Australian Broker Call *Extra* Edition – Feb 10, 2023

This story features ADRAD HOLDINGS LIMITED, and other companies. For more info SHARE ANALYSIS: AHL

An additional news report on the recommendation, valuation, forecast and opinion changes and updates 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)

AHL   BCI   CAJ   COF   COI   CTP   CUV   CVN   DDH   DGL   DYL   FAR   GLL   IPD   JAN   JHG (2)   NCK   NWE   PLL   SND   SRG   SYA   SYM   WGO   XPN  

AHL    ADRAD HOLDINGS LIMITED

Overnight Price: $1.08

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

As management has just reiterated FY23 guidance, and the company has a strong cash balance and a low valuation, Bell Potter suggests investors consider buying Adrad shares.

Recent negatives including the CEO's intention to resign and a flat earnings outlook should fade feels the analyst, with a new appointment and growth in FY24. Liquidity concerns are also expected to improve with the ending of escrow arrangements.

The broker makes no changes to its forecasts and lowers its target to $1.60 from $1.70 after a slight multiple adjustment. The Buy rating is unchanged.

This report was published on February 7, 2023.

Target price is $1.60 Current Price is $1.08 Difference: $0.515
If AHL meets the Bell Potter target it will return approximately 47% (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 4.00 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 3.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.81.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 5.00 cents and EPS of 14.90 cents.
At the last closing share price the estimated dividend yield is 4.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.28.

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

BCI    BCI MINERALS LIMITED

Iron Ore – Overnight Price: $0.28

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

Despite being in a period of intense capital and operating cost inflation, BCI Minerals has continued to develop its Mardie salt and SOP project, and the company's review of the project's capital cost estimate and funding package continues. 

Bell Potter estimates BCI Minerals has spent $250m to the end of 2022, of its initial capital cost estimate of $954m. The broker sees risk to the project's budget and schedule, but feels the scale and life of the project will be able to support additional debt. 

The Buy rating is retained and the target price decreases to $0.35 from $0.46.

This report was published on February 3, 2023.

Target price is $0.35 Current Price is $0.28 Difference: $0.075
If BCI meets the Bell Potter target it will return approximately 27% (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 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 137.50.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.19.

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

CAJ    CAPITOL HEALTH LIMITED

Healthcare services – Overnight Price: $0.28

Jarden rates ((CAJ)) as Initiation of coverage with Neutral (3) –

Jarden initiates coverage with a Neutral rating and a 29c price target on Capitol Health.

On balance the analyst considers there are risks to the business model (high bulk billing, community based, meaning clinics) as more susceptible to macro headwinds from inflation, staff and doctor shortages.

The broker's forecasts are -6-13% below consensus and Integral Diagnostics ((IDX)) is the preferred stock in the diagnostic imaging sector due to its hospital-based model.

This report was published on February 3, 2023.

Target price is $0.29 Current Price is $0.28 Difference: $0.005
If CAJ meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 1.00 cents and EPS of 1.20 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.75.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 1.00 cents and EPS of 1.60 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.81.

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

COF    CENTURIA OFFICE REIT

REITs – Overnight Price: $1.65

Jarden rates ((COF)) as Neutral (3) –

Jarden notes Centuria Office REIT reported marginally better than expected 1H23 earnings.

Although management reconfirmed FY23 earnings guidance the broker is concerned by the level of debt (gearing) which moved to 35.6% from 33.8% in FY22, although debt covenants remain ok.

Jarden highlighted the decline in suburban asset values even as occupancy rates improved.

There are only minor tweaks to the FY23 and FY24 earnings forecasts from the analyst.

Neutral rating and $1.80 target unchanged.

This report was published on February 3, 2023.

Target price is $1.80 Current Price is $1.65 Difference: $0.155
If COF meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $1.88, suggesting upside of 15.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 14.10 cents and EPS of 15.80 cents.
At the last closing share price the estimated dividend yield is 8.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.0, implying annual growth of -19.6%.
Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 8.7%.
Current consensus EPS estimate suggests the PER is 10.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 14.50 cents and EPS of 15.60 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 10.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.2, implying annual growth of 1.2%.
Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 8.8%.
Current consensus EPS estimate suggests the PER is 10.1.

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

COI    COMET RIDGE LIMITED

NatGas – Overnight Price: $0.16

Canaccord Genuity rates ((COI)) as Speculative Buy (1) –

East coast gas prices eased in the 4Q of 2022 to average $17.8/GJ, down from $26.8GJ in the September quarter, though still a 67% increase on the previous corresponding period.

Canaccord Genuity attributes the fall to both seasonal factors and additional volumes for domestic needs via LNG exporters after two train outages at the Queensland Curtis LNG plant.

Regarding company-specific matters, the broker lowers its target for Comet Ridge to 21c from 26c to allow for delays and higher risks at its Mahalo in light of the potential for regulated gas prices. Buy.

This report was published on February 6, 2023.

Target price is $0.21 Current Price is $0.16 Difference: $0.05
If COI meets the Canaccord Genuity target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

CTP    CENTRAL PETROLEUM LIMITED

NatGas – Overnight Price: $0.07

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

Central Petroleum has reported an -8% quarter-on-quarter decline in sales in the second quarter, while realised energy prices fell -17%. Bell Potter highlights the result was driven by an outage at the Northern Gas Pipeline, limiting high-priced east coast gas sales through to mid-December, coupled with lower oil prices.  

Elsewhere, the company added around 9.5 terajoules production capacity per day to its Palm Valley asset, with supply now nearing nameplate capacity of 15 terajoules per day. 

The Hold rating and target price of $0.085 are retained.

This report was published on February 3, 2023.

Target price is $0.09 Current Price is $0.07 Difference: $0.01
If CTP meets the Bell Potter target it will return approximately 13% (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 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 75.00.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.00.

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

CUV    CLINUVEL PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $24.01

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

Clinuvel Pharmaceuticals has published positive initial pilot data in healthy volunteers trialling the effects of SCENESSE on UV-induced skin damage.

Wilsons advises that the results showed a single implant of the product has significantly reduced UV damage and also lessened the degree of sunburn. 

The broker says this points to broader applications for the product outside of rare diseases.

Overweight rating and $30.67 target price retained.

This report was published on February 2, 2023.

Target price is $30.67 Current Price is $24.01 Difference: $6.66
If CUV meets the Wilsons target it will return approximately 28% (excluding dividends, fees and charges).

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

CVN    CARNARVON ENERGY LIMITED

Crude Oil – Overnight Price: $0.14

Canaccord Genuity rates ((CVN)) as Speculative Buy (1) –

East coast gas prices eased in the 4Q of 2022 to average $17.8/GJ, down from $26.8GJ in the September quarter, though still a 67% increase on the previous corresponding period.

Canaccord Genuity attributes the fall to both seasonal factors and additional volumes for domestic needs via LNG exporters after two train outages at the Queensland Curtis LNG plant.

The broker maintains its 28c target and Speculative Buy rating for Carnarvon Energy after delays to its Dorado field joint venture (announced in the September quarter last year) due to mounting costs.

This report was published on February 6, 2023.

Target price is $0.28 Current Price is $0.14 Difference: $0.135
If CVN meets the Canaccord Genuity target it will return approximately 93% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

DDH    DDH1 LIMITED

Mining Sector Contracting – Overnight Price: $1.00

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

DDH1's preliminary December-half results outpaced Canaccord Genuity's forecasts thanks to an uptick in margins and strong growth from its Swick acquisition.

Canaccord Genuity observes signs labour and cost inflation are starting to normalise. Add to that stronger copper and gold prices and revenue momentum, and the broker declares the margin forecast healthy.

The broker projects the company will hit net cash by June 30.

Buy rating retained. Target price rises to $1.41 from $1.32.

This report was published on February 7, 2023.

Target price is $1.41 Current Price is $1.00 Difference: $0.41
If DDH meets the Canaccord Genuity target it will return approximately 41% (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 4.00 cents and EPS of 14.00 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 7.14.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 5.60 cents and EPS of 15.60 cents.
At the last closing share price the estimated dividend yield is 5.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.41.

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

DGL    DGL GROUP LIMITED

Commercial Services & Supplies – Overnight Price: $1.75

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

Import prices held strong for DGL Group's AdBlue operations over the first half, with the business commanding more than $1,200 per tonne equating to more than 30% growth year-on-year. 

Bell Potter highlights if current pricing levels are retained through the second half, pricing for the fiscal year would be largely flat year-on-year in what the broker sees as a significant outcome for the company. 

While making no changes to DGL Group's underlying business, its recent acquisition of Nightingale Transport sees the broker upgrade its earnings per share forecasts 2-7% through to FY25. 

The Buy rating is retained but the target price decreases to $2.00 from $2.25 to align with peer multiples.

This report was published on February 3, 2023.

Target price is $2.00 Current Price is $1.75 Difference: $0.245
If DGL meets the Bell Potter target it will return approximately 14% (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 10.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.40.

Forecast for FY24:

Bell Potter forecasts a full year FY24 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 15.39.

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

DYL    DEEP YELLOW LIMITED

Uranium – Overnight Price: $0.76

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

Deep Yellow's Tumas uranium project is one step closer to a final investment decision and subsequent development with the release of a definitive feasibility study. Bell Potter notes capital and operating costs were higher, up 26% and 25% respectively, but offset by throughput and production increases of 11% and 26%. 

Bell Potter has updated its outlook for the company, assuming moderately higher cash burn over the next two years on increased expenditure at Tumas and the company's Mulga Rock project.

The Buy rating is retained and the target price decreases to $1.04 from $1.05.

This report was published on February 3, 2023.

Target price is $1.04 Current Price is $0.76 Difference: $0.28
If DYL meets the Bell Potter target it will return approximately 37% (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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 76.00.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 38.00.

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

FAR    FAR LIMITED

Crude Oil – Overnight Price: $0.72

Canaccord Genuity rates ((FAR)) as Sell (5) –

East coast gas prices eased in the 4Q of 2022 to average $17.8/GJ, down from $26.8GJ in the September quarter, though still a 67% increase on the previous corresponding period.

Canaccord Genuity attributes the fall to both seasonal factors and additional volumes for domestic needs via LNG exporters after two train outages at the Queensland Curtis LNG plant.

The broker maintains its 66c target for FAR, which is based on the company's cash backing (less corporate costs) plus 25c for contingent payments due from Woodside Petroleum ((WDS)) from the sale of its interest in Sangomar. Sell.

This report was published on February 6, 2023.

Target price is $0.66 Current Price is $0.72 Difference: minus $0.065 (current price is over target).
If FAR meets the Canaccord Genuity target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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

GLL    GALILEE ENERGY LIMITED

NatGas – Overnight Price: $0.15

Canaccord Genuity rates ((GLL)) as Speculative Buy (1) –

East coast gas prices eased in the 4Q of 2022 to average $17.8/GJ, down from $26.8GJ in the September quarter, though still a 67% increase on the previous corresponding period.

Canaccord Genuity attributes the fall to both seasonal factors and additional volumes for domestic needs via LNG exporters after two train outages at the Queensland Curtis LNG plant.

The broker lowers its target for Galilee Energy to 39c from 58c on an adjusted risk assessment at the Glenaris Gas project. Speculative Buy.

This report was published on February 6, 2023.

Target price is $0.39 Current Price is $0.15 Difference: $0.235
If GLL meets the Canaccord Genuity target it will return approximately 152% (excluding dividends, fees and charges).

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

IPD    IMPEDIMED LIMITED

Medical Equipment & Devices – Overnight Price: $0.06

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

Canaccord Genuity advises that the National Comprehensive Cancer Network, which recently knocked back inclusion of ImpediMed's Sozo in its guidelines for the early detection of lymphoedema, did refer Sozo to the NCCN Guidelines for Survivorship and issued no negative commentary, such as insufficient data.

The broker considers this to be a slight positive, giving the product one last chance for inclusion.

While inclusion would hasten coverage and likely improve the pace of sales, the broker says it is not necessary for commercial success, and looks instead to the validation provided by rising sales.

Buy rating and 14c target price retained. (The last entry in the FNArena data base was 18c in October). 

This report was published on February 6, 2023.

Target price is $0.14 Current Price is $0.06 Difference: $0.082
If IPD meets the Canaccord Genuity target it will return approximately 141% (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.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents.

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

JAN    JANISON EDUCATION GROUP LIMITED

Education & Tuition – Overnight Price: $0.57

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

Janison Education's December-half result appears to have met Wilsons' forecasts on most metrics: gross profit and revenue up; costs controlled; and margins easing year on year. The company's cash balance as at December 31 was $6m, and Wilsons advises this rose to $9m in January, due to the timing of receipts.

Guidance appears to have slightly disappointed, leaving Wilsons forecasts at the high end of the range, and the broker adjusts towards the mid-point given potentially slow revenue recognition.

EPS forecasts are shaved. The broker believes a recovery in PBTS will be needed to justify upgrades.

Meanwhile, India has signed as an IPP country.

Overweight rating retained. Target price rises to 66c from 59c to reflect the increase in revenue, Wilsons valuing the company at 3x sales.

This report was published on February 3, 2023.

Target price is $0.66 Current Price is $0.57 Difference: $0.09
If JAN meets the Wilsons target it will return approximately 16% (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 and EPS of minus 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.80.

Forecast for FY24:

Wilsons forecasts a full year FY24 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 63.33.

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

JHG    JANUS HENDERSON GROUP PLC

Wealth Management & Investments – Overnight Price: $41.44

Bell Potter rates ((JHG)) as Downgrade to Hold from Buy (3) –

Janus Henderson reported more robust results than expected for the 4Q22, according to Bell Potter, with a boost to management fees from better investment returns.

To account for a rise in the cost base over the period, and the higher compensation ratio, only slight changes are made to earnings forecasts, in spite of the higher revenues from better investment returns.

Bell Potter adjusts EPS forecasts with a 2.8% rise in FY23 and -1.1% for FY24.

The rating is downgraded to a Hold from a Buy due to the 12% rally in the share price since the trading update.

 Target is unchanged at $43.81.

This report was published on February 7, 2023.

Target price is $43.81 Current Price is $41.44 Difference: $2.37
If JHG meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $34.67, suggesting downside of -14.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 274.21 cents and EPS of 399.77 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 10.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 330.9, implying annual growth of N/A.
Current consensus DPS estimate is 226.4, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 285.76 cents and EPS of 402.66 cents.
At the last closing share price the estimated dividend yield is 6.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 288.4, implying annual growth of -12.8%.
Current consensus DPS estimate is 229.2, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 14.0.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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

Janus Henderson reported better than expected results for the 4Q22 from better-than-guided fee performance and weaker than forecast cost growth from non-compensation factors, notes Jarden.

Looking ahead, the analyst views there is the potential for further earnings misses from higher fund outflows, highlighting that their forecasts sit -9% below consensus.

Jarden makes some minor adjustments to EPS forecasts of 0.8% for FY23 and -0.7% for FY24.

The Underweight rating is unchanged and the target price is raised to $27.30 from $23.45.

This report was published on February 6, 2023.

Target price is $27.30 Current Price is $41.44 Difference: minus $14.14 (current price is over target).
If JHG meets the Jarden target it will return approximately minus 34% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $34.67, suggesting downside of -14.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 225.14 cents and EPS of 257.61 cents.
At the last closing share price the estimated dividend yield is 5.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 330.9, implying annual growth of N/A.
Current consensus DPS estimate is 226.4, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 230.91 cents and EPS of 274.07 cents.
At the last closing share price the estimated dividend yield is 5.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 288.4, implying annual growth of -12.8%.
Current consensus DPS estimate is 229.2, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 14.0.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

NCK    NICK SCALI LIMITED

Furniture & Renovation – Overnight Price: $10.09

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

Post the 1H23 trading update from Nick Scali, Wilsons' first impressions are better-than-anticipated January trading following on from robust December demand, alongside improved operating expenditure from cost cutting in employee and marketing expenses.

The announced dividend came in lower than Wilsons' forecast.

Earnings forecasts are under review with consensus sitting -8.4% below the broker's FY23 forecast.

An Overweight rating and $16 target unchanged.

This report was published on February 7, 2023.

Target price is $16.00 Current Price is $10.09 Difference: $5.91
If NCK meets the Wilsons target it will return approximately 59% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 89.50 cents and EPS of 104.80 cents.
At the last closing share price the estimated dividend yield is 8.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.63.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 88.00 cents and EPS of 103.60 cents.
At the last closing share price the estimated dividend yield is 8.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.74.

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

NWE    NORWEST ENERGY NL

Overnight Price: $0.07

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

East coast gas prices eased in the 4Q of 2022 to average $17.8/GJ, down from $26.8GJ in the September quarter, though still a 67% increase on the previous corresponding period.

Canaccord Genuity attributes the fall to both seasonal factors and additional volumes for domestic needs via LNG exporters after two train outages at the Queensland Curtis LNG plant.

The broker lowers its rating for Norwest Energy to Hold from Speculative Buy after the board recommended a scrip bid by Mineral Resources ((MIN)). 

The closing share price for Mineral Resources on February 2 suggested to the analyst a valuation for Norwest Energy's shares of 6.8cps. The target is set at 7c.

This report was published on February 6, 2023.

Target price is $0.07 Current Price is $0.07 Difference: $0.001
If NWE meets the Canaccord Genuity target it will return approximately 1% (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 3.00 cents and EPS of 0.10 cents.
At the last closing share price the estimated dividend yield is 43.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 69.00.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 69.00.

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

PLL    PIEDMONT LITHIUM INC

New Battery Elements – Overnight Price: $0.97

Canaccord Genuity rates ((PLL)) as Speculative Buy (1) –

Canaccord Genuity highlights that there is "a lot going on" at Piedmont Lithium due to the multiple assets, varying off-take agreements as well as funding from the US government.

The NAL JV is in line with the forecast ramp for 2Q23; production for the upgraded 35Mt at Ewoyaa is due 2025; the Tennessee lithium plant production is delayed until 1Q26; Carolina is waiting for approval and the re-negotiated off-take agreement with Tesla provided a better outcome.

Speculative Buy rating unchanged and the target is lowered to $1.85 from $2.05 due to project risks and model changes.

This report was published on February 6, 2023.

Target price is $1.85 Current Price is $0.97 Difference: $0.875
If PLL meets the Canaccord Genuity target it will return approximately 90% (excluding dividends, fees and charges).

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

SND    SAUNDERS INTERNATIONAL LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $1.17

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

Shaw and Partners considers the $18m in new contracts awarded to Saunders International in the oil, water and new energy sectors.

The analyst is looking to the 1H23 earnings report on February 24 for more details and retains an upbeat view on the Engineering and Construction sector, generally.

The Buy rating and $1.50 target are maintained.

This report was published on February 7, 2023.

Target price is $1.50 Current Price is $1.17 Difference: $0.33
If SND meets the Shaw and Partners target it will return approximately 28% (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 3.80 cents and EPS of 9.40 cents.
At the last closing share price the estimated dividend yield is 3.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.45.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 4.30 cents and EPS of 10.80 cents.
At the last closing share price the estimated dividend yield is 3.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.83.

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

SRG    SRG GLOBAL LIMITED

Mining Sector Contracting – Overnight Price: $0.76

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

Shaw and Partners adopts an upbeat view on the Engineering and Construction sectors and notably for SRG Global with another $220m contract win from Northern Star Resources ((NST)).

The contract wins amount to $750m for FY23 and $628m for FY22 highlights the broker and the company has work-in-hand of $1.3bn at the end of FY22, an increase of 30% over the previous period.

There are no changes to Shaw and Partners' forecasts of 25.2% growth in FY23 EBITDA to $71.7m.

A Buy rating and $1.05 target are retained.

This report was published on February 6, 2023.

Target price is $1.05 Current Price is $0.76 Difference: $0.29
If SRG meets the Shaw and Partners target it will return approximately 38% (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 4.00 cents and EPS of 6.70 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 11.34.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 4.30 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 5.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.56.

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

SYA    SAYONA MINING LIMITED

New Battery Elements – Overnight Price: $0.24

Canaccord Genuity rates ((SYA)) as Downgrade from Hold to Sell (5) –

Canaccord Genuity points to commercial production at NAL starting in the 2Q23 at Sayona Mining although the company is guiding to the 1Q23.

The analyst assesses the off-take with Piedmont Lithium ((PLL))'s NAL as negative for the company.

The rating is downgraded to a Sell from a Hold and the target lowered to 20c from 21c.

This report was published on February 6, 2023.

Target price is $0.20 Current Price is $0.24 Difference: minus $0.04 (current price is over target).
If SYA meets the Canaccord Genuity target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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

SYM    SYMBIO HOLDINGS LIMITED

Telecommunication – Overnight Price: $1.86

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

Canaccord Genuity considers the acquisition of Intrado Australia's UCaaS business as strategically important for Symbio Holdings, at a cost of $5m.

The addition will add scale to the UCaaS segment of the business at what is viewed as a "reasonable valuation", even though it doesn't underwrite the aim to achieve 100m users on the network by 2030.

The broker's EBITDA forecasts are raised by 3% and 6% for FY23 and FY24, respectively.

Target rises to $3.05 from $3 and Buy rating retained.

This report was published on February 6, 2023.

Target price is $3.05 Current Price is $1.86 Difference: $1.19
If SYM meets the Canaccord Genuity target it will return approximately 64% (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 3.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 1.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.67.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 5.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 2.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.40.

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

WGO    WARREGO ENERGY LIMITED

NatGas – Overnight Price: $0.36

Canaccord Genuity rates ((WGO)) as No Rating (-1) –

East coast gas prices eased in the 4Q of 2022 to average $17.8/GJ, down from $26.8GJ in the September quarter, though still a 67% increase on the previous corresponding period.

Canaccord Genuity attributes the fall to both seasonal factors and additional volumes for domestic needs via LNG exporters after two train outages at the Queensland Curtis LNG plant.

In light of the current bidding war for Warrego Energy, Canaccord Genuity has suspended its rating and target price for the time being.

After this research note (issued on February 6), Hancock Energy has emerged as the winning bidder at 36cps.

This report was published on February 6, 2023.

Current Price is $0.36. Target price not assessed.
The company's fiscal year ends in June.

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

XPN    XPON TECHNOLOGIES GROUP LIMITED

Cloud services – Overnight Price: $0.14

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

XPON Technologies' December-quarter annual recurring revenue missed Shaw and Partners forecasts but otherwise, the result appears to have been in line.

The broker considers underlying trends to be solid, expecting the company to reach cash-flow breakeven in FY24. Management reiterated full-year guidance.

Buy rating retained, the broker observing the company is posting a compound annual growth rate of 40% and Shaw and Partners appreciates XPON's exposure to major trends such as privacy and first customer data.

Target price eases to 34c from 38c to reflect lower forecast cash flows.

This report was published on February 1, 2023.

Target price is $0.34 Current Price is $0.14 Difference: $0.2
If XPN meets the Shaw and Partners target it will return approximately 143% (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 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.24.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 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 15.56.

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

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, 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.

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.

Click to view our Glossary of Financial Terms