Australian Broker Call *Extra* Edition – Mar 06, 2023

This story features AIC MINES LIMITED, and other companies. For more info SHARE ANALYSIS: A1M

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)

A1M   A2M   ADH   ALK   ALL   ALU (2)   AMA (2)   ANG   APE   APZ   ASG (2)   AUB (2)   BEN   BSL   BST   CDP   CGC (2)   CHC   COL   CRN (2)   CSS   CVN (2)   CWP   CXL   CYC   DMP (2)   EBO   EHE (2)   EHL   EVS (2)   EVT   FLT (2)   GEM (2)   GPT   HDN   HLO   HSN   HT1   HUB (2)   IDX   INA   JLG (3)   KAR   LGL   LOV (4)   MAD (2)   MAH (2)   MAQ (2)   MGH   MND   MVF (2)   NAN   NHF   NPR   NSR (2)   PFP   PGC   PNV   PPM   PRN (2)   PSQ   PTM   PWR (2)   QAL   RDY (4)   RFF (2)   RIO   RMS (2)   RWC   SCG   SDF   SDR (3)   SEK   SGP   SLC   SLR   SLX   SOM   SPK   SRG   SSG   SSM   STO   TAH   THL   TLX (2)   UNI   WOR   WOW (2)   WTC (3)   XPN  

A1M    AIC MINES LIMITED

Gold & Silver – Overnight Price: $0.43

Shaw and Partners rates ((A1M)) as Buy (1) –

AIC Mines has provided additional information regarding the Jericho mine development. An expanded mill using Jericho feed should mean Eloise produces more than 20,000tpa copper at better than $4.50/lb from 2027 onwards.

The company has completed an institutional placement raising $30m at $0.45 per share. Funds will be used for the upgrade.

Shaw and Partners believes the stock offers investors one of the few ways to invest in a simple leveraged exposure to the copper price. Buy rating maintained. Target is $0.70.

This report was published on February 22, 2023.

Target price is $0.70 Current Price is $0.43 Difference: $0.27
If A1M meets the Shaw and Partners target it will return approximately 63% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.56.

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

A2M    A2 MILK COMPANY LIMITED

Dairy – Overnight Price: $6.72

Jarden rates ((A2M)) as Downgrade to Underweight from Neutral (4) –

a2 Milk Co's December-half result met Jarden's forecasts, thanks to strong performances on most fronts.

The broker sheets much of the strength back to strong growth in the company's China label (despite a broader -11% fall in the China infant milk formula market); strong execution on the refreshed English brand; and growth in cross-border e-commerce retail which offset a slump in the Daigou channel.

Management largely reiterated guidance. EPS forecasts fall -2% in FY23; and rise 14% in FY24; and 16% in FY25.

Rating is downgraded to Underweight from Neutral, following the recent share-price run. Target price rises to NZ$6.35 from NZ$5.70

This report was published on February 20, 2023.

Current Price is $6.72. Target price not assessed.
Current consensus price target is $5.33, suggesting downside of -20.8%(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 18.68 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.7, 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 34.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 23.97 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.2, implying annual growth of 33.0%.
Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 25.6.

This company reports in NZD. 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

ADH    ADAIRS LIMITED

Furniture & Renovation – Overnight Price: $2.35

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

Adairs' December-half result missed consensus but broadly met Jarden's forecasts. Revenue outpaced but sharply higher than forecast freight costs took the shine off the result.

Management downgraded earnings guidance by -6% at the midpoint to reflect the jump in supply chain costs; and the June-half trading update for the first seven weeks slightly outpaced consensus.

EPS forecasts ease -1% for FY23; and rise 1% for FY24.

Overweight rating retained. Target price rises to $3.31 from $3.11, the broker expecting earnings to rise iin FY24.

This report was published on February 21, 2023.

Target price is $3.31 Current Price is $2.35 Difference: $0.96
If ADH meets the Jarden target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $2.65, suggesting upside of 12.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 18.00 cents and EPS of 28.90 cents.
At the last closing share price the estimated dividend yield is 7.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.6, implying annual growth of 0.9%.
Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 8.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 21.00 cents and EPS of 31.90 cents.
At the last closing share price the estimated dividend yield is 8.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.8, implying annual growth of 12.0%.
Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 8.0%.
Current consensus EPS estimate suggests the PER is 7.9.

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

ALK    ALKANE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.71

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

Alkane Resources has received approval for the Tommingly gold expansion. This will enable throughput expansion of 50% to 1.5mtpa.

The approval means Bell Potter forecasts increasing cash flow and earnings from FY25 amid what the broker describes as an enhanced growth platform.

Buy rating and $1 target unchanged.

This report was published on February 22, 2023.

Target price is $1.00 Current Price is $0.71 Difference: $0.285
If ALK meets the Bell Potter target it will return approximately 40% (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 6.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.35.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.54.

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

ALL    ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $36.71

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

Jarden observes improvements in Aristocrat Leisure's gaming operations and social casino, and expects higher net interest income will be offset by more favourable AUD/USD currency movements.

The broker says the company is gaining market share in North America and expects this trend to continue.

Given interest rate movements and the company's strong balance sheet, the broker suggests a $500m buyback would make sense and still leave the company in an EPS accretive position.

Jarden also expects Digital M&A would gain market approval, and would offer protection against a US slowdown. Earnings forecasts rise 4% to 7% across FY23 to FY25. Overweight rating retained. Target price is shaved to $39.04 from $39.11.

This report was published on February 20, 2023.

Target price is $39.04 Current Price is $36.71 Difference: $2.33
If ALL meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $41.26, suggesting upside of 12.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 56.00 cents and EPS of 187.70 cents.
At the last closing share price the estimated dividend yield is 1.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 187.5, implying annual growth of 31.2%.
Current consensus DPS estimate is 64.4, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 19.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 68.00 cents and EPS of 194.60 cents.
At the last closing share price the estimated dividend yield is 1.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 201.2, implying annual growth of 7.3%.
Current consensus DPS estimate is 69.7, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 18.2.

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

ALU    ALTIUM

Hardware & Equipment – Overnight Price: $38.68

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

Bell Potter notes Altium reconfirmed FY23 guidance in the 1H23 earnings report which registered a beat on EBITDA and a higher than expected dividend of 25cps, though revenue missed due to weakness in China and Russia, alongside currency changes.

The analyst raises earnings forecasts by 5% and 2% for FY23 and FY24, respectively.

Hold unchanged and the rating upgraded to $42.50 from $40 as the valuation method is tweaked.

This report was published on February 21, 2023.

Target price is $42.50 Current Price is $38.68 Difference: $3.82
If ALU meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $39.60, suggesting upside of 2.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 76.75 cents and EPS of 72.40 cents.
At the last closing share price the estimated dividend yield is 1.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 53.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.7, implying annual growth of N/A.
Current consensus DPS estimate is 80.8, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 50.4.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 88.33 cents and EPS of 92.53 cents.
At the last closing share price the estimated dividend yield is 2.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.5, implying annual growth of 25.8%.
Current consensus DPS estimate is 93.6, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 40.1.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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Jarden rates ((ALU)) as Neutral (3) –

Altium's December-half result missed consensus' and Jarden's forecasts due to disappointing subscriber growth and lower Octopart revenue, but the broker says there was still a lot to like.

Strong earnings, margins, free-cash-flow generation and net cash continued to feature but looking at the December-half result, the broker doubts the company will be able to justify a re-rating.

Add to that the sharp run in Altium's share price since May, adverse foreign exchange movements, rising competition, cost inflation and the company's premium to peers, and Jarden downgrades to Underweight from Neutral.

Target price eases to $32 from $32.30.

This report was published on February 21, 2023.

Target price is $32.00 Current Price is $38.68 Difference: minus $6.68 (current price is over target).
If ALU meets the Jarden target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $39.60, suggesting upside of 2.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 61.98 cents and EPS of 76.17 cents.
At the last closing share price the estimated dividend yield is 1.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.7, implying annual growth of N/A.
Current consensus DPS estimate is 80.8, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 50.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 79.35 cents and EPS of 93.54 cents.
At the last closing share price the estimated dividend yield is 2.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.5, implying annual growth of 25.8%.
Current consensus DPS estimate is 93.6, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 40.1.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

AMA    AMA GROUP LIMITED

Automobiles & Components – Overnight Price: $0.26

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

AMA Group reported a slight miss for the 1H23 results with cashflows pre-announced in January and no dividend declared, highlights the analyst at Bell Potter.

Management reiterated guidance for both FY23 and FY24, although Bell Potter points to forecasts being at the low end for FY23 and below FY24 guidance post a slight increase in the earnings estimate of 2% and 3%, respectively.

A Buy rating is unchanged and the target raised to 34c from 32c.

This report was published on February 22, 2023.

Target price is $0.34 Current Price is $0.26 Difference: $0.085
If AMA 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 0.00 cents and EPS of minus 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.23.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.00.

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

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Canaccord Genuity rates ((AMA)) as Upgrade to Spec Buy from Hold (1) –

First half results from AMA Group were strong and in line with expectations. Guidance has been retained for FY23 EBITDA of $70-90m, to be achieved from existing operations and interim price arrangements.

Canaccord Genuity upgrades to Speculative Buy from Hold, assessing there are enough positives in the results along with an improved outlook. Target is $0.30.

This report was published on February 22, 2023.

Target price is $0.30 Current Price is $0.26 Difference: $0.045
If AMA meets the Canaccord Genuity target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 25.50.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.75.

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

ANG    AUSTIN ENGINEERING LIMITED

Mining Sector Contracting – Overnight Price: $0.36

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

First half results from Austin Engineering were stronger than expected. FY23 net profit guidance has been reaffirmed after a very strong January.

Shaw and Partners is impressed with the results, noting EBITDA margins materially improved over the 12 months. While conscious of recent volatility in certain commodity prices the broker notes the offset through synergies from the recent Mainetec acquisition, offering potential upside.

The Buy rating and target price of $0.45 are retained.

This report was published on February 22, 2023.

Target price is $0.45 Current Price is $0.36 Difference: $0.085
If ANG meets the Shaw and Partners target it will return approximately 23% (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 0.70 cents and EPS of 4.60 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.93.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 1.00 cents and EPS of 5.20 cents.
At the last closing share price the estimated dividend yield is 2.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.02.

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

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $14.02

Moelis rates ((APE)) as Buy (1) –

Eagers Automotive delivered a solid full year according to Moelis, reporting revenue of $8.5bn, underlying earnings of $470m and underlying net profit of $266.8m. The company is anticipating FY23 revenue of $9.5-10.0bn, assuming minimal improvement in industry supply and a full year benefit from its Canberra and Newspot acquisitions.

Moelis highlights there has been no sign of demand slowing to date, with the company reporting 22% half-on-half growth in its order book in the second half of the year, and the broker expects this to provide reasonable margin protection through 2023. 

The Buy rating is retained and the target price decreases to $14.80 from $15.51.

This report was published on February 23, 2023.

Target price is $14.80 Current Price is $14.02 Difference: $0.78
If APE meets the Moelis target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $14.54, suggesting upside of 3.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 75.50 cents and EPS of 116.30 cents.
At the last closing share price the estimated dividend yield is 5.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 114.8, implying annual growth of -5.4%.
Current consensus DPS estimate is 69.3, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 63.30 cents and EPS of 100.80 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 103.6, implying annual growth of -9.8%.
Current consensus DPS estimate is 65.9, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 13.5.

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

APZ    ASPEN GROUP LIMITED

Real Estate – Overnight Price: $1.91

Moelis rates ((APZ)) as Buy (1) –

Aspen Group reported strong 1H23 results according to Moelis with earnings up 100% over the period and management upgrading the earnings outlook for FY23.

The balance sheet strengthened post the equity issuance in September 2022 and gearing declined to 28%, which gives management some optionality for acquisitions, notes the analyst.

The NTA was lifted to $1.88 from $1.79 in December 2022. The target is raised to $2.17 from $2.13 and the Buy rating remains.

This report was published on February 22, 2023.

Target price is $2.17 Current Price is $1.91 Difference: $0.26
If APZ meets the Moelis target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 7.00 cents and EPS of 11.70 cents.
At the last closing share price the estimated dividend yield is 3.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.32.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 8.40 cents and EPS of 12.20 cents.
At the last closing share price the estimated dividend yield is 4.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.66.

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

ASG    AUTOSPORTS GROUP LIMITED

Automobiles & Components – Overnight Price: $2.17

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

Autosports Group produced net profit in the first half that was higher than Jarden estimated. Revenue grew 17% with Auckland BMW contributing $72m.

New vehicle growth of 12% came despite a headwind from the Mercedes-Benz change to the agency model. Jarden lifts estimates for FY23 and FY24 and retains an Overweight rating. Target is reduced to $3.75 from $3.81.

This report was published on February 23, 2023.

Target price is $3.75 Current Price is $2.17 Difference: $1.58
If ASG meets the Jarden target it will return approximately 73% (excluding dividends, fees and charges).
Current consensus price target is $2.90, suggesting upside of 33.6%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 35.4, implying annual growth of 33.3%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 8.8%.
Current consensus EPS estimate suggests the PER is 6.1.

Forecast for FY24:

Current consensus EPS estimate is 30.0, implying annual growth of -15.3%.
Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 7.2.

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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Moelis rates ((ASG)) as Buy (1) –

Autosports Group reported robust 1H23 earnings with Moelis pointing out it was better than the mid-point of guidance provided last November.

Margin expansion from new cars sales and organic growth of 8.7% boosted the results.

Management did not offer guidance but confirmed that momentum has been maintained in January with the new vehicle order book rising 13%.

Moelis adjusted EPS forecasts by 8% for FY23 for the Motorline acquisition and better margins. A Buy rating is maintained with a $2.60 target.

This report was published on February 23, 2023.

Target price is $2.60 Current Price is $2.17 Difference: $0.43
If ASG meets the Moelis target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $2.90, suggesting upside of 33.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 19.50 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 8.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.4, implying annual growth of 33.3%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 8.8%.
Current consensus EPS estimate suggests the PER is 6.1.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 12.80 cents and EPS of 24.30 cents.
At the last closing share price the estimated dividend yield is 5.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.0, implying annual growth of -15.3%.
Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 7.2.

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

AUB    AUB GROUP LIMITED

Insurance – Overnight Price: $26.92

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

First half result was pre-released. Goldman Sachs notes Australian broking trends were strong led by acquisition and rate-driven organic growth as well as margin improvement. The broker estimates AUB Group's organic growth, ex profit commissions, at around 22%.

Goldman Sachs retains a Buy rating with the target raised to $28.76 from $28.70. The broker believes the stock offers valuation appeal.

This report was published on February 23, 2023.

Target price is $28.76 Current Price is $26.92 Difference: $1.84
If AUB meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $29.81, suggesting upside of 10.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 74.00 cents and EPS of 119.00 cents.
At the last closing share price the estimated dividend yield is 2.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.0, implying annual growth of 13.6%.
Current consensus DPS estimate is 61.9, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 22.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 87.00 cents and EPS of 141.00 cents.
At the last closing share price the estimated dividend yield is 3.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 140.5, implying annual growth of 17.1%.
Current consensus DPS estimate is 75.7, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 19.2.

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

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Jarden rates ((AUB)) as Buy (1) –

First half underlying net profit was in line with revised guidance and Jarden's estimates. AUB group has upgraded its medium-term EBIT margin targets and established a Tysers margin target, pushing up outer year group EBIT margin forecasts by 70-80 basis points and earnings per share by 1-3%.

The high degree of visibility on the second half gives Jarden greater confidence that the top of net profit guidance will be achieved. Buy rating retained. Target is raised to $30.10 from $29.05.

This report was published on February 23, 2023.

Target price is $30.10 Current Price is $26.92 Difference: $3.18
If AUB meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $29.81, suggesting upside of 10.7%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 120.0, implying annual growth of 13.6%.
Current consensus DPS estimate is 61.9, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 22.4.

Forecast for FY24:

Current consensus EPS estimate is 140.5, implying annual growth of 17.1%.
Current consensus DPS estimate is 75.7, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 19.2.

Market Sentiment: 0.8
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: $9.60

Jarden rates ((BEN)) as Neutral (3) –

Bendigo & Adelaide Bank's December-half result outpaced consensus and Jarden's forecasts by 4% thanks to a beat on net interest margins.

But the broker doubts the bank can fend off industry headwinds and still expects net interest margins to peak in the June half.

Jarden appreciates the company's balance sheet and credit quality, its favourable earnings to cost balance, and management's guidance to a continuation of these dynamics.

Neutral rating retained. Target price rises to $9.70 from $9.50.

This report was published on February 20, 2023.

Target price is $9.70 Current Price is $9.60 Difference: $0.1
If BEN meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $10.37, suggesting upside of 8.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 61.00 cents and EPS of 90.00 cents.
At the last closing share price the estimated dividend yield is 6.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.5, implying annual growth of 6.8%.
Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 62.00 cents and EPS of 83.00 cents.
At the last closing share price the estimated dividend yield is 6.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.8, implying annual growth of -5.0%.
Current consensus DPS estimate is 60.8, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 10.8.

Market Sentiment: 0.3
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: $20.29

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

BlueScope Steel's December-half underlying earnings (EBIT) met consensus but EBIT guidance proved a -17% miss as lower steel product prices in Australia bit.

Jarden attributes the price slump to domestic channel destocking and a falling East Asia steel price, and the broker suspects the blast furnace operator might be best served by sacrificing price to volume within a deteriorating price environment.

On the upside, the broker spies an end to Australian destocking, a recovery in Chinese construction, and an improvement in US steel demand.

Overweight rating retained. Target price falls to $20.20 from $21.10.

This report was published on February 21, 2023.

Target price is $20.20 Current Price is $20.29 Difference: minus $0.09 (current price is over target).
If BSL meets the Jarden target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $18.62, suggesting downside of -8.2%(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 212.00 cents.
At the last closing share price the estimated dividend yield is 2.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 204.3, implying annual growth of -64.3%.
Current consensus DPS estimate is 83.9, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 9.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 50.00 cents and EPS of 167.00 cents.
At the last closing share price the estimated dividend yield is 2.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 157.0, implying annual growth of -23.2%.
Current consensus DPS estimate is 79.9, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 12.9.

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

BST    BEST & LESS GROUP HOLDINGS LIMITED

Apparel & Footwear – Overnight Price: $1.97

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

First half results were pre-released. For the first seven weeks of the second half like-for-like sales were up 3.9%. Bell Potter interprets these figures to imply a partial recovery from the prior year's sales decline.

Average selling prices have remain strong despite the softer volumes and Best & Less has reiterated second half net profit guidance. Bell Potter retains a Hold rating as near-term earnings growth is priced into the valuation and reduces the target to $1.85 from $2.05.

This report was published on February 22, 2023.

Target price is $1.85 Current Price is $1.97 Difference: minus $0.115 (current price is over target).
If BST meets the Bell Potter target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 17.30 cents and EPS of 24.30 cents.
At the last closing share price the estimated dividend yield is 8.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.09.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 19.60 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 9.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.02.

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

CDP    CARINDALE PROPERTY TRUST

REITs – Overnight Price: $4.46

Moelis rates ((CDP)) as Buy (1) –

Carindale Property Trust reported 1H23 earnings broadly in line with expectations and management reconfirmed FY23 dividend guidance of 26.5cps.

There are some slight tweaks to earnings forecasts for higher floating interest rate assumptions. 

Moelis retains its Buy rating with a $6.61 target price.

This report was published on February 23, 2023.

Target price is $6.61 Current Price is $4.46 Difference: $2.15
If CDP meets the Moelis target it will return approximately 48% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 26.30 cents and EPS of 34.40 cents.
At the last closing share price the estimated dividend yield is 5.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.97.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 27.30 cents and EPS of 34.90 cents.
At the last closing share price the estimated dividend yield is 6.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.78.

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

CGC    COSTA GROUP HOLDINGS LIMITED

Agriculture – Overnight Price: $2.54

Bell Potter rates ((CGC)) as Upgrade to Buy from Hold (1) –

Bell Potter is looking to a recovery for Costa Group post the 1H23 results which were slightly weaker than expected.

Improvements in weather and the cessation of quality problems, alongside a forecast improvement in citrus as well as an upbeat start to the international season, leads Bell Potter to upgrade the rating to Buy from Hold.

Some minor revisions to EBITDAS of -2% for FY23 and -9% for FY24 do not impact on the target of $3 which remains unchanged, notes the broker.

This report was published on March 22, 2023.

Target price is $3.00 Current Price is $2.54 Difference: $0.46
If CGC meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $2.83, suggesting upside of 11.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 9.00 cents and EPS of 12.10 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of 96.1%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 17.9.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 10.00 cents and EPS of 14.30 cents.
At the last closing share price the estimated dividend yield is 3.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of 24.6%.
Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 14.4.

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

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

FY22 results were generally a little weaker than Jarden anticipated. Costa Group expects a recovery in citrus over 2023 while noting supply chain headwinds are easing.

Jarden believes "normal" earnings should be materially higher than its 2023 forecasts and downgrades to Neutral from Overweight.

Events over recent years have highlighted the volatility in the stock while the main risk to the broker's view is corporate activity. Target is raised to $2.60 from $2.20.

This report was published on February 22, 2023.

Target price is $2.60 Current Price is $2.54 Difference: $0.06
If CGC meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.83, suggesting upside of 11.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 6.50 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of 96.1%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 17.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 5.30 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 2.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of 24.6%.
Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 14.4.

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

CHC    CHARTER HALL GROUP

REITs – Overnight Price: $12.84

Jarden rates ((CHC)) as Buy (1) –

Charter Hall's December-half appears to have pleased Jarden, the company logging record activity, but the broker expects the macro environment will weigh on earnings in the June half.

The broker expects bond yields and asset values will stabilise in 2024 but hopes greater visibility before then.

In the meantime, Jarden says the company is well placed to progress its structural growth and forecasts a 10% EPS compound annual growth rate from 2024 onwards. 

The broker retains a keen eye to global real estate funds redemptions. EPS forecasts fall -14% in FY24; and -8% in FY25 to reflect a slowing in transactions.

Rating is downgraded to Overweight from Buy. Target price slides to $16.00 from $17.35.

This report was published on February 20, 2023.

Target price is $16.00 Current Price is $12.84 Difference: $3.16
If CHC meets the Jarden target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $14.88, 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 42.50 cents and EPS of 90.70 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.7, implying annual growth of -51.7%.
Current consensus DPS estimate is 42.7, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 45.10 cents and EPS of 81.00 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 15.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.4, implying annual growth of -4.6%.
Current consensus DPS estimate is 44.9, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 14.4.

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

COL    COLES GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $17.49

Jarden rates ((COL)) as Neutral (3) –

First half results were ahead of expectations. Jarden raises forecasts for FY23, given a materially lower depreciation charge, owing to a deferral of expenditure and the Coles Express divestment.

The broker believes Coles Group is investing in the right areas but has a way to go. The broker also believes rival Woolworths ((WOW)) is two years ahead and if this translates to better sales and profit outcomes there is a risk Coles will de-rate.

Neutral maintained. Target rises to $16.60 from $15.90.

This report was published on February 21, 2023.

Target price is $16.60 Current Price is $17.49 Difference: minus $0.89 (current price is over target).
If COL 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 $17.96, suggesting upside of 2.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 65.00 cents and EPS of 93.60 cents.
At the last closing share price the estimated dividend yield is 3.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.2, implying annual growth of 1.8%.
Current consensus DPS estimate is 64.3, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 21.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 66.00 cents and EPS of 83.60 cents.
At the last closing share price the estimated dividend yield is 3.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.3, implying annual growth of 0.1%.
Current consensus DPS estimate is 65.4, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 21.8.

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

CRN    CORONADO GLOBAL RESOURCES INC

Coal – Overnight Price: $1.94

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

2022 net profit was ahead of Bell Potter's estimates. Coronado Global Resources has guided to saleable production of 16.8-17.2mt in 2023 with mining costs of US$84-87/t and capital expenditure of US$260-290m.

The broker had expected stronger guidance amid a recovery at Curragh with corresponding flow through to lower unit costs. While in isolation changes to the production outlook would reduce earnings estimates, Bell Potter has upgraded the hard coking coal outlook by 20% for 2023 and 11% for 2024. Buy retained and the target is $2.20.

This report was published on February 22, 2023.

Target price is $2.20 Current Price is $1.94 Difference: $0.265
If CRN meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $2.25, suggesting upside of 16.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 50.39 cents and EPS of 59.22 cents.
At the last closing share price the estimated dividend yield is 26.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.9, implying annual growth of N/A.
Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 13.0%.
Current consensus EPS estimate suggests the PER is 3.3.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 43.44 cents and EPS of 56.33 cents.
At the last closing share price the estimated dividend yield is 22.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.7, implying annual growth of 3.1%.
Current consensus DPS estimate is 32.1, implying a prospective dividend yield of 16.6%.
Current consensus EPS estimate suggests the PER is 3.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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

2022 results were largely pre-reported. Coronado Global Resources has confirmed the focus is on acquisitions in the near future with possible funding options including equity, debt and prepayments.

Goldman Sachs points out BHP Group ((BHP)) has confirmed it is selling the 12mtpa Blackwater open cut coking coal mine, just south of Curragh, which could support significant synergies.

The broker continues to rate the stock a Buy because of the strong free cash flow and dividend yield. Target is reduced to $2.25 from $2.45.

This report was published on February 22, 2023.

Target price is $2.25 Current Price is $1.94 Difference: $0.315
If CRN meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $2.25, suggesting upside of 16.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 26.06 cents and EPS of 44.89 cents.
At the last closing share price the estimated dividend yield is 13.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.9, implying annual growth of N/A.
Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 13.0%.
Current consensus EPS estimate suggests the PER is 3.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 21.72 cents and EPS of 13.03 cents.
At the last closing share price the estimated dividend yield is 11.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.7, implying annual growth of 3.1%.
Current consensus DPS estimate is 32.1, implying a prospective dividend yield of 16.6%.
Current consensus EPS estimate suggests the PER is 3.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CSS    CLEAN SEAS SEAFOOD LIMITED

Aquaculture – Overnight Price: $0.56

Bell Potter rates ((CSS)) as Speculative Buy (1) –

Bell Potter considers the 1H23 results for Clean Seas Seafood as weaker than expected, with a -22% decline in volumes failing to be offset by a 40% increase in prices.

Management confirmed that volumes for FY23 would be down -30% on the previous guidance, reflecting growth of 15% to 20% over the previous year; both pricing and costs are forecast to soften.

The broker reduces EBITDA earnings forecasts by -27% in FY23 and -13% in FY24.

A Speculative Buy rating is maintained and the target is lowered to 75c from 85c.

This report was published on March 22, 2023.

Target price is $0.75 Current Price is $0.56 Difference: $0.19
If CSS meets the Bell Potter target it will return approximately 34% (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 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 70.00.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.33.

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: $0.13

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

Carnarvon Energy is poised for a sell down of its Dorado asset, having entered into an agreement to divest a -10% interest of its Bedout holding. The interest is being sold for a US$145m consideration, including a US$56m upfront payment.

Before industry wide inflation, costs of liquid development at Dorado were previously flagged as in the -US$2.0bn range. Post-inflation, Canaccord Genuity predicts Carnarvon Energy is looking at capital expenditure of -US$240m for development, and divestment will leave it well positioned to progress the project. 

The Speculative Buy rating is retained and the target price decreases to $0.26 from $0.28.

This report was published on February 23, 2023.

Target price is $0.26 Current Price is $0.13 Difference: $0.13
If CVN meets the Canaccord Genuity target it will return approximately 100% (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 -0.30 cents and EPS of minus 0.50 cents.
At the last closing share price the estimated dividend yield is – 2.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.00.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of -0.40 cents and EPS of minus 0.50 cents.
At the last closing share price the estimated dividend yield is – 3.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.00.

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

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Jarden rates ((CVN)) as Upgrade to Buy from Overweight (1) –

Carnarvon Energy has entered into a binding agreement to sell a -10% interest in its Bedout acreage to Taiwan's National Oil Co. This includes half of Carnarvon Energy's interest in the undeveloped Dorado project and a -10% interest in the Pavo North discovery. 

This will significantly reduce the share of funding required for Dorado and potentially avoid the need to raise equity. Jarden upgrades to Buy from Overweight and raises the target to $0.26 from $0.22.

This report was published on February 23, 2023.

Target price is $0.26 Current Price is $0.13 Difference: $0.13
If CVN meets the Jarden target it will return approximately 100% (excluding dividends, fees and charges).
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 32.50.

Forecast for FY24:

Jarden forecasts a full year FY24 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 32.50.

Market Sentiment: 0.5
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: $4.35

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

First half results showed a slowdown in sales for Cedar Woods Properties, with fewer settlements leading to a drop in revenue of -13%. Bell Potter was not surprised, given the effect of rising interest rates on the property market.

The company expects a rebound in settlements, with the broker noting the level of pre-sales has not diminished. A co-development with Tokyo Gas Real Estate has been announced to develop apartments in Adelaide.

The company has also indicated the sale process for the Williams Landing shopping centre is progressing well. Buy rating retained. Target is unchanged at $5.40.

This report was published on February 22, 2023.

Target price is $5.40 Current Price is $4.35 Difference: $1.05
If CWP meets the Bell Potter target it will return approximately 24% (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 31.00 cents and EPS of 44.10 cents.
At the last closing share price the estimated dividend yield is 7.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.86.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 32.00 cents and EPS of 53.50 cents.
At the last closing share price the estimated dividend yield is 7.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.13.

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

CXL    CALIX LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $5.50

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

First half revenue was in line with forecasts. Calyx has a new MOU with Heirloom Carbon Technologies in which the latter will contribute US$3m towards mutually agreed R&D activities.

Shaw and Partners believes the ESG tailwinds for Calyx and its Calciner technology are very positive. Carbon dioxide mitigation provides the greatest upside on which the company is well-placed to deliver.

The Buy rating and target price of $6.00 are retained.

This report was published on February 22, 2023.

Target price is $6.00 Current Price is $5.50 Difference: $0.5
If CXL meets the Shaw and Partners target it will return approximately 9% (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 7.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 74.32.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 6.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 84.62.

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

CYC    CYCLOPHARM LIMITED

Medical Equipment & Devices – Overnight Price: $1.50

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

Bell Potter considers the FY23 earnings report which results in an expected decline in profit margins for Cyclopharm to 70% from 90%.

Management does not offer guidance, although US sales are expected to start in 2023 and there is a possibility of FDA approval in this period for Technegas.

The analyst lowers the EPS forecasts by -120% for FY23 and -43% for FY24 with losses for the company expected to widen, although the 1c dps is forecast to be retained.

Hold rating and $1.70 target unchanged.

This report was published on February 22, 2023.

Target price is $1.70 Current Price is $1.50 Difference: $0.2
If CYC meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 1.00 cents and EPS of minus 8.60 cents.
At the last closing share price the estimated dividend yield is 0.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.44.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 1.00 cents and EPS of 3.30 cents.
At the last closing share price the estimated dividend yield is 0.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.45.

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

DMP    DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco – Overnight Price: $49.25

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

First half results were weaker than Goldman Sachs expected. The broker reduces FY23-25 sales estimates by -1.6-3.9% and group EBIT by -4.3-7.4%.

Domino's Pizza Enterprises did not reiterate full year profit guidance and, given the disappointment in the first half results and a muted outlook, Goldman Sachs suspects it will miss this forecast. Neutral maintained. Target is $57.60.

This report was published on February 23, 2023.

Target price is $57.60 Current Price is $49.25 Difference: $8.35
If DMP meets the Goldman Sachs target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $62.91, suggesting upside of 27.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 137.00 cents and EPS of 169.00 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 171.9, implying annual growth of -6.3%.
Current consensus DPS estimate is 145.2, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 28.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 167.00 cents and EPS of 206.00 cents.
At the last closing share price the estimated dividend yield is 3.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 197.8, implying annual growth of 15.1%.
Current consensus DPS estimate is 162.6, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 24.9.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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

First half results disappointed Jarden and raised questions regarding earnings visibility and the ability to pass on cost inflation. Domino's Pizza Enterprises has indicated second half same-store sales growth for the year to date is down -2.2% and prior guidance no longer applies.

The broker observes this is in stark contrast to the positive sentiment provided at the November AGM. While the metrics have deteriorated materially, Jarden does not believe the business is broken although retains concerns over exactly what sustainable margins can be achieved. Overweight maintained. Target is reduced to $75 from $80.

This report was published on February 23, 2023.

Target price is $75.00 Current Price is $49.25 Difference: $25.75
If DMP meets the Jarden target it will return approximately 52% (excluding dividends, fees and charges).
Current consensus price target is $62.91, suggesting upside of 27.7%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 171.9, implying annual growth of -6.3%.
Current consensus DPS estimate is 145.2, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 28.7.

Forecast for FY24:

Current consensus EPS estimate is 197.8, implying annual growth of 15.1%.
Current consensus DPS estimate is 162.6, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 24.9.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

EBO    EBOS GROUP LIMITED

Healthcare services – Overnight Price: $41.45

Jarden rates ((EBO)) as Downgrade to Underweight from Neutral (4) –

First half underlying EBITDA was ahead of Jarden's expectations. Healthcare was supported by the Lifehealthcare acquisition and growth in community pharmacy and hospitals.

The broker upgrades estimates, mostly attributable to the higher topline growth in healthcare and better margins in animal care.

Target rises 5% to NZ$41. Rating is downgraded to Underweight from Neutral on valuation grounds, given the view that organic growth is moderating and there is a lower probability of major M&A upside in the short term.

This report was published on February 23, 2023.

Current Price is $41.45. Target price not assessed.
Current consensus price target is $39.53, suggesting downside of -4.6%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 136.1, implying annual growth of 18.8%.
Current consensus DPS estimate is 93.1, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 30.5.

Forecast for FY24:

Current consensus EPS estimate is 150.4, implying annual growth of 10.5%.
Current consensus DPS estimate is 100.7, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 27.6.

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

EHE    ESTIA HEALTH LIMITED

Aged Care & Seniors – Overnight Price: $2.08

Jarden rates ((EHE)) as Buy (1) –

Underlying first half results were strong as the exit run rate illustrated operating and financial improvements, Jarden notes.

Estia Health's reform agenda continues and the broker believes clarity on the IHACPA recommendations and care classification would be a catalyst for investors.

Moreover, the momentum in the operating and financial performance should draw more attention to the stock in coming months. Buy rating maintained. Target rises to $3.22 from $3.18.

This report was published on February 22, 2023.

Target price is $3.22 Current Price is $2.08 Difference: $1.14
If EHE meets the Jarden target it will return approximately 55% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 11.70 cents and EPS of 13.30 cents.
At the last closing share price the estimated dividend yield is 5.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.64.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 9.60 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 4.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.91.

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

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Moelis rates ((EHE)) as Buy (1) –

A boost from aged care funding of $10,000/day boosted 1H23 earnings for Estia Health in the 2Q23 notes Moelis.

The analyst expects some of the funding boost could be absorbed by inflation, however a 2Q23 EBIT earnings rate of around $25.5m is forecast to be maintained.

According to Moelis, Estia Health is a leading operator and the company is generating $17,000 EBITDA per bed, which compares very favourably to new builds. 

Buy rating with a revised target of $3.03 from $2.75.

This report was published on February 23, 2023.

Target price is $3.03 Current Price is $2.08 Difference: $0.95
If EHE meets the Moelis target it will return approximately 46% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 7.70 cents and EPS of 9.30 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.37.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 8.90 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 4.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.57.

Market Sentiment: 0.5
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: $0.73

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

Having delivered a slight first half beat to Canaccord Genuity's forecasts, Emeco Holdings has reiterated full year guidance. The broker notes this suggests a substantial acceleration of growth in the second half, implying second half earnings of $131.5-146.5m, up from $113.5m in the first half. 

Despite being dragged down by the impacts of bad weather, rental revenue growth was up 18% year-on-year.

The company is anticipating earnings growth and margin recovery in eastern regions in the second half, while new projects in western regions set to commence in the second half should provide momentum into the next fiscal year, the broker suggests.

The Buy rating and target price of $0.97 are retained.

This report was published on February 23, 2023.

Target price is $0.97 Current Price is $0.73 Difference: $0.235
If EHL meets the Canaccord Genuity target it will return approximately 32% (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 2.50 cents and EPS of 10.10 cents.
At the last closing share price the estimated dividend yield is 3.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.28.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 2.70 cents and EPS of 13.30 cents.
At the last closing share price the estimated dividend yield is 3.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.53.

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

EVS    ENVIROSUITE LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.11

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

First half revenue was below Bell Potter's forecasts. This was mainly due to non-recurring revenue. The EBITDA loss was in line. No specific FY23 guidance was provided from EnviroSuite.

Bell Potter updates valuation and rolls forward. No changes are made to assumptions and a Buy rating with a 21c target is maintained.

This report was published on February 22, 2023.

Target price is $0.21 Current Price is $0.11 Difference: $0.1
If EVS meets the Bell Potter target it will return approximately 91% (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 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.75.

Forecast for FY24:

Bell Potter forecasts a full year FY24 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 27.50.

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

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

While EnviroSuite largely pre-released its first half results, Wilsons highlights the company continues to gain traction in all three of its core market segments.  

On commentary from the company the broker feels EnviroSuite is cautiously optimistic about the coming half, with the mining and resources sectors remaining robust. Wilsons echoes this optimism, but retains some conservatism around practical execution times.

The Overweight rating is retained and the target price decreases to $0.18 from $0.21.

This report was published on February 23, 2023.

Target price is $0.18 Current Price is $0.11 Difference: $0.07
If EVS meets the Wilsons target it will return approximately 64% (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 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.75.

Forecast for FY24:

Wilsons forecasts a full year FY24 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 27.50.

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

EVT    EVT LIMITED

Travel, Leisure & Tourism – Overnight Price: $12.87

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

EVT Ltd's December-half result outpace consensus and Jarden's forecasts by double digits, thanks to a rally in Entertainment and Hospitality, although the interim dividend disappointed.

Average room rates are solidly outpacing pre-covid levels, hotel demand continues to grow, and margins rose sharply.

Management guided to a strong June half but advises that rising energy and wage costs in Germany will continue to weigh.

EPS forecasts rise 3% for FY23; and fall -6% for FY24 to reflect interest rate movements. Overweight rating retained. Target price rises to $17.74 from $17.41.

This report was published on February 21, 2023.

Target price is $17.74 Current Price is $12.87 Difference: $4.87
If EVT meets the Jarden target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 19.00 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 1.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.93.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 26.00 cents and EPS of 71.10 cents.
At the last closing share price the estimated dividend yield is 2.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.10.

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

FLT    FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $18.86

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

First half results were in line with the pre-reported items. Strong Australasian and EMEA outcomes were offset by weaker-than-expected earnings in the Americas.

Goldman Sachs remains positive on the growth outlook for the corporate segment while expecting risks continuing for leisure growth. Neutral maintained. Target is reduced to $16.10 from $16.40.

This report was published on February 22, 2023.

Target price is $16.10 Current Price is $18.86 Difference: minus $2.76 (current price is over target).
If FLT meets the Goldman Sachs target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $18.52, suggesting downside of -1.8%(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 26.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 72.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.3, implying annual growth of N/A.
Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 58.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 79.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.8, implying annual growth of 196.6%.
Current consensus DPS estimate is 34.0, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 19.7.

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 ((FLT)) as Buy (1) –

First half results were pre-announced and FY23 EBITDA guidance has been maintained. Jarden retains a Buy rating, noting improving revenue and cost margins and materially higher returns compared with pre-pandemic levels. Target rises to $21.40 from $20.90.

This report was published on February 23, 2023.

Target price is $21.40 Current Price is $18.86 Difference: $2.54
If FLT meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $18.52, suggesting downside of -1.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.3, implying annual growth of N/A.
Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 58.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.8, implying annual growth of 196.6%.
Current consensus DPS estimate is 34.0, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 19.7.

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

GEM    G8 EDUCATION LIMITED

Childcare – Overnight Price: $1.22

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

2022 results were ahead of expectations as earnings rebounded in the second half. The 44% increase in second-half EBIT was driven by an improvement in occupancy and cost reductions. This operating performance bodes well for earnings growth, Canaccord Genuity asserts.

Nevertheless, G8 Education remains cautious, noting the workforce shortages, regulatory risk and inflation pressures. The broker retains a Buy rating and raises the target to $1.44 from $1.30.

This report was published on February 22, 2023.

Target price is $1.44 Current Price is $1.22 Difference: $0.225
If GEM meets the Canaccord Genuity target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 5.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 4.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.50.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 7.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 5.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.05.

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

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Moelis rates ((GEM)) as Hold (3) –

Moelis highlights some signs of  potential operational gains in FY23, although the FY22 earnings report for G8 Education was weaker than expected as workforce challenges weighed on the business.

Looking ahead a robust demand backdrop against ongoing labour shortages and cost pressures remain as possible headwinds, leads management to be "cautious".

The broker lowers the EBIT forecast by -4% for FY23.

A Hold rating is unchanged with a $1.25 target.

This report was published on March 22, 2023.

Target price is $1.25 Current Price is $1.22 Difference: $0.035
If GEM meets the Moelis target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 5.60 cents and EPS of 7.50 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 16.20.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 7.00 cents and EPS of 9.30 cents.
At the last closing share price the estimated dividend yield is 5.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.06.

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

GPT    GPT GROUP

Infra & Property Developers – Overnight Price: $4.58

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

GPT Group's December-half result appears to have pleased Jarden thanks to a strong performance across Retail, Fund Management and Logistics.

Jarden expects that continued strength in these areas should cushion it from the effects of higher interest expense and Office weakness.

The broker assesses that the company's costs of debt will be mostly marked to market in the near to medium term, which should help the company post a 3% to 4% funds-from-operations compound annual growth from FY24 at a time when many other REITs are dealing with hedge expiries.

While Jarden appreciates GPT's -24% discount to net tangible assets and attractive yield, it spies better Fund Management, Retail and Logistics opportunities elsewhere.

Underweight rating retained. Target price rises to $4.80 from $4.55.

This report was published on February 20, 2023.

Target price is $4.80 Current Price is $4.58 Difference: $0.22
If GPT meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $5.06, suggesting upside of 10.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 25.00 cents and EPS of 31.40 cents.
At the last closing share price the estimated dividend yield is 5.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.2, implying annual growth of 27.3%.
Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 25.50 cents and EPS of 32.20 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 14.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.5, implying annual growth of 4.2%.
Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 14.1.

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

HDN    HOMECO DAILY NEEDS REIT

REITs – Overnight Price: $1.28

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

HomeCo Daily Needs REIT's December-half result met consensus and Jarden's forecast, and management reiterated funds from operations and dividend guidance.

Of note: development starts have risen and are set to continue to rise in FY24, the broker now estimating the long-term pipeline has risen to $600m from $500m, which while small in the greater scheme of things, should prove accretive.

The broker suspects weakening consumer sentiment could hit large format retail (48% of the REIT's portfolio), but believes the company's best-in-class portfolio, solid metrics, and low average rent and occupancy costs, provide a comfortable buffer.

Jarden appreciates the balance sheet (gearing eased to 31.% from 32.7% at June 30) and -16% discount to net tangible assets, but observes the cost of debt is rising.

All up, steady as she goes: Overweight rating and $1.45 target price retained.

This report was published on February 20, 2023.

Target price is $1.45 Current Price is $1.28 Difference: $0.17
If HDN meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $1.39, suggesting upside of 8.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 8.30 cents and EPS of 8.60 cents.
At the last closing share price the estimated dividend yield is 6.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.8, implying annual growth of -68.6%.
Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 8.50 cents and EPS of 8.70 cents.
At the last closing share price the estimated dividend yield is 6.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of -2.3%.
Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 14.9.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

HLO    HELLOWORLD TRAVEL LIMITED

Travel, Leisure & Tourism – Overnight Price: $2.35

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

Helloworld Travel's December-half result outpaced Jarden's forecasts, thanks to lower costs and a strong revenue margin, and management upgraded FY23 guidance by 25% and reports a strong start to the June half.

Management expects to approach 75% to 80% of pre-covid levels in FY24 and to meet its 25% earnings (EBITDA) travel margin target (21.4% in the first half).

The company also expects the Logistics division to approach 10% of group earnings within the next few years, and Jarden expects scale will bring lower costs and higher margins.

The broker appreciates the balance sheet, spying room for capital returns or M&A.

Overweight rating retained. Target price rises to $3.20 from $2.95.

This report was published on February 20, 2023.

Target price is $3.20 Current Price is $2.35 Difference: $0.85
If HLO meets the Jarden target it will return approximately 36% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 4.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.96.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 10.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.96.

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

HSN    HANSEN TECHNOLOGIES LIMITED

IT & Support – Overnight Price: $4.43

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

Hansen Technologies reported its first half, with lower license fees driving a slightly softer revenue result of $149.6m than Shaw and Partners had expected. Earnings of $45m implied a 30% margin 

Reiterated company guidance of 3-5% full year revenue growth and earnings margins above 30% implies a stronger second half, and Shaw and Partners expects license fees and underlying growth can support this. 

The Buy rating and target price of $6.20 are retained.

This report was published on February 23, 2023.

Target price is $6.20 Current Price is $4.43 Difference: $1.77
If HSN meets the Shaw and Partners target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $6.02, suggesting upside of 35.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 10.00 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 2.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.6, implying annual growth of 27.2%.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 16.7.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 10.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 2.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.8, implying annual growth of 4.5%.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 15.9.

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

HT1    HT&E LIMITED

Out of Home Advertising – Overnight Price: $1.09

Canaccord Genuity rates ((HT1)) as Buy (1) –

HT&E's 2022 results were slightly below forecasts. The main issue in the results was the large and unexpected write-down of intangibles related to a review of the broadcast radio business.

Canaccord Genuity expects modest earnings growth in 2023 and a larger uplift in 2024. The key to material earnings growth is the digital audio business, which the broker believes is not factored into the share price. Buy rating maintained. Target is unchanged at $1.85.

This report was published on February 22, 2023.

Target price is $1.85 Current Price is $1.09 Difference: $0.755
If HT1 meets the Canaccord Genuity target it will return approximately 69% (excluding dividends, fees and charges).
Current consensus price target is $1.52, suggesting upside of 38.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 11.50 cents and EPS of 14.10 cents.
At the last closing share price the estimated dividend yield is 10.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of N/A.
Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 8.4%.
Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 13.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 11.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.9, implying annual growth of 13.0%.
Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 9.7%.
Current consensus EPS estimate suggests the PER is 7.9.

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

HUB    HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $28.52

Jarden rates ((HUB)) as Neutral (3) –

Hub24's first half net profit beat Jarden's estimates. This stemmed from stronger platform revenue margins and a much higher contribution from cash account revenue.

Despite the "solid EPS momentum", the broker envisages limited value upside and retains a Neutral rating. Target is raised to $28.05 from $25.45.

This report was published on February 21, 2023.

Target price is $28.05 Current Price is $28.52 Difference: minus $0.47 (current price is over target).
If HUB meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $31.75, suggesting upside of 11.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 31.90 cents and EPS of 68.10 cents.
At the last closing share price the estimated dividend yield is 1.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.0, implying annual growth of 232.0%.
Current consensus DPS estimate is 28.7, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 42.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 38.40 cents and EPS of 84.60 cents.
At the last closing share price the estimated dividend yield is 1.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.3, implying annual growth of 25.8%.
Current consensus DPS estimate is 35.3, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 33.8.

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

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

First half results were ahead of estimates. Shaw and Partners lauds the result, which was underpinned by growth in funds under management and a material cash margin benefit. Moreover, the outlook remains solid.

The broker upgrades revenue margins for Hub24 while building in some conservatism on net flows. Target rises to $37.50 from $36.85 and a Buy rating is maintained.

This report was published on February 22, 2023.

Target price is $37.50 Current Price is $28.52 Difference: $8.98
If HUB meets the Shaw and Partners target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $31.75, suggesting upside of 11.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 32.20 cents and EPS of 69.60 cents.
At the last closing share price the estimated dividend yield is 1.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.0, implying annual growth of 232.0%.
Current consensus DPS estimate is 28.7, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 42.6.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 44.40 cents and EPS of 88.80 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.3, implying annual growth of 25.8%.
Current consensus DPS estimate is 35.3, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 33.8.

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

IDX    INTEGRAL DIAGNOSTICS LIMITED

Medical Equipment & Devices – Overnight Price: $2.74

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

Rising cost imposts weighed on 1H23 earnings for Integral Diagnostics according to Wilsons, resulting in a weaker than expected report.

Management offered no guidance except to say the 2H23 would be better. The broker lowers FY23 forecasts by -22% to account for the 1H23 miss and FY24 earnings forecast moves -3% lower.

A Market Weight rating is maintained and the target is lowered to $2.63.

This report was published on February 21, 2023.

Target price is $2.63 Current Price is $2.74 Difference: minus $0.11 (current price is over target).
If IDX meets the Wilsons target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.81, suggesting upside of 2.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 7.50 cents and EPS of 9.90 cents.
At the last closing share price the estimated dividend yield is 2.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.2, implying annual growth of 17.5%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 33.4.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 10.00 cents and EPS of 16.20 cents.
At the last closing share price the estimated dividend yield is 3.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of 50.0%.
Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 22.3.

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

INA    INGENIA COMMUNITIES GROUP

Aged Care & Seniors – Overnight Price: $3.80

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

First half results were below Jarden's estimates. FY23 guidance from Ingenia Communities has been reduced by -17% at the mid point of the range of 19.1-21.5c in earnings per share.

Jarden downgrades to Overweight from Buy amid earnings uncertainty and despite the attractive underlying portfolio exposure. Target is reduced to $4.70 from $5.50.

This report was published on February 22, 2023.

Target price is $4.70 Current Price is $3.80 Difference: $0.9
If INA meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 10.50 cents and EPS of 19.80 cents.
At the last closing share price the estimated dividend yield is 2.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.19.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 11.00 cents and EPS of 23.30 cents.
At the last closing share price the estimated dividend yield is 2.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.31.

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

JLG    JOHNS LYNG GROUP LIMITED

Building Products & Services – Overnight Price: $6.32

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

Bell Potter liked the 1H23 earnings for Johns Lyng which revealed record high levels of work-in-hand and better than expected margins going forward. The DPS came in at 4.5c versus a 3.5c forecast.

Management's update inferred possible earnings upside in the 2H23 from multiple factors including increased volumes, more work in WA, SA, NT and TAS as well as more US operational synergies.

A Buy rating with an upgrade in the target to $8 from $7.90 and the valuation multiple is considered not so onerous once the more highly valued "equity associates" are backed out.

This report was published on March 22, 2023.

Target price is $8.00 Current Price is $6.32 Difference: $1.68
If JLG meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $8.55, suggesting upside of 35.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 9.50 cents and EPS of 17.60 cents.
At the last closing share price the estimated dividend yield is 1.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of 85.7%.
Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 32.9.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 10.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 1.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 16.1%.
Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 28.3.

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

First half operating earnings (EBITDA) were ahead of Canaccord Genuity's forecast. On the back of strong results from catastrophe-related work and existing work in hand, Johns Lyng has lifted FY23 guidance to EBITDA of $111.1m.

Meanwhile, the commercial construction business continues to deal with challenges in relation to cost inflation and a competitive marketplace and is now expected to post a loss of -$10m in FY23.

Management will look to scale down commercial construction work and move to large-loss insurance building.The broker retains a Buy rating with an unchanged $9.25 target.

This report was published on February 22, 2023.

Target price is $9.25 Current Price is $6.32 Difference: $2.93
If JLG meets the Canaccord Genuity target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $8.55, suggesting upside of 35.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 9.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 1.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of 85.7%.
Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 32.9.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 10.50 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 1.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 16.1%.
Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 28.3.

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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Moelis rates ((JLG)) as Buy (1) –

Moelis highlights the strength in the CAT performance for Johns Lyng in the 1H23 earnings report which offset weakness in the commercial construction division.

Management upgraded the earnings outlook for FY23 by 5.5% which results in a 2.4% and 6.1% lift in FY23 and FY24 EPS forecasts, respectively.

The Buy rating is maintained and the target raised to $8.30 from $8.27.

This report was published on March 22, 2023.

Target price is $8.30 Current Price is $6.32 Difference: $1.98
If JLG meets the Moelis target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $8.55, suggesting upside of 35.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 9.50 cents and EPS of 21.20 cents.
At the last closing share price the estimated dividend yield is 1.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of 85.7%.
Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 32.9.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 13.00 cents and EPS of 23.90 cents.
At the last closing share price the estimated dividend yield is 2.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 16.1%.
Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 28.3.

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

KAR    KAROON ENERGY LIMITED

Crude Oil – Overnight Price: $2.13

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

First half result were weaker than expected. From Karoon Energy's decision to delay unveiling its capital management policy, Jarden concludes that M&A remains a real possibility over the next few months.

The Overweight rating and $2.50 target are unchanged.

This report was published on February 23, 2023.

Target price is $2.50 Current Price is $2.13 Difference: $0.37
If KAR meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $3.16, suggesting upside of 48.4%(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 42.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.7, 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 3.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 10.00 cents and EPS of 54.20 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.8, implying annual growth of 26.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 2.9.

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

LGL    LYNCH GROUP HOLDING LIMITED

Agriculture – Overnight Price: $1.82

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

First half results were in line with guidance. China was affected by weaker pricing which affected both mobility and retail sales. Australia, whilst weak, was in line with expectations.

Going forward, Lynch Group is more optimistic and expects second half EBITDA to be up 3-22%, led by growth in Australia. Jarden retains an Overweight rating and reduces the target to $2.50 from $2.60.

This report was published on February 23, 2023.

Target price is $2.50 Current Price is $1.82 Difference: $0.675
If LGL meets the Jarden target it will return approximately 37% (excluding dividends, fees and charges).

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

LOV    LOVISA HOLDINGS LIMITED

Retailing – Overnight Price: $24.01

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

Given Lovisa Holdings' first half beat, Canaccord Genuity was surprised by a market reaction that drove a swinging stock price following the result release. 

The broker highlighted store roll outs have gathered pace, with the retailer opening store fronts in seven new locations and now operating in more than thirty countries. 86 store openings in the first half included 37 storefronts in North America and 25 in Europe, and saw the company close out the half with a total 715 stores. 

The Buy rating is retained and the target price increases to $28.60 from $27.75.

This report was published on February 23, 2023.

Target price is $28.60 Current Price is $24.01 Difference: $4.59
If LOV meets the Canaccord Genuity target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $26.73, suggesting upside of 11.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 76.00 cents and EPS of 73.80 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.4, implying annual growth of 25.9%.
Current consensus DPS estimate is 65.2, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 35.1.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 76.00 cents and EPS of 89.40 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.0, implying annual growth of 28.7%.
Current consensus DPS estimate is 78.6, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 27.3.

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

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

The first half result demonstrated execution on the global store roll-out and gross margins were ahead of Goldman Sachs' expectations, signalling Lovisa Holdings' ability to manage cost pressures.

Still medium-term operating leverage will be limited, in the broker's view, as the business invests in necessary support structures in order to manage the global roll-out. Neutral maintained. Target rises 3.1% to $30.25.

This report was published on February 22, 2023.

Target price is $30.25 Current Price is $24.01 Difference: $6.24
If LOV meets the Goldman Sachs target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $26.73, suggesting upside of 11.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 76.00 cents and EPS of 62.00 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.4, implying annual growth of 25.9%.
Current consensus DPS estimate is 65.2, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 35.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 59.50 cents and EPS of 82.40 cents.
At the last closing share price the estimated dividend yield is 2.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.0, implying annual growth of 28.7%.
Current consensus DPS estimate is 78.6, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 27.3.

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

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

First half revenue beat estimates while EBITDA was in line. Jarden observes gross margins for Lovisa Holdings grew 190 basis points to 80.3%, supported by price rises and product execution.

A faster store roll-out drives a lift to FY23-24 revenue estimates of 5-8%. Overweight maintained. Target rises to $26.59 from $26.32.

This report was published on February 23, 2023.

Target price is $26.59 Current Price is $24.01 Difference: $2.58
If LOV meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $26.73, suggesting upside of 11.3%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 68.4, implying annual growth of 25.9%.
Current consensus DPS estimate is 65.2, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 35.1.

Forecast for FY24:

Current consensus EPS estimate is 88.0, implying annual growth of 28.7%.
Current consensus DPS estimate is 78.6, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 27.3.

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

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

A softer than expected trajectory into key trading periods, alongside mistiming of new store openings, saw Lovisa Holdings deliver a slight miss to Wilsons' forecasts on sales in the first half. The company reported earnings of $69.3m. 

New store growth was ahead of the broker's expectations with 103 stores opened in the first half, and Wilsons now anticipates a store count of 830 by the end of the financial year. 

The rating is upgraded to Overweight from Market Weight and the target price increases to $27.30 from $23.50.

This report was published on February 23, 2023.

Target price is $27.30 Current Price is $24.01 Difference: $3.29
If LOV meets the Wilsons target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $26.73, suggesting upside of 11.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 71.80 cents and EPS of 89.80 cents.
At the last closing share price the estimated dividend yield is 2.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.4, implying annual growth of 25.9%.
Current consensus DPS estimate is 65.2, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 35.1.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 90.30 cents and EPS of 112.90 cents.
At the last closing share price the estimated dividend yield is 3.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.0, implying annual growth of 28.7%.
Current consensus DPS estimate is 78.6, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 27.3.

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

MAD    MADER GROUP LIMITED

Mining Sector Contracting – Overnight Price: $4.24

Moelis rates ((MAD)) as Buy (1) –

Mader Group reported 1H23 earnings which were essentially in line with recent management updates.

Canada boosted the North American division's results and Australasia reported 36% growth post the covid period.

Management increased guidance for FY23.

EPS forecasts are tweaked by -3.1% for FY23 and -0.8% for FY24, notes Moelis.

The target is raised to $5.15 from $5 and the Buy rating unchanged.

This report was published on March 22, 2023.

Target price is $5.15 Current Price is $4.24 Difference: $0.91
If MAD meets the Moelis target it will return approximately 21% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 5.40 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.67.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 7.60 cents and EPS of 25.20 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 16.83.

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

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

First half results impressed Shaw and Partners. For the second time Mader Group has upgraded official guidance for FY23 with revenue now expected to be more than $580m and net profit more than $37m.

The broker reflects the stellar result in upgrades to forecasts to reflect increased yields in Australia and increased margins in North America. Target rises to $5.34 from $5.05 and a Buy rating is retained.

This report was published on February 22, 2023.

Target price is $5.34 Current Price is $4.24 Difference: $1.1
If MAD meets the Shaw and Partners target it will return approximately 26% (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 5.30 cents and EPS of 18.60 cents.
At the last closing share price the estimated dividend yield is 1.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.80.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 6.50 cents and EPS of 21.60 cents.
At the last closing share price the estimated dividend yield is 1.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.63.

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

MAH    MACMAHON HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.16

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

Macmahon's first half results were mixed yet Canaccord Genuity expects the second half will show strength in margins and improved cash conversion.

The broker finds the sector remains supportive as labour tightness continues to normalise slowly. Cost increases are generally being passed on.

Revenue guidance has been upgraded to $1.85-1.95bn. The broker considers MacMahon good value and retains a Buy rating. Target is reduced to $0.23 from $0.26.

This report was published on February 22, 2023.

Target price is $0.23 Current Price is $0.16 Difference: $0.07
If MAH meets the Canaccord Genuity target it will return approximately 44% (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 0.70 cents and EPS of 2.80 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.71.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.70 cents and EPS of 3.20 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.00.

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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Jarden rates ((MAH)) as Buy (1) –

First half EBITDA beat estimates. Yet higher finance costs led to a miss at the net profit line of -9%. Jarden remains positive on the outlook for Macmahon given strong contracts have been signed over FY23 so far.

The broker also expects gearing will be reduced and new project expenditure will be at a minimum. Buy rating maintained. Target is lowered to $0.23 from $0.25.

This report was published on February 23, 2023.

Target price is $0.23 Current Price is $0.16 Difference: $0.07
If MAH meets the Jarden target it will return approximately 44% (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

MAQ    MACQUARIE TELECOM GROUP LIMITED

Telecommunication – Overnight Price: $58.00

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

First half earnings and profit for Macquarie Telecom exceeded forecasts by Canaccord Genuity and consensus, while revenue was in line.

The broker remains extremely positive, retains its Buy rating and raises its target to $80 from $76.50. Operating cash conversion of 102% led to $49m of operating cash flow, which more than funded -$33m of capex in the 1H.

Guidance for FY23 earnings (EBITDA) is $102-104m which leaves $50.5-52.5m to be achieved in the 2H.

Management made a small upgrade to Data Centres earnings guidance while capex guidance was reduced by -$4m.

This report was published on February 23, 2023.

Target price is $80.00 Current Price is $58.00 Difference: $22
If MAQ meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 95.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 60.92.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 87.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 66.29.

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 ((MAQ)) as Upgrade to Overweight from Market Weight (1) –

Wilsons described Macquarie Telecom's first half result as "as expected", with the company now guiding to full year earnings of $102m-$104m and data centre earnings of $32-$33m.

The company also guided down capital expenditure to -$72-76m from -$76m-$80m on changes in maintenance spend. 

It appears development approval for the company's IC3 Super West project will be delayed six months to December, despite site preparation being complete in anticipation of approval. 

The rating is upgraded to Overweight from Market Weight and the target price increases to $70.48 from $69.14.

This report was published on February 23, 2023.

Target price is $70.48 Current Price is $58.00 Difference: $12.48
If MAQ meets the Wilsons target it will return approximately 22% (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 76.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 75.52.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 103.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.82.

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

MGH    MAAS GROUP HOLDINGS LIMITED

Building Products & Services – Overnight Price: $2.56

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

Maas Group's first half results were "challenging", Wilsons asserts, constrained as severe wet weather impeded construction activity. Sharply higher interest rates also affected residential property activity.

The broker is encouraged by improved construction levels over recent months and likes the business model as a vertically integrated services and equipment provider. Overweight maintained. Target is raised to $4.51 from $4.01.

This report was published on February 24, 2023.

Target price is $4.51 Current Price is $2.56 Difference: $1.95
If MGH meets the Wilsons target it will return approximately 76% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 7.00 cents and EPS of 22.80 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.23.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 9.00 cents and EPS of 31.30 cents.
At the last closing share price the estimated dividend yield is 3.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.18.

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

MND    MONADELPHOUS GROUP LIMITED

Mining Sector Contracting – Overnight Price: $12.27

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

First half results beat Jarden's  "low estimates" yet the outlook for FY23 is still weak. Movements in the stock suggest to the broker that investors are looking through FY23 weakness to the FY24 outlook when valuing Monadelphous Group.

Concerns centre around the company's ability to convert its pipeline of E&C work into new contracts and the broker remains conservative on the outlook.

On the positive side, maintenance business grew 13.5% in the half and now forms 71% of group revenue. Jarden continues to believe the stock is expensive and retains an Underweight rating and $10.85 target.

This report was published on February 22, 2023.

Target price is $10.85 Current Price is $12.27 Difference: minus $1.42 (current price is over target).
If MND meets the Jarden target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $13.46, suggesting upside of 9.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 44.60 cents and EPS of 50.10 cents.
At the last closing share price the estimated dividend yield is 3.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.9, implying annual growth of 1.8%.
Current consensus DPS estimate is 48.9, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 21.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 53.80 cents and EPS of 61.50 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.9, implying annual growth of 17.9%.
Current consensus DPS estimate is 56.3, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 18.6.

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

MVF    MONASH IVF GROUP LIMITED

Healthcare services – Overnight Price: $1.02

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

First half results were largely in line. Bell Potter continues to have a positive view on Monash IVF, noting new patient registrations have been strong.

The broker continues to expect new clinics will open and positively affect revenue over the remainder of the financial year. Buy rating maintained. Target edges up to $1.40 from $1.39.

This report was published on February 22, 2023.

Target price is $1.40 Current Price is $1.02 Difference: $0.38
If MVF meets the Bell Potter target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $1.30, suggesting upside of 27.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 3.90 cents and EPS of 5.80 cents.
At the last closing share price the estimated dividend yield is 3.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.3, implying annual growth of 33.5%.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 16.2.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 4.30 cents and EPS of 6.40 cents.
At the last closing share price the estimated dividend yield is 4.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of 15.9%.
Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 14.0.

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

First half results from Monash IVF impressed Shaw and Partners. The broker believes the stock is again one of the cheapest points of healthcare leverage available.

Shaw and Partners envisages multiple levers for growth in a normalised operating environment. Monash IVF has also upgraded guidance and now expects at least 15% growth in net profit in FY23. Buy rating maintained. Target rises to $1.50 from $1.40.

This report was published on February 22, 2023.

Target price is $1.50 Current Price is $1.02 Difference: $0.48
If MVF meets the Shaw and Partners target it will return approximately 47% (excluding dividends, fees and charges).
Current consensus price target is $1.30, suggesting upside of 27.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 4.50 cents and EPS of 6.60 cents.
At the last closing share price the estimated dividend yield is 4.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.3, implying annual growth of 33.5%.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 16.2.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 5.40 cents and EPS of 7.80 cents.
At the last closing share price the estimated dividend yield is 5.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of 15.9%.
Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 14.0.

Market Sentiment: 1.0
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: $4.47

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

Wilsons believes the first half result has provided proof of the benefit of the direct US sales model. Nanosonics has maintained guidance, targeting revenue growth of 36-41%.

While expenses are likely to remain high, the broker considers this is for good reason. The next catalyst is for Nanosonics to justify the capital invested in its upcoming new product, Coris.

Hence, the next six months may provide an inflection point. Market Weight retained. Target is $5.

This report was published on February 24, 2023.

Target price is $5.00 Current Price is $4.47 Difference: $0.53
If NAN meets the Wilsons target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.61, suggesting upside of 3.2%(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 4.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 97.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.3, implying annual growth of 246.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 104.0.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 109.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.7, implying annual growth of 55.8%.
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.

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: $7.39

Jarden rates ((NHF)) as Neutral (3) –

nib Holdings' December-half result missed consensus and Jarden's forecasts by a decent clip, as underlying profit, margins and investment income disappointed, the company continuing to find its equilibrium post covid.

New Zealand and Travel proved the highlights in an otherwise uninspiring result.

EPS forecasts are cut -6.4% in FY23; and -7.4% in FY24 to reflect lower investment incomes and the bring forward of NDIS integration costs.

Target price falls to $7.50 from $7.90 accordingly. Neutral rating retained. 

This report was published on February 21, 2023.

Target price is $7.50 Current Price is $7.39 Difference: $0.11
If NHF meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $7.51, suggesting upside of 1.7%(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 39.70 cents.
At the last closing share price the estimated dividend yield is 3.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.2, implying annual growth of 39.2%.
Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 17.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 29.00 cents and EPS of 39.00 cents.
At the last closing share price the estimated dividend yield is 3.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.6, implying annual growth of 5.8%.
Current consensus DPS estimate is 28.2, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 16.9.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

NPR    NEWMARK PROPERTY REIT

REITs – Overnight Price: $1.39

Moelis rates ((NPR)) as Buy (1) –

Moelis considers much of the negative impacts of rising interest rates on Newmark Property REIT are now discounted in the share price.

The group's reported 1H23 earnings reflected 3.3% like-for-like income expansion with the rental increases for Bunnings leases at a fixed 2.7%.

Management offered no guidance and the acquisition of Preston is forecast to boost gearing to 42% from early FY24 compared to 34.2% at the end of December 2022 and 25.5% at the end of June 2022.

The target is lowered to $1.68 from $1.73 and a Buy rating is retained.

This report was published on February 23, 2023.

Target price is $1.68 Current Price is $1.39 Difference: $0.29
If NPR meets the Moelis target it will return approximately 21% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 9.00 cents and EPS of 7.70 cents.
At the last closing share price the estimated dividend yield is 6.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.05.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 7.90 cents and EPS of 7.90 cents.
At the last closing share price the estimated dividend yield is 5.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.59.

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

NSR    NATIONAL STORAGE REIT

REITs – Overnight Price: $2.48

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

Jarden believes National Storage REIT is positioned to achieve above-average growth in earnings per share despite a slowdown in revenue and higher interest expenses.

The broker adjusts forecasts for EPS that are 2-3% ahead of guidance, which it believes could still prove conservative.

The broker states the reset of the cost of debt will largely be done and dusted in FY23 after which growth can be driven by a ramp up in non-stabilised assets amid a growing acquisition and development pipeline. Overweight and $2.90 target maintained.

This report was published on February 23, 2023.

Target price is $2.90 Current Price is $2.48 Difference: $0.42
If NSR meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $2.22, suggesting downside of -10.4%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 11.5, implying annual growth of -77.9%.
Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 21.6.

Forecast for FY24:

Current consensus EPS estimate is 11.2, implying annual growth of -2.6%.
Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 22.1.

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

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Moelis rates ((NSR)) as Hold (3) –

Moelis assesses the 1H23 results for National Storage REIT as better than expected with both earnings and the dividend above forecasts.

Management upgraded earnings guidance and the broker considers the addition of new developments as an essential element to drive future earnings growth with 350,000sqm of net lettable area in the design phase and some 85,000msq under construction.

The target is raised to $2.44 from $2.40 and a Hold rating is unchanged.

This report was published on February 23, 2023.

Target price is $2.44 Current Price is $2.48 Difference: minus $0.04 (current price is over target).
If NSR meets the Moelis target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.22, suggesting downside of -10.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 11.00 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.5, implying annual growth of -77.9%.
Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 21.6.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 11.10 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 4.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.2, implying annual growth of -2.6%.
Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 22.1.

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

PFP    PROPEL FUNERAL PARTNERS LIMITED

Consumer Products & Services – Overnight Price: $4.31

Moelis rates ((PFP)) as Hold (3) –

Propel Funeral Partners experienced a 26% lift in 1H23 earnings, assisted by higher funeral volumes of 14% and a 7.5% rise in revenue per funeral on average. notes Moelis.

The broker views the company as defensively positioned and considers the longer term outlook is positive from demographic tailwinds.

A Hold rating and $4.93 target are unchanged.

This report was published on March 23, 2023.

Target price is $4.93 Current Price is $4.31 Difference: $0.62
If PFP meets the Moelis target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 13.30 cents and EPS of 18.20 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 23.68.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 13.10 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 3.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.05.

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

PGC    PARAGON CARE LIMITED

Medical Equipment & Devices – Overnight Price: $0.27

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

First half revenue rose 39% to $153.9m. Bell Potter estimates the acquisitions during 2022 added $35m to revenue. Both performed well and have now been amalgamated.

Over 2023 most operations will move to the purpose built facility at Mount Waverley including a large expansion of the Immulab business. This is expected to begin export activities to new clients in Asia from FY24. Buy rating maintained. Targets is reduced to $0.45 from $0.48.

This report was published on February 22, 2023.

Target price is $0.45 Current Price is $0.27 Difference: $0.18
If PGC meets the Bell Potter target it will return approximately 67% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 1.40 cents and EPS of 2.30 cents.
At the last closing share price the estimated dividend yield is 5.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.74.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 1.60 cents and EPS of 2.70 cents.
At the last closing share price the estimated dividend yield is 5.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.

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

PNV    POLYNOVO LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $2.37

Wilsons rates ((PNV)) as Upgrade to Market Weight from Underweight (3) –

First half results demonstrated the revised growth strategy as PolyNovo targets geographical expansion. Still, Wilsons notes operating expenditure continues to track higher and defers the path to profitability.

The broker assesses there is likely to be some positive momentum over the next six months with seasonally higher growth in the second half and a potential re-entry to the ASX200.

While upgrading to Market Weight from Underweight, the broker still warns investors to remain cautious. Target rises to $2.20 from $1.20.

This report was published on February 24, 2023.

Target price is $2.20 Current Price is $2.37 Difference: minus $0.17 (current price is over target).
If PNV meets the Wilsons target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons 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 2370.00.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 263.33.

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

PPM    PEPPER MONEY LIMITED

Business & Consumer Credit – Overnight Price: $1.46

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

2022 results were stronger than Wilsons forecast.  No quantitative guidance was provided.

Pepper Money has experienced some improvement in net interest margins but remains enmeshed in a competitive mortgage market with consumers feeling the pressure from recent interest rate rises, the broker explains.

The implications of the results are under review and the broker maintains an Overweight rating with a $2.20 target.

This report was published on February 23, 2023.

Target price is $2.20 Current Price is $1.46 Difference: $0.745
If PPM meets the Wilsons target it will return approximately 51% (excluding dividends, fees and charges).
Current consensus price target is $1.63, suggesting upside of 12.3%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 28.2, implying annual growth of -12.1%.
Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 5.2.

Forecast for FY24:

Current consensus EPS estimate is 25.9, implying annual growth of -8.2%.
Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 5.6.

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

PRN    PERENTI LIMITED

Mining Sector Contracting – Overnight Price: $1.08

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

Not only did Perenti's 1H earnings beat Canaccord Genuity's forecast by 11%, but also management upgraded FY23 earnings (EBITDA) guidance by around 7%. The broker suggests FY23 earnings will land in the top-half of the range for earnings guidance.,

The analyst attributes cost control and contract execution for an impressive underlying result and raises the 2H earnings estimate by 5%.

While the Underground and Surface operations grew impressively, the latter greatly exceeded the broker's forecasts and registered an increase in earnings margin of 550bps.

 The target rises to $1.43 from $1.39. Buy.

This report was published on February 22, 2023.

Target price is $1.43 Current Price is $1.08 Difference: $0.345
If PRN meets the Canaccord Genuity target it will return approximately 32% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 13.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.16.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 14.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.43.

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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Moelis rates ((PRN)) as Buy (1) –

Following on from the guidance increase at the end of 2022, Moelis highlights a better than expected earnings report from Perenti for the 1H23.

Management upgraded guidance for a third time with margins continuing to improve and on the way to the 2025 aim of 10%.

Moelis increases the EPS forecasts by 34% and 19% for FY23 and FY24.

Buy rating unchanged the target is lifted to $1.40 from $1.21.

This report was published on March 22, 2023.

Target price is $1.40 Current Price is $1.08 Difference: $0.315
If PRN meets the Moelis target it will return approximately 29% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of 15.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.00.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of 16.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.74.

Market Sentiment: 1.0
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: $1.16

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

Pacific Smiles missed Wilsons' expectations with its first half, with patient fee revenue of $133m up 22.5% year-on-year and underlying earnings of $9.1m up 82% year-on-year. 

The broker continues to see risk for Pacific Smiles at both operational and strategic levels.

The company is now guiding to full year gross fees of $270m, implying $138m in the second half, having backed away from its top end target of $285m which Wilsons feels reflects disruptions that emerged from its emergency general meeting late last year alongside less than optimal operating conditions.

The Market Weight rating is retained and the target price decreases to $1.25 from $1.65.

This report was published on February 23, 2023.

Target price is $1.25 Current Price is $1.16 Difference: $0.09
If PSQ meets the Wilsons target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 1.40 cents and EPS of 2.10 cents.
At the last closing share price the estimated dividend yield is 1.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.24.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 4.00 cents and EPS of 5.20 cents.
At the last closing share price the estimated dividend yield is 3.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.31.

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

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments – Overnight Price: $1.78

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

First half earnings per share fell short of expectations, largely because of higher variable remuneration and despite no market improvement in net flows or any performance fees.

Amid elevated staff costs and weaker fee margins, the broker cuts forecasts for EPS by -9-13%. An Underweight rating on Platinum Asset Management is maintained. Target is lowered to $1.65 from $1.80.

This report was published on February 23, 2023.

Target price is $1.65 Current Price is $1.78 Difference: minus $0.135 (current price is over target).
If PTM meets the Jarden target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.89, suggesting upside of 5.7%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 16.6, implying annual growth of -5.4%.
Current consensus DPS estimate is 15.4, implying a prospective dividend yield of 8.6%.
Current consensus EPS estimate suggests the PER is 10.8.

Forecast for FY24:

Current consensus EPS estimate is 14.7, implying annual growth of -11.4%.
Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 7.9%.
Current consensus EPS estimate suggests the PER is 12.1.

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

PWR    PETER WARREN AUTOMOTIVE HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $2.75

Jarden rates ((PWR)) as Buy (1) –

Peter Warren Automotive reported net profit that was below Jarden's estimate. The broker assumes growth of 7.8% in the second half, in line with the industry five-year average and stripping out the impact of the pandemic in 2020.

Jarden notes gross profit margins remain healthy at 19.9% although operating expenses grew 33%.

The main risks Jarden envisages are the cyclical nature of the industry, where the business is exposed to changes in consumer sentiment, changes in OEM relationships and further global supply chain disruptions.

Buy rating maintained. Target is reduced to $3.60 from $3.99.

This report was published on February 21, 2023.

Target price is $3.60 Current Price is $2.75 Difference: $0.85
If PWR meets the Jarden target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $3.44, suggesting upside of 25.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 21.30 cents and EPS of 33.80 cents.
At the last closing share price the estimated dividend yield is 7.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.9, implying annual growth of 1.6%.
Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 8.1%.
Current consensus EPS estimate suggests the PER is 8.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 20.50 cents and EPS of 32.30 cents.
At the last closing share price the estimated dividend yield is 7.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.4, implying annual growth of -16.2%.
Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 9.7.

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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Moelis rates ((PWR)) as Buy (1) –

Peter Warren Automotive management did not offer guidance in the 1H23 earnings report which was better than Moelis' forecasts.

Backing out the Penfold Motor acquisition, the analyst notes organic growth was 3% over the period, while the order book moved down in January by -2.9% and the inventory levels transitioned back to pre-covid levels.

Moelis leaves forecasts essentially unchanged with a Buy rating and $3.37 target price.

This report was published on February 22, 2023.

Target price is $3.37 Current Price is $2.75 Difference: $0.62
If PWR meets the Moelis target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $3.44, suggesting upside of 25.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 23.60 cents and EPS of 36.30 cents.
At the last closing share price the estimated dividend yield is 8.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.9, implying annual growth of 1.6%.
Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 8.1%.
Current consensus EPS estimate suggests the PER is 8.1.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 20.50 cents and EPS of 29.20 cents.
At the last closing share price the estimated dividend yield is 7.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.4, implying annual growth of -16.2%.
Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 9.7.

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

QAL    QUALITAS LIMITED

Wealth Management & Investments – Overnight Price: $2.73

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

First half funds under management were ahead of Goldman Sachs and normalised EBITDA margins expanded to 44%. The broker expects further margin expansion over the medium term as funds grow on a relatively fixed cost base.

The broker believes Qualitas is well-placed in the emerging BTR sector and there is further upside through the creation of new funds. An ESG advisory group has been established which the broker believes will resonate strongly with existing and new international institutional investors.

Buy rating maintained. Target is $3.80, down -2.6%.

This report was published on February 22, 2023.

Target price is $3.80 Current Price is $2.73 Difference: $1.07
If QAL meets the Goldman Sachs target it will return approximately 39% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 4.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 1.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.13.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 6.00 cents and EPS of 12.00 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 22.75.

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

RDY    READYTECH HOLDINGS LIMITED

Software & Services – Overnight Price: $3.21

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

First half result missed estimates at both the revenue and EBITDA lines. Goldman Sachs is still positive about ReadyTech's ability to meet its full year guidance, which was reiterated, for mid-teens organic growth at a low-mid 30 EBITDA margin.

Beyond FY23, the broker is attracted to the resilient growth and defensive public sector end markets. Buy rating reiterated. Target rises to $4.40 from $4.30.

This report was published on February 22, 2023.

Target price is $4.40 Current Price is $3.21 Difference: $1.19
If RDY meets the Goldman Sachs target it will return approximately 37% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 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 21.40.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 18.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.83.

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

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

First half results missed expectations. ReadyTech has retained FY23 guidance for organic growth in the mid teens and an EBITDA margin of 35-36%. Retention rates are stable.

Jarden cuts FY23 EBITDA estimates by -9% to reflect the lower first half revenue. Target drops to $3.89 from $4.05. Overweight retained.

This report was published on February 23, 2023.

Target price is $3.89 Current Price is $3.21 Difference: $0.68
If RDY meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).

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

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

Timing of new deals saw ReadyTech deliver a first half revenue result that was softer than Shaw and Partners had expected, but will underpin the company's second half and ability to meet full year guidance.  

The company signed $10.8m in high value deals in the half, demonstrating the pay off for investment spend in recent years, the broker comments.

It was also reaffirmed that ReadyTech will continue to target a 15% compound annual growth rate through to FY25, while Shaw and Partners expects it can deliver a cash earnings compound annual growth rate above 25% for the same period.

The Buy rating and target price of $4.60 are retained.

This report was published on February 23, 2023.

Target price is $4.60 Current Price is $3.21 Difference: $1.39
If RDY meets the Shaw and Partners target it will return approximately 43% (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 7.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.80.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 9.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.52.

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

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

The mistimed profit and loss impact of new government deals saw ReadyTech's miss Wilsons' first half revenue and earnings forecasts, but a number of large enterprise deals that closed in the second quarter gave the company confidence to reiterate full year guidance.

Increased research and development spend in the period was indicative of the company pushing harder into its enterprise strategy, but the broker expects development spend to slow and free cash flow to improve moving forward.

The Overweight rating is retained and the target price decreases to $4.11 from $4.18.

This report was published on February 23, 2023.

Target price is $4.11 Current Price is $3.21 Difference: $0.9
If RDY meets the Wilsons target it will return approximately 28% (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 13.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.09.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 17.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.55.

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

RFF    RURAL FUNDS GROUP

REITs – Overnight Price: $2.16

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

First half results were weaker than expected. Guidance for FY23 has been reduced to 10.7c per unit from 11.3c. Guidance assumes reduced revenue on development macadamia orchards held as operating assets.

Having secured a lease agreement for a 3000ha macadamia development, Bell Potter would expect Rural Funds to resume growth in FY24.

The broker adds that 47% of FY23 revenue has CPI-linked indexation and a further 29% market-linked rent reviews, providing some insulation at the top line from rising interest rates. Buy rating unchanged. Target is reduced to $2.65 from $2.75.

This report was published on February 22, 2023.

Target price is $2.65 Current Price is $2.16 Difference: $0.49
If RFF 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 11.70 cents and EPS of 10.60 cents.
At the last closing share price the estimated dividend yield is 5.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.38.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 12.20 cents and EPS of 11.70 cents.
At the last closing share price the estimated dividend yield is 5.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.46.

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

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

A soft first half from Rural Funds has seen the company lower its full year guidance by -5%, but Wilsons notes the disappointing result was largely driven by external factors including higher interest rates. 

Wilsons remains attracted to the long-term value creation offered by the company through the development of agriculture assets, and looking past near-term headwinds the broker sees elevated and sustained earnings growth ahead. 

The Overweight rating is retained and the target price increases to $2.79 from $2.73.

This report was published on February 23, 2023.

Target price is $2.79 Current Price is $2.16 Difference: $0.63
If RFF meets the Wilsons target it will return approximately 29% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 11.70 cents and EPS of 10.70 cents.
At the last closing share price the estimated dividend yield is 5.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.19.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 11.70 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 5.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.78.

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

RIO    RIO TINTO LIMITED

Bulks – Overnight Price: $126.43

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

2022 results were largely in line with Goldman Sachs' estimates. The final dividend of US$2.25 was ahead and at the top of the 40-60% payout policy. Guidance for 2023 production is unchanged.

Rio Tinto intends to double copper growth to 1mtpa by 2030 with 80% of this coming from Oyu Tolgoi. Goldman Sachs considers the stock a compelling Buy with a strong free cash flow and dividend yield. Target edges down to $131.70 from $132.00.

This report was published on February 23, 2023.

Target price is $131.70 Current Price is $126.43 Difference: $5.27
If RIO meets the Goldman Sachs target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $116.79, suggesting downside of -7.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 608.17 cents and EPS of 1009.27 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1112.2, implying annual growth of N/A.
Current consensus DPS estimate is 658.2, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 796.41 cents and EPS of 1316.25 cents.
At the last closing share price the estimated dividend yield is 6.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1071.2, implying annual growth of -3.7%.
Current consensus DPS estimate is 777.1, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 11.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.04

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

Underlying earnings for Ramelius Resources in the 1H were a 10% beat versus the consensus forecast and in line with Canaccord Genuity, while a lower depreciation charge resulted in a profit beat.

Management retained FY23 production and cost guidance, with both metrics expected to improve in the 2H on higher production from the high-grade Penny underground operations.

The broker leaves its own production estimates unchanged, and the Buy rating and $1.50 target are maintained. It's felt organic growth opportunities can be funded along with any inorganic opportunities that may arise.

This report was published on February 22, 2023.

Target price is $1.50 Current Price is $1.04 Difference: $0.46
If RMS meets the Canaccord Genuity target it will return approximately 44% (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 7.00 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.86.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 3.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.45.

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

While the first half result revealed net profit down -60% from higher costs, the second half is expected to improve amid processing of lower-cost and higher-grade Penny ore at Mount Magnet.

Cash costs were up strongly amid longer haul distances, truck availability, staff shortages and general inflation.

The outlook is for expanding margins in FY24 and FY25 on the assumption the gold price remains steady. Shaw and Partners retains a Buy rating with a $1.50 target.

This report was published on February 22, 2023.

Target price is $1.50 Current Price is $1.04 Difference: $0.46
If RMS meets the Shaw and Partners target it will return approximately 44% (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 2.00 cents and EPS of 12.10 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.60.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 3.00 cents and EPS of 15.20 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.84.

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

RWC    RELIANCE WORLDWIDE CORP. LIMITED

Building Products & Services – Overnight Price: $3.52

Jarden rates ((RWC)) as Neutral (3) –

Reliance Worldwide's December-half result outpaced consensus' and Jarden's forecasts thanks to rising prices, which outpaced a fall in volumes.

Management suggested macroeconomic pressure would weigh on housing sentiment going forward and that volumes would continue to fall across all regions. The broker expects copper prices could also prove an impost.

But with little room left for further price increases, the broker says the focus will be on the cost cutting given inflationary pressure, and that all eyes will be on the company's FY24 cost-out program.

Neutral rating retained. Target price rises to $3.70 from $3.40.

This report was published on February 21, 2023.

Target price is $3.70 Current Price is $3.52 Difference: $0.18
If RWC meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.89, suggesting upside of 10.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 13.18 cents and EPS of 25.92 cents.
At the last closing share price the estimated dividend yield is 3.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.1, implying annual growth of N/A.
Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 10.72 cents and EPS of 21.72 cents.
At the last closing share price the estimated dividend yield is 3.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.5, implying annual growth of 5.4%.
Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 12.8.

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

SCG    SCENTRE GROUP

REITs – Overnight Price: $2.96

Jarden rates ((SCG)) as Buy (1) –

Jarden believes Scentre Group is positioned to benefit from a dominant portfolio and strong retail environment. Lower occupancy costs and record levels of specialty sales along with a steady development pipeline underpin this view.

Upside is envisaged from larger developments and strategic partnerships and the eventual unwinding of the "expensive" debt book. Buy rating maintained. Target edges down to $3.60 from $3.70.

This report was published on February 23, 2023.

Target price is $3.60 Current Price is $2.96 Difference: $0.64
If SCG meets the Jarden target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $3.19, suggesting upside of 7.7%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 20.5, implying annual growth of 253.4%.
Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 14.4.

Forecast for FY24:

Current consensus EPS estimate is 21.5, implying annual growth of 4.9%.
Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 13.8.

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

SDF    STEADFAST GROUP LIMITED

Insurance – Overnight Price: $5.80

Jarden rates ((SDF)) as Neutral (3) –

Steadfast Group appears well-position to deliver growth in earnings per share into FY24, Jarden observes. First half underlying net profit was ahead of expectations. The broker now expects the company to deliver FY23 EPS growth at the top end of the revised 10-15% growth range.

Steadfast Group has also deployed capital more rapidly into bolt-on acquisitions and now expects acquisitions during FY23 to contribute around 4% growth in profit in FY24. Neutral maintained. Target rises to $5.85 from $5.75.

This report was published on February 22, 2023.

Target price is $5.85 Current Price is $5.80 Difference: $0.05
If SDF meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $6.34, suggesting upside of 9.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 15.10 cents and EPS of 24.60 cents.
At the last closing share price the estimated dividend yield is 2.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.5, implying annual growth of 31.4%.
Current consensus DPS estimate is 14.5, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 24.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 17.50 cents and EPS of 27.30 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.2, implying annual growth of 7.2%.
Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 23.0.

Market Sentiment: 0.8
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: $3.86

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

SiteMinder posted first half results that were marginally higher than Goldman Sachs expected. The main positive is the further acceleration in subscriber trends in the first six weeks of the second half.

Goldman Sachs retains a Neutral rating and raises the target to $4.30 from $4.20.

This report was published on February 23, 2023.

Target price is $4.30 Current Price is $3.86 Difference: $0.44
If SDR meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $5.19, suggesting upside of 34.5%(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 minus 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -14.9, implying annual growth of N/A.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 12.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 32.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.4, 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

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Jarden rates ((SDR)) as Buy (1) –

First half EBITDA was slightly below expectations. Jarden continues to expect SiteMinder will deliver on its fourth quarter cash flow neutral target.

Although the share price has risen 37% over the past three months it remains -32% lower than the 52-week high, despite the evidence of improving unit economics and a resumption in travel. Hence, the broker retains a Buy rating and lifts the target to $4.30 from $3.70.

This report was published on February 23, 2023.

Target price is $4.30 Current Price is $3.86 Difference: $0.44
If SDR meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $5.19, suggesting upside of 34.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -14.9, implying annual growth of N/A.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.4, 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

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

Having announced headline figures for its first half in January, SiteMinder has reiterated its target for 31% revenue growth for the year. According to Wilsons, the reaffirmed guidance suggests the company expects material profitability improvement over the second half. 

The company reported a first half earnings miss to the broker, on increased investment in automation. The company has also deployed cost out initiatives in recent weeks, and Wilsons expects a "material narrowing" in earnings loss over the coming half. 

The Overweight rating is retained and the target price increases to $4.53 from $4.31.

This report was published on February 23, 2023.

Target price is $4.53 Current Price is $3.86 Difference: $0.67
If SDR meets the Wilsons target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $5.19, suggesting upside of 34.5%(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 15.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 25.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -14.9, implying annual growth of N/A.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.5%.
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 7.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 50.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.4, 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

SEK    SEEK LIMITED

Jobs & Skilled Labour Services – Overnight Price: $23.48

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

First half results were broadly in line with Jarden's estimates. Yet the outlook is softer with guidance at the lower end of the prior range as investment is brought forward.

Aside from the core Australasian softness, Asia was stronger and the broker notes the Seek growth fund continued to surprise sceptics as it is revalued upwards. Overweight maintained. Target is reduced to $29.40 from $30.00.

This report was published on February 21, 2023.

Target price is $29.40 Current Price is $23.48 Difference: $5.92
If SEK meets the Jarden target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $27.78, suggesting upside of 18.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 47.70 cents and EPS of 70.90 cents.
At the last closing share price the estimated dividend yield is 2.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.3, implying annual growth of 152.2%.
Current consensus DPS estimate is 46.5, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 48.10 cents and EPS of 66.00 cents.
At the last closing share price the estimated dividend yield is 2.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.1, implying annual growth of -35.9%.
Current consensus DPS estimate is 50.5, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 30.5.

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

SGP    STOCKLAND

Infra & Property Developers – Overnight Price: $3.73

Jarden rates ((SGP)) as Neutral (3) –

First half results were slightly ahead of Jarden's estimates. Stockland has reduced its FY23 expectations for settlements to 5500, attributed to wet weather.

Default rates have risen and cancellations are now ahead of the long-term average, although there is evidence, the broker notes, that input costs growth has slowed. Neutral maintained. Target is steady at $3.70.

This report was published on February 22, 2023.

Target price is $3.70 Current Price is $3.73 Difference: minus $0.03 (current price is over target).
If SGP meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.12, suggesting upside of 10.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 27.50 cents and EPS of 34.20 cents.
At the last closing share price the estimated dividend yield is 7.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.1, implying annual growth of -44.6%.
Current consensus DPS estimate is 26.6, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 11.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 28.50 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 7.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.9, implying annual growth of -3.7%.
Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 12.1.

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

SLC    SUPERLOOP LIMITED

Telecommunication – Overnight Price: $0.61

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

Superloop reported a first half beat to Canaccord Genuity's forecasts, with earnings up 89% year-on-year and organic revenue growth up 28%. Full year guidance was maintained, implying second half earnings growth of 62-86%. 

The heavy second half skew was expected by Canaccord Genuity, with the broker now assuming a 64% weighting to the latter half.

The company did warn the second half weighting would be less significant in coming years. Canaccord Genuity expects Superloop can deliver a compound annual growth rate of 32% through to FY25 

The Buy rating is retained and the target price decreases to $1.11 from $1.18.

This report was published on February 23, 2023.

Target price is $1.11 Current Price is $0.61 Difference: $0.495
If SLC meets the Canaccord Genuity target it will return approximately 80% (excluding dividends, fees and charges).
Current consensus price target is $1.19, suggesting upside of 93.0%(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 minus 6.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.8, 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:

Canaccord Genuity forecasts a full year FY24 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 24.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.8, implying annual growth of N/A.
Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.5%.
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

SLR    SILVER LAKE RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.03

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

Silver Lake Resources delivered an in line first half earnings result according to Canaccord Genuity, while net profit was a miss on higher than expected depreciation. 

The company has maintained full year guidance, including a second half weighting. Having achieved sales of 114,000 ounces year to date, the lower end of guidance implies sales of 146,000 ounces in the second half. While Canaccord Genuity echoes the second half sales guidance, it expects this could prove conservative. 

The Buy rating and target price of $1.65 are retained.

This report was published on February 23, 2023.

Target price is $1.65 Current Price is $1.03 Difference: $0.62
If SLR meets the Canaccord Genuity target it will return approximately 60% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.60.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.06.

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

SLX    SILEX SYSTEMS LIMITED

Uranium – Overnight Price: $3.40

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

First half results from Silex Systems revealed an increased loss. The operating update has flagged the potential to accelerate the commercialisation of the laser uranium enrichment technology.

This will depend on market conditions and government support, with the company indicating the pilot demonstration program could be completed as early as mid 2024.

Shaw and Partners has a Buy rating and $5 target which are under review. The broker assesses the US nuclear industry is undergoing massive revitalisation with significant funding initiatives from Congress. Further investment is required in uranium mines and nuclear fuel enrichment technology.

This report was published on February 22, 2023.

Target price is $5.00 Current Price is $3.40 Difference: $1.6
If SLX meets the Shaw and Partners target it will return approximately 47% (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 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 485.71.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 566.67.

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

SOM    SOMNOMED LIMITED

Medical Equipment & Devices – Overnight Price: $1.23

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

First half results revealed a consistent business with continued ability to generate growth in the EU market, Wilsons observes. Belgium and Switzerland provide near-term new market growth with the UK still a longer target.

Meanwhile, the dynamics in the US are challenging. The broker's Overweight rating for SomnoMed is based on Rest Assure approval and a successful launch in the US in particular. Target Is $2.00, lowered from $2.40.

This report was published on February 24, 2023.

Target price is $2.00 Current Price is $1.23 Difference: $0.77
If SOM meets the Wilsons target it will return approximately 63% (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 5.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 21.58.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.10.

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

SPK    SPARK NEW ZEALAND LIMITED

Telecommunication – Overnight Price: $4.61

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

The first half performance was mixed. Jarden notes. For Spark New Zealand to achieve on estimates for FY23, it will require a 56.9% weighting to the second half. Strong mobile growth is expected in FY23 on the back of a return to roaming revenue.

The broker anticipates more details at an upcoming investor briefing on April 5. Overweight maintained. Target is reduced to NZ$5.15 from NZ$5.19.

This report was published on February 23, 2023.

Current Price is $4.61. Target price not assessed.
Current consensus price target is $4.50, suggesting downside of -2.4%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 22.2, implying annual growth of N/A.
Current consensus DPS estimate is 24.9, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 20.8.

Forecast for FY24:

Current consensus EPS estimate is 23.6, implying annual growth of 6.3%.
Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 19.5.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
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) –

A strong first half financial result has seen SRG Global lift its full year guidance, with the company delivering 25.9% year-on-year earnings growth in the period. 

Shaw and Partners highlights new guidance suggest an increase to 26-31% earnings growth from 25% growth for the year.

Alongside the result, the company announced the acquisition of ALS Asset Care at a cost of -$80m. The purchase looks to be earnings accretive in the current fiscal year. 

The Buy rating is retained and the target price increases to $1.10 from $1.05.

This report was published on February 23, 2023.

Target price is $1.10 Current Price is $0.76 Difference: $0.345
If SRG meets the Shaw and Partners target it will return approximately 46% (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 7.00 cents.
At the last closing share price the estimated dividend yield is 5.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.79.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 4.60 cents and EPS of 7.70 cents.
At the last closing share price the estimated dividend yield is 6.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.81.

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

SSG    SHAVER SHOP GROUP LIMITED

Household & Personal Products – Overnight Price: $1.16

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

Shaw and Partners welcomes the consistently strong results, reflected in the first half. No FY23 guidance was provided given the uncertainty surrounding the economic backdrop.

The broker considers Shaver Shop one of the best positioned retailers in Australia with solid cash flow and a healthy yield. The stock is assessed "extremely cheap" and a Buy rating is maintained. Target edges down to $1.45 from $1.50.

This report was published on February 22, 2023.

Target price is $1.45 Current Price is $1.16 Difference: $0.29
If SSG meets the Shaw and Partners target it will return approximately 25% (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 9.70 cents and EPS of 12.30 cents.
At the last closing share price the estimated dividend yield is 8.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.43.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 11.00 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 9.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.35.

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

SSM    SERVICE STREAM LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.69

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

Service Stream has delivered earnings of $55m in the first half, up 40% year-on-year and a beat to guidance provided by the company in early February. Canaccord Genuity highlights the beat is largely down to work brought forward late in the half. 

The broker does note the result excludes the -$20m provision taken for the company's Queensland utility project. Canaccord Genuity expects quarantining of this contract will be a driver of renewed investor interest. 

The Buy rating is retained and the target price increases to $1.20 from $1.10.

This report was published on February 23, 2023.

Target price is $1.20 Current Price is $0.69 Difference: $0.51
If SSM meets the Canaccord Genuity target it will return approximately 74% (excluding dividends, fees and charges).
Current consensus price target is $0.78, suggesting upside of 13.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 2.50 cents and EPS of 5.60 cents.
At the last closing share price the estimated dividend yield is 3.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.2, implying annual growth of N/A.
Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 3.50 cents and EPS of 7.30 cents.
At the last closing share price the estimated dividend yield is 5.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, implying annual growth of 21.0%.
Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 9.2.

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

STO    SANTOS LIMITED

NatGas – Overnight Price: $7.20

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

2022 results were below Jarden's estimates.

The surprise sale of the -10% stake in Dorado by joint venture partner Carnarvon Energy ((EVN)) adds credibility to this unsanctioned project and, in the broker's opinion, bodes well for Santos finding a buyer prior to its revised FID target in 2024.

Overweight rating and $7.85 target maintained.

This report was published on March 23, 2023.

Target price is $7.85 Current Price is $7.20 Difference: $0.65
If STO meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $9.35, suggesting upside of 29.9%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 95.9, implying annual growth of N/A.
Current consensus DPS estimate is 41.3, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY24:

Current consensus EPS estimate is 79.8, implying annual growth of -16.8%.
Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 9.0.

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

TAH    TABCORP HOLDINGS LIMITED

Gaming – Overnight Price: $1.01

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

The main positives Jarden took from Tabcorp Holdings' results include the maintenance of digital market share along with an increase in same-game multis and active customers following the launch of the new app.

Operating expenditure has been revised up to the top end of guidance, at around -$624m. The broker suggests there is upside to FY25 earnings forecasts and, if the earnings target is achieved, there should be significant upside to the share price.

The Victorian licenses shape up as the next catalyst. Overweight maintained. Target rises to $1.26 from $1.23.

This report was published on February 21, 2023.

Target price is $1.26 Current Price is $1.01 Difference: $0.245
If TAH meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $1.13, suggesting upside of 11.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 2.30 cents and EPS of 3.50 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.6, implying annual growth of -98.8%.
Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 28.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 2.60 cents and EPS of 3.70 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.2, implying annual growth of 16.7%.
Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 24.2.

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

THL    TOURISM HOLDINGS LIMITED

Overnight Price: $3.70

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

Wilsons was impressed with the inaugural first half results as a combined entity and all lines were ahead of estimates. Tourism Holdings Rentals is confronting continuing supply chain constraints that limit expansion of the RV industry capacity.

As a result, the broker envisages potential for higher yields to be maintained into FY24. As management has confirmed the $27-31m cash synergy guidance and current yields underpin confidence, the broker retains an Overweight rating. Target is raised to $5.48 from $4.82.

This report was published on February 24, 2023.

Target price is $5.48 Current Price is $3.70 Difference: $1.78
If THL meets the Wilsons target it will return approximately 48% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 6.11 cents and EPS of 24.24 cents.
At the last closing share price the estimated dividend yield is 1.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.26.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 24.88 cents and EPS of 34.45 cents.
At the last closing share price the estimated dividend yield is 6.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.74.

This company reports in NZD. 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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $7.01

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

Bell Potter continues to be very upbeat on the outlook for Telix Pharmaceuticals post the ASCO Genitourinary Conference.

The analyst nows expects TLX250 CDx to be launched around the middle of 2024 and does not view the earnings forecast changed as "material" to the development of the company.

EPS forecasts are lowered by -3% for FY23 and -21% for FY24 according to the broker.

A Buy rating and $9 target remain unchanged.

This report was published on February 22, 2023.

Target price is $9.00 Current Price is $7.01 Difference: $1.99
If TLX meets the Bell Potter target it will return approximately 28% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 11.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 58.91.

Forecast for FY24:

Bell Potter forecasts a full year FY24 EPS of 18.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.49.

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

---

Jarden rates ((TLX)) as Buy (1) –

Telix Pharmaceuticals has detailed results from the pivotal phase III trial for second diagnostic candidate TLS-250CDx, a radiolabelled monoclonal antibody for the imaging of clear cell renal cell cancer.

The additional detail further validates the utility of the candidate, Jarden assesses. In this regard, the broker places a 90% probability weighting on success, which accounts for $1.39 of the $8.58 target.

The next step is a Biologics Licence Application filing with the FDA and worldwide regulatory filings in key jurisdictions. Buy.

This report was published on February 22, 2023.

Target price is $8.58 Current Price is $7.01 Difference: $1.57
If TLX meets the Jarden target it will return approximately 22% (excluding dividends, fees and charges).

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

UNI    UNIVERSAL STORE HOLDINGS LIMITED

Apparel & Footwear – Overnight Price: $5.54

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

First half earnings were ahead of Wilsons. The broker is encouraged by Perfect Stranger, launched as a single store offering in November 2021, and Thrills, acquired in September 2022, which exceeded expectations. Cash flow was also ahead and conversion in line.

Going forward, Universal Store is experiencing a mixed performance amid a normalisation of online demand. Gross margins are expected to stay around current levels amid limited discounting. Overweight maintained. Target rises to $7.00 from $6.20.

This report was published on February 24, 2023.

Target price is $7.00 Current Price is $5.54 Difference: $1.46
If UNI meets the Wilsons target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $6.16, suggesting upside of 11.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 25.90 cents and EPS of 43.20 cents.
At the last closing share price the estimated dividend yield is 4.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.4, implying annual growth of 30.3%.
Current consensus DPS estimate is 28.9, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 14.1.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 30.20 cents and EPS of 50.40 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.9, implying annual growth of 16.5%.
Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 12.1.

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

WOR    WORLEY LIMITED

Energy Sector Contracting – Overnight Price: $15.31

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

First half earnings were ahead of Goldman Sachs estimates, supported by 12% beat on revenue. All operating divisions performed better than the broker expected.

Importantly, sustainability work comprised 39% of revenue. Worley has guided to EBITA margins similar to FY22 levels.

The sale of the North American turnaround & maintenance business has been announced, for $180m which aligns with the company's focus on growing the sustainability business and a higher value work. Neutral maintained. Target is $15.70.

This report was published on February 22, 2023.

Target price is $15.70 Current Price is $15.31 Difference: $0.39
If WOR meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $14.73, suggesting downside of -3.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 50.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.5, implying annual growth of 90.5%.
Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 24.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 55.00 cents and EPS of 74.00 cents.
At the last closing share price the estimated dividend yield is 3.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.4, implying annual growth of 14.2%.
Current consensus DPS estimate is 50.2, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 21.4.

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

WOW    WOOLWORTHS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $36.48

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

First half sales were in line while group EBIT was ahead of estimates. The bright spot for Goldman Sachs were supermarket margins.

Woolworths has started to focus on unit productivity metrics and the broker expects further unit productivity as well as promotional effectiveness will drive an improvement in gross profit margins.

Goldman Sachs reiterates a Buy rating. Target is $41.

This report was published on February 23, 2023.

Target price is $41.00 Current Price is $36.48 Difference: $4.52
If WOW meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $36.21, suggesting downside of -0.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 103.00 cents and EPS of 137.00 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 137.9, implying annual growth of 8.9%.
Current consensus DPS estimate is 100.7, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 26.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 116.00 cents and EPS of 153.00 cents.
At the last closing share price the estimated dividend yield is 3.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 146.7, implying annual growth of 6.4%.
Current consensus DPS estimate is 106.5, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 24.9.

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

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

First half results were ahead of expectations. Cash flow was also better than Jarden expected as working capital improved. FY23 expenditure guidance is unchanged.

Woolworths is also experiencing some improved momentum in New Zealand. The broker believes the business is well-placed to accelerate topline growth and retains an Overweight rating. Target rises to $38.80 from $35.50.

This report was published on February 23, 2023.

Target price is $38.80 Current Price is $36.48 Difference: $2.32
If WOW meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $36.21, suggesting downside of -0.7%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 137.9, implying annual growth of 8.9%.
Current consensus DPS estimate is 100.7, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 26.5.

Forecast for FY24:

Current consensus EPS estimate is 146.7, implying annual growth of 6.4%.
Current consensus DPS estimate is 106.5, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 24.9.

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

WTC    WISETECH GLOBAL LIMITED

Cloud services – Overnight Price: $62.93

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

First half operating earnings (EBITDA) were in line with forecasts. Cash flow was strong and Bell Potter notes cash in the bank has grown to $490m as of December 31.

FY23 guidance has been updated to allow for acquisitions with the broker assessing guidance for underlying EBITDA is $380-412m. Bell Potter makes no changes to its Hold rating and $60 target.

This report was published on February 22, 2023.

Target price is $60.00 Current Price is $62.93 Difference: minus $2.93 (current price is over target).
If WTC meets the Bell Potter target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $67.59, suggesting upside of 7.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 14.60 cents and EPS of 66.70 cents.
At the last closing share price the estimated dividend yield is 0.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 94.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.0, implying annual growth of 24.0%.
Current consensus DPS estimate is 14.2, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 85.0.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 17.90 cents and EPS of 95.30 cents.
At the last closing share price the estimated dividend yield is 0.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 66.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.0, implying annual growth of 24.3%.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 68.4.

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

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

First half results were ahead of Goldman Sachs estimates. The FY23 outlook has been maintained. The broker believes the win of the Kuehne + Nagel contract is a resounding vote of confidence in the CargoWise customs module.

WiseTech Global has 45% global customs coverage and Goldman Sachs believes the 90% target is likely to have been required under the KN agreement.

The broker believes this customer gain will meaningfully reduce the risk around the next leg of growth. Neutral maintained. Target is $60.

This report was published on February 22, 2023.

Target price is $60.00 Current Price is $62.93 Difference: minus $2.93 (current price is over target).
If WTC meets the Goldman Sachs target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $67.59, suggesting upside of 7.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 14.00 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 0.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 89.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.0, implying annual growth of 24.0%.
Current consensus DPS estimate is 14.2, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 85.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 18.00 cents and EPS of 89.00 cents.
At the last closing share price the estimated dividend yield is 0.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 70.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.0, implying annual growth of 24.3%.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 68.4.

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

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

First half revenue beat Jarden's estimates by 11%. The broker forecasts FY23 revenue of $816m and believes investors are under appreciating the inherent growth in WiseTech Global.

There remains around $400m in pro forma liquidity post completion of acquisitions, so the broker does not rule out further growth options over time.

While the valuation is expensive, the broker is confident of earnings growth that will justify the multiple. Overweight maintained. Target rises to $60 from $56.

This report was published on February 23, 2023.

Target price is $60.00 Current Price is $62.93 Difference: minus $2.93 (current price is over target).
If WTC 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 $67.59, suggesting upside of 7.4%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 74.0, implying annual growth of 24.0%.
Current consensus DPS estimate is 14.2, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 85.0.

Forecast for FY24:

Current consensus EPS estimate is 92.0, implying annual growth of 24.3%.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 68.4.

Market Sentiment: 0.3
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) –

First half results from XPON Technologies were slightly lower than Shaw and Partners had forecast. A positive outlook has been reiterated with the company expecting to achieve cash flow break-even in FY24.

The broker assesses the business is leveraged to several large themes in cloud/marketing technology and reiterates a Buy rating. Target is $0.34.

This report was published on February 22, 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 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.37.

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

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