Australian Broker Call *Extra* Edition – Nov 28, 2022

This story features ASX LIMITED, and other companies. For more info SHARE ANALYSIS: ASX

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)

ASX   BML   BSL   CWP   EHL   ENN   GNC   ICT   IPH   LOV (2)   MIN   NAN   NHF   NUF   PDL   PSQ   SHL (2)   TPW   WEB (2)  

ASX    ASX LIMITED

Wealth Management & Investments – Overnight Price: $72.44

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

Now that CHESS replacement risks are fully priced-in and both trading and capital raising are on cyclical lows, Jarden upgrades its rating for the ASX to Neutral from Underweight.

The replacement of the distributed ledger technology will result in a -$250m writedown and potentially increase opex to upgrade IT capabilities, explains the broker.

However, the analyst feels a buffer is provided by a debt free balance sheet and a strong FY23 earnings margin.

The target rises to $70.00 from $68.05.

This report was published on November 24, 2022.

Target price is $70.00 Current Price is $72.44 Difference: minus $2.44 (current price is over target).
If ASX 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 $77.03, suggesting upside of 6.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 243.70 cents and EPS of 270.60 cents.
At the last closing share price the estimated dividend yield is 3.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 271.5, implying annual growth of 3.4%.
Current consensus DPS estimate is 246.0, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 26.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 259.10 cents and EPS of 287.80 cents.
At the last closing share price the estimated dividend yield is 3.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 282.9, implying annual growth of 4.2%.
Current consensus DPS estimate is 256.4, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 25.6.

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

BML    BOAB METALS LIMITED

Mining – Overnight Price: $0.33

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

Shaw and Partners expects a definitive feasibility study from Boab Metals on its Sorby Hills project this quarter, anticipating a larger project than outlined by the pre-feasibility study given measured resource has increased 78%, and has incorporated this into forecasts.

The broker anticipates the plant will include a ball mill to increase throughput to 2m tonnes per annum, and notes offtake agreements are ready to be finalised following the definitive feasibility study.

The Buy rating is retained and the target price decreases to $0.80 from $1.00.

This report was published on November 21, 2022.

Target price is $0.80 Current Price is $0.33 Difference: $0.475
If BML meets the Shaw and Partners target it will return approximately 146% (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 0.00 cents and EPS of minus 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.54.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 8.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.87.

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

BSL    BLUESCOPE STEEL LIMITED

Steel & Scrap – Overnight Price: $17.20

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

Jarden lowers its earnings forecasts for BlueScope Steel due mainly to lower US hot rolled copper (HRC) pricing and reduced spread assumptions in light of market conditions. Lower earnings in the US are partially offset by an increased NZ earnings forecast.

Despite the lower US forecasts, the analyst feels the US steel HRC price is close to the bottom.

The broker reduces its target price to $18.60 from $19.20 and retains an Overweight rating.

Note: These broker changes were made just prior to the company's AGM held on November 22.

This report was published on November 18, 2022.

Target price is $18.60 Current Price is $17.20 Difference: $1.4
If BSL meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $19.93, suggesting upside of 15.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 50.00 cents and EPS of 222.20 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 221.5, implying annual growth of -61.2%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 7.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 50.00 cents and EPS of 152.90 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 185.5, implying annual growth of -16.3%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 9.3.

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

CWP    CEDAR WOODS PROPERTIES LIMITED

Infra & Property Developers – Overnight Price: $4.30

Bell Potter rates ((CWP)) as Initiation of coverage with Buy (1) –

Bell Potter initiates coverage on Cedar Woods Properties, a Western Australian based medium-sized property developer operating in four states. The company's main business is to purchases land to subdivide and sell or build on. 

Despite a property market slowdown, Bell Potter considers the company's 2023 earnings well underpinned, with Cedar Woods Properties starting to year with $500m in pre-sales. The broker believes rising interest rates have impacted on sentiment, driving a recent share price decline.

The broker initiates coverage with a Buy rating and a target price of $5.40.

This report was published on November 22, 2022.

Target price is $5.40 Current Price is $4.30 Difference: $1.1
If CWP meets the Bell Potter target it will return approximately 26% (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 33.00 cents and EPS of 42.70 cents.
At the last closing share price the estimated dividend yield is 7.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.07.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 36.00 cents and EPS of 49.90 cents.
At the last closing share price the estimated dividend yield is 8.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.62.

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

EHL    EMECO HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.76

Jarden rates ((EHL)) as Buy (1) –

Jarden is disappointed by maiden first half guidance from Emeco Holdings. Customer exits from the company's Pit N Portal business, as well as poor weather conditions, have created an earnings air pocket according to the broker.

Second half recovery is expected, but dependent on reallocation of equipment and improvement in weather and groundwater conditions.

The broker lowers earnings forecasts through to FY25. The Buy rating is retained and the target price decreases to $1.10 from $1.25.

This report was published on November 18, 2022.

Target price is $1.10 Current Price is $0.76 Difference: $0.34
If EHL meets the Jarden target it will return approximately 45% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 4.80 cents and EPS of 13.80 cents.
At the last closing share price the estimated dividend yield is 6.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.51.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 6.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 7.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.07.

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

ENN    ELANOR INVESTORS GROUP

Wealth Management & Investments – Overnight Price: $1.73

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

Elanor Investors' management recently reiterated its platform is in place to support gross funds under management growth of $1bn across the cycle per annum. Shaw and Partners is confident in ability to drive funds higher now they have the necessary platform and capital. 

The broker considers the near-term earnings outlook to be improving as covid impacts ease. Shaw and Partners also expects Elanor Investors will continue to find and execute high-quality strategic acquisitions. 

The Buy rating is retained and the target price decreases to $2.32 from $2.90.

This report was published on November 22, 2022.

Target price is $2.32 Current Price is $1.73 Difference: $0.595
If ENN meets the Shaw and Partners target it will return approximately 34% (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 14.60 cents and EPS of 16.40 cents.
At the last closing share price the estimated dividend yield is 8.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.52.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 16.40 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 9.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.48.

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

GNC    GRAINCORP LIMITED

Agriculture – Overnight Price: $8.28

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

GrainCorp delivered year-on-year net profit growth of 185% in what Wilsons described as an extraordinary result. The company achieved significant earnings margin expansion, lifting to $24.41 per tonne from $13.96 per tonne in the previous year, despite lower contracted grain sales.

Wilsons finds the result to reflect strong demand for Australian grain, and expects this to underpin attractive earnings from the company over the next two years.

The Market Weight rating is retained and the target price decreases to $7.24 from $8.29.

This report was published on November 21, 2022.

Target price is $7.24 Current Price is $8.28 Difference: minus $1.04 (current price is over target).
If GNC meets the Wilsons target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $9.58, suggesting upside of 14.2%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 48.00 cents and EPS of 75.60 cents.
At the last closing share price the estimated dividend yield is 5.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.4, implying annual growth of -40.7%.
Current consensus DPS estimate is 41.7, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 28.00 cents and EPS of 33.40 cents.
At the last closing share price the estimated dividend yield is 3.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.2, implying annual growth of -44.5%.
Current consensus DPS estimate is 30.2, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 15.2.

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

ICT    ICOLLEGE LIMITED

Education & Tuition – Overnight Price: $0.25

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

iCollege implied a continuation of strong trading patterns at its annual general, anticipating active English language students will exceed 4,000 by year end. Canaccord Genuity notes this implies a strong growth pace, with active students more than doubling year-on-year.

The company highlighted six levers to drive revenue and profit growth, including English language courses to international students, up-selling students into additional courses, campus and curriculum expansion, growing domestic demand, government support, and potential acquisition activity. 

Canaccord Genuity sees room for further scale to be achieved in coming years. The Buy rating and target price of $0.29 are retained.

This report was published on November 21, 2022.

Target price is $0.29 Current Price is $0.25 Difference: $0.04
If ICT meets the Canaccord Genuity target it will return approximately 16% (excluding dividends, fees and charges).

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

IPH    IPH LIMITED

Legal – Overnight Price: $9.01

Jarden rates ((IPH)) as Buy (1) –

IPH's underlying revenue and earnings (EBITDA) for the first four months of FY23 exceeded the previous corresponding period. Jarden explains the benefits of a lower Australian were partially offset by the inclusion of share-based payments in FY23, as opposed to FY22.

Growth in Asia was offset by lower earnings in A&NZ, where the Australian patent filing market declined by -6% in the 1Q of FY23, notes the analyst.

In looking at near-term catalysts, the broker sees potential for bolt-on acquisitions and prospects for increased market share in Asia and Canada.

The Buy rating is maintained, while the target falls to $10.85 from $11.37.

This report was published on November 18, 2022.

Target price is $10.85 Current Price is $9.01 Difference: $1.84
If IPH meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $11.34, suggesting upside of 25.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 36.00 cents and EPS of 44.40 cents.
At the last closing share price the estimated dividend yield is 4.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.8, implying annual growth of 81.8%.
Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 20.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 39.00 cents and EPS of 48.60 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 18.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.0, implying annual growth of 2.7%.
Current consensus DPS estimate is 32.8, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 20.0.

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

LOV    LOVISA HOLDINGS LIMITED

Retailing – Overnight Price: $23.50

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

Lovisa Holdings reported strong comparable sales growth in the first nineteen weeks of the fiscal year. The company reported 21% comparable sales growth in its first seven weeks, moderating to 16% growth over the first nineteen weeks but ahead of Jarden's estimated 12% growth.

Alongside solid revenue growth the result implies solid ongoing sales recovery, although Jarden notes benefits as the retailer cycles lockdowns in the previous comparable period and from new store adds. The broker expects tailwinds to persist for Lovisa Holdings. 

The Overweight rating is retained and the target price increases to $26.32 from $25.95.

This report was published on November 21, 2022.

Target price is $26.32 Current Price is $23.50 Difference: $2.82
If LOV meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $26.35, suggesting upside of 12.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 70.00 cents and EPS of 68.70 cents.
At the last closing share price the estimated dividend yield is 2.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.8, implying annual growth of 30.3%.
Current consensus DPS estimate is 57.7, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 33.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 73.00 cents and EPS of 89.00 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 26.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.6, implying annual growth of 22.3%.
Current consensus DPS estimate is 67.7, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 27.0.

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

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

Lovisa Holdings reports like-for-like sales are up 16.1% year-on-year and total sales up 60.0% year-on-year it the first nineteen weeks of the fiscal year. Wilsons estimates sales of $224.9 in this period, ahead of the seasonally strong November and December trading period. 

New store growth is well ahead of the brokers expectations, with the company having opened 47 net new stores in the period. Wilsons lifts its new store adds to 64 for the first half, reflecting a continuation of pace. 

The Market Weight rating and target price of $23.50 are retained.

This report was published on November 21, 2022.

Target price is $23.50 Current Price is $23.50 Difference: $0
If LOV meets the Wilsons target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $26.35, suggesting upside of 12.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 30.10 cents and EPS of 75.40 cents.
At the last closing share price the estimated dividend yield is 1.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.8, implying annual growth of 30.3%.
Current consensus DPS estimate is 57.7, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 33.1.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 38.00 cents and EPS of 95.10 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 24.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.6, implying annual growth of 22.3%.
Current consensus DPS estimate is 67.7, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 27.0.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $82.33

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

Goldman Sachs increases its price target for Mineral Resources by 18% to $94.00. This comes as the broker’s FY23 and FY24 EPS forecasts are raised by 90% and 164%, respectively, due to increased lithium price assumptions.

The analyst’s FY25 EPS forecast falls by -10% on lower estimates for contract wins from the Pilbara iron ore majors and higher cost assumptions across lithium, iron ore and corporate. Lower iron ore price realisation assumptions for low-grade Fe also weigh.

At the company’s AGM, production targets for FY23 were reaffirmed, along with medium-term volume growth targets for lithium, iron ore and mining services. Buy.

This report was published on November 18, 2022.

Target price is $94.00 Current Price is $82.33 Difference: $11.67
If MIN meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $89.64, suggesting upside of 10.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 437.00 cents and EPS of 1207.00 cents.
At the last closing share price the estimated dividend yield is 5.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1101.5, implying annual growth of 495.8%.
Current consensus DPS estimate is 500.8, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 7.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 433.00 cents and EPS of 1085.00 cents.
At the last closing share price the estimated dividend yield is 5.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1233.1, implying annual growth of 11.9%.
Current consensus DPS estimate is 561.3, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 6.6.

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

NAN    NANOSONICS LIMITED

Medical Equipment & Devices – Overnight Price: $4.62

Canaccord Genuity rates ((NAN)) as Downgrade to Hold from Buy (3) –

Nanosonics provided a positive trading update, according to Canaccord Genuity, highlighting improved customer access and recovered procedure volumes. Revenue year-to-date were up 42% on the previous comparable period to $52.6m. 

The company reiterated the long-delayed launch of Coris in 2023, initially focusing on markets outside the US. Canaccord notes early data has been promising, and likes that the product has been accepted into the FDA's Safer Technologies program. It anticipates a stronger launch than experienced with Trophon. 

The rating is downgraded to Hold from Buy and the target price decreases to $4.86 from $4.96.

This report was published on November 21, 2022.

Target price is $4.86 Current Price is $4.62 Difference: $0.24
If NAN meets the Canaccord Genuity target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.25, suggesting downside of -7.5%(ex-dividends)
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 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 288.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.9, implying annual growth of 53.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 242.1.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 144.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.5, implying annual growth of 136.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 102.2.

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

NHF    NIB HOLDINGS LIMITED

Insurance – Overnight Price: $7.20

Jarden rates ((NHF)) as Neutral (3) –

A market update from nib Holdings suggests underlying operating profit accelerated over October. Combined with a rebound in investment income the company has already achieved 92% of consensus net profit assumptions for the first half. 

Jarden has lifted its full year underlying operating profit by 3%, remaining cautious on further potential covid-related support initiatives. A 10% increase to its full year earnings per share forecast reflects strong one-off investment returns.

The Neutral rating is retained and the target price increases to $7.55 from $7.45.

This report was published on November 21, 2022.

Target price is $7.55 Current Price is $7.20 Difference: $0.35
If NHF meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $7.63, suggesting upside of 5.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 28.00 cents and EPS of 42.10 cents.
At the last closing share price the estimated dividend yield is 3.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.7, implying annual growth of 40.9%.
Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 17.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 30.00 cents and EPS of 42.40 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.1, implying annual growth of 3.4%.
Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 16.8.

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

NUF    NUFARM LIMITED

Agriculture – Overnight Price: $6.07

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

Wilsons described Nufarm's FY22 result as exceptional, with strong demand driving a 134% year-on-year net profit increase. The broker considers Nufarm's FY23 guidance to be achievable given current buoyant trading conditions, but expects the company will need to sustain selling price strength.

Wilsons does anticipate prices tracking lower, and sits below guidance. Expected progress for the company's omega-3 and carinata programs is encouraging for the broker.

The Market Weight rating is retained target rises to $5.63 from $5.58.

This report was published on November 22, 2022.

Target price is $5.63 Current Price is $6.07 Difference: minus $0.44 (current price is over target).
If NUF meets the Wilsons target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.95, suggesting upside of 15.8%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 11.00 cents and EPS of 23.40 cents.
At the last closing share price the estimated dividend yield is 1.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.2, implying annual growth of 49.0%.
Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 15.3.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 13.00 cents and EPS of 28.80 cents.
At the last closing share price the estimated dividend yield is 2.14%.
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 42.8, implying annual growth of 9.2%.
Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 14.0.

Market Sentiment: 0.6
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: $4.88

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

Bell Potter expects recent commentary from the Supreme Court will make it hard for Perpetual ((PPT)) to pursue other potential acquirers, and finds a change of terms between Perpetual and Pendal Group to be indicative that both parties are keen to proceed. 

The scrip component for the acquisition increases to 1 Perpetual share for every seven Pendal Group share, while cash reduces to $1.65 per Pendal Group share, equating to the same implied value as the original bid.

The Supreme Court has declared it would be open to Pendal Group seeking to enforce Perpetual's obligations to complete the acquisition, detailing that the $23m break fee was not an exclusive remedy. 

The Buy rating and target price of $4.90 are retained.

This report was published on November 21, 2022.

Target price is $4.90 Current Price is $4.88 Difference: $0.02
If PDL meets the Bell Potter target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $4.91, suggesting downside of -0.2%(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 4.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.77.

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 5.3%.
Current consensus EPS estimate suggests the PER is 15.1.

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 4.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.84.

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 5.4%.
Current consensus EPS estimate suggests the PER is 16.6.

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

PSQ    PACIFIC SMILES GROUP LIMITED

Healthcare services – Overnight Price: $1.51

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

Wilsons has found it prudent to model lower profitability for Pacific Smiles as larger operators adapt to a structurally higher level of disruption. To date, data suggests bookings remain solid ahead of health plan resets with the beginning of the new year.

Pacific Smiles reported year-to-date patient fees of $98.3m, up 32% on the previous comparable period. The broker intuits the first quarter disappointed both Pacific Smiles and the industry, but trading has materially improved since October.

The Market Weight rating is retained and the target price decreases to $1.65 from $1.67.

This report was published on November 21, 2022.

Target price is $1.65 Current Price is $1.51 Difference: $0.14
If PSQ meets the Wilsons target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 2.00 cents and EPS of 2.80 cents.
At the last closing share price the estimated dividend yield is 1.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 53.93.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 4.00 cents and EPS of 5.30 cents.
At the last closing share price the estimated dividend yield is 2.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.49.

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

SHL    SONIC HEALTHCARE LIMITED

Healthcare services – Overnight Price: $32.01

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

Goldman Sachs notes a trading update by Sonic Healthcare for the first four months of FY23 included a -12% fall in revenue largely due to a decline in covid testing, which outweighed a modest recovery in the base business.

Separately, the company announced a potential contract win in the UK, after being awarded preferred bidder status for 15 years of pathology services across four hospitals.

The Sell rating and $31.70 target are retained.

This report was published on November 18, 2022.

Target price is $31.70 Current Price is $32.01 Difference: minus $0.31 (current price is over target).
If SHL 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 $35.20, 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 EPS of 160.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 165.7, implying annual growth of -45.8%.
Current consensus DPS estimate is 100.9, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 19.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 146.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 150.6, implying annual growth of -9.1%.
Current consensus DPS estimate is 102.6, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 21.3.

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

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Jarden rates ((SHL)) as Neutral (3) –

Year-to-date, Sonic Healthcare had disappointed Jarden's base business revenue growth assumptions, but the broker anticipates this to be in line with expectations by the end of the first half, while covid-related revenues are slightly ahead of expectations.

Earnings margins were lower than the broker had expected, largely an impact of the company holding surplus testing capacity in case of a new virus strain. The broker expects some margin recovery, but lowers its assumptions to 23.0% for the first half, driving earnings per share downgrades. 

The Neutral rating is retained and the target price decreases to $32.24 from $32.35.

This report was published on November 18, 2022.

Target price is $32.24 Current Price is $32.01 Difference: $0.23
If SHL meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $35.20, suggesting upside of 10.0%(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 173.50 cents.
At the last closing share price the estimated dividend yield is 3.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 165.7, implying annual growth of -45.8%.
Current consensus DPS estimate is 100.9, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 19.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 100.00 cents and EPS of 159.30 cents.
At the last closing share price the estimated dividend yield is 3.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 150.6, implying annual growth of -9.1%.
Current consensus DPS estimate is 102.6, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 21.3.

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

TPW    TEMPLE & WEBSTER GROUP LIMITED

Furniture & Renovation – Overnight Price: $4.80

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

Goldman Sachs believes the market continues to undervalue Temple & Webster's growth opportunity, with sentiment more focused on near-term revenue headwinds and housing market uncertainty. The broker considers Temple & Webster placed to be the leading home category online marketplace.

Investing ahead of the curve should give Temple & Webster a competitive advantage, and the retailer has achieved a high level of brand awareness. Scale has significantly increased on pre-covid levels, but market share remains small leaving a runway for structural growth.

The rating is retained and the target price increases to $7.60 from $7.55. 

This report was published on November 22, 2022.

Target price is $7.60 Current Price is $4.80 Difference: $2.8
If TPW meets the Goldman Sachs target it will return approximately 58% (excluding dividends, fees and charges).
Current consensus price target is $5.41, suggesting upside of 12.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 60.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.2, implying annual growth of -27.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 66.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 12.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of 34.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 49.5.

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

WEB    WEBJET LIMITED

Travel, Leisure & Tourism – Overnight Price: $6.19

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

Following 1H results, Goldman Sachs suggests Webjet's Bedbanks business has structurally improved by comparison to the pre-covid era (regarding profitability and scale), and should now benefit from greater online B2C business.

The broker's 1H forecasts across both the Webjet online travel agents (OTA ) and the Webbeds businesses were strongly exceeded. The latter business showed very strong progress in the Americas, Europe and APAC, while the Middle East was weaker than expected.

The company remains on Goldman Sachs' A&NZ Conviction list with a Buy rating, while the target price rises by 6.2% to $6.90.

This report was published on November 18, 2022.

Target price is $6.90 Current Price is $6.19 Difference: $0.71
If WEB meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $7.00, suggesting upside of 13.3%(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 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 61.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.0, implying annual growth of N/A.
Current consensus DPS estimate is 1.6, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 38.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 32.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.1, implying annual growth of 88.1%.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 20.5.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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Jarden rates ((WEB)) as Neutral (3) –

Webjet has delivered a strong first half result, with earnings a 25% beat to consensus, and Jarden anticipates upgrades across all three divisions in the second half. 

WebBeds is outperforming, and trajectory appears well ahead of consensus. Webjet is guiding to second half earnings $10m ahead of the same period in FY19, but the broker sees further upside. Earnings are expected to exceed pre-pandemic levels in FY24.

The Neutral rating is retained and the target price increases to $6.20 from $5.07.

This report was published on November 18, 2022.

Target price is $6.20 Current Price is $6.19 Difference: $0.01
If WEB meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $7.00, suggesting upside of 13.3%(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 15.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.0, implying annual growth of N/A.
Current consensus DPS estimate is 1.6, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 38.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 28.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.1, implying annual growth of 88.1%.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 20.5.

Market Sentiment: 0.9
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.

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