Australian Broker Call *Extra* Edition – Apr 03, 2023

This story features ADACEL TECHNOLOGIES LIMITED, and other companies. For more info SHARE ANALYSIS: ADA

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)

ADA   AX1 (2)   BRG   CCX   G1A   IDT   JRV   LTR   MTS   PLS (2)   RWC   SLA   WOW  

ADA    ADACEL TECHNOLOGIES LIMITED

Software & Services – Overnight Price: $0.60

Taylor Collison rates ((ADA)) as Outperform (2) –

First half revenue was in line with expectations although EBITDA was materially below. Taylor Collison believes Adacel Technologies has an opportunity to double annual revenue over the next 18 months, given the award of six tenders. Approximately 20% of the contracted base is up for renewal over this period.

Management has guided to US$4.4-4.6m for EBITDA and net profit off US$2.4-2.6m in FY23. The broker reduces estimates to reflect this guidance and also reduces FY224 estimates by -48% to reflect the delay in Estonia and lower ATOP revenue. Outperform maintained.

This report was published on March 24, 2023.

Current Price is $0.60. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

Taylor Collison forecasts a full year FY23 dividend of 4.82 cents and EPS of 4.53 cents.
At the last closing share price the estimated dividend yield is 8.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.26.

Forecast for FY24:

Taylor Collison forecasts a full year FY24 dividend of 4.82 cents and EPS of 5.11 cents.
At the last closing share price the estimated dividend yield is 8.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.74.

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

AX1    ACCENT GROUP LIMITED

Apparel & Footwear – Overnight Price: $2.37

Goldman Sachs rates ((AX1)) as Buy (1) –

Goldman Sachs raises its FY24 and FY25 earnings (EBIT) forecasts to levels 9.8% and 12.7%, respectively, ahead of consensus estimates.

The broker feels the company's earnings potential is currently being underestimated, and believes protection from a slowdown in discretionary spending is afforded by exposure to a younger consumer and performance footwear.

Upside may derive from several sources, including store rollouts and market share gains among key brands the company distributes, suggest the analysts.

The target is increased to $3.10 from $2.90. Buy.

This report was published on March 30, 2023.

Target price is $3.10 Current Price is $2.37 Difference: $0.73
If AX1 meets the Goldman Sachs target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $2.29, suggesting downside of -3.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 15.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 6.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 161.6%.
Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 7.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.7, implying annual growth of -3.3%.
Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 16.1.

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

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

The consumer has (finally) started to moderate spending, suggests Jarden, after reviewing February retail sales data from the Australian Bureau of Statistics.

The analysts form this view from weaker non-food sales in February, more recent surveys showing deteriorating confidence, increased inventory levels and signs of a more pronounced slowing in March.

Moreover, the broker expects a further weakening of spending through 2023, compounded by increased competition, in particular from Amazon.

Jarden favours defensive plays or those with lower exposure to housing like Accent Group. The Overweight rating and $2.50 target are unchanged. 

Other stocks fitting the broker's preferred defensive and/or low housing exposure profile are Universal Store ((UNI)), Treasury Wine Estates ((TWE)), Corporate Travel Management ((CTD)) and Flight Centre Travel ((FLT)).

This report was published on March 29, 2023.

Target price is $2.50 Current Price is $2.37 Difference: $0.13
If AX1 meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.29, suggesting downside of -3.4%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 15.2, implying annual growth of 161.6%.
Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY24:

Current consensus EPS estimate is 14.7, implying annual growth of -3.3%.
Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 16.1.

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

BRG    BREVILLE GROUP LIMITED

Household & Personal Products – Overnight Price: $19.10

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

The consumer has (finally) started to moderate spending, suggests Jarden, after reviewing February retail sales data from the Australian Bureau of Statistics.

The analysts form this view from weaker non-food sales in February, more recent surveys showing deteriorating confidence, increased inventory levels and signs of a more pronounced slowing in March.

Moreover, the broker expects a further weakening of spending through 2023, compounded by increased competition, in particular from Amazon.

Jarden favours defensive plays or those with lower exposure to housing like Woolworths Group ((WOW)) and remains cautious on the discretionary sector, and is Underweight Breville Group. The $20.30 target is unchanged.

The broker is also Underweight on other discretionary exposures including JB Hi-Fi ((JBH)), Harvey Norman ((HVN)) and Nick Scali ((NCK)).

This report was published on March 29, 2023.

Target price is $20.30 Current Price is $19.10 Difference: $1.2
If BRG meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $23.36, suggesting upside of 22.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 30.00 cents and EPS of 77.10 cents.
At the last closing share price the estimated dividend yield is 1.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.9, implying annual growth of N/A.
Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 25.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 36.00 cents and EPS of 88.80 cents.
At the last closing share price the estimated dividend yield is 1.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.7, implying annual growth of 14.2%.
Current consensus DPS estimate is 33.6, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 22.0.

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

CCX    CITY CHIC COLLECTIVE LIMITED

Apparel & Footwear – Overnight Price: $0.54

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

Shares of City Chic Collective's peer in the US, Torrid, jumped by 22% following the release of its recent 4Q results, which showed improving metrics. Torrid's gross profit margins stabilised quarter-on-quarter, reversing a declining trend, notes the analyst.

These results have positive implications for City Chic Collective, suggests the broker, along with further anecdotal evidence on industry stabilisation around discounting, inventory and earnings margins.

The Buy rating and $1.00 target are maintained.

This report was published on March 29, 2023.

Target price is $1.00 Current Price is $0.54 Difference: $0.46
If CCX meets the Canaccord Genuity target it will return approximately 85% (excluding dividends, fees and charges).
Current consensus price target is $0.59, suggesting upside of 8.3%(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 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.4, 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.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.5, implying annual growth of N/A.
Current consensus DPS estimate is 0.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 21.6.

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

G1A    GALENA MINING LIMITED

Overnight Price: $0.26

Petra Capital rates ((G1A)) as Buy (1) –

Galena Mining has transitioned from developer to producer, notes Petra Capital, as evidenced by first shipment of concentrate from its 60%-owned Abra lead-silver mine in WA.

While some commissioning risk remains during ramp-up, the company's shares continue to trade at a material discount to net present value, advises the analyst.

Indications are the Abra plant is ramping-up successfully, with potential to outperform, and the broker maintains its 44c target and Buy rating.

This report was published on March 29, 2023.

Target price is $0.44 Current Price is $0.26 Difference: $0.185
If G1A meets the Petra Capital target it will return approximately 73% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 85.00.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 5.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.00.

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

IDT    IDT AUSTRALIA LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.07

Taylor Collison rates ((IDT)) as No Rating (-1) –

Taylor Collison assesses IDT Australia's strategic review has identified a shortage of global capacity to produce antibodies/drug conjugates for use in late stage clinical trials.

 Several proposals have  been obtained for the development and GMP manufacture of sterile injectable ADC drugs for clinical trial use. The broker likes the focus on ADC drugs, which plays to the company's strength in high containment manufacture of cytotoxic drugs.

While expecting revenue to rebound  to $3.9m in the second half, the broker suspects the revenue run rate will need to double from that point to reach breakeven.

Taylor Collison has no rating or target price for IDT Australia and refers to any investment in the company as speculative.

This report was published on March 14, 2023.

Current Price is $0.07. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

Taylor Collison forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.76.

Forecast for FY24:

Taylor Collison forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.31.

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

JRV    JERVOIS GLOBAL LIMITED

New Battery Elements – Overnight Price: $0.07

Canaccord Genuity rates ((JRV)) as Downgrade to Speculative Buy from Buy (1) –

Jervois Global will cease construction of the Idaho cobalt mine until conditions improve. The decision comes because of low cobalt prices that have affected cash flow projections, as well as delays and cost overruns.

While there may be value in the portfolio, Canaccord Genuity believes management needs to show how it will fund the restart of SMP and deliver firm operating metrics in Finland.

As the business is leveraged to a recovery in the cobalt price the broker downgrades to Speculative Buy from Buy. Target is reduced to $0.35 from $0.65.

This report was published on March 30, 2023.

Target price is $0.35 Current Price is $0.07 Difference: $0.284
If JRV meets the Canaccord Genuity target it will return approximately 430% (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 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.30.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.30.

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

LTR    LIONTOWN RESOURCES LIMITED

New Battery Elements – Overnight Price: $2.58

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

Canaccord Genuity raises its target to $2.50 from $1.75 to align with the unsolicited $2.50 bid by Albemarle, which was rejected by the board of Liontown Resources. 

The broker concurs with the board on the opportunistic nature of the bid, especially given the recent decline in share prices across the Lithium sector due to a falling lithium price.

The analyst believes a higher bid may eventuate as Albemarle stated it is "prepared to engage immediately in discussions with Liontown Resources to work towards a mutually acceptable agreement."

The Speculative Buy rating is unchanged.

This report was published on March 29, 2023.

Target price is $2.50 Current Price is $2.58 Difference: minus $0.08 (current price is over target).
If LTR meets the Canaccord Genuity target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.69, suggesting upside of 4.3%(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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 258.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 32.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

MTS    METCASH LIMITED

Food, Beverages & Tobacco – Overnight Price: $3.85

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

The consumer has (finally) started to moderate spending, suggests Jarden, after reviewing February retail sales data from the Australian Bureau of Statistics.

The analysts form this view from weaker non-food sales in February, more recent surveys showing deteriorating confidence, increased inventory levels and signs of a more pronounced slowing in March.

Moreover, the broker expects a further weakening of spending through 2023, compounded by increased competition, in particular from Amazon.

Jarden favours defensive plays or those with lower exposure to housing like Metcash. The Overweight rating and $4.40 target are unchanged.

Other stocks fitting the broker's preferred defensive and/or low housing exposure profile are Universal Store ((UNI)), Treasury Wine Estates ((TWE)), Corporate Travel Management ((CTD)) and Flight Centre Travel ((FLT)).

This report was published on March 29, 2023.

Target price is $4.40 Current Price is $3.85 Difference: $0.55
If MTS meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting upside of 22.7%(ex-dividends)
The company's fiscal year ends in April.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 22.50 cents and EPS of 32.50 cents.
At the last closing share price the estimated dividend yield is 5.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.6, implying annual growth of 26.6%.
Current consensus DPS estimate is 22.9, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 22.00 cents and EPS of 32.30 cents.
At the last closing share price the estimated dividend yield is 5.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.1, implying annual growth of -1.6%.
Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 12.4.

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

PLS    PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $3.94

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

Pilbara Minerals has made a final decision on the P1000 expansion project at Pilgangoora. The company is targeting a run rate of 1mtpa. Cash costs are flagged at US$430-470/t over the first five years, broadly in line with Canaccord Genuity's estimates.

The broker also estimates the company will have shipped 140-190,000t of product in the current quarter, achieving a price of US$5000/t. This would be a record shipping rate for Pilbara Minerals.

While cash flow is strong, outgoings are also mounting, the broker cautions. Buy rating and $5.10 target maintained.

This report was published on March 31, 2023.

Target price is $5.10 Current Price is $3.94 Difference: $1.16
If PLS meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $5.58, suggesting upside of 41.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 78.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.8, implying annual growth of 341.5%.
Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 4.7.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 43.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.3, implying annual growth of -6.6%.
Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 5.0.

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

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

Management at Pilbara Minerals is targeting first ore at the P1000 project in the March 2025 quarter and full production following
commissioning and ramp-up at the end of the September 2025 quarter.

These targets are set following a final investment decision for the project, which included an estimate of $560m for capex compared to the analyst's forecast of around $500m. This expenditure is for the concentrator and non-process infrastructure.

After incorporating higher capex into forecasts, partly offset by higher near-term production estimates, the broker's target price falls to $4.80 from $4.90. Neutral.

This report was published on March 30, 2023.

Target price is $4.80 Current Price is $3.94 Difference: $0.86
If PLS meets the Goldman Sachs target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $5.58, suggesting upside of 41.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 24.50 cents and EPS of 93.80 cents.
At the last closing share price the estimated dividend yield is 6.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.8, implying annual growth of 341.5%.
Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 4.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 19.20 cents and EPS of 57.30 cents.
At the last closing share price the estimated dividend yield is 4.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.3, implying annual growth of -6.6%.
Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 5.0.

Market Sentiment: 0.8
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: $3.68

Jarden rates ((RWC)) as Neutral (3) –

At its investor day, Reliance Worldwide announced the launch of two new products for the Americas region and a rejig of manufacturing both in Australia and the US.

As a result of these changes, Jarden is more positive on the outlook for Reliance in the coming two to three years, though its $3.80 target price and Neutral rating are unchanged.

The broker's key risks include weaker-than-expected new starts for housing construction and a decline in Restoration & Renovation (R&R) activity.

This report was published on March 29, 2023.

Target price is $3.80 Current Price is $3.68 Difference: $0.12
If RWC meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.86, suggesting upside of 4.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 13.14 cents and EPS of 25.69 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of N/A.
Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 11.39 cents and EPS of 22.77 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 16.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.1, implying annual growth of 4.6%.
Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 13.6.

This company reports in USD. 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

SLA    SILK LASER AUSTRALIA LIMITED

Healthcare services – Overnight Price: $2.08

Taylor Collison rates ((SLA)) as Outperform (2) –

Taylor Collison considers Silk Laser Australia's current share price an opportunity to buy into a high-quality self-care operator in a growth market. The broker asserts non-invasive medical aesthetics are less vulnerable than usually believed during an economic downturn.

Early trading data provided for the first seven weeks of the second half revealed continued strong trading, with like-for-like cash sales up 10%.

First half revenue and earnings were slightly lower than expected, stemming from a change in joint venture ownership within some of the clinics. The broker also believes it would make sense for Silk Laser Australia to engage in buybacks based on valuation. Outperform retained.

This report was published on March 24, 2023.

Current Price is $2.08. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

Taylor Collison forecasts a full year FY23 dividend of 0.00 cents and EPS of 16.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.68.

Forecast for FY24:

Taylor Collison forecasts a full year FY24 dividend of 0.00 cents and EPS of 19.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.61.

Market Sentiment: 1.0
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: $37.90

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

The consumer has (finally) started to moderate spending, suggests Jarden, after reviewing February retail sales data from the Australian Bureau of Statistics.

The analysts form this view from weaker non-food sales in February, more recent surveys showing deteriorating confidence, increased inventory levels and signs of a more pronounced slowing in March.

Moreover, the broker expects a further weakening of spending through 2023, compounded by increased competition, in particular from Amazon.

Jarden favours defensive plays or those with lower exposure to housing like Woolworths Group.The Overweight rating and $38.80 target are unchanged.

Other stocks fitting the broker's preferred defensive and/or low housing exposure profile are Universal Store ((UNI)), Treasury Wine Estates ((TWE)), Corporate Travel Management ((CTD)) and Flight Centre Travel ((FLT)).

This report was published on March 29, 2023.

Target price is $38.80 Current Price is $37.90 Difference: $0.9
If WOW meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $35.66, suggesting downside of -5.9%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 137.8, implying annual growth of 8.8%.
Current consensus DPS estimate is 100.5, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 27.5.

Forecast for FY24:

Current consensus EPS estimate is 146.9, implying annual growth of 6.6%.
Current consensus DPS estimate is 106.7, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 25.8.

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

Disclaimer:
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