Australian Broker Call *Extra* Edition – Nov 21, 2022

This story features ALPHA HPA LIMITED, and other companies. For more info SHARE ANALYSIS: A4N

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)

A4N   ACF   ARU   AVH   AX1   BRG   CPU   CTM   DRO   ELD   GDI   IMM (2)   INA   JIN (2)   MVF   NEC   PDL   PRN   RHC (2)   RMS   SCG   SLH   SUN   SWM   TNE   XRO (3)  

A4N    ALPHA HPA LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $0.59

Bell Potter rates ((A4N)) as Buy (1) –

Alpha HPA has announced Orica ((ORI)) will take a 5% equity interest in the company.

The pair have signed a Memorandum of Understanding to investigate the feasibility of establishing a high-purity aluminium product manufacturing facility in Canada, replicating the Gladstone HPA First Project, notes Bell Potter.

Orica will pay 44c a share for  45m new shares at 44c a share, delivering $19.8m in capital. 

The broker says the deal validates the HPA Fris Project, and Alpha HPA can use the funds to continue the ramp up of Stage 1 production. Bell Potter also expects the Federal Government will soon tip in another $15.5m through its Critical Minerals Grant for Stage 1.

Buy rating retained. Target price rises to $1.02 from 95c.

This report was published on November 14, 2022.

Target price is $1.02 Current Price is $0.59 Difference: $0.425
If A4N meets the Bell Potter target it will return approximately 71% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 49.58.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 6.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.30.

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

ACF    ACROW FORMWORK AND CONSTRUCTION SERVICES LIMITED

Building Products & Services – Overnight Price: $0.56

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

Shaw and Partners initiates coverage of Acrow Formwork and Construction Services with a Buy, High Risk, rating and an 85c target price, expecting a total shareholder return of 66%.

Acrow Formwork and Construction Services is one of the country's largest specialist formwork and scaffolding providers and the broker notes that it is trading at a sharp discount to peers, despite outpacing on returns and posting double-digit earnings growth.

The broker notes the company is improving metrics across the board, having undertake a transformation program since its reverse listing on the ASX in 2022. 

The broker estimates a four-year compound annual growth rate of 23% and notes management has upgraded FY23 guidance to sharply above consensus (its second), and the balance sheet is in respectable shape and the company offers a dividend.

The broker believes this is plausible given the positive outlook for the engineering and transport infrastructure sectors.

This report was published on November 14, 2022.

Target price is $0.85 Current Price is $0.56 Difference: $0.29
If ACF meets the Shaw and Partners target it will return approximately 52% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 3.00 cents and EPS of 8.70 cents.
At the last closing share price the estimated dividend yield is 5.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.44.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 4.00 cents and EPS of 10.50 cents.
At the last closing share price the estimated dividend yield is 7.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.33.

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

ARU    ARAFURA RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $0.46

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

Arafura Rare Earths' economic update reveals a 38% increase in capital expenditure costs to $1.59bn and a 32% increase in operating costs over the life of the mine (offset by an increase in the NdPr price outlook), and a final investment decision is due in March.

Bell Potter incorporates the changes into its model and adjusts interest costs up accordingly.

The broker's long-term NdPr forecasts sit sharply below the company's forecast, given it expects higher prices, high barriers to entry to delay supply, and geopolitics to hit supply. The broker also cuts its Australian dollar forecast.

Buy rating retained. Target price rises to 64c from 53c.

This report was published on November 15, 2022.

Target price is $0.64 Current Price is $0.46 Difference: $0.18
If ARU meets the Bell Potter target it will return approximately 39% (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 2.41 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.09.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.94 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.71.

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

AVH    AVITA MEDICAL INC

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $2.20

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

Avita Medical's September-quarter revenue outpaced Wilsons' forecasts by 9.6%. The broker now spies a road to profitability but remains sceptical.

Management raised guidance to US$33m-US$34m from US$30m, excluding BARDA.

Costs fell -17% during the period, RECELL was launched in Japan and the company is awaiting approval in its soft tissue reconstruction indication and vitiligo. Applications are expected to be submitted in December and the company is hoping approval will be granted by June 2023, given it qualifies for prioritised approval.

The broker observes the company appears to be holding its ground in the small burns market.

EPS forecasts rise 4% to 7% across FY22 to FY24. 

Market Weight rating retained. Target price is $1.88, which compares with the last entry in the FNArena database of $1.74.

This report was published on November 14, 2022.

Target price is $1.88 Current Price is $2.20 Difference: minus $0.32 (current price is over target).
If AVH meets the Wilsons target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 33.57 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.55.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 28.57 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.70.

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

AX1    ACCENT GROUP LIMITED

Apparel & Footwear – Overnight Price: $1.65

Jarden rates ((AX1)) as Overweight (2) –

Accent Group's trading update for the first 18 weeks of FY23 outpaced consensus and Jarden's forecasts.

Management has confirmed it will roll out 50 new stores this half, double Jarden's estimate of 25 stores.

While cautious heading into Christmas and spying potential FX headwinds, the broker expects an upward market re-rating for the company given covid pressures appear to be abating.

EPS forecasts rise 21% in FY23 and the broker now sits 15% ahead of consensus.

Overweight rating retained. Target price rises to $2.30 from $2.10.

This report was published on November 14, 2022.

Target price is $2.30 Current Price is $1.65 Difference: $0.65
If AX1 meets the Jarden target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $1.86, suggesting upside of 12.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 10.10 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 6.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.2, implying annual growth of 110.0%.
Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 10.80 cents and EPS of 14.80 cents.
At the last closing share price the estimated dividend yield is 6.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.3, implying annual growth of 9.0%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 12.4.

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

BRG    BREVILLE GROUP LIMITED

Household & Personal Products – Overnight Price: $20.31

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

A 1H trading update provided at Breville Group's AGM was broadly in line with commentary at FY22 results, according to JP Morgan. No quantified earnings guidance.

Management noted the business is performing in line with its FY23 plan, and an improvement in supply chains will assist in returning to a more normalised inventory position and working capital release in the 2H of FY23.

The analyst points out Europe, which comprises around 60% of group sales, continues to be impacted by weak consumer sentiment due to both macroeconomic and geopolitical concerns.

The Neutral rating is kept while the target falls to $22.50 from $23.70.

This report was published on November 11, 2022.

Target price is $22.50 Current Price is $20.31 Difference: $2.19
If BRG meets the JP Morgan target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $24.33, suggesting upside of 19.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 33.00 cents and EPS of 82.00 cents.
At the last closing share price the estimated dividend yield is 1.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.2, implying annual growth of 4.3%.
Current consensus DPS estimate is 32.8, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 25.6.

Forecast for FY24:

JP Morgan forecasts a full year FY24 dividend of 36.00 cents and EPS of 89.00 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.9, implying annual growth of 13.5%.
Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 22.6.

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

CPU    COMPUTERSHARE LIMITED

Diversified Financials – Overnight Price: $27.09

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

Jarden continues to view Computershare as offering compelling value post the trading update. 

Although lower transactions and higher costs are impacting on EBIT, the expansion in margin income (MI) is providing a hefty offset.

Computershare has upgraded MI to over $1bn for FY23 versus $680m consensus forecast and $520m in FY23, up from $280m, due to the higher interest rates compared to FY22 and the ability to capitlise on the higher yields.

Jarden upgrades EPS forecasts by 18% and 11% for FY23 and FY24, respectively.

An Overweight rating is retained and the target is adjusted to $30.45 from $29.45.

This report was published on November 11, 2022.

Target price is $30.45 Current Price is $27.09 Difference: $3.36
If CPU meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $32.21, suggesting upside of 18.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 106.57 cents and EPS of 151.71 cents.
At the last closing share price the estimated dividend yield is 3.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 146.6, implying annual growth of N/A.
Current consensus DPS estimate is 137.7, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 18.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 131.00 cents and EPS of 183.14 cents.
At the last closing share price the estimated dividend yield is 4.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 182.0, implying annual growth of 24.1%.
Current consensus DPS estimate is 143.0, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.9.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CTM    CENTAURUS METALS LIMITED

Nickel – Overnight Price: $1.20

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

Centaurus Metals has announced a 28% increase to contained metals at its Jaguar nickel project for a new resource of 108m tonnes at 0.87% nickel, or 939,000 tonnes of contained nickel. 

Canaccord Genuity  highlights Jaguar is the third largest resource on the ASX and with more than 500,000 tonnes of nickel classified as measured and indicated, the broker finds the project significantly derisked ahead of the definitive feasibility study next year. 

The Speculative Buy rating is retained and the target price decreases to $1.65 from $1.75.

This report was published on November 15, 2022.

Target price is $1.65 Current Price is $1.20 Difference: $0.45
If CTM meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 5.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 21.05.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 150.00.

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

DRO    DRONESHIELD LIMITED

Hardware & Equipment – Overnight Price: $0.20

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

Material contract wins made through 2022 have proven DroneShield's ability to convert sales opportunities into revenue according to Bell Potter. The company has announced four contracts since the beginning of September, with a value of more than $750,000.

The broker feels DroneShield has made real progress in establishing itself as a leading player in the US, and Bell Potter has improved confidence in the company's sales pipeline and product offering. 

The Buy rating is retained and the target price increases to $0.30 from $0.24.

This report was published on November 14, 2022.

Target price is $0.30 Current Price is $0.20 Difference: $0.095
If DRO meets the Bell Potter target it will return approximately 46% (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 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.78.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 205.00.

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

ELD    ELDERS LIMITED

Agriculture – Overnight Price: $10.30

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

Elders's FY22 result missed Bell Potter's forecasts due to weakness in wholesale and higher corporate charges.

Operating revenue rose sharply over the year and the company's cash flow and balance sheet improved.

The broker expects trading conditions to remain favourable in the March half but notes east-coast weather is unpredictable. It also expects demand for broadacre properties to remain supported and observes the company has a strong acquisition pipeline.

The broker spies headwinds as a normalisation in trade creates negative operating leverage, but says the share price (below consensus) already appears to reflect this.

EPS forecasts fall -13% in FY23; and -10% in FY24.

Hold rating retained. Target price falls to $11 from $13.15.

This report was published on November 15, 2022.

Target price is $11.00 Current Price is $10.30 Difference: $0.7
If ELD meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $13.60, suggesting upside of 34.2%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 50.00 cents and EPS of 79.30 cents.
At the last closing share price the estimated dividend yield is 4.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.0, implying annual growth of -8.7%.
Current consensus DPS estimate is 49.7, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 48.00 cents and EPS of 69.70 cents.
At the last closing share price the estimated dividend yield is 4.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.5, implying annual growth of -6.8%.
Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 11.5.

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

GDI    GDI PROPERTY GROUP

REITs – Overnight Price: $0.76

Moelis rates ((GDI)) as Buy (1) –

At the recent AGM, GDI Property announced a 5c dividend for FY23, down from the previous guidance of 7.75 cents per share and has been initiated to support the balance sheet, according to Moelis.

The broker highlights that major lease deals are taking longer to come to fruition in the current macro environment, particularly for larger companies, who remain hesitant to commit to longer dated leases.

Earnings forecasts are accordingly adjusted for the deferral in leases and lowered by -10.7% for FY23 and -6.3% for FY24.

A Buy rating and the target is lowered to $1.26 from $1.32.

This report was published on November 11, 2022.

Target price is $1.26 Current Price is $0.76 Difference: $0.505
If GDI meets the Moelis target it will return approximately 67% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 5.00 cents and EPS of 4.90 cents.
At the last closing share price the estimated dividend yield is 6.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.41.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 5.50 cents and EPS of 7.50 cents.
At the last closing share price the estimated dividend yield is 7.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.07.

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

IMM    IMMUTEP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.30

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

Immutep has reported positive results from its second phase trial for efti. The company reported an increase in overall response rate to 40.4%, from 38.0% at the last read-out in June.

Bell Potter notes two new immunotherapies for NSCLC have been approved by the FDA in the last month, but efti's response rate compares favourably to the approximate 20% response rate being achieved by other PD-L1 trials. 

The Buy rating is retained and the target price decreases to $0.60 from $0.65, reflecting a sector de-rating rather than clinical efficacy.

This report was published on November 14, 2022.

Target price is $0.60 Current Price is $0.30 Difference: $0.295
If IMM meets the Bell Potter target it will return approximately 97% (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 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.97.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.82.

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

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

Data from Immutep's phase II TACTI-002 trial in non-small cell lung cancer has been presented in a webinar, Wilsons considering this, combined with Efti demonstrates "compelling efficacy superiority" over existing option.

The broker expects first overall survival data in 2023. 

Overweight rating and target price of $0.91 are retained.

This report was published on November 14, 2022.

Target price is $0.91 Current Price is $0.30 Difference: $0.605
If IMM meets the Wilsons target it will return approximately 198% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents.

Forecast for FY24:

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

INA    INGENIA COMMUNITIES GROUP

Aged Care & Seniors – Overnight Price: $4.19

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

Goldman Sachs believes the (not unexpected) announcement by Ingenia Communities of lower settlement volumes is entirely supply related.

While management retains FY23 guidance, the broker, by lowering its FY23-25 EPS forecasts, moves to the bottom-end of the guidance range.

The target falls to $5.15 from $6.00 after the broker also increases cap rates relating to retirement rental, annuals and holiday assets. The Land Lease cap rate is unchanged. The Neutral rating is retained.

This report was published on November 11, 2022.

Target price is $5.15 Current Price is $4.19 Difference: $0.96
If INA meets the Goldman Sachs target it will return approximately 23% (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 12.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 2.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.46.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 13.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 3.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.52.

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

JIN    JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $14.49

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

A 1Q trading update by Jumbo Interactive at its AGM was weaker in trend than the forecasts by both Goldman Sachs and consensus.

However, the broker notes ongoing strength for customer growth during peak jackpot periods and the completion of the StarVale acquisition indicates strong progress in the Managed Services business.

Management maintained guidance and outlook statements in another positive, suggests the analyst.

The target slips to $15.20 from $15.43. Buy

This report was published on November 11, 2022.

Target price is $15.20 Current Price is $14.49 Difference: $0.71
If JIN meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $17.41, suggesting upside of 20.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 47.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 3.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.3, implying annual growth of 17.0%.
Current consensus DPS estimate is 44.8, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 24.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 52.00 cents and EPS of 71.00 cents.
At the last closing share price the estimated dividend yield is 3.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.1, implying annual growth of 16.8%.
Current consensus DPS estimate is 51.9, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 21.3.

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

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

Jarden noted the $160m Powerball boosted Jumbo sales by over 10% compared to the $120m February 2022 Powerball for Jumbo Interactive.

The company also reported SaaS revenue growth of 18% in 1Q23 and a Powerball price increase to $1.20 from $1.10 by The Lottery Corporation ((TLC)) towards the end of FY23, should assist revenue/profitability.

Earnings forecasts are adjusted by 2% for FY23 

The target is adjusted to $13.98 and the rating downgraded to Neutral from Overweight as the year-on-year comparisons should prove more challenging to stock performance.

This report was published on November 11, 2022.

Target price is $13.98 Current Price is $14.49 Difference: minus $0.51 (current price is over target).
If JIN 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 $17.41, suggesting upside of 20.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 45.00 cents and EPS of 59.10 cents.
At the last closing share price the estimated dividend yield is 3.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.3, implying annual growth of 17.0%.
Current consensus DPS estimate is 44.8, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 24.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 48.00 cents and EPS of 60.60 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.1, implying annual growth of 16.8%.
Current consensus DPS estimate is 51.9, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 21.3.

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

MVF    MONASH IVF GROUP LIMITED

Healthcare services – Overnight Price: $1.02

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

Monash IVF's September-quarter trading update missed Bell Potter's forecast and guidance also disappointed.

The company increased market share over the period but with the company tracking below the broker's first-half forecasts, the broker lowers its target price to $1.39 from $1.43.

Buy rating retained, the broker expecting clinic openings and growth in ultrasound services to buoy revenue over the balance of FY23.

This report was published on November 15, 2022.

Target price is $1.39 Current Price is $1.02 Difference: $0.365
If MVF meets the Bell Potter target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $1.23, suggesting upside of 21.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 2.64 cents and EPS of 6.50 cents.
At the last closing share price the estimated dividend yield is 2.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.0, implying annual growth of 27.1%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 16.8.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 2.73 cents and EPS of 6.70 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 15.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.9, implying annual growth of 15.0%.
Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 14.6.

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

NEC    NINE ENTERTAINMENT CO. HOLDINGS LIMITED

Print, Radio & TV – Overnight Price: $2.07

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

Nine Entertainment met the 1Q expectations of Goldman Sachs for total TV revenue growth, publishing subscription growth and revenue growth for Stan, though the performance of Domain Holdings Australia ((DHG)) weighed.

Management acknowledged slowing Publishing revenue growth and a moderating Radio performance with mid-single digit growth
expected.

The broker sets a $2.70 target and retains its Buy rating.

This report was published on November 11, 2022.

Target price is $2.70 Current Price is $2.07 Difference: $0.63
If NEC meets the Goldman Sachs target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $2.79, suggesting upside of 35.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Current consensus EPS estimate is 18.4, implying annual growth of 5.5%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY24:

Current consensus EPS estimate is 19.1, implying annual growth of 3.8%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 10.8.

Market Sentiment: 0.8
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: $4.85

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

Bell Potter continue to view the major share price driver for Pendal Group as the takeover from Perpetual ((PPT)) as a "Will they, won't they?" situation as the time of the report.

Nevertheless, the broker assessed FY22 results, highlighting a -25% decline in FUM over the period and a loss of -10% of the operating assets in net outflows or $14bn.

The addition of TSW boosted average FUM by 15% and fee margins declined to 46bps versus 48bps in the previous period.

After adjusting lowering revenue forecasts by -10.3% and -7.5%, EPS forecasts decline by a more significant -43.1% and -41% for FY23 and FY24, respectively.

Buy rating is unchanged but the target is lowered to $4.90 from $5.90.

This report was published on November 11, 2022.

Target price is $4.90 Current Price is $4.85 Difference: $0.05
If PDL meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $4.91, suggesting upside of 2.3%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 21.00 cents and EPS of 23.50 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.64.

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 5.5%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 23.00 cents and EPS of 25.90 cents.
At the last closing share price the estimated dividend yield is 4.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.73.

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 5.5%.
Current consensus EPS estimate suggests the PER is 16.2.

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

PRN    PERENTI LIMITED

Mining Sector Contracting – Overnight Price: $1.07

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

Perenti has upgraded earnings guidance to $215-230m, up 14% from a previous $185-205m. Accordingly, Canaccord Genuity has lifted its own earnings forecast to 18% from a previous $189m. Revenue guidance has also lifted 8% to $2.6-2.7bn. 

Canaccord Genuity estimates operational and commercial improvements drove $11.5-15.5m of the company's upgrade. Perenti continues to work improve capital efficiency, generate higher margins and maintain a stronger balance sheet.

The Buy rating is retained and the target price increases to $1.28 from $0.91.

This report was published on November 15, 2022.

Target price is $1.28 Current Price is $1.07 Difference: $0.205
If PRN meets the Canaccord Genuity target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 11.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.60.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 13.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.08.

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

RHC    RAMSAY HEALTH CARE LIMITED

Healthcare services – Overnight Price: $62.42

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

Ramsay Health Care's September-quarter top-line trading numbers met consensus and missed Jarden's forecasts, but earnings (EBITDA) margins proved a big miss for both.

EPS forecasts fall -10.5% in FY23; -3.6% in FY24; and -2.6% in FY25.

On the upside, the broker says the covid recovery on the top line looks sustainable and notes costs are improving. Management also provided positive commentary on staff absenteeism and costs.

As the recovery gains momentum, the broker expects an improvement in margins.

Overweight rating retained. Target price falls to $64.46 from $66.07.

This report was published on November 14, 2022.

Target price is $64.46 Current Price is $62.42 Difference: $2.04
If RHC meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $67.16, suggesting upside of 7.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 100.00 cents and EPS of 153.60 cents.
At the last closing share price the estimated dividend yield is 1.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 181.0, implying annual growth of 55.6%.
Current consensus DPS estimate is 111.8, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 34.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 167.40 cents and EPS of 256.40 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 250.7, implying annual growth of 38.5%.
Current consensus DPS estimate is 149.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 24.9.

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

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Wilsons rates ((RHC)) as Upgrade to Overweight from Market Weight (1) –

Ramsay Health Care's September-quarter trading update missed Wilsons forecasts but the broker observes exit run-rate support revenue forecasts and believes the company is approaching a tipping point.

Wilsons notes a dovetailing of positives: covid costs are falling, the company's multiple is at pre-pandemic levels, and earnings are rising sufficiently to ameliorate inflationary pressure.

The broker forecasts a three-year compound annual growth rate in equity value of 14% to $92 – that's without an improved multiple and is supported by $1bn in deleveraging, says the broker.

Rating upgraded to Overweight from Market Weight. Target price is $69.31.

This report was published on November 14, 2022.

Target price is $69.31 Current Price is $62.42 Difference: $6.89
If RHC meets the Wilsons target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $67.16, suggesting upside of 7.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 1.20 cents and EPS of 166.00 cents.
At the last closing share price the estimated dividend yield is 0.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 181.0, implying annual growth of 55.6%.
Current consensus DPS estimate is 111.8, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 34.5.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 2.70 cents and EPS of 257.00 cents.
At the last closing share price the estimated dividend yield is 0.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 250.7, implying annual growth of 38.5%.
Current consensus DPS estimate is 149.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 24.9.

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

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.81

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

Ramelius Resources has released its three-year production, all-in sustaining costs, growth capital expenditure, and exploration guidance.

The production outlook is largely in line with Canaccord Genuity's expectations, but the broker highlighted capital expenditure for FY24 and FY25 was notably higher than it had assumed, up 50% and 100% at the midpoint respectively. Ramelius Resources attributed the increase to cost inflation. 

The Buy rating is retained and the target price decreases to $1.35 from $1.45.

This report was published on November 15, 2022.

Target price is $1.35 Current Price is $0.81 Difference: $0.545
If RMS meets the Canaccord Genuity target it will return approximately 68% (excluding dividends, fees and charges).
Current consensus price target is $1.16, suggesting upside of 43.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 3.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 3.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.1, implying annual growth of 112.3%.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 26.0.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 3.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 3.73%.
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 8.9, implying annual growth of 187.1%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 9.0.

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

SCG    SCENTRE GROUP

REITs – Overnight Price: $2.86

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

Goldman Sachs assesses a strong operational performance from the 3Q update by Scentre Group, with customer visitations rising by 16.7% and sales growth of 23.6% compared to 2021 levels.

Portfolio occupancy remained at 98.8% over the quarter, while gross cash collections exceeded billings.

Management reaffirmed 2022 funds from operations (FFO) and distribution guidance of more than 19cpu and of at least 15cpu, respectively.

The analyst believes the improvement in performance metrics is set to continue as retail conditions normalise. Buy. The target slips to $3.43 from $3.50.

This report was published on November 11, 2022.

Target price is $3.43 Current Price is $2.86 Difference: $0.57
If SCG meets the Goldman Sachs target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $2.96, suggesting upside of 3.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 20.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.9, implying annual growth of 16.2%.
Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.4.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 21.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.7, implying annual growth of 4.0%.
Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 13.8.

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

SLH    SILK LOGISTICS HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $2.15

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

Shaw and Partners views the completion of the Freight and Storage Acquisition post September 1 as positive for Silk Logistics, offering the group more exposure to the WA market as well as specialised and time sensitive logistic solutions at a country wide level.

The broker envisages the AGM on November 23 as the next opportunity fo a trading update and remains upbeat about the outlook for the company.

Buy rating and a $3.50 target.

This report was published on November 14, 2022.

Target price is $3.50 Current Price is $2.15 Difference: $1.35
If SLH meets the Shaw and Partners target it will return approximately 63% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 11.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 5.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.35.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 12.00 cents and EPS of 28.20 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 7.62.

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

SUN    SUNCORP GROUP LIMITED

Insurance – Overnight Price: $11.95

Jarden rates ((SUN)) as Buy (1) –

Jarden assess the trading update from Suncorp Group as positive with the company continuing to "execute well" on its strategic goals, despite distractions and headwinds from the Bank sale, CAT claims and macro economic uncertainty.

The Bank sale looks to be on track for completion in the 1H24 and the 1Q23 trading update showed good momentum across the operations. 

The analyst notes there is potential upside to consensus yields in 2H23 and FY24 with the reserve running yields at around 4.15%.

Earnings forecasts rise 3% for FY23.

A Buy rating is retained and the target adjusted to $13 from $12.85.

This report was published on November 14, 2022.

Target price is $13.00 Current Price is $11.95 Difference: $1.05
If SUN meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $13.49, suggesting upside of 12.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 73.00 cents and EPS of 95.80 cents.
At the last closing share price the estimated dividend yield is 6.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.3, implying annual growth of 64.1%.
Current consensus DPS estimate is 71.8, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 80.70 cents and EPS of 94.90 cents.
At the last closing share price the estimated dividend yield is 6.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.8, implying annual growth of 16.4%.
Current consensus DPS estimate is 77.2, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 11.6.

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

SWM    SEVEN WEST MEDIA LIMITED

Print, Radio & TV – Overnight Price: $0.43

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

In a 1Q update at its AGM, Seven West Media guided to an -8% decline in 1H 23 total TV revenues (or -2% excluding the Olympics) compared to Goldman Sachs' expectation for a -9% decline.

Management also expects FY23 operating costs to now be -$20-30m higher, given the recently announced NBCU deal and related costs.

Goldman Sachs sets a $0.42 target and the Sell rating is maintained.

This report was published on November 11, 2022.

Target price is $0.42 Current Price is $0.43 Difference: minus $0.015 (current price is over target).
If SWM meets the Goldman Sachs target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.61, suggesting upside of 40.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Current consensus EPS estimate is 11.0, implying annual growth of -17.4%.
Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 4.0.

Forecast for FY24:

Current consensus EPS estimate is 10.1, implying annual growth of -8.2%.
Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 4.3.

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

TNE    TECHNOLOGY ONE LIMITED

IT & Support – Overnight Price: $12.51

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

Goldman Sachs expects a strong result when TechnologyOne releases its FY22 financials on Tuesday November 22.

The broker forecasts SaaS annual recurring revenue (ARR) of $273m, up by 42% on the previous corresponding period, along with revenue and earnings of $361m and $147m, respectively.

The Neutral rating is unchanged and the analyst makes minor adjustments to forecasts and the target slips to $13.10 from $13.15. 

This report was published on November 11, 2022.

Target price is $13.10 Current Price is $12.51 Difference: $0.59
If TNE meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $11.34, suggesting downside of -9.3%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 15.50 cents and EPS of 25.80 cents.
At the last closing share price the estimated dividend yield is 1.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.2, implying annual growth of 15.7%.
Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 47.7.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 18.10 cents and EPS of 30.20 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 41.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.3, implying annual growth of 11.8%.
Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 42.7.

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

XRO    XERO LIMITED

Accountancy – Overnight Price: $68.92

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

First half sales for Xero were a 2% beat versus Goldman Sachs expectation and exit average revenue per user (ARPU) for both A&NZ and International were well above blended ARPU during the half.

This increased ARPU momentum suggests to the analyst a strong revenue trajectory into the 2H of FY23, aided by further price rises and ongoing transaction growth.

Management expects an improvement in 2H subscriber growth in the UK and North America. 

Goldman Sachs retains its Buy rating and lifts its target to $115 from $111. 

This report was published on November 11, 2022.

Target price is $115.00 Current Price is $68.92 Difference: $46.08
If XRO meets the Goldman Sachs target it will return approximately 67% (excluding dividends, fees and charges).
Current consensus price target is $85.24, suggesting upside of 26.5%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 18.32 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 376.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, 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 280.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 43.05 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 160.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.0, implying annual growth of 108.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 134.7.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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Jarden rates ((XRO)) as Downgrade to Overweight from Buy (2) –

Xero's September-half results appear to have missed Jarden's forecasts as subscriber growth slowed and costs rose, along with interest expense; yet the company continues to invest.

While lowering forecasts, the broker remains a fan, appreciated the company's long growth runway and big total addressable market.

Rating downgraded to Overweight from Buy. Target price falls to $71 from $93.

This report was published on November 14, 2022.

Target price is $71.00 Current Price is $68.92 Difference: $2.08
If XRO meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $85.24, suggesting upside of 26.5%(ex-dividends)
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 28.95 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 238.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, 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 280.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 59.36 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 116.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.0, implying annual growth of 108.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 134.7.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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

Xero's September-half result proved a mixed bag, FX tailwinds failing to offset a decline in subscriber growth, and gross profits rising but margins contracting.

Management reiterated guidance.

The broker appreciates the company's low churn rate and underlying demand and retains an Overweight rating.

But Wilsons finds the notable contraction in growth concerning, and notes FX tailwinds can just as easily switch to headwinds.

Target price falls to $78.10 from $100.68.

This report was published on November 14, 2022.

Target price is $78.10 Current Price is $68.92 Difference: $9.18
If XRO meets the Wilsons target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $85.24, suggesting upside of 26.5%(ex-dividends)
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 99.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 69.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, 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 280.7.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 124.58 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.0, implying annual growth of 108.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 134.7.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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

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

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.

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