Australian Broker Call *Extra* Edition – May 04, 2023

This story features ADBRI LIMITED, and other companies. For more info SHARE ANALYSIS: ABC

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)

ABC   ARX (2)   BKL   CIA   CMM   COE   DOW   DTC   GDF   HLO   HPG   JRV   LLL   LRK   MAD   MDR   MIN   MQG   NIC   NST   PLS   PPT   RMD   RSG   RWC   S32   SFR (2)   SHL   STO   SYM   THL   TNE  

ABC    ADBRI LIMITED

Building Products & Services – Overnight Price: $1.60

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

Adbri has advised the cost of the Kwinana upgrade has increased substantially, to $403m at the mid point of the range, around a 45% increase. This reflects the escalating cost of construction in Western Australia and the constraints on available labour.

The company is still of the view that the project is positive to valuation. On completion the upgrade will improve the clinker material handling by reducing heavy vehicle movements. Goldman Sachs retains a Neutral rating and lowers the target to $1.65 from $1.75.

This report was published on April 27, 2023.

Target price is $1.65 Current Price is $1.60 Difference: $0.045
If ABC meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $1.69, suggesting upside of 5.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 9.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 5.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.3, implying annual growth of -9.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 10.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 6.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 6.3%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 10.6.

Market Sentiment: -0.3
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: $1.05

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

Aroa Biosurgery's FY23 March-quarter result appears to have met guidance and Canaccord Genuity's forecasts, thanks to strong Myriad and TELA sales, and increases in accounts, due to improved penetration.

The broker observes the company has access to 90% of US hospital and considers it to be a favoured pick among medtechs.

Canaccord Genuity appreciates the company's healthy balance sheet (the company held NZ$44.7m in cash at March 31), considering it more than enough to fund operations and clinical trials.

No guidance was provided, but is expected at the FY23 results on May 30.

Buy rating and $1.50 target price retained.

This report was published on May 28, 2023.

Target price is $1.50 Current Price is $1.05 Difference: $0.45
If ARX meets the Canaccord Genuity target it will return approximately 43% (excluding dividends, fees and charges).

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

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Jarden rates ((ARX)) as Buy (1) –

Aroa Biosurgery provided a March quarter update that was largely in line with expectations. Jarden notes normalised EBITDA was stated as "positive" which it assesses is qualitatively better than prior guidance of "breakeven".

The NZ$13.6m sales result for Myriad has revealed favourable tailwinds, driving upgrades to market share forecasts which Jarden factors in at 10.5%, from 9.0%.

Earnings revisions reflect favourable FX and increases to the Myriad sales profile. Buy rating maintained. Target is raised to $1.46 from $1.34.

This report was published on April 27, 2023.

Target price is $1.46 Current Price is $1.05 Difference: $0.41
If ARX meets the Jarden target it will return approximately 39% (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 1153.85.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.55 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 191.96.

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

BKL    BLACKMORES LIMITED

Health & Nutrition – Overnight Price: $94.39

Goldman Sachs rates ((BKL)) as No Rating (-1) –

The board of Blackmores has unanimously recommended the takeover proposal from Kirin Holdings at $95 a share. Should the scheme become effective the board intends to declare a fully franked special dividend of $3.34.

The $95 offer price is less any special dividend paid or declared, prior to the implementation of the scheme. The takeover remains subject to clearance by the competition regulator, the ACCC, and approval from the Foreign Investment Review Board.

Goldman Sachs has no rating or target for Blackmores.

This report was published on April 27, 2023.

Current Price is $94.39. Target price not assessed.
Current consensus price target is $88.56, suggesting downside of -6.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 137.00 cents and EPS of 196.00 cents.
At the last closing share price the estimated dividend yield is 1.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 224.6, implying annual growth of 42.2%.
Current consensus DPS estimate is 147.9, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 42.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 176.00 cents and EPS of 251.00 cents.
At the last closing share price the estimated dividend yield is 1.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 270.8, implying annual growth of 20.6%.
Current consensus DPS estimate is 175.6, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 34.9.

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

CIA    CHAMPION IRON LIMITED

Iron Ore – Overnight Price: $6.25

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

Champion Iron delivered March quarter iron ore shipments of 3.1mt, ahead of expectations. Goldman Sachs assesses the company has entered the quarter with around CAD330m in cash and calculates around CAD130m in net debt.

The phase II plant has demonstrated nameplate capacity on several days of operattions when fed with sufficient ore. The broker is therefore confident nameplate will be achieved in mid 2023 although material movements and strip ratios will need to increase significantly over the next six months.

The company continues to study further high-grade expansions. Goldman Sachs retains a Buy rating and reduces the target to $8.30 from $8.50.

This report was published on April 27, 2023.

Target price is $8.30 Current Price is $6.25 Difference: $2.05
If CIA meets the Goldman Sachs target it will return approximately 33% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 18.83 cents and EPS of 43.21 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.46.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 18.95 cents and EPS of 99.71 cents.
At the last closing share price the estimated dividend yield is 3.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.27.

This company reports in CAD. 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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $4.42

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

Capricorn Metals' March-quarter production result appears to have met Canaccord Genuity's forecasts, and management reiterated FY23 guidance.

Buy rating and $5.65 target price retained.

This report was published on April 28, 2023.

Target price is $5.65 Current Price is $4.42 Difference: $1.23
If CMM meets the Canaccord Genuity target it will return approximately 28% (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 18.42.

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 15.24.

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

COE    COOPER ENERGY LIMITED

Crude Oil – Overnight Price: $0.15

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

The Federal Government's final consultation paper on the Mandatory Code of Conduct for the East Coast gas market proposes a permanent price cap for the East Coast gas market, initially set at $12/GJ to 1 July 2025.

Jarden expects Cooper Energy will be exempt from the price cap.

The Overweight rating and 25c target are unchanged.

This report was published on April 27, 2023.

Target price is $0.25 Current Price is $0.15 Difference: $0.095
If COE meets the Jarden target it will return approximately 61% (excluding dividends, fees and charges).
Current consensus price target is $0.22, suggesting upside of 39.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 51.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.5, 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 31.0.

Forecast for FY24:

Jarden forecasts a full year FY24 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 51.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.1, implying annual growth of 120.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.1.

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

DOW    DOWNER EDI LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $3.53

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

Downer EDI has reiterated net profit guidance for FY23 of $170-190m. Goldman Sachs notes trading conditions suggest labour challenges are persisting albeit not worsening.

The broker is cautious about the short term as the company responds to business challenges and faces margin pressures from the labour shortages.

Yet, the stock provides a defensive earnings profile and long-term exposure to decarbonisation expenditure and infrastructure maintenance. Neutral rating and $3.90 target maintained.

This report was published on April 27, 2023.

Target price is $3.90 Current Price is $3.53 Difference: $0.37
If DOW meets the Goldman Sachs target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $4.17, suggesting upside of 18.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 13.43 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 3.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.9, implying annual growth of 7.5%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 19.73 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 5.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.1, implying annual growth of 35.8%.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 11.4.

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

DTC    DAMSTRA HOLDINGS LIMITED

Software & Services – Overnight Price: $0.08

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

Damstra Holdings has revised down revenue guidance amid some contract delays. Yet EBITDA margin guidance has increased which reflects both an overall higher-margin book and further cost reductions.

Wilsons, as a result, reduces FY23-25 revenue estimates by -6-9% and raises FY23 and FY24 EBITDA estimates by $2m and $1m, respectively.

The broker maintains a Market Weight rating and lowers the target to $0.07 from $0.13, largely because of a decrease in peer multiples while retaining a cautious outlook about the organic growth trajectory.

This report was published on May 1, 2023.

Target price is $0.07 Current Price is $0.08 Difference: minus $0.012 (current price is over target).
If DTC meets the Wilsons target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.28.

Forecast for FY24:

Wilsons 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 2.83.

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

GDF    GARDA PROPERTY GROUP

REITs – Overnight Price: $1.23

Moelis rates ((GDF)) as Buy (1) –

Moelis notes Brisbane industrial rents continue to escalate at unprecedented levels. As Garda Property will release valuations shortly the broker has undertaken a sensitivity analysis across the portfolio.

In its conclusion the strength of industrial rent should be enough to offset 75 basis points of capitalisation rate expansion. The recently announced buyback should also provide some downside protection.

The broker incorporates current assessments of fair value for the office and industrial assets which results in the target being reduced to $1.77 from $1.81. Buy rating maintained.

This report was published on April 30, 2023.

Target price is $1.77 Current Price is $1.23 Difference: $0.54
If GDF meets the Moelis target it will return approximately 44% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 7.20 cents and EPS of 6.60 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 18.64.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 7.20 cents and EPS of 7.20 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 17.08.

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

HLO    HELLOWORLD TRAVEL LIMITED

Travel, Leisure & Tourism – Overnight Price: $2.99

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

Helloworld Travel has upgraded guidance, by 33% at the mid point, and Jarden now expects underlying EBITDA of $40m. The upgrade was driven by strength in transactions and materially stronger revenue margins.

The broker continues to believe the outlook for travel is positive over the short term and retains an Overweight rating, believing the market is materially undervaluing the medium-term earnings opportunity. Target is raised to $3.98 from $3.20.

This report was published on April 27, 2023.

Target price is $3.98 Current Price is $2.99 Difference: $0.99
If HLO meets the Jarden target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $3.16, suggesting upside of 5.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.6, implying annual growth of -81.8%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 28.2.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 17.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of 27.4%.
Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 22.1.

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

HPG    HIPAGES GROUP HOLDINGS LIMITED

Online media & mobile platforms – Overnight Price: $0.83

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

Goldman Sachs is encouraged by the momentum from the addition of new tradies and observes further signs of the marketplace balance returning. This should lead to an improved consumer experience and add long-term value to hipages Group.

 The company has reiterated guidance for high single-digit revenue growth in the second half and an EBITDA margin ahead of FY22.

The broker retains its Buy rating and lowers the target to $1.75 from $1.80.

This report was published on April 27, 2023.

Target price is $1.75 Current Price is $0.83 Difference: $0.92
If HPG meets the Goldman Sachs target it will return approximately 111% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 41.50.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.50.

Market Sentiment: 0.0
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: $0.10

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

Jervois Global's March-quarter revenue and earnings (EBITDA) sharply missed Canaccord Genuity's forecasts, due to lower pricing as the company cleared high-cost raw material inventory from 2022 (a US$25m writedown).

After this reset, the company expects to generate positive earnings and cashflow for the remainder of 2023, says the broker. 

Cobalt sales proved the highlight and management expects a more stable 2023. Meanwhile, Idaho has been suspended and the US Department of Defense has offered a US$15m grant to continue drilling and the broker expects more in the wings as the US hones its focus on critical minerals.

Speculative buy rating retained. Target price slumps to 10c from 35c to reflect the earnings miss.

This report was published on April 28, 2023.

Target price is $0.10 Current Price is $0.10 Difference: $0
If JRV meets the Canaccord Genuity target it will return approximately 0% (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 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.33.

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 10.00.

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

LLL    LEO LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.54

Jarden rates ((LLL)) as Buy (1) –

Leo Lithium is guiding to maiden direct shipping ore from Goulamina later in 2023. The capital expenditure estimate for first production has been increased by 25% to a total of US$318m.

Yet this includes contingencies and work to expand the front end so Jarden is favourably disposed to the numbers in light of the broad inflationary challenges.

Updated numbers are considered significantly more robust and there is potential for the DSO to deliver a material windfall in the next 12 months. Buy rating retained. Target edges up to $1.22 from $1.20.

This report was published on April 27, 2023.

Target price is $1.22 Current Price is $0.54 Difference: $0.68
If LLL meets the Jarden target it will return approximately 126% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 90.00.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.29.

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

LRK    LARK DISTILLING CO. LIMITED

Food, Beverages & Tobacco – Overnight Price: $1.75

Moelis rates ((LRK)) as Hold (3) –

Lark Distilling Co achieved sales growth of 9% in the March quarter amid growth in export markets. Yet Moelis expects net sales in the fourth quarter will decline comparatively, as the business cycles transactions that occurred in the prior year and experiences tougher export sales.

Going into FY24 the broker envisages a return to top-line growth, led by the launch of the new Signature collection range into the domestic off-premises channel. Hold rating maintained. Target is reduced to $1.83 from $2.09.

This report was published on April 30, 2023.

Target price is $1.83 Current Price is $1.75 Difference: $0.075
If LRK meets the Moelis target it will return approximately 4% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 62.68.

Forecast for FY24:

Moelis 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 43.87.

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

MAD    MADER GROUP LIMITED

Mining Sector Contracting – Overnight Price: $5.00

Moelis rates ((MAD)) as Buy (1) –

Mader Group posted a record quarter which brought the revenue total for FY23 to date to $435.9m. Both the Australian and North American businesses continued their strong growth trajectory.

Management has reaffirmed guidance for at least $580m in FY23 revenue and $37m in net profit. Net debt during the quarter reduced to $42.4m amid reduced capital expenditure.

The target is steady at $5.15 and the Buy rating unchanged.

This report was published on April 27, 2023.

Target price is $5.15 Current Price is $5.00 Difference: $0.15
If MAD meets the Moelis target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 5.40 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 1.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.74.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 7.60 cents and EPS of 25.20 cents.
At the last closing share price the estimated dividend yield is 1.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.84.

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

MDR    MEDADVISOR LIMITED

Healthcare services – Overnight Price: $0.23

Moelis rates ((MDR)) as Buy (1) –

MedAdvisor benefited from the GuildLink acquisition and favourable FX rates in the March quarter, also having cycled a weak prior corresponding quarter when one of the major US customers deferred a program.

Australian revenue was up 33.3%, or 5.1% excluding the GuildLink acquisition. US revenue was up 59.5% amid increasing digital contracts.

Moelis downgrades estimates for FY23 to reflect higher-than-expected costs while upgrading FY24-25 to capture the opportunity in the US. Buy rating maintained. Target is 41c.

This report was published on April 27, 2023.

Target price is $0.41 Current Price is $0.23 Difference: $0.175
If MDR meets the Moelis target it will return approximately 74% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.79.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 235.00.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $71.93

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

Mineral Resources has disclosed a major build-up of lithium chemical inventory within the MARBL joint venture, now at 6400t. Jarden asserts this is far from ideal: holding a product with limited shelf life in a falling market.

Moreover, the economics of tolling spodumene concentrate to lithium chemicals have disappeared. Another disappointment is the Wodgina ramp up and the expansion of Mount Marion have both been delayed further.

The broker reduces FY23 forecasts by -34% for EBITDA and -51% for net profit. FY24 forecasts for these items fall -47% and -63%, respectively, following a reduction in lithium hydroxide price forecasts to US$35,000/t.

Jarden also reduces its valuation of the energy business to $160m following the failure of the Lockyer-2 appraisal well. Underweight rating maintained. Target lowered to $60.17 from $73.44.

This report was published on April 27, 2023.

Target price is $60.17 Current Price is $71.93 Difference: minus $11.76 (current price is over target).
If MIN meets the Jarden target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $92.86, suggesting upside of 29.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 270.00 cents and EPS of 274.50 cents.
At the last closing share price the estimated dividend yield is 3.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 519.9, implying annual growth of 181.2%.
Current consensus DPS estimate is 294.5, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 300.00 cents and EPS of 317.20 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1066.6, implying annual growth of 105.2%.
Current consensus DPS estimate is 444.0, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 6.7.

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

MQG    MACQUARIE GROUP LIMITED

Wealth Management & Investments – Overnight Price: $179.10

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

Ahead of Macquarie Group's FY23 results on May 5 Goldman Sachs forecasts cash net profit up 10% and a final dividend of $4.45, up 27%. The broker notes the third quarter was characterised by significant strength in the commodities trading business.

Goldman Sachs will be keen to get an update in relation to the more challenging macro backdrop and how it is affecting the return on the elevated level of capital that has been invested in the business in recent times, as well as expectations around the broader outlook for FY24.

Neutral rating maintained. Target is $197.52.

This report was published on April 27, 2023.

Target price is $197.52 Current Price is $179.10 Difference: $18.42
If MQG meets the Goldman Sachs target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $205.96, suggesting upside of 15.0%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 745.00 cents and EPS of 1306.00 cents.
At the last closing share price the estimated dividend yield is 4.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1259.0, implying annual growth of -1.0%.
Current consensus DPS estimate is 705.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 625.00 cents and EPS of 1109.00 cents.
At the last closing share price the estimated dividend yield is 3.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1217.0, implying annual growth of -3.3%.
Current consensus DPS estimate is 694.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 14.7.

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

NIC    NICKEL INDUSTRIES LIMITED

Nickel – Overnight Price: $0.93

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

Nickel Industries's March-quarter production missed Canaccord Genuity's forecasts and costs also outpaced by -3% and earnings. EBITDA margins fell to 21% from 24%.

The comany finished the quarter with cash of US$275m, pretty much in line with the broker.

FY23 and FY24 EPS forecasts fall sharply.

Sell rating and 90c target price retained, but Canaccord Genuity estimates that if margin compression continues, its target price would fall to 70c.

This report was published on April 28, 2023.

Target price is $0.90 Current Price is $0.93 Difference: minus $0.03 (current price is over target).
If NIC meets the Canaccord Genuity target it will return approximately minus 3% (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 5.89 cents and EPS of 4.42 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 21.05.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 5.89 cents and EPS of 5.89 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 15.79.

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: $13.55

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

Northern Star Resources's March-quarter result missed Canaccord Genuity's forecasts by roughly -10% on sales and -9% on costs, as lower production and higher capital expenditure took their toll.

Cash and bullion proved a -17% miss and net cash disappointed by -30% at $102m.

FY23 capital expenditure guidance rose 8%, all-in-sustaining cost guidance rose 5% and production guidance was retained. The broker cuts FY23 EPS and dividend forecasts.

The broker expects the KCGM expansion will continue given the recent US$600m Senior Notes issue, and suspects this could deliver within the next six months.

Buy rating retained. Target price eases to $15.60 from $15.65.

This report was published on April 28, 2023.

Target price is $15.60 Current Price is $13.55 Difference: $2.05
If NST meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $13.04, suggesting downside of -3.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 22.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 1.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.2, implying annual growth of -12.9%.
Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 42.1.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 30.00 cents and EPS of 88.00 cents.
At the last closing share price the estimated dividend yield is 2.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.4, implying annual growth of 72.0%.
Current consensus DPS estimate is 35.6, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 24.5.

Market Sentiment: 0.5
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: $4.20

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

Pilgangoora achieved an average realised price of US$4840/t in the March quarter, down -15% quarter on quarter and below Goldman Sachs' expectations.

Pilbara Minerals expects spodumene prices will continue to soften into the June quarter until pricing for lithium chemicals stabilises.

As contemplated under offtake agreements, discussions have commenced to ensure pricing aligns with prevailing market conditions. FY23 production guidance has been reiterated at 600-620,000t. Goldman Sachs retains a Neutral rating with a $4.20 target.

This report was published on April 27, 2023.

Target price is $4.20 Current Price is $4.20 Difference: $0
If PLS meets the Goldman Sachs target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $4.99, suggesting upside of 18.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 88.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.5, implying annual growth of 303.1%.
Current consensus DPS estimate is 23.7, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 5.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 37.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.5, implying annual growth of -19.6%.
Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 6.8.

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

PPT    PERPETUAL LIMITED

Wealth Management & Investments – Overnight Price: $24.13

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

Asset management and Corporate Trust balances was slightly weaker than Jarden expected during the March quarter but otherwise the trading update identified further synergies and clarity on cost growth. The broker is now more confident about the integration of Pendal.

The broker revises estimates to take into account the fully consolidated businesses, capturing FY23 cost growth guidance of 37-39% and $80m in pre-tax synergies over two years.

Overweight rating is reiterated. Target is raised to $29.35 from $28.70.

This report was published on April 28, 2023.

Target price is $29.35 Current Price is $24.13 Difference: $5.22
If PPT meets the Jarden target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $30.33, suggesting upside of 25.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 145.80 cents and EPS of 172.40 cents.
At the last closing share price the estimated dividend yield is 6.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 217.4, implying annual growth of 21.1%.
Current consensus DPS estimate is 167.0, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 209.90 cents and EPS of 243.60 cents.
At the last closing share price the estimated dividend yield is 8.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 239.5, implying annual growth of 10.2%.
Current consensus DPS estimate is 181.8, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 10.1.

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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $35.33

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

In the March quarter global flow generator sales of US$608m were up 40% in aggregate and market share gains in the US continued apace for ResMed.

Wilsons believes investors should take advantage while the market underestimates what is happening in the US sleep market. The broker acknowledges the situation is without precedent and therefore difficult to accept but asserts the CPAP market is operating as a "benevolent monopoly".

As the broker sees it, ResMed cannot approach US$400m in quarterly flow generator sales in the Americas unless "rusted on" Philips customers are switching. Overweight rating retained. Target is $37.76, increased from $37.27.

This report was published on April 28, 2023.

Target price is $37.76 Current Price is $35.33 Difference: $2.43
If RMD meets the Wilsons target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $38.00, suggesting upside of 7.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 26.06 cents and EPS of 95.27 cents.
At the last closing share price the estimated dividend yield is 0.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.0, implying annual growth of N/A.
Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 36.1.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 27.24 cents and EPS of 108.08 cents.
At the last closing share price the estimated dividend yield is 0.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 115.8, implying annual growth of 18.2%.
Current consensus DPS estimate is 28.9, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 30.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
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: $0.49

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

Resolute Mining's March-quarter production met consensus and Canaccord Genuity's production forecasts and management reiterated 2023 guidance.

The broker considers the result to be a strong start to 2023, and expects the Syama North PFS (due in the September quarter) will prove a game-changer.

The broker downgrades 2023 EPS forecasts to reflect a miss on Cannacord's cost forecast (albeit costs met consensus forecasts). Longer-term forecasts are upgraded to include a Syama contribution.

Buy rating retained, the company proving a favoured sector pick for the broker. Target price rises 50% to $1.05 after incorporating Syama.

This report was published on April 28, 2023.

Target price is $1.05 Current Price is $0.49 Difference: $0.56
If RSG meets the Canaccord Genuity target it will return approximately 114% (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 4.42 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.09.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 8.84 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.55.

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

RWC    RELIANCE WORLDWIDE CORP. LIMITED

Building Products & Services – Overnight Price: $4.10

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

Reliance Worldwide expects margins will improve in the second half amid price realisation and softening cost inflation. Implied sales growth in the March quarter was 3%.

Goldman Sachs upgrades volume and revenue expectations for the Americas and EMEA,  which is partially offset by a weaker profile in the short term for the Asia-Pacific region.

The broker notes the share price has underperformed the US homebuilder index and UK peers and retains a Buy rating. Target is $4.50.

This report was published on April 27, 2023.

Target price is $4.50 Current Price is $4.10 Difference: $0.4
If RWC meets the Goldman Sachs target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $4.17, suggesting upside of 1.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 13.25 cents and EPS of 26.51 cents.
At the last closing share price the estimated dividend yield is 3.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.3, implying annual growth of N/A.
Current consensus DPS estimate is 41.2, implying a prospective dividend yield of 10.0%.
Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 14.73 cents and EPS of 27.98 cents.
At the last closing share price the estimated dividend yield is 3.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.7, implying annual growth of 5.1%.
Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 14.3.

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

S32    SOUTH32 LIMITED

Mining – Overnight Price: $4.08

Goldman Sachs rates ((S32)) as Buy (1) –

South32's March quarter was weaker than Goldman Sachs expected, amid flooding events and access or geological issues that resulted in downgrades to FY23 production guidance across the company's base metal and metallurgical coal businesses.

On the positive side, Australia manganese production guidance has been upgraded and the US$45m south extension project at the Eastern Leases has been approved, extending the life of Gemco to at least FY28.

Goldman Sachs downgrades FY23 estimates for earnings per share by -20% and FY24 by -2% after lowering production estimates and increasing costs forecasts. Buy rating maintained. Target is reduced to $4.80 from $4.90.

This report was published on April 27, 2023.

Target price is $4.80 Current Price is $4.08 Difference: $0.72
If S32 meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $4.98, suggesting upside of 22.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 17.08 cents and EPS of 37.70 cents.
At the last closing share price the estimated dividend yield is 4.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.0, implying annual growth of N/A.
Current consensus DPS estimate is 22.5, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 9.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 40.79 cents and EPS of 67.88 cents.
At the last closing share price the estimated dividend yield is 10.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.8, implying annual growth of 20.5%.
Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 7.9.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $6.31

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

Sandfire Resources's March-quarter result proved a mixed bag, some metrics outpacing and others disappointing.

A major disappointment to Canaccord Genuity's forecasts included a rise in net debt to US$415m (the broker had been expecting a fall to US$347m), due the timing of cash flows from Degrussa.

FY23 earnings estimates fall, but FY24 and FY24 earnings forecasts rise.

Buy rating and $7.25 target price retained on valuation.

This report was published on April 28, 2023.

Target price is $7.25 Current Price is $6.31 Difference: $0.94
If SFR meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $7.01, suggesting upside of 11.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 28.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -13.2, 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:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 15.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of N/A.
Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 43.2.

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

---

Jarden rates ((SFR)) as Buy (1) –

With first production at Motheo imminent, Jarden expects attention will turn to the rapid growth profile offered by the asset. Sandfire Resources expects first concentrate shipments at the end of FY23. The broker forecasts copper production of 35,000t in FY24 and 50,000t in FY25.

Meanwhile, the company provided a robust quarterly update with copper equivalent production of 25,000t modestly exceeding the broker's expectations. Jarden retains a Buy rating and reduces the target to $6.80 from $7.00.

This report was published on April 27, 2023.

Target price is $6.80 Current Price is $6.31 Difference: $0.49
If SFR meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $7.01, suggesting upside of 11.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 10.46 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 60.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -13.2, 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:

Jarden forecasts a full year FY24 dividend of 2.95 cents and EPS of 16.35 cents.
At the last closing share price the estimated dividend yield is 0.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of N/A.
Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 43.2.

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

SHL    SONIC HEALTHCARE LIMITED

Healthcare services – Overnight Price: $35.79

Jarden rates ((SHL)) as Neutral (3) –

Sonic Healthcare will acquire Medical Laboratories Dusseldorf for EUR180m. This follows the EUR190m Diagnosticum acquisition earlier in April.

Jarden notes this latest acquisition appears to be more keenly priced, reflecting estimated EV/EBITDA of around 14.4x before synergies compared with Diagnosticum at around 9.5x.

The broker envisages little integration risk while activity of this nature is in line with the company's growth strategy. Small upgrades of 0.5-1% are made for FY24-26 estimates. Neutral rating maintained. Target is raised to $32.27 from $31.54.

This report was published on April 27, 2023.

Target price is $32.27 Current Price is $35.79 Difference: minus $3.52 (current price is over target).
If SHL meets the Jarden target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $35.24, suggesting downside of -1.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 92.00 cents and EPS of 152.80 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 153.2, implying annual growth of -49.8%.
Current consensus DPS estimate is 96.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 23.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 100.00 cents and EPS of 158.50 cents.
At the last closing share price the estimated dividend yield is 2.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 151.2, implying annual growth of -1.3%.
Current consensus DPS estimate is 106.2, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 23.7.

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

STO    SANTOS LIMITED

NatGas – Overnight Price: $6.97

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

The Federal Government's final consultation paper on the Mandatory Code of Conduct for the East Coast gas market proposes a permanent price cap for the East Coast gas market, initially set at $12/GJ to 1 July 2025.

Jarden doesn't expect Santos will be exempt from the price cap but management can apply for exemptions for new firm domestic gas contracts.

The analysts expect a period of adjustment as gas buyers work out what the extended price cap means for the contracted gas price
in southern markets. It's noted Santos sells only small volumes of gas into the domestic market.

The Overweight rating and $7.85 target are retained.

This report was published on April 27, 2023.

Target price is $7.85 Current Price is $6.97 Difference: $0.88
If STO meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $9.32, suggesting upside of 33.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 37.40 cents and EPS of 65.09 cents.
At the last closing share price the estimated dividend yield is 5.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 91.5, implying annual growth of N/A.
Current consensus DPS estimate is 42.5, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 7.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 27.39 cents and EPS of 55.66 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 12.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.4, implying annual growth of -14.3%.
Current consensus DPS estimate is 32.4, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 8.9.

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

SYM    SYMBIO HOLDINGS LIMITED

Telecommunication – Overnight Price: $1.94

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

Symbio Holdings has upgraded its FY23 guidance, citing better trading conditions, and says breakeven on its Singapore operations is nigh. Expectations of a strong June half positions it well for entry into FY24, posits Canaccord Genuity.

Strength was recorded across all three CPaaS, UCaaS and TaaS busines units, and management expects its cost rationalisation program to deliver strongly in FY24.

Buy rating and $3.05 target price retained.

This report was published on April 28, 2023.

Target price is $3.05 Current Price is $1.94 Difference: $1.11
If SYM meets the Canaccord Genuity target it will return approximately 57% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 3.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 1.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.56.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 5.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 2.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.93.

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

THL    TOURISM HOLDINGS LIMITED

Overnight Price: $4.00

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

Tourism Holdings Rentals will buy Transcold New Zealand, a refrigeration and tail-lift solutions provider for trucks and trailers, for NZ$5.4m. The deal is expected to be finalised at the of May.

Sitting under the company's Action Manufacturing segment, management describes the purchase as complementary.

Wilsons says the company's manufacturing operations do offer procurement savings through scale; improved expertise in vehicle manufacturing; and attractive returns. 

Overweight rating and $5.48 target price retained.

This report was published on April 28, 2023.

Target price is $5.48 Current Price is $4.00 Difference: $1.48
If THL meets the Wilsons target it will return approximately 37% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 6.11 cents and EPS of 24.27 cents.
At the last closing share price the estimated dividend yield is 1.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.48.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 24.90 cents and EPS of 34.48 cents.
At the last closing share price the estimated dividend yield is 6.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.60.

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

TNE    TECHNOLOGY ONE LIMITED

IT & Support – Overnight Price: $14.67

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

Ahead of the first half result on May 23, Goldman Sachs believes TechnologyOne is well-placed for strong mid-teens earnings growth in FY23/24, possibly above the historical 10-15% range.

This view is based on passing through contractual inflation, improving cross-selling execution and tailwinds from continued transition to the cloud.

The broker retains a Neutral rating as the current earnings outlook appears factored into the share price. Target is raised to $15.00 from $14.50.

This report was published on April 27, 2023.

Target price is $15.00 Current Price is $14.67 Difference: $0.33
If TNE meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $13.26, suggesting downside of -9.6%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 19.50 cents and EPS of 31.40 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 46.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.3, implying annual growth of 10.1%.
Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 48.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 22.80 cents and EPS of 36.60 cents.
At the last closing share price the estimated dividend yield is 1.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.8, implying annual growth of 18.2%.
Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 41.0.

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

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