Australian Broker Call *Extra* Edition – Apr 19, 2023

This story features 29METALS LIMITED, and other companies. For more info SHARE ANALYSIS: 29M

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)

29M   ARX (3)   AUT   BGL   BOQ   BPT (2)   BRB   CAI (2)   CEL   CHC   CMM   CTD (2)   DEG   EMN   ENN   EVN   EVO   FFX   GCY   GMD   GOR   GT1   HSN   IGO   INR   KSN   MGV   MLX   MZZ   NIC   NST   NXT   ORR   PAN   PDI   PRU   RMS   RRL   RSG   RXL   SBM   SFR   SHV   SLR   TIE   TTM   TUL   WGX   XRF  

29M    29METALS LIMITED

Copper – Overnight Price: $1.28

Canaccord Genuity rates ((29M)) as Upgrade to Hold from Sell (3) –

Canaccord Genuity notes copper was the highlight among base metals in the March quarter, gaining 7%. The broker will be watching for weather impacts on Capricorn Copper; and zinc and copper production levels at Golden Grove.

The broker upgrades 29Metals to Hold from Sell with an unchanged target price of $1.30. To become more constructive on the stock, the broker believes it needs to chart a path back to free cash flow at its operations.

This report was published on April 13, 2023.

Target price is $1.30 Current Price is $1.28 Difference: $0.02
If 29M meets the Canaccord Genuity target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.49, suggesting upside of 16.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 2.00 cents and EPS of 11.00 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 11.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.1, 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 2.00 cents and EPS of 14.00 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 9.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.1, implying annual growth of N/A.
Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is N/A.

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

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.04

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

Aroa Biosurgery has secured 510K clearance from the US FDA for its ENIVO catheter and pump. The third critical component should be approved in the next 9-36 months.

The approval represents upside to Canaccord Genuity's forecast although a few critical steps must be achieved for successful commercialisation.

The broker considers the stock to be one of its top picks in its medical technology coverage with long-term sustainable-growth prospects. Buy rating and $1.50 target price maintained.

This report was published on April 12, 2023.

Target price is $1.50 Current Price is $1.04 Difference: $0.455
If ARX meets the Canaccord Genuity 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

Jarden rates ((ARX)) as Buy (1) –

Aroa Biosurgery has received 510K approval from the US FDA for two components of the ENIVO device, the catheter and pump. Management is also looking to pursue further clinical trials to facilitate the approval process.

Jarden makes some downgrades to its estimates because of an expected delay in the launch but this results in minimal valuation impact.

The broker remains confident the device will be approved and maintains a Buy rating. Target price is reduced to $1.34 from $1.38.

This report was published on April 12, 2023.

Target price is $1.34 Current Price is $1.04 Difference: $0.295
If ARX meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.09 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1148.35.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.18 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 574.18.

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

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

Aroa Biosurgery has received 510K approval from the US FDA for its ENIVO product. Importantly, this includes the pump which, alongside the catheter, will work to forcibly remove the build up of fluid.

Wilsons believes this is a step in the right direction and should lay the groundwork for further new iterations of the technology that could over time lead to a more marked commercial opportunity.

The ENIVO sleeve, yet to be approved, is the third component of the device. Overweight rating maintained. Target price is $1.73.

This report was published on April 12, 2023.

Target price is $1.73 Current Price is $1.04 Difference: $0.685
If ARX meets the Wilsons target it will return approximately 66% (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

AUT    AUTECO MINERALS LIMITED

Gold & Silver – Overnight Price: $0.05

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme against the backdrop of a higher gold price. The broker retains a Speculative Buy rating for Auteco Minerals and raises the target price to $0.18 from $0.17.

This report was published on April 13, 2023.

Target price is $0.18 Current Price is $0.05 Difference: $0.133
If AUT meets the Canaccord Genuity target it will return approximately 283% (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

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $1.39

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US that drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme against the backdrop of a higher gold price.

The broker upgrades the target price for Bellevue Gold to $1.75 from $1.50 and retains a Speculative Buy rating.

This report was published on April 13, 2023.

Target price is $1.75 Current Price is $1.39 Difference: $0.36
If BGL meets the Canaccord Genuity target it will return approximately 26% (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

BOQ    BANK OF QUEENSLAND LIMITED

Banks – Overnight Price: $6.30

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

Bank of Queensland pre-released interim results for FY23 showing unaudited cash earnings of $256m, a -$200m non-cash impairment to goodwill and a -$60m provision for a new Integrated Risk Program.

Goldman Sachs remains Neutral-rated given the bank's relatively higher exposure to lower industry net interest margins (NIM).

The broker also feels expenses will increase in given the inflationary backdrop, and while the legacy systems are operating prior to the new digital bank being built.

Target price falls to $7.16 from $7.21.

This report was published on April 17, 2023.

Target price is $7.16 Current Price is $6.30 Difference: $0.86
If BOQ meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $6.88, suggesting upside of 9.1%(ex-dividends)
The company's fiscal year ends in August.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 45.00 cents and EPS of 71.00 cents.
At the last closing share price the estimated dividend yield is 7.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.3, implying annual growth of 0.0%.
Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 9.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 50.00 cents and EPS of 69.00 cents.
At the last closing share price the estimated dividend yield is 7.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.9, implying annual growth of 0.9%.
Current consensus DPS estimate is 47.3, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 9.4.

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

BPT    BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.50

Canaccord Genuity rates ((BPT)) as Hold (3) –

Canaccord Genuity was disappointed with Beach Energy's quarterly production outcome and lowers forecasts. Cooper Basin operations were the largest contributor to the miss amid unplanned flowline outages.

The failed pressure test at Thylacine potentially creates downside risk to current production guidance of 19-20.5mmboe. Beach Energy has reiterated that first gas at Waitsia is on track for late 2023 and that the development is in line with the revised budget.

The broker retains a Hold rating and lowers the target price to $1.60 from $1.63.

This report was published on April 14, 2023.

Target price is $1.60 Current Price is $1.50 Difference: $0.1
If BPT meets the Canaccord Genuity target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $1.89, suggesting upside of 26.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 2.00 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 1.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of -26.7%.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 2.00 cents and EPS of 25.70 cents.
At the last closing share price the estimated dividend yield is 1.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.5, implying annual growth of 39.8%.
Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 6.7.

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

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

Beach Energy's production in the March quarter missed estimates amid problems connecting two of the four Otway development wells. While oil production rates rose for the Western Flank this was not in time to avoid another production downgrade for the asset.

The company left FY23 guidance unchanged and Jarden now expects the outcome to be at the lower end of the 19-20.5mmboe range. Waitsia stage 2 is still targeted for start-up by the end of 2023.

The broker retains an Overweight rating and $1.80 target price.

This report was published on April 13, 2023.

Target price is $1.80 Current Price is $1.50 Difference: $0.3
If BPT meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $1.89, suggesting upside of 26.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 3.00 cents and EPS of 14.10 cents.
At the last closing share price the estimated dividend yield is 2.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of -26.7%.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 8.50 cents and EPS of 24.30 cents.
At the last closing share price the estimated dividend yield is 5.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.5, implying annual growth of 39.8%.
Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 6.7.

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

BRB    BREAKER RESOURCES NL

Mining – Overnight Price: $0.49

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023, which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme against the backdrop of a higher gold price.

The broker upgrades its target price for Breaker Resources to $0.50 from $0.45 and retains a Speculative Buy rating.

This report was published on April 13, 2023.

Target price is $0.50 Current Price is $0.49 Difference: $0.005
If BRB meets the Canaccord Genuity target it will return approximately 1% (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

CAI    CALIDUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.27

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme against the backdrop of a higher gold price.

The broker raises its target price for Calidus Resources to $0.85 from $0.80 and retains a Speculative Buy rating.

This report was published on April 13, 2023.

Target price is $0.85 Current Price is $0.27 Difference: $0.585
If CAI meets the Canaccord Genuity target it will return approximately 221% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.63.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.04.

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

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

Calidus Resources has reported gold sales and costs for the Warrawoona mine, Western Australia. Gold sales totaled 16,000 ounces for the March quarter and beat Canaccord Genuity's estimates. Costs (AISC) of $2092/oz also beat expectations.

Second-half guidance has been reiterated for 31-36,000 ounces at AISC of $2000-2250/oz. The company remains in discussions to restructure a portion of its debt.

A Speculative Buy rating is retained. Target price is $0.80.

This report was published on April 11, 2023.

Target price is $0.80 Current Price is $0.27 Difference: $0.535
If CAI meets the Canaccord Genuity target it will return approximately 202% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.63.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.04.

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

CEL    CHALLENGER EXPLORATION LIMITED

Gold & Silver – Overnight Price: $0.16

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme against the backdrop of a higher gold price.

The broker upgrades its target price for Challenger Exploration to $0.40 from $0.36 and retains a Speculative Buy rating.

This report was published on April 13, 2023.

Target price is $0.40 Current Price is $0.16 Difference: $0.24
If CEL meets the Canaccord Genuity target it will return approximately 150% (excluding dividends, fees and charges).

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

CHC    CHARTER HALL GROUP

REITs – Overnight Price: $11.49

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

Jarden assesses the market is pricing in a return of performance and transaction fees and suspects this has been overdone given the cyclical nature of real estate. Charter Hall is trading at a -7% discount to the broker's bear-case valuation.

No imminent catalyst is envisaged but, once there is evidence of more realistic valuations and transaction activity picks up, the broker believes the company can deliver strong earnings growth.

Overweight rating and $15.50 target maintained.

This report was published on April 11, 2023.

Target price is $15.50 Current Price is $11.49 Difference: $4.01
If CHC meets the Jarden target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $14.77, suggesting upside of 28.5%(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 3.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 94.2, implying annual growth of -51.5%.
Current consensus DPS estimate is 42.6, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 12.2.

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 3.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.9, implying annual growth of -5.6%.
Current consensus DPS estimate is 44.9, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 12.9.

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $4.72

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given the higher gold price.

The broker raises its target price for Capricorn Metals to $5.50 from $4.75 and retains a Buy rating.

This report was published on April 13, 2023.

Target price is $5.50 Current Price is $4.72 Difference: $0.78
If CMM meets the Canaccord Genuity target it will return approximately 17% (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 24.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.67.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 29.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.28.

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

CTD    CORPORATE TRAVEL MANAGEMENT LIMITED

Travel, Leisure & Tourism – Overnight Price: $21.49

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

Corporate Travel Management has won a material contract from the UK Home Office, valued at roughly $3bn over two years with an option for one-year extension.

Goldman Sachs (April 13 research) believes the contract builds confidence in the company's ability to deliver contract wins, assessing managed travel is a growing area in a cost-constrained environment.

In a later update on April 17, Goldman Sachs upgrades its target to $22.80 from $19.80 to reflect not only the new contract but the potential for a longer-term opportunity beyond the two-three year contract. A Buy rating is assigned.

The broker also points out government contracts offer downside support to earnings in an uncertain macro environment.

This report was published on April 17, 2023.

Target price is $22.80 Current Price is $21.49 Difference: $1.31
If CTD meets the Goldman Sachs target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $22.92, suggesting upside of 6.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 28.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.3, implying annual growth of 2764.3%.
Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 33.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 59.00 cents and EPS of 118.00 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 18.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 109.5, implying annual growth of 73.0%.
Current consensus DPS estimate is 44.4, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 19.6.

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

Jarden rates ((CTD)) as Buy (1) –

Corporate Travel Management has won the bridging accommodation and travel services contract for the UK Home Office, estimated at $3bn over two years. Jarden calculates this should equate to 16% of group transaction value based on its FY24/25 estimates.

Overall, Europe is set to be the largest EBITDA contributor to the group while, ex this contract, incremental EBITDA margins of 50% are achievable, in the broker's opinion.

Buy rating retained. Target is raised to $23.46 from $22.30.

This report was published on April 14, 2023.

Target price is $23.46 Current Price is $21.49 Difference: $1.97
If CTD meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $22.92, suggesting upside of 6.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 60.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.3, implying annual growth of 2764.3%.
Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 33.9.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 102.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 109.5, implying annual growth of 73.0%.
Current consensus DPS estimate is 44.4, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 19.6.

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

DEG    DE GREY MINING LIMITED

Gold & Silver – Overnight Price: $1.58

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

The broker upgrades its target price for De Grey Mining to $2.60 from $2.20 and retains a Speculative Buy rating.

This report was published on April 13, 2023.

Target price is $2.60 Current Price is $1.58 Difference: $1.015
If DEG meets the Canaccord Genuity target it will return approximately 64% (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

EMN    EURO MANGANESE INC

New Battery Elements – Overnight Price: $0.21

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

Euro Manganese has produced first high-purity electrolytic manganese metal from its demonstration plant in the Czech Republic. This is a significant milestone, Canaccord Genuity asserts, and de-risks the process flow sheet, proving that high-purity manganese can be extracted at scale from the tailings stockpile.

Recently, the company signed its first non-binding offtake agreement with battery manufacturer Verkor and more agreements are expected over the coming year.

Speculative Buy rating and $1.15 target price are retained.

This report was published on April 14, 2023.

Target price is $1.15 Current Price is $0.21 Difference: $0.935
If EMN meets the Canaccord Genuity target it will return approximately 435% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 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 10.75.

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 21.50.

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

ENN    ELANOR INVESTORS GROUP

Wealth Management & Investments – Overnight Price: $1.70

Moelis rates ((ENN)) as No Rating (-1) –

Elanor Investors has established a broader strategic partnership with Challenger ((CGF)), through which Elanor Investors will acquire Challenger's $3.4bn Australian real estate funds management business for a maximum consideration of $41.8m.

The company will fund the acquisition via securities to Challenger, making the bank Elanor Investors' largest security holder holding up to an 18.2% interest.

Moelis observes this acquisition will represent a step change in the size and scale of the business, with assets under management expected to grow to $6.4bn and drive a 60% increase in base management-fee income and earnings accretion in FY24.

The broker is on research restriction and unable to provide a rating and target.

This report was published on April 12, 2023.

Current Price is $1.70. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 15.50 cents and EPS of 17.60 cents.
At the last closing share price the estimated dividend yield is 9.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.66.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 14.00 cents and EPS of 14.80 cents.
At the last closing share price the estimated dividend yield is 8.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.49.

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

EVN    EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $3.53

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

Canaccord Genuity expects Evolution Mining's March-quarter results on April 20 will reveal a relatively benign production outcome. Red Lake is moving ahead and production has increased on the back of grade and tonnes milled.

Evolution Mining expects Red Lake gold production will increase to more than 35,000 ounces in the June quarter. The broker envisages an improved operating outlook moving into FY24, as major capital expenditure rolls off, and reiterates a Buy rating. Target price rises to $4.00 from $3.20.

This report was published on April 13, 2023.

Target price is $4.00 Current Price is $3.53 Difference: $0.47
If EVN meets the Canaccord Genuity target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $3.15, suggesting downside of -10.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 2.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 0.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of -18.8%.
Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 24.5.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 11.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 3.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.2, implying annual growth of 81.9%.
Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 13.5.

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

EVO    EMBARK EDUCATION GROUP LIMITED

Education & Tuition – Overnight Price: $0.53

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

Canaccord Genuity envisages substantial upside potential for Embark Education. Growth is expected to be driven by organic improvements as well as acquisitions, which can be comfortably funded by the balance sheet.

The broker revisits its thesis after a change of analyst and the company's recent 2022 results. Embark Education is set to enter a growth phase in Australia having completed the sale of its NZ business.

The broker expects the company will re-domicile in Australia at some point in 2023 and changes reporting currency to Australian dollars. Buy rating retained. Target price is reduced to NZ$0.82 from NZ$0.90.

This report was published on April 14, 2023.

Current Price is $0.53. Target price not assessed.
The company's fiscal year ends in December.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 2.19 cents and EPS of 4.38 cents.
At the last closing share price the estimated dividend yield is 4.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.11.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 3.10 cents and EPS of 5.93 cents.
At the last closing share price the estimated dividend yield is 5.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.94.

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

FFX    FIREFINCH LIMITED

Gold & Silver – Overnight Price: $0.20

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

The broker's rating and target price for Firefinch remain under review.

This report was published on April 13, 2023.

Current Price is $0.20. Target price not assessed.

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

GCY    GASCOYNE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.12

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

The broker's rating and target price for Gascoyne Resources remain under review.

This report was published on April 13, 2023.

Current Price is $0.12. Target price not assessed.

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

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $1.26

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

The broker's rating and target price for Genesis Minerals remain under review.

This report was published on April 13, 2023.

Current Price is $1.26. Target price not assessed.

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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.78

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

The broker upgrades Gold Road Resources to Buy from Hold and its target price to $2.15 from $1.95.

This report was published on April 13, 2023.

Target price is $2.15 Current Price is $1.78 Difference: $0.365
If GOR meets the Canaccord Genuity target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $1.89, suggesting upside of 5.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 2.00 cents and EPS of 11.00 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 16.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.3, implying annual growth of 74.1%.
Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 15.8.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 4.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 2.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.8, implying annual growth of -4.4%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 16.5.

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

GT1    GREEN TECHNOLOGY METALS LIMITED

New Battery Elements – Overnight Price: $0.67

Canaccord Genuity rates ((GT1)) as Speculative Buy (1) –

Canaccord Genuity notes multiple project development activities are under way at the Seymour lithium project in Canada. Green Technology Metals main focus is on advancing towards a final investment decision, with construction commencing in 2024.

A 99t pegmatite bulk sample has been collected from an outcrop and sent for metallurgical pilot test work.

Meanwhile, maiden assays have been received for the first three diamond holes at the Root Bay prospect, about 200km east of Seymour. The broker expects additional assays and a maiden resource in 2023. Speculative Buy rating and $1.80 target price maintained.

This report was published on April 12, 2023.

Target price is $1.80 Current Price is $0.67 Difference: $1.13
If GT1 meets the Canaccord Genuity target it will return approximately 169% (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

HSN    HANSEN TECHNOLOGIES LIMITED

IT & Support – Overnight Price: $4.52

Goldman Sachs rates ((HSN)) as Initiation of coverage with Buy (1) –

Goldman Sachs likes the defensive earnings provided by Hansen Technologies in the current macroeconomic backdrop, derived from mission-critical systems and stable end markets.

The broker initiates coverage with a Buy rating and highlights the company's sticky revenue streams, the company demonstrating churn rates below 2% and a greater than 30% earnings (EBITDA) margin.

Over the past decade, Hansen Technologies has derived most of its revenue growth from acquiring businesses, and the broker anticipates a continuation of this strategy given the company's strong balance sheet.

Goldman Sachs doesn't factor these potential acquisitions into its base-case valuation and sets a $5.20 target price.

This report was published on April 17, 2023.

Target price is $5.20 Current Price is $4.52 Difference: $0.68
If HSN meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $6.04, suggesting upside of 33.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 12.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 2.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.3, implying annual growth of 11.4%.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 19.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 11.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 2.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.5, implying annual growth of 5.2%.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 18.4.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $13.90

Canaccord Genuity rates ((IGO)) as Upgrade to Hold from Sell (3) –

Canaccord Genuity upgrades IGO to Hold from Sell and reduces the target price to $13.00 from $13.50, noting copper was a highlight among base metals in the March quarter, gaining 7%. 

The broker retains concerns about the company's asset mix and ownership structure of the LEA joint venture but recognises Greenbushes as a tier-1 exposure. Moreover, production is anticipated to rebound at Nova.

This report was published on April 13, 2023.

Target price is $13.00 Current Price is $13.90 Difference: minus $0.9 (current price is over target).
If IGO meets the Canaccord Genuity target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $15.93, suggesting upside of 14.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 19.00 cents and EPS of 194.00 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 137.2, implying annual growth of 214.0%.
Current consensus DPS estimate is 35.3, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 10.00 cents and EPS of 138.00 cents.
At the last closing share price the estimated dividend yield is 0.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 138.5, implying annual growth of 0.9%.
Current consensus DPS estimate is 54.4, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 10.0.

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

INR    IONEER LIMITED

New Battery Elements – Overnight Price: $0.32

Canaccord Genuity rates ((INR)) as Upgrade to Speculative Buy from Hold (1) –

Canaccord Genuity observes ioneer has traded steadily lower since it peaked in 2021 as delays to permits and uncertainty surrounding key areas of its project weighed. While remaining cautious, the broker believes the market is applying too steep a discount.

There are several potential catalysts for value to be realised over the next 9-12 months, the broker adds. While lithium prices are softer, the broker considers the stock to be sheltered from the impact given its set permit timeline and funding.

Rating is upgraded to Speculative Buy from Hold. Target price edges up to $0.45 from $0.40.

This report was published on April 11, 2023.

Target price is $0.45 Current Price is $0.32 Difference: $0.13
If INR meets the Canaccord Genuity target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 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 32.00.

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

KSN    KINGSTON RESOURCES LIMITED

Mining – Overnight Price: $0.12

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

The broker places its rating and target for Kingston Resources under review.

This report was published on April 13, 2023.

Current Price is $0.12. Target price not assessed.

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

MGV    MUSGRAVE MINERALS LIMITED

Gold & Silver – Overnight Price: $0.23

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

The broker raises its target price for Musgrave Minerals to $0.50 from $0.45 and retains a Speculative Buy rating.

This report was published on April 13, 2023.

Target price is $0.50 Current Price is $0.23 Difference: $0.275
If MGV meets the Canaccord Genuity target it will return approximately 122% (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 22.50.

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 11.25.

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

MLX    METALS X LIMITED

Tin – Overnight Price: $0.34

Canaccord Genuity rates ((MLX)) as Hold (3) –

Canaccord Genuity expects a "reasonably steady" March quarter when Metals X reports its production numbers. Tin prices are expected to improve EBITDA.

Target price is reduced to $0.30 from $0.42 after adjusting its modelling and a Hold rating is maintained.

This report was published on April 13, 2023.

Target price is $0.30 Current Price is $0.34 Difference: minus $0.04 (current price is over target).
If MLX meets the Canaccord Genuity target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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

MZZ    MATADOR MINING LIMITED

Gold & Silver – Overnight Price: $0.07

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

A Speculative Buy rating and $0.27 target price are maintained for Matador Mining.

This report was published on April 13, 2023.

Target price is $0.27 Current Price is $0.07 Difference: $0.199
If MZZ meets the Canaccord Genuity target it will return approximately 280% (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

NIC    NICKEL INDUSTRIES LIMITED

Nickel – Overnight Price: $0.98

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

Canaccord Genuity notes a rapid deterioration in nickel pig iron margins and believes the March quarter, while showing good margins, will herald a period of weaker margins.

The broker quotes Asian Metals, which states almost all stainless steel products have traded -5 to -15% lower over the past 90 days. Canaccord Genuity downgrades Nickel Industries to Sell from Hold and its target price to $0.90 from $1.05.

This report was published on April 13, 2023.

Target price is $0.90 Current Price is $0.98 Difference: minus $0.085 (current price is over target).
If NIC meets the Canaccord Genuity target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in December.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 5.87 cents and EPS of 13.21 cents.
At the last closing share price the estimated dividend yield is 5.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.46.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 5.87 cents and EPS of 11.74 cents.
At the last closing share price the estimated dividend yield is 5.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.39.

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $14.03

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

Northern Star Resources continues to be one of the broker's top picks, offering scale and a strong organic growth profile. Buy rating maintained. Target price rises to $15.65 from $13.15.

This report was published on April 13, 2023.

Target price is $15.65 Current Price is $14.03 Difference: $1.62
If NST meets the Canaccord Genuity target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $12.68, suggesting downside of -9.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 23.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 1.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.9, implying annual growth of -5.6%.
Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 40.2.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 27.00 cents and EPS of 88.00 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 15.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.6, implying annual growth of 50.7%.
Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 26.7.

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

NXT    NEXTDC LIMITED

Cloud services – Overnight Price: $12.08

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

Wilsons observes NextDC's announcement of material contract wins, almost exclusively at the S3 asset, was well received and "well worth the wait". Contracted utilisation has expanded by 43% to 120MW.

The broker points out this will have no bearing on FY23 financials and only incrementally in the second half of FY24 but provides confidence in forecasts. The broker retains an Overweight rating and $13.64 target price.

This report was published on April 13, 2023.

Target price is $13.64 Current Price is $12.08 Difference: $1.56
If NXT meets the Wilsons target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $13.57, suggesting upside of 12.3%(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 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 710.59.

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.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 223.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.4, 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: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ORR    ORECORP LIMITED

Gold & Silver – Overnight Price: $0.44

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

The broker raises the target price for OreCorp to $1.25 from $1.05 and retains a Speculative Buy rating.

This report was published on April 13, 2023.

Target price is $1.25 Current Price is $0.44 Difference: $0.81
If ORR meets the Canaccord Genuity target it will return approximately 184% (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 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.00.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.67.

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

PAN    PANORAMIC RESOURCES LIMITED

Nickel – Overnight Price: $0.15

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

Canaccord Genuity expects a slightly softer quarter all up when the production numbers for March are released. The broker retains a Buy rating and raises its target price to $0.23 from $0.22 for Panoramic Resources.

The commodities complex was generally lower throughout the quarter, the broker observes, with cobalt and nickel the hardest hit. Copper was the outlier, gaining 7% and finishing the quarter at more than US$4/lb.

This report was published on April 13, 2023.

Target price is $0.23 Current Price is $0.15 Difference: $0.075
If PAN meets the Canaccord Genuity target it will return approximately 48% (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 0.00 cents.

Forecast for FY24:

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

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

PDI    PREDICTIVE DISCOVERY LIMITED

Gold & Silver – Overnight Price: $0.18

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

The broker raises its target price for Predictive Discovery to $0.40 from $0.37 and retains a Speculative Buy rating.

This report was published on April 13, 2023.

Target price is $0.40 Current Price is $0.18 Difference: $0.22
If PDI meets the Canaccord Genuity target it will return approximately 122% (excluding dividends, fees and charges).

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

PRU    PERSEUS MINING LIMITED

Gold & Silver – Overnight Price: $2.36

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

Perseus Mining continues to be one of the broker's top picks, despite trading at 10-year highs, given its consistency of performance against guidance. Buy rating maintained. Target price rises to $2.95 from $2.60.

This report was published on April 13, 2023.

Target price is $2.95 Current Price is $2.36 Difference: $0.59
If PRU meets the Canaccord Genuity target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 34.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.94.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 39.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.05.

Market Sentiment: 1.0
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: $1.42

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme against the backdrop of a higher gold price environment.

The broker retains a Buy rating for Ramelius Resources and raises its target price to $1.75 from $1.50.

This report was published on April 13, 2023.

Target price is $1.75 Current Price is $1.42 Difference: $0.335
If RMS meets the Canaccord Genuity target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $1.38, suggesting downside of -2.2%(ex-dividends)
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 8.00 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of 489.0%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 3.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.4, implying annual growth of 44.2%.
Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 11.4.

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

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.16

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a high gold price.

The broker retains a Buy rating for Regis Resources and raises its target price to $3.00 from $2.50.

This report was published on April 13, 2023.

Target price is $3.00 Current Price is $2.16 Difference: $0.84
If RRL meets the Canaccord Genuity target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $2.37, suggesting upside of 9.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 2.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 0.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.5, implying annual growth of 202.2%.
Current consensus DPS estimate is 1.6, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 39.3.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 2.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 0.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.8, implying annual growth of 278.2%.
Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 10.4.

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

RSG    RESOLUTE MINING LIMITED

Gold & Silver – Overnight Price: $0.47

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

Resolute Mining remains a top pick in the broker's coverage, supported by organic growth potential and greater consistency in operations. Syama North is the key catalyst and not included in valuation. Buy rating retained. Target prices rises to $0.70 from $0.60.

This report was published on April 13, 2023.

Target price is $0.70 Current Price is $0.47 Difference: $0.23
If RSG meets the Canaccord Genuity target it will return approximately 49% (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 5.87 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.01.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 8.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.34.

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

RXL    ROX RESOURCES LIMITED

Mining – Overnight Price: $0.39

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

The broker raises its target price for Rox Resources to $0.60 from $0.50 and retains a Speculative Buy rating.

This report was published on April 13, 2023.

Target price is $0.60 Current Price is $0.39 Difference: $0.215
If RXL meets the Canaccord Genuity target it will return approximately 56% (excluding dividends, fees and charges).

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

SBM    ST. BARBARA LIMITED

Gold & Silver – Overnight Price: $0.55

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

For St. Barbara, the broker's rating and target price remain under review.

This report was published on April 13, 2023.

Current Price is $0.55. Target price not assessed.
Current consensus price target is $1.05, suggesting upside of 92.7%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is -5.1, 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:

Current consensus EPS estimate is -1.3, 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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $7.01

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

Canaccord Genuity observes that while the commodities complex was generally lower through the March quarter, copper was the outlier, gaining 7% and finishing the quarter at more than US$4/lb.

The broker will be on the watch for the quarterly production report from Sandfire Resources to see if falling energy costs at Matsa flow through to unit costs.

Buy rating retained. Target price rises to $7.25 from $6.75.

This report was published on April 13, 2023.

Target price is $7.25 Current Price is $7.01 Difference: $0.24
If SFR meets the Canaccord Genuity target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $6.68, suggesting downside of -4.7%(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 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -11.5, 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 14.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.6, implying annual growth of N/A.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 42.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SHV    SELECT HARVESTS LIMITED

Agriculture – Overnight Price: $4.36

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

Wilsons notes almond shipments rose 15% in March, as reported by the Almond Board of California, which represents further evidence of a demand-led recovery in the almond price.

Recent unfavourable weather in California during pollination has potential to affect yields on the 2023 crop and lower supply expectations would add further impetus to the price recovery. Overweight rating and $5.52 target price maintained for Select Harvests.

This report was published on April 12, 2023.

Target price is $5.52 Current Price is $4.36 Difference: $1.16
If SHV meets the Wilsons target it will return approximately 27% (excluding dividends, fees and charges).
The company's fiscal year ends in September.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 40.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.90.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 25.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.03.

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: $1.24

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

Buy rating retained for Silver Lake Resources. Target price rises to $1.85 from $1.65.

This report was published on April 13, 2023.

Target price is $1.85 Current Price is $1.24 Difference: $0.61
If SLR meets the Canaccord Genuity target it will return approximately 49% (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 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.67.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 20.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.20.

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

TIE    TIETTO MINERALS LIMITED

Gold & Silver – Overnight Price: $0.70

Canaccord Genuity rates ((TIE)) as Upgrade to Speculative Buy from Hold (1) –

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

The broker upgrades Tietto Minerals to Speculative Buy from Hold and its target price to $0.95 from $0.80.

This report was published on April 17, 2023.

Target price is $0.95 Current Price is $0.70 Difference: $0.245
If TIE meets the Canaccord Genuity target it will return approximately 35% (excluding dividends, fees and charges).

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

TTM    TITAN MINERALS LIMITED

Gold & Silver – Overnight Price: $0.06

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

Canaccord Genuity continues to rate Titan Minerals as a Speculative Buy with a price target of 20c.

This report was published on April 13, 2023.

Target price is $0.20 Current Price is $0.06 Difference: $0.139
If TTM meets the Canaccord Genuity target it will return approximately 228% (excluding dividends, fees and charges).

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

TUL    TULLA RESOURCES PLC

Gold & Silver – Overnight Price: $0.33

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

Tulla Resources' rating and target price are under review.

This report was published on April 13, 2023.

Current Price is $0.33. Target price not assessed.

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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.47

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

Canaccord Genuity observes gold and gold equities had a strong start to 2023 which can be partially attributed to banking system weakness in the US, which drove a flight to safety.

The broker continues to envisage cost pressures will persist for Australian producers in the March quarter in contrast to African producers, which are proving more resilient to inflation.

Meanwhile, margin expansion is expected to be a common theme given a higher gold price.

The broker retains a Buy rating for Westgold Resources and raises its target price to $2.15 from $1.75.

This report was published on April 13, 2023.

Target price is $2.15 Current Price is $1.47 Difference: $0.68
If WGX meets the Canaccord Genuity target it will return approximately 46% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 73.50.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 28.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.25.

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

XRF    XRF SCIENTIFIC LIMITED

Mining Sector Contracting – Overnight Price: $1.29

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

Canaccord Genuity notes a solid quarter from XRF Scientific. Revenue was slightly lower than expected while the pre-tax margin was slightly higher.

The broker estimates a six-year EBITDA growth rate of 37% (FY17-23), driven by revenue, margin expansion and small-scale M&A.

Canaccord Genuity retains a Speculative Buy rating with a $1.16 target price.

This report was published on April 14, 2023.

Target price is $1.16 Current Price is $1.29 Difference: minus $0.13 (current price is over target).
If XRF meets the Canaccord Genuity target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 2.90 cents and EPS of 5.90 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.86.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 3.10 cents and EPS of 6.50 cents.
At the last closing share price the estimated dividend yield is 2.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.85.

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

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.

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