price is $15.22 Difference: $3.28
If ORI meets the Goldman Sachs target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $16.18, suggesting upside of 6.2%(ex-dividends)
The company's fiscal year ends in September.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 41.00 cents and EPS of 83.00 cents.
At the last closing share price the estimated dividend yield is 2.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.34.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 78.5, implying annual growth of 111.7%.
Current consensus DPS estimate is 41.2, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 19.4.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 52.00 cents and EPS of 105.00 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.50.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 92.2, implying annual growth of 17.5%.
Current consensus DPS estimate is 46.5, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 16.5.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PDL PENDAL GROUP LIMITED
Wealth Management & Investments – Overnight Price: $4.46
Jarden rates ((PDL)) as Neutral (3) –
FY22 underlying EPS for Pendal Group came in ahead of forecasts by Jarden and consensus by 15% and 3%, respectively, partly due to a material reduction in costs due to difficult markets.
Average assets under management (AUM) of $124.3bn was circa 4% higher than the analyst's estimate, while base management fees of 46bps were -5% weaker.
Apart from increased earnings forecasts, the lift in the broker's target to $4.90 from $3.95 also captures an estimated 8% upside risk should the takeover bid by Perpetual ((PPT)) succeed. Neutral.
This report was published on November 7, 2022.
Target price is $4.90 Current Price is $4.46 Difference: $0.44
If PDL meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $4.79, suggesting upside of 2.1%(ex-dividends)
The company's fiscal year ends in September.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 24.90 cents and EPS of 27.70 cents.
At the last closing share price the estimated dividend yield is 5.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.10.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 32.5, implying annual growth of 2.3%.
Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 14.4.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 27.40 cents and EPS of 30.40 cents.
At the last closing share price the estimated dividend yield is 6.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.67.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 29.7, implying annual growth of -8.6%.
Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 15.8.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PTM PLATINUM ASSET MANAGEMENT LIMITED
Wealth Management & Investments – Overnight Price: $1.85
Jarden rates ((PTM)) as Underweight (4) –
Despite stronger 1Q flows for Platinum Asset Management, Jarden points out October had the highest level of absolute outflows on record for that month.
The fund manager's International and Asia Funds both deteriorated on three year metrics in October.
A higher market multiple offsets some of the broker's weaker EPS forecasts and the target falls to $1.40 from $1.45. Underweight.
Outflows included an around -$200m partial redemption from the Asia Fund by one large institutional investor, which is expected to
redeem a similar amount in November, explains the analyst.
This report was published on November 8, 2022.
Target price is $1.40 Current Price is $1.85 Difference: minus $0.45 (current price is over target).
If PTM meets the Jarden target it will return approximately minus 24% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.73, suggesting downside of -7.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 12.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 6.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.21.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 14.8, implying annual growth of -15.6%.
Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 7.7%.
Current consensus EPS estimate suggests the PER is 12.6.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 10.50 cents and EPS of 12.20 cents.
At the last closing share price the estimated dividend yield is 5.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.16.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 14.0, implying annual growth of -5.4%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 13.3.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
REA REA GROUP LIMITED
Real Estate – Overnight Price: $121.69
Goldman Sachs rates ((REA)) as Buy (1) –
September-quarter sales for REA Group were a marginal beat versus the forecast by Goldman Sachs, while earnings were a miss on phasing of opex investment.
Indian growth was higher than the analyst expected, while core Australian revenues were a marginal beat.
Management has lowered opex guidance, which suggests to the broker a more cautious outlook for FY23 listings.
The target falls to $159 from $161. Buy.
This report was published on November 10, 2022.
Target price is $159.00 Current Price is $121.69 Difference: $37.31
If REA meets the Goldman Sachs target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $125.87, suggesting upside of 2.6%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 176.00 cents and EPS of 319.00 cents.
At the last closing share price the estimated dividend yield is 1.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.15.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 315.1, implying annual growth of 8.2%.
Current consensus DPS estimate is 172.2, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 38.9.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 228.00 cents and EPS of 381.00 cents.
At the last closing share price the estimated dividend yield is 1.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.94.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 354.9, implying annual growth of 12.6%.
Current consensus DPS estimate is 197.0, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 34.6.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((REA)) as Overweight (2) –
Trading updates in the 1Q by both REA Group and Domain Holdings Australia revealed a deterioration in housing listings volumes due to rising interest rates, observes Jarden.
Being the number one player in the space, the broker notes (and expected) rising costs are impacting REA Group less than for Domain, which expects margins to decline.
After allowing for lower listing volumes and increased costs, Jarden lowers its EPS forecasts for REA Group. The target price falls to $124 from $138, after a higher weighted average cost of capital (WACC) assumption is also incorporated.
This report was published on November 10, 2022.
Target price is $124.00 Current Price is $121.69 Difference: $2.31
If REA meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $125.87, suggesting upside of 2.6%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 177.40 cents and EPS of 315.10 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 38.62.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 315.1, implying annual growth of 8.2%.
Current consensus DPS estimate is 172.2, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 38.9.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 206.50 cents and EPS of 366.70 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.19.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 354.9, implying annual growth of 12.6%.
Current consensus DPS estimate is 197.0, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 34.6.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SGM SIMS LIMITED
Steel & Scrap – Overnight Price: $12.63
Goldman Sachs rates ((SGM)) as Neutral (3) –
Sims' September-quarter trading update disappointed Goldman Sachs by -37%, the company reporting deteriorating market conditions as high inflation hits costs, and higher interest rates dented economic activity and volumes, compressing margins.
The company is cutting costs and the broker reduces FY23 capital expenditure guidance.
Goldman Sachs appreciates the balance sheet, observing net debt finished FY22 at just $100m.
On the upside, tough industry conditions may improve the company's M&A prospects, surmises the broker.
EPS forecasts fall -30% in FY23; -6% in FY24; and 0% in FY25. The broker prefers Bluescope Steel ((BSL)).
Neutral rating retained. Target price falls 3% to $13.90 from $14.40.
This report was published on November 8, 2022.
Target price is $13.90 Current Price is $12.63 Difference: $1.27
If SGM meets the Goldman Sachs target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $12.67, suggesting upside of 0.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 36.00 cents and EPS of 76.00 cents.
At the last closing share price the estimated dividend yield is 2.85%.
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 73.2, implying annual growth of -75.8%.
Current consensus DPS estimate is 32.3, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 17.3.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 46.00 cents and EPS of 162.00 cents.
At the last closing share price the estimated dividend yield is 3.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.80.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 86.4, implying annual growth of 18.0%.
Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 14.6.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((SGM)) as Neutral (3) –
Ahead of Sims' AGM, a disappointing trading update revealed 1H guidance for underlying earnings (EBIT) of $65-75m, well adrift of the $168m consensus estimate. The update highlighted lower volumes, tighter margins and ongoing inflationary pressures.
In response, Jarden cuts its 1H earnings forecast by -56% to $59m from $135m and reduces its target to $12.30 from $13.90.
Apart from the negative earnings impact from lower volumes, the analyst notes competition for available volume will put pressure on trading margins through FY23.
The Neutral rating is unchanged as the coming six months appear difficult, according to the broker, with lesser demand for global steel, copper and aluminium. This is expected to lower demand for ferrous and non-ferrous scrap metal.
This report was published on November 9, 2022.
Target price is $12.30 Current Price is $12.63 Difference: minus $0.33 (current price is over target).
If SGM meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $12.67, suggesting upside of 0.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 11.70 cents and EPS of 39.10 cents.
At the last closing share price the estimated dividend yield is 0.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.30.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 73.2, implying annual growth of -75.8%.
Current consensus DPS estimate is 32.3, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 17.3.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 16.00 cents and EPS of 53.40 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.65.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 86.4, implying annual growth of 18.0%.
Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 14.6.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SGP STOCKLAND
Infra & Property Developers – Overnight Price: $3.62
Goldman Sachs rates ((SGP)) as Buy (1) –
Goldman Sachs attended the Stockland Logistics Investor Day and came away with an upbeat view of the group's strategy to develop and grow the Logistics exposure.
Stockland highlighted the focus on selling off non-core retail assets and concentrating on the development on Workplace and Logistics, with $6.4bn in train, and forecast FY23/24 completions of $600m p.a. and long term completions of $400m-$500m p.a..
This would grow the percentage of Logistics/Workplace to 30-50% of the capital allocated.
With low gearing and $1.4bn in liquidity, as well as an attractive valuation, Goldman Sachs has a Buy rating and $4.40 target price.
This report was published on November 8, 2022.
Target price is $4.40 Current Price is $3.62 Difference: $0.78
If SGP meets the Goldman Sachs target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $3.98, suggesting upside of 10.0%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 28.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 7.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.65.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 33.5, implying annual growth of -42.2%.
Current consensus DPS estimate is 26.8, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 10.8.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 28.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 7.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.97.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 30.9, implying annual growth of -7.8%.
Current consensus DPS estimate is 26.6, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 11.7.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TCL TRANSURBAN GROUP LIMITED
Infrastructure & Utilities – Overnight Price: $13.61
Goldman Sachs rates ((TCL)) as Initiate Coverage with a Sell (5) –
Goldman Sachs initiates coverage of Transurban Group with a $13.50 target and a Sell rating.
The broker views the valuation as full with limited upside to the share price and points to a restoration in traffic volumes and activity, but a miss on the recovery in distributions.
Transurban Group guided to a FY23 distribution of $0.53, compared to $0.59 in FY19.
The work-from-home trend is also considered an ongoing risk to toll road usage.
This report was published on November 8, 2022.
Target price is $13.50 Current Price is $13.61 Difference: minus $0.11 (current price is over target).
If TCL meets the Goldman Sachs target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.06, suggesting upside of 3.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 54.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 3.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 75.61.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 23.3, implying annual growth of 3540.6%.
Current consensus DPS estimate is 56.6, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 58.4.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 61.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 4.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.35.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 31.6, implying annual growth of 35.6%.
Current consensus DPS estimate is 64.8, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 43.1.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TLC LOTTERY CORPORATION LIMITED
Gaming – Overnight Price: $4.50
Jarden rates ((TLC)) as Downgrade to Underweight from Neutral (4) –
Jarden feels Lottery Corp's revenue is less resilient than what is factored into the share price and downgrades its rating to Underweight from Neutral. With opex/capex headwinds, it's thought revenue growth will be hard to maintain.
These views follow a trading update at the company's AGM, which revealed a 9% year-on-year revenue increase, largely driven by an accelerated Powerball jackpot sequence. Keno revenue jumped by 33% on resumption of unrestricted trade (in VIC, NSW, ACT).
Management expects an increase in the Powerball subscription price to $1.20 per game, up from $1.10, towards the end of the financial year.
The target price rises only slightly to $4.03 from $4.01.
This report was published on November 9, 2022.
Target price is $4.03 Current Price is $4.50 Difference: minus $0.47 (current price is over target).
If TLC meets the Jarden target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.98, suggesting upside of 10.6%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 11.00 cents and EPS of 15.30 cents.
At the last closing share price the estimated dividend yield is 2.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.41.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.8, implying annual growth of 1.5%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 28.5.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 16.00 cents and EPS of 16.10 cents.
At the last closing share price the estimated dividend yield is 3.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.95.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.2, implying annual growth of 8.9%.
Current consensus DPS estimate is 14.5, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 26.2.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TLX TELIX PHARMACEUTICALS LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $7.09
Bell Potter rates ((TLX)) as Buy (1) –
Bell Potter reports that Telix Pharmaceuticals's current ZIRCON trial, testing imaging for non-invasive detection of clear cell renal cell cancer has met all primary and secondary endpoints.
If approved, Bell Potter says the technology offers a non-invasive, reliable and cost-effective method to differentiate between small renal masses, and expects the technology's strong economic proposition will foster adoption.
Buy rating retained. Target price rises to $8.90 from $8.50.
This report was published on November 7, 2022.
Target price is $8.90 Current Price is $7.09 Difference: $1.81
If TLX meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY22:
Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 23.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.83.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 157.56.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WAF WEST AFRICAN RESOURCES LIMITED
Gold & Silver – Overnight Price: $1.11
Shaw and Partners – Cessation of coverage
This report was published on November 16, 2022.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WBC WESTPAC BANKING CORPORATION
Banks – Overnight Price: $23.84
Goldman Sachs rates ((WBC)) as Buy (1) –
Westpac reported FY22 results which came in 3% above Goldman Sachs' forecasts and down -1% on the previous period.
Higher net interest income and net interest margins (NIM) offset the higher bad and doubtful debts.
Goldman Sachs remains positive on the bank and views the market disappoint on NIM as misplaced with management guiding to a better than anticipated FY23 NIM and cost management remains "strong".
Earnings forecasts are adjusted by 7.6% and 4.9% for FY23 and FY24, respectively.
The target is raised to $27.60 from $27.07 and a Buy rating is retained.
This report was published on November 8, 2022.
Target price is $27.60 Current Price is $23.84 Difference: $3.76
If WBC meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $25.87, suggesting upside of 10.7%(ex-dividends)
The company's fiscal year ends in September.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 148.00 cents and EPS of 207.00 cents.
At the last closing share price the estimated dividend yield is 6.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.52.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 209.1, implying annual growth of 30.8%.
Current consensus DPS estimate is 144.7, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 11.2.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 159.00 cents and EPS of 221.00 cents.
At the last closing share price the estimated dividend yield is 6.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.79.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 208.4, implying annual growth of -0.3%.
Current consensus DPS estimate is 148.5, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 11.2.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((WBC)) as Underweight (4) –
In the wake of FY22 results for Westpac, Jarden retains its Underweight rating on a sector view and a preference for more defensive bank exposures.
The broker's FY23 and F24 EPS forecasts rise by 2.5% and 1%, respectively, as stronger margins are only partly offset by higher costs. The target is increased to $23.30 from $22.60.
The bank's 2H net interest margin (NIM) rose by 5bps half-on-half to 1.90%. This was only a slight beat over the consensus estimate, according to the analyst, despite a normalisation of treasury income.
This report was published on November 8, 2022.
Target price is $23.30 Current Price is $23.84 Difference: minus $0.54 (current price is over target).
If WBC 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 $25.87, suggesting upside of 10.7%(ex-dividends)
The company's fiscal year ends in September.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 129.00 cents and EPS of 198.00 cents.
At the last closing share price the estimated dividend yield is 5.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.04.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 209.1, implying annual growth of 30.8%.
Current consensus DPS estimate is 144.7, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 11.2.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 136.00 cents and EPS of 207.60 cents.
At the last closing share price the estimated dividend yield is 5.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.48.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 208.4, implying annual growth of -0.3%.
Current consensus DPS estimate is 148.5, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 11.2.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.
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