Australian Broker Call *Extra* Edition – Dec 15, 2022

This story features LIFE360 INC, and other companies. For more info SHARE ANALYSIS: 360

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)

360   BDT   BEN   BPT   CBO   COE   ENN   IMD   ING   IPL   MCR   PAR   SDR   STO   TWE   WDS   XTE  

360    LIFE360 INC

Software & Services – Overnight Price: $5.90

Goldman Sachs rates ((360)) as Buy (1) –

A strong holiday sales period has improved Goldman Sachs' confidence in Life360 being able to achieve its recently updated full year guidance. This, alongside the company's $50m equity raising, has seen the broker update its outlook. 

The broker's updated outlook also accounts for marginally lower paying circle growth in the fourth quarter and slightly higher investment spend post equity raising. This results in -1% and -3% declines to the broker's earnings per share forecasts in FY22 and FY23 respectively.

The Buy rating is retained and the target price decreases to $7.60 from $8.40.

This report was published on December 14, 2022.

Target price is $7.60 Current Price is $5.90 Difference: $1.7
If 360 meets the Goldman Sachs target it will return approximately 29% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 30.98 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.04.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 10.33 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 57.13.

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

BDT    BIRDDOG TECHNOLOGY LIMITED

Overnight Price: $0.16

CCZ Equities rates ((BDT)) as No Rating (-1) –

CCZ Equities has initiated coverage of Birddog Technology with a 24c target price.

Birddog manufactures audio-visual hardware and software using NDI technology that encodes content for transmission through the ethernet, to be decoded at the receiving end.

The broker says this allows broadcasting for a fraction of the cost.

CCZ Equities notes the founder's track record of bringing AV distribution businesses to market and says it has proved a world-first provide of several full NDI products, and enjoys first-mover advantage.

The company has completed a share buyback and holds a balance sheet of $23m as at September and is well stocked, says the broker.

Target price is 24c. No rating provided.

This report was published on December 12, 2022.

Target price is $0.24 Current Price is $0.16 Difference: $0.08
If BDT meets the CCZ Equities target it will return approximately 50% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

CCZ Equities forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.41 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 39.02.

Forecast for FY24:

CCZ Equities forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.22 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 72.73.

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

BEN    BENDIGO & ADELAIDE BANK LIMITED

Banks – Overnight Price: $9.34

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

An update from Bendigo & Adelaide Bank on its first five months of trading reported stronger net interest margin trends than Goldman Sachs had anticipated. The bank delivered net interest margins of 1.85% and an exit margin of 2.01%, and anticipates margin tailwinds to continue into the second half. 

Cash earnings increased 22% year-on-year to $245m, while total lending volumes declined -0.7% year-to-date. Goldman Sachs has lifted its earnings per share forecasts 17.5%, 9.2% and 4.3% through to FY25.

The Neutral rating is retained and the target price increases to $11.01 from $10.60.

This report was published on December 14, 2022.

Target price is $11.01 Current Price is $9.34 Difference: $1.67
If BEN meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $10.15, suggesting upside of 8.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 65.00 cents and EPS of 91.00 cents.
At the last closing share price the estimated dividend yield is 6.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.2, implying annual growth of -1.5%.
Current consensus DPS estimate is 57.8, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 10.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 72.00 cents and EPS of 92.00 cents.
At the last closing share price the estimated dividend yield is 7.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.2, implying annual growth of -1.2%.
Current consensus DPS estimate is 59.4, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 11.0.

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

BPT    BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.62

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

East coast uncontracted gas prices are set to be capped at $12 per gigajoules and Queensland and New South Wales coal prices at $125 per tonne, for the next twelve months. The price cap is intended to be implemented in December following a consultation period. 

Given the short duration of the price cap Jarden expects impact on gas producers will be limited, but anticipates intervention could dissuade investment and be more impactful on future supplies. With east coast gas supplies already expected to decline over the coming five years, underinvestment could drive a reliance on imports. 

For Beach Energy, the Overweight rating and target price of $1.95 are retained.

This report was published on December 12, 2022.

Target price is $1.95 Current Price is $1.62 Difference: $0.325
If BPT meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $1.95, suggesting upside of 20.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 2.00 cents and EPS of 21.60 cents.
At the last closing share price the estimated dividend yield is 1.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.8, implying annual growth of 8.3%.
Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 7.00 cents and EPS of 31.80 cents.
At the last closing share price the estimated dividend yield is 4.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.1, implying annual growth of 18.1%.
Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 5.8.

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

CBO    COBRAM ESTATE OLIVES LIMITED

Agriculture – Overnight Price: $1.50

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

Bell Potter lowers its earnings per share forecasts for Cobram Estate Olives -4%, -2% and -1% through to FY25 following trading updates. Extra virgin olive oil import parity prices were up 72% year-on-year in August, but with European in-market pricing lifting a further 40% since August the broker anticipates further upward pressure on cost of goods sold to emerge.

The broker also lifted anticipated cost assumptions between FY24 and FY25, reflecting increases in fertiliser and agricultural chemical costs. Bell Potter continues to like Cobram's exposure to a premium fast moving consumer goods brand. 

The Buy rating and target price of $2.00 are retained.

This report was published on December 12, 2022.

Target price is $2.00 Current Price is $1.50 Difference: $0.5
If CBO meets the Bell Potter target it will return approximately 33% (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 3.30 cents and EPS of 8.20 cents.
At the last closing share price the estimated dividend yield is 2.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.29.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 3.30 cents and EPS of 0.90 cents.
At the last closing share price the estimated dividend yield is 2.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 166.67.

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

COE    COOPER ENERGY LIMITED

Crude Oil – Overnight Price: $0.18

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

East coast uncontracted gas prices are set to be capped at $12 per gigajoules and Queensland and New South Wales coal prices at $125 per tonne, for the next twelve months. The price cap is intended to be implemented in December following a consultation period. 

Given the short duration of the price cap Jarden expects impact on gas producers will be limited, but anticipates intervention could dissuade investment and be more impactful on future supplies. With east coast gas supplies already expected to decline over the coming five years, underinvestment could drive a reliance on imports. 

For Cooper Energy, the Overweight rating and target price of $0.26 are retained.

This report was published on December 12, 2022.

Target price is $0.26 Current Price is $0.18 Difference: $0.08
If COE meets the Jarden target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $0.28, suggesting upside of 53.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 45.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.2, 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 8.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 36.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.4, implying annual growth of 9.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.5.

Market Sentiment: 0.4
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: $1.60

Moelis rates ((ENN)) as Buy (1) –

Elanor Investors has announced a partnership with an Asian institutional real estate investor to recapitalise the relatively defensive Elanor Healthcare Real Estate Fund, to improve liquidity.

Moelis is positive on the deal, saying it points to the company's abiity to source new offshore institutions and provides growth capital.

EPS forecasts fall -7.5% to 8.5% across FY23 to FY25 as the broker reduces its assets-under-management growth forecast to $500m in FY23 from $625m previously.

Buy rating retained. Target prices falls to $2.22 from $2.39.

This report was published on December 13, 2022.

Target price is $2.22 Current Price is $1.60 Difference: $0.62
If ENN meets the Moelis target it will return approximately 39% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 16.50 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 10.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.65.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 14.10 cents and EPS of 15.20 cents.
At the last closing share price the estimated dividend yield is 8.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.53.

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

IMD    IMDEX LIMITED

Mining Sector Contracting – Overnight Price: $2.23

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

With Imdex's share price rallying 19% over the last three months, Jarden has updated its rating on the stock to reflect current share price strength.

The stock has benefitted from a strong first quarter revenue result and supportive industry tailwinds. Jarden anticipates short-term headwinds may come into play in 2023, but retains its medium to long-term outlook on the company. 

The rating is downgraded to Overweight from Buy and the target price of $2.40 is retained.

This report was published on December 13, 2022.

Target price is $2.40 Current Price is $2.23 Difference: $0.17
If IMD meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.61, suggesting upside of 17.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 4.00 cents and EPS of 12.70 cents.
At the last closing share price the estimated dividend yield is 1.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.6, implying annual growth of 47.2%.
Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 4.40 cents and EPS of 13.50 cents.
At the last closing share price the estimated dividend yield is 1.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.1, implying annual growth of -33.1%.
Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 20.1.

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

ING    INGHAMS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $2.86

Jarden rates ((ING)) as Initiation of coverage with Sell (5) –

Jarden initiates coverage on Inghams Group, noting despite the company implementing price increases to offset costs input costs and rising interest rates look to impact on earnings per share. Jarden anticipates muted earnings per share recovery through FY23. 

According to Jarden, price increases lag raw material purchases, leaving margins unclear but likely tight. Feed costs currently account for a historical 34% of cost of goods sold, and the broker assumes feed costs in FY23 will exceed FY21 costs by 50%. 

The broker initiates with a Sell rating and a target price of $2.18.

This report was published on December 13, 2022.

Target price is $2.18 Current Price is $2.86 Difference: minus $0.68 (current price is over target).
If ING meets the Jarden target it will return approximately minus 24% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.85, suggesting downside of -0.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 8.50 cents and EPS of 12.20 cents.
At the last closing share price the estimated dividend yield is 2.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.9, implying annual growth of 78.8%.
Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 14.10 cents and EPS of 20.10 cents.
At the last closing share price the estimated dividend yield is 4.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, implying annual growth of 42.0%.
Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 11.9.

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

IPL    INCITEC PIVOT LIMITED

Agriculture – Overnight Price: $3.90

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

Goldman Sachs expects ammonia pricing to remain elevated, underpinned by current high TTF gas pricing which it anticipates may restrict production. Benchmark Tampa pricing currently holds at US$1,030 per tonne. 

The broker its FY23 spot earnings outlook for Incitec Pivot to $1,336m from $1,288m, largely in line with consensus forecasts. 

The Buy rating and target price of $4.70 are retained.

This report was published on December 12, 2022.

Target price is $4.70 Current Price is $3.90 Difference: $0.8
If IPL meets the Goldman Sachs target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $4.34, suggesting upside of 11.2%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 25.00 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 6.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.5, implying annual growth of -10.9%.
Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 17.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 4.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.4, implying annual growth of -36.8%.
Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 13.3.

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

MCR    MINCOR RESOURCES NL

Nickel – Overnight Price: $1.51

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

Mincor Resources has announced a $60m capital raising at $1.39 – roughly 9% of issued capital.

The raising will fund the acceleration of access development to the Golden Mile Ore Reserve; underground diamond drilling at Cassini; and fortifying the company's balance sheet through FY23 ramp-ups.

Bell Potter says the raising provides a greater margin for safety during escalation of the Kambalda Nickel Operation and allow the company to close early out-of-the-money nickel price hedging.

EPS forecasts fall -41% in FY23; -2% in FY24; and -12% in FY25, primarily to reflect the hedge closure and dilution.

Buy rating retained. Target price eases to $1.85 from $1.90.

This report was published on December 13, 2022.

Target price is $1.85 Current Price is $1.51 Difference: $0.34
If MCR meets the Bell Potter target it will return approximately 23% (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 7.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.13.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 28.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.32.

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

PAR    PARADIGM BIOPHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.26

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

Paradigm Biopharmaceuticals continues to progress its program investigating the efficacy of its Zilosul treatment. Bell Potter explains Zilosul aims to treat the pain and underlying disease of osteoarthritis.

The company is expected to report on the six and twelve month efficacy of its treatment in the first quarter and second half of 2023 respectively. Longer-term clinical outcomes continue to be assessed, alongside serum and urine biomarker correlations, and the company is expected to report on these over the coming year. 

The Buy rating and target price of $2.20 are retained.

This report was published on December 12, 2022.

Target price is $2.20 Current Price is $1.26 Difference: $0.935
If PAR meets the Bell Potter target it will return approximately 74% (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 20.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.32.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.75.

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

SDR    SITEMINDER LIMITED

Travel, Leisure & Tourism – Overnight Price: $3.10

Wilsons rates ((SDR)) as Initiation of coverage with Overweight (1) –

Wilsons initiates coverage of hotel-e-commerce platform Siteminder with an Overweight rating and a target price of $4.07.

The broker expects the reopening of international travel augurs well for the company, that the company has an opportunity to further expand margins, and accelerate customer growth through the addition of add-on products to the core platform.

Wilsons' analysis of the total addressable market and share of market data suggests a strong growth runway and a three-year compound annual growth rate of 25%, and the possibility that the company could hit free cash flow break-even by the FY24 June-quarter.

This report was published on December 15, 2022.

Target price is $4.07 Current Price is $3.10 Difference: $0.97
If SDR meets the Wilsons target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $5.43, suggesting upside of 75.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 13.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -13.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 8.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 34.83.

How do these forecasts compare to market consensus projections?

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

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

STO    SANTOS LIMITED

NatGas – Overnight Price: $7.16

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

East coast uncontracted gas prices are set to be capped at $12 per gigajoules and Queensland and New South Wales coal prices at $125 per tonne, for the next twelve months. The price cap is intended to be implemented in December following a consultation period. 

Given the short duration of the price cap Jarden expects impact on gas producers will be limited, but anticipates intervention could dissuade investment and be more impactful on future supplies. With east coast gas supplies already expected to decline over the coming five years, underinvestment could drive a reliance on imports. 

For Santos, the Overweight rating and target price of $8.05 are retained.

This report was published on December 12, 2022.

Target price is $8.05 Current Price is $7.16 Difference: $0.89
If STO meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $9.21, suggesting upside of 28.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 40.30 cents and EPS of 108.72 cents.
At the last closing share price the estimated dividend yield is 5.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 122.5, implying annual growth of N/A.
Current consensus DPS estimate is 31.9, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 5.8.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 38.01 cents and EPS of 63.97 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 11.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.2, implying annual growth of -14.9%.
Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 6.9.

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

TWE    TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco – Overnight Price: $13.60

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

Goldman Sachs has quizzed Treasury Wine Estates on its South East Asia growth strategy and has the following conclusions:

-Covid border closures limits access to China – a problem for large trader inventory in Singapore/HK awaiting grey-market import to China.

-The company is mitigating risk by switching to a more active distribution model and raising brand and marketing expenditure to build demand in South-East Asia

-Emerging demand is evident in Thailand, Vietnam and the Philippines, with India a dark horse, while Singapore and Hong Kong could benefit from the redirection of premium wines from China.

All up, the broker is confident demand will remain firm in the premium segment.

Buy rating and $14.70 target price retained. This compares with the previous entry in the FNArena data base in October of Neutral rating at $12.

This report was published on December 13, 2022.

Target price is $14.70 Current Price is $13.60 Difference: $1.1
If TWE meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $14.22, suggesting upside of 4.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 38.00 cents and EPS of 54.00 cents.
At the last closing share price the estimated dividend yield is 2.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.8, implying annual growth of 50.3%.
Current consensus DPS estimate is 37.5, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 24.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 42.00 cents and EPS of 60.00 cents.
At the last closing share price the estimated dividend yield is 3.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.6, implying annual growth of 14.2%.
Current consensus DPS estimate is 43.0, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 21.7.

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

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $35.65

Jarden rates ((WDS)) as Neutral (3) –

East coast uncontracted gas prices are set to be capped at $12 per gigajoules and Queensland and New South Wales coal prices at $125 per tonne, for the next twelve months. The price cap is intended to be implemented in December following a consultation period. 

Given the short duration of the price cap Jarden expects impact on gas producers will be limited, but anticipates intervention could dissuade investment and be more impactful on future supplies. With east coast gas supplies already expected to decline over the coming five years, underinvestment could drive a reliance on imports. 

For Woodside Energy, the Neutral rating and target price of $33.70 are retained.

This report was published on December 12, 2022.

Target price is $33.70 Current Price is $35.65 Difference: minus $1.95 (current price is over target).
If WDS meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $37.69, suggesting upside of 5.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 360.01 cents and EPS of 495.84 cents.
At the last closing share price the estimated dividend yield is 10.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 544.7, implying annual growth of N/A.
Current consensus DPS estimate is 381.8, implying a prospective dividend yield of 10.7%.
Current consensus EPS estimate suggests the PER is 6.5.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 261.04 cents and EPS of 376.94 cents.
At the last closing share price the estimated dividend yield is 7.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 421.7, implying annual growth of -22.6%.
Current consensus DPS estimate is 296.5, implying a prospective dividend yield of 8.3%.
Current consensus EPS estimate suggests the PER is 8.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

XTE    XTEK LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.67

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

Bell Potter initiates coverage of Australian defence manufacturer XTEK with a Buy rating and 95c target price.

XTEK manufactures advanced ballistics protection equipment under its HighCom brand at its two facilities (one in South Australia, the other in the US), and resell Australian and international original equipment manufactures and supplies proprietary tech.

Bell Potter believes the company will benefit from the global rearmament push, which it believes will be a strong market narrative for the next 10 years, and forecasts top-line growth of 44.1% year on year.

The broker notes a strong order book, expects a strong December-half result.

This report was published on December 15, 2022.

Target price is $0.95 Current Price is $0.67 Difference: $0.28
If XTE meets the Bell Potter target it will return approximately 42% (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 11.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.88.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 16.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.11.

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

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