Australian Broker Call *Extra* Edition – May 08, 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   ARB   ASG   BOE   CIP   COF   COL   CRN   CUV   DMP   ELD   GLN (2)   IGO (2)   IMM   JDO   JIN   LAU   LGP   LLL   MP1 (2)   OBL   PBH   PDN   PLS   PNI   PNV   PPM   PRN   QBE   RHC   RMD   RMS   RRL   SDR   SFR   SLR   TCL (2)   TLX   TSI   UNI   VUL   WSP   WZR  

29M    29METALS LIMITED

Copper – Overnight Price: $1.20

Jarden rates ((29M)) as Sell (5) –

Jarden notes 29Metals produced just 5800t of copper and 8700t of zinc in the March quarter, the weakest in two years. Ongoing disruptions at both the company's mines, Capricorn Copper and Golden Grove, were blamed.

Nevertheless, higher sales generated gross revenue that was 9% above the broker's estimates. Jarden is pleased to note an increased focus on cost reductions and operating efficiencies. Sell maintained. Target is reduced to $0.76 from $0.80.

This report was published on May 1, 2023.

Target price is $0.76 Current Price is $1.20 Difference: minus $0.44 (current price is over target).
If 29M meets the Jarden target it will return approximately minus 37% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.41, suggesting upside of 17.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of minus 17.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.5, 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:

Jarden forecasts a full year FY24 EPS of 7.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.2, implying annual growth of N/A.
Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 1.9%.
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

ARB    ARB CORPORATION LIMITED

Automobiles & Components – Overnight Price: $31.40

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

The trading update from ARB Corp confirmed FY23 sales are tracking slightly below expectations, which Wilsons suggests is driven by weakness in export sales.

This probably reflects the impact of improving global supply chains and reduced need for resellers to carry elevated inventory.

The broker is encouraged that the Australian aftermarket sales growth has accelerated, which likely signals improved labour availability and retains an Overweight rating, reducing the target to $33.67 from $35.39.

This report was published on May 4, 2023.

Target price is $33.67 Current Price is $31.40 Difference: $2.27
If ARB meets the Wilsons target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $32.28, suggesting upside of 2.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 65.00 cents and EPS of 111.60 cents.
At the last closing share price the estimated dividend yield is 2.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 119.4, implying annual growth of -20.1%.
Current consensus DPS estimate is 64.6, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 26.3.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 75.00 cents and EPS of 127.00 cents.
At the last closing share price the estimated dividend yield is 2.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 133.5, implying annual growth of 11.8%.
Current consensus DPS estimate is 69.9, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 23.5.

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

ASG    AUTOSPORTS GROUP LIMITED

Automobiles & Components – Overnight Price: $2.28

Moelis rates ((ASG)) as Buy (1) –

Moelis assesses a strong 3Q trading update by Autosports Group, with a rise in new vehicle order write on the previous corresponding period, after adjusting for the Motorline and Auckland City BMW acquisitions.

New order write in the quarter exceeded deliveries by 44%.

Management expects cost pressures in personnel, occupancy costs and interest costs to be offset by revenue growth, maintaining
the company's operating leverage. The analyst believes profit margins will be broadly maintained as supply improves in the 2H.

As European automakers appear further progressed in the electric vehicle transition than Japanese automakers, Moelis feels Autosports is better positioned to benefit from increased EV adoption. Buy.

The broker's target rises to $2.70 from $2.60 to capture the continuation of elevated gross profit margins into the 1H of FY24.

This report was published on May 4, 2023.

Target price is $2.70 Current Price is $2.28 Difference: $0.42
If ASG meets the Moelis target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $2.90, suggesting upside of 27.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 19.50 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 8.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.4, implying annual growth of 33.3%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 8.3%.
Current consensus EPS estimate suggests the PER is 6.4.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 14.00 cents and EPS of 26.60 cents.
At the last closing share price the estimated dividend yield is 6.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.0, implying annual growth of -15.3%.
Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 7.6.

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

BOE    BOSS ENERGY LIMITED

Uranium – Overnight Price: $2.58

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

Boss Energy's March quarter update reveals the company is on track for December start-up.

Canaccord Genuity observes that the uranium price is on the rise due to over-feeding which reduces inventory mobility and notes that Boss Energy's inventory is substantial and well positioned to meet rising demand.

The company closed the quarter with cash and cash equivalents of $103m.

Speculative Buy rating and $3.22 target price retained.

This report was published on May 1, 2023.

Target price is $3.22 Current Price is $2.58 Difference: $0.64
If BOE 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 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 322.50.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 8.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.35.

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

CIP    CENTURIA INDUSTRIAL REIT

REITs – Overnight Price: $3.20

Moelis rates ((CIP)) as Buy (1) –

Centuria Industrial REIT's March quarter trading update appears to have met Moelis' forecasts, the company pushing forward on its development pipeline and finalising its convertible bond issuance.

Management reiterated guidance.

Moelis considers the company to be oversold, the share price trading at a discount to net tangible assets of -24% and business fundamentals looking positive.

The broker observes the company's portfolio is -20% to -25% under-rented and expects renewals and rental growth to offset cap rate expansion.

Buy rating retained. Target price eases to $3.67 from $3.69.

This report was published on May 1, 2023.

Target price is $3.67 Current Price is $3.20 Difference: $0.47
If CIP meets the Moelis target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $3.40, suggesting upside of 6.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 16.00 cents and EPS of 17.10 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of -71.6%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 16.10 cents and EPS of 17.80 cents.
At the last closing share price the estimated dividend yield is 5.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.9, implying annual growth of -0.6%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 18.9.

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

COF    CENTURIA OFFICE REIT

REITs – Overnight Price: $1.44

Moelis rates ((COF)) as Buy (1) –

Centuria Office REIT's March quarter update revealed lower than average leasing (taking a breather after a strong lift in the December half, observes Moelis), but vacancies continued to fall sharply and management reiterated guidance.

Buy rating and $2.22 target price retained, the broker appreciating the company's -24% discount to net tangible assets and attractive yield.

This report was published on May 1, 2023.

Target price is $2.22 Current Price is $1.44 Difference: $0.785
If COF meets the Moelis target it will return approximately 55% (excluding dividends, fees and charges).
Current consensus price target is $1.88, suggesting upside of 31.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 14.10 cents and EPS of 15.90 cents.
At the last closing share price the estimated dividend yield is 9.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.0, implying annual growth of -19.6%.
Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 9.8%.
Current consensus EPS estimate suggests the PER is 9.0.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 14.10 cents and EPS of 16.20 cents.
At the last closing share price the estimated dividend yield is 9.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.2, implying annual growth of 1.2%.
Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 10.0%.
Current consensus EPS estimate suggests the PER is 8.9.

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

COL    COLES GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $18.25

Goldman Sachs rates ((COL)) as Sell (5) –

Supermarket sales growth for Coles Group of 7% in the March quarter was largely driven by elevated food inflation and modestly positive volume growth, Goldman Sachs observes.

The broker points out the potential for further delay of Ocado signals execution risk around supply chain transformations. Sales estimates for FY23-25 are marginally upgraded while EBIT estimates are slightly downgraded for FY24-25 on more dilutive margins.

Sell rating reiterated. Target is $15.80.

This report was published on April 28, 2023.

Target price is $15.80 Current Price is $18.25 Difference: minus $2.45 (current price is over target).
If COL meets the Goldman Sachs target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $17.76, suggesting downside of -2.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 64.00 cents and EPS of 81.00 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.7, implying annual growth of 2.4%.
Current consensus DPS estimate is 64.3, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 22.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 61.00 cents and EPS of 77.00 cents.
At the last closing share price the estimated dividend yield is 3.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.1, implying annual growth of 0.5%.
Current consensus DPS estimate is 65.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 22.5.

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

CRN    CORONADO GLOBAL RESOURCES INC

Coal – Overnight Price: $1.57

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

The March quarter was slightly weaker than Goldman Sachs anticipated, with Coronado Global Resources posting saleable coal production of 3.7mt, down -14% quarter on quarter.

First production from the Curragh underground is expected by the end of 2024 although the broker notes no project economics or parameters have been set as yet.

The company has confirmed it is looking at M&A opportunities in both Australia and the US with a focus on metallurgical coal. Buy rating maintained. Target rises to $2.20 from $1.90.

This report was published on April 30, 2023.

Target price is $2.20 Current Price is $1.57 Difference: $0.625
If CRN meets the Goldman Sachs target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $2.11, suggesting upside of 34.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 25.05 cents and EPS of 50.10 cents.
At the last closing share price the estimated dividend yield is 15.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.4, implying annual growth of N/A.
Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 11.0%.
Current consensus EPS estimate suggests the PER is 3.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 23.58 cents and EPS of 20.63 cents.
At the last closing share price the estimated dividend yield is 14.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.9, implying annual growth of -10.9%.
Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 16.2%.
Current consensus EPS estimate suggests the PER is 3.5.

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

CUV    CLINUVEL PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $19.52

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

Clinuvel Pharmaceuticals has spied an opportunity to expand its SCENESSE into a separate porphyria indication, Variegate prophyria, and has embarked on a phase IIa study advises Wilsons.

The broker estimates there are 3,000 to 4,000 Variegate patients across the EU and the US.

The main game for now remains the SCENESSE trials in Xeroderma Pigmentosum and Vitiligo and the broker awaits results later this year, adding Canada now joins the EU as an active approved market.

Overweight rating and $30.07 target price retained.

This report was published on May 1, 2023.

Target price is $30.07 Current Price is $19.52 Difference: $10.55
If CUV meets the Wilsons target it will return approximately 54% (excluding dividends, fees and charges).

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

DMP    DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco – Overnight Price: $51.30

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

On assessing the report from global master franchisor, Domino's Pizza US, Goldman Sachs continues to be cautious about the recovery.

Domino's Pizza reported global retail sales growth of 2.2% for the March quarter, while international sales fell -0.5%. Excluding the negative impact of FX these were up 7.9% and 6.5%, respectively.

Domino's Pizza will reduce its standard 6% advertising contribution from franchisees temporarily, by 0.25%. Goldman Sachs will seek to confirm the impact on Domino's Pizza Enterprises but expects it will provide some relief to margins, at the very least to corporate-owned stores.

Neutral reiterated. Target is $57.60.

This report was published on April 28, 2023.

Target price is $57.60 Current Price is $51.30 Difference: $6.3
If DMP meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $64.33, suggesting upside of 25.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 137.00 cents and EPS of 169.00 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 171.9, implying annual growth of -6.3%.
Current consensus DPS estimate is 145.2, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 29.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 167.00 cents and EPS of 206.00 cents.
At the last closing share price the estimated dividend yield is 3.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 197.8, implying annual growth of 15.1%.
Current consensus DPS estimate is 162.6, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 25.9.

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

ELD    ELDERS LIMITED

Agriculture – Overnight Price: $8.13

Moelis rates ((ELD)) as Buy (1) –

Moelis expects Elders will face earnings headwinds in the near-term as an extremely strong period of demand and pricing is cycled.

The broker now anticipates a quicker softening of commodity and livestock prices than previously expected, and lowers its FY23-25 EPS estimates by -13%, -6% and -7%, respectively. The target falls to $9.68 from $12.04.

The analyst remains positive over the medium-term. The business is considered currently undervalued and the Buy rating is unchanged.

Moelis details recent price falls for agricultural chemicals, fertilizer and livestock prices, and also notes increased uncertainty associated with the upcoming retirement of CEO Mark Allison in November.

This report was published on May 4, 2023.

Target price is $9.68 Current Price is $8.13 Difference: $1.55
If ELD meets the Moelis target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $11.82, suggesting upside of 45.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 38.80 cents and EPS of 77.50 cents.
At the last closing share price the estimated dividend yield is 4.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.6, implying annual growth of -14.9%.
Current consensus DPS estimate is 51.3, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 9.2.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 33.70 cents and EPS of 74.90 cents.
At the last closing share price the estimated dividend yield is 4.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.1, implying annual growth of -7.3%.
Current consensus DPS estimate is 49.4, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 9.9.

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

GLN    GALAN LITHIUM LIMITED

New Battery Elements – Overnight Price: $1.02

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

Galan Lithium is set to progress plans to prioritise development of its lithium chloride concentrate over its lithium carbonate project, because tests on HMW suggest the company can achieve a high-quality LiCl concentrate of 6%, says Canaccord Genuity.

This is all while incurring lower upfront capital costs, taking on less technical risk, and moving faster to market.

Speculative Buy rating retained, the broker believing the company is entering a period of rising news flow and catalysts. Target price falls to $3.05 from $3.40 to reflect lower realised pricing for LiCl concentrate.

This report was published on May 2, 2023.

Target price is $3.05 Current Price is $1.02 Difference: $2.03
If GLN meets the Canaccord Genuity target it will return approximately 199% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

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

Forecast for FY24:

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

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

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

Galan Lithium has reported a 14% increase in resource volume at the Hombre Muerto West lithium brine project in Argentina. Petra Capital notes this makes it one of the largest lithium resources among ASX-listed peers.

Management has highlighted the upcoming definitive feasibility study (DFS) will likely focus on the lithium chloride option as the main
product, rather than standard lithium carbonate. The DFS will be this month and Stage 2 is due in August.

The company has increased the scope of the project to 60ktpa LCE, including the nearby Candelas project, over four phases. The project looks like being much larger than the analyst had previously expected.

The Buy rating and $3.41 target are unchanged.

This report was published on May 2, 2023.

Target price is $3.41 Current Price is $1.02 Difference: $2.39
If GLN meets the Petra Capital target it will return approximately 234% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 4.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.72.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 56.67.

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: $14.38

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

IGO's March-quarter group result met Canaccord Genuity's forecasts, and the lithium business sharply outpaced both consensus and the broker.

But net profit after tax disappointed consensus and the broker, as did net debt debt, due to a payment timing issue. Nickel and copper production proved a miss at Nova, but costs were sharply down.

Hold rating retained on valuation. Target price rises to $13.50 from $13.00.

This report was published on May 1, 2023.

Target price is $13.50 Current Price is $14.38 Difference: minus $0.88 (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 $16.01, suggesting upside of 11.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 19.00 cents and EPS of 201.00 cents.
At the last closing share price the estimated dividend yield is 1.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 150.4, implying annual growth of 244.2%.
Current consensus DPS estimate is 34.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 10.00 cents and EPS of 147.00 cents.
At the last closing share price the estimated dividend yield is 0.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 148.8, implying annual growth of -1.1%.
Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 9.7.

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

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

Greenbushes spodumene production was down -6% in the March quarter, quarter on quarter, amid lower throughput. At Kwinana, IGO expects customer qualification for 2022 and 2023 lithium hydroxide will be completed during the fourth quarter.

A biennial two-week shutdown will also occur in May during which various de-bottlenecking activities will be addressed.

Meanwhile, Nova nickel production was up 31% quarter on quarter amid a resumption of production. Goldman Sachs retains a Buy rating and raises the target to $14.30 from $13.90.

This report was published on April 28, 2023.

Target price is $14.30 Current Price is $14.38 Difference: minus $0.08 (current price is over target).
If IGO meets the Goldman Sachs target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $16.01, suggesting upside of 11.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 34.00 cents and EPS of 202.00 cents.
At the last closing share price the estimated dividend yield is 2.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 150.4, implying annual growth of 244.2%.
Current consensus DPS estimate is 34.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 61.00 cents and EPS of 101.00 cents.
At the last closing share price the estimated dividend yield is 4.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 148.8, implying annual growth of -1.1%.
Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 9.7.

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

IMM    IMMUTEP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.26

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

Wilsons refreshes its model and numbers for Immutep following the quarterly update. While the company appears to be "in an enviable position" with three clinical programs for its lead asset a capital overhang is now holding back the stock.

At some point, the broker asserts, investors need to recognise the value being created with each incremental efficacy read-out.

Wilsons calculates the current market capitalisation of $230m vastly under-appreciates the stage and opportunity value compared with ASX peers.

Overweight rating and target price of $0.91 are retained.

This report was published on May 3, 2023.

Target price is $0.91 Current Price is $0.26 Difference: $0.655
If IMM meets the Wilsons target it will return approximately 257% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 5.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.40.

Forecast for FY24:

Wilsons forecasts a full year FY24 EPS of 3.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.54.

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

JDO    JUDO CAPITAL HOLDINGS LIMITED

Business & Consumer Credit – Overnight Price: $1.21

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

Judo Capital is upgrading underlying net interest margin guidance for the second half of FY23 to a range of 3.3-3.5%. Goldman Sachs observes the business is on track to achieve other guidance metrics.

The business appears to be running 20-25% ahead of the brokers FY23 forecasts, largely because of deposit costs contributing to a better-than-expected outcome on margins. The impact on FY24 and beyond is expected to be immaterial.

Goldman Sachs maintains its $1.79 target and Buy rating for Judo Capital.

This report was published on May 1, 2023.

Target price is $1.79 Current Price is $1.21 Difference: $0.58
If JDO meets the Goldman Sachs target it will return approximately 48% (excluding dividends, fees and charges).
Current consensus price target is $1.65, suggesting upside of 36.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.9, 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 17.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.6, implying annual growth of 10.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.9.

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

JIN    JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $14.11

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

Jumbo Interactive has updated its outlook for FY23 and confirmed price increases. The company has downgraded FY23 EBITDA margin guidance because of the weak jackpot cycle in the second half to date. Wilsons is impressed by the cost control.

The broker believes the share price is more than discounting the recent jackpot weakness and retains an Overweight rating, believing now is an opportune time to buy the stock. Target is reduced to $16.27 from $17.09.

This report was published on May 4, 2023.

Target price is $16.27 Current Price is $14.11 Difference: $2.16
If JIN meets the Wilsons target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $18.30, suggesting upside of 29.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of -3.40 cents and EPS of minus 5.00 cents.
At the last closing share price the estimated dividend yield is – 0.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 282.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.3, implying annual growth of 8.9%.
Current consensus DPS estimate is 43.0, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 26.0.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 29.80 cents and EPS of 28.20 cents.
At the last closing share price the estimated dividend yield is 2.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.6, implying annual growth of 37.4%.
Current consensus DPS estimate is 56.5, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 18.9.

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

LAU    LINDSAY AUSTRALIA LIMITED

Transportation & Logistics – Overnight Price: $1.27

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

After a site visit, Wilsons notes trading conditions for Lindsay Australia remain buoyant although labour shortages and general inflation are placing upward pressure on costs.

The business appears to have successfully passed through price increases to former Scott's customers. Meanwhile, the company has announced Clayton McDonald will succeed Kim Lindsay as the new CEO, effective July 17. Overweight rating and $1.51 target maintained.

This report was published on May 3, 2023.

Target price is $1.51 Current Price is $1.27 Difference: $0.24
If LAU meets the Wilsons target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $1.47, suggesting upside of 15.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 4.90 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 3.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.5, implying annual growth of 80.0%.
Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 6.60 cents and EPS of 13.10 cents.
At the last closing share price the estimated dividend yield is 5.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.0, implying annual growth of 13.0%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 9.8.

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

LGP    LITTLE GREEN PHARMA LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.17

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

Canaccord Genuity advises that Little Green Pharma now appears to be fully funded after two equity raising and expects cash flow breakeven soon.

The company's March-quarter result pleased the broker, revenue rising 70% on the previous March quarter, and operating cash flow sat at -$1.2m.

Strong revenue was paired with flat cost of goods sold and operating expenditure, creating positive jaws; and the broker appreciates the company's vertical integration and market position in growing areas.

Rating upgraded to Speculative Buy from Hold. Target price falls to 28c from 43c (having last been updated in the FNArena database in June 2022).

This report was published on May 2, 2023.

Target price is $0.28 Current Price is $0.17 Difference: $0.105
If LGP meets the Canaccord Genuity target it will return approximately 60% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 4.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.57.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 58.33.

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: $0.56

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

Canaccord Genuity slightly increases its capital expenditure forecasts for Goulamina to $325m after Leo Lithium issued a mid-term status update.

The broker believes any funding gap should be easily managed by assumed increases to the company's Ganfeng loan/third party joint-venture debt facilities.

Speculative Buy rating and $1.90 target price retained.

This report was published on May 1, 2023.

Target price is $1.90 Current Price is $0.56 Difference: $1.335
If LLL meets the Canaccord Genuity target it will return approximately 236% (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 0.00 cents.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 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 9.42.

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

MP1    MEGAPORT LIMITED

Cloud services – Overnight Price: $5.32

Canaccord Genuity rates ((MP1)) as Upgrade to Buy from Hold (1) –

Megaport's March-quarter result pleased the market, observes Canaccord Genuity, despite continued metric challenges, after management upgraded earnings guidance to nearly double consensus forecasts.

This flushed out shorts, observes the broker (Megaport was the second-most shorted stock on the ASX), which had been banking on an equity raising, which now seems less probable.

The broker believes cash-flow self-sufficiency is nigh (FY24) as cash burn eases.

Rating is upgraded to Buy from Hold. Target price rises $7.10 from $6.30.

This report was published on May 1, 2023.

Target price is $7.10 Current Price is $5.32 Difference: $1.78
If MP1 meets the Canaccord Genuity target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $9.16, suggesting upside of 72.1%(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 8.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 62.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -12.2, 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 5.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 90.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.4, 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 1330.0.

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

Goldman Sachs rates ((MP1)) as Buy (1) –

Goldman Sachs welcomes the March quarter result given the significant share price weakness that has occurred based on the prior quarter earnings and the CEO/CFO departures.

Guidance has improved the broker's confidence in the outlook both for the short and medium-term and reinforces the view that Megaport will not need to raise capital to reach a sustainable free cash flow position.

Goldman Sachs retains a Buy rating, reducing the target to $8.10 from $8.20.

This report was published on April 30, 2023.

Target price is $8.10 Current Price is $5.32 Difference: $2.78
If MP1 meets the Goldman Sachs target it will return approximately 52% (excluding dividends, fees and charges).
Current consensus price target is $9.16, suggesting upside of 72.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 11.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 47.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -12.2, 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:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 280.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.4, 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 1330.0.

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

OBL    OMNI BRIDGEWAY LIMITED

Diversified Financials – Overnight Price: $2.67

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

Omni Bridgeway reported improvements in earnings value with conversion rates being 13% for the March quarter. Investments categorised as income yet to be recognised reported a 15% conversion rate. Goldman Sachs considers this a significant improvement on the prior quarter.

The company indicated a number of matters scheduled for completion in FY23 are in advanced stages of litigation. Around 72% of the $500m target has been completed and will be achieved by the end of FY23 if current term sheets are converted into funded investments.

Goldman Sachs retains a Buy rating and $5.10 target.

This report was published on May 1, 2023.

Target price is $5.10 Current Price is $2.67 Difference: $2.43
If OBL meets the Goldman Sachs target it will return approximately 91% (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 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 44.50.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 17.00 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 6.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.81.

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

PBH    POINTSBET HOLDINGS LIMITED

Gaming – Overnight Price: $1.81

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

PointsBet Holdings delivered 3.7% turnover growth and 4.3% gross win growth in the March quarter. Management has confirmed it is in advanced discussions for the sale of all or part of the US business while discussions for the sale of the Australian business have been terminated.

The main negative surprise for Goldman Sachs was the cash balance, a longer-term concern. The company reported corporate cash the end of the March quarter of $251.7m, implying  a faster-than-expected decline. Neutral rating maintained. Target is steady at $1.62.

This report was published on April 28, 2023.

Target price is $1.62 Current Price is $1.81 Difference: minus $0.195 (current price is over target).
If PBH meets the Goldman Sachs target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 86.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.11.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 70.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.59.

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

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $0.64

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

Canaccord Genuity's takeaway from the World Nuclear Fuel Cycle conference is that the market is hot to trot, and the broker considers Paladin Energy to be well placed.

Meanwhile, the broker observes the company's Langer Heinrich project is on track for commencement in the March quarter FY24; the company has executed three of its winning tender uranium offtake agreements with another preannounced tender offtake agreement due this quarter.

The company closed the quarter with US$147.2m in cash and no corporate debt.

Buy rating and $1.15 target price retained.

This report was published on May 1, 2023.

Target price is $1.15 Current Price is $0.64 Difference: $0.515
If PDN meets the Canaccord Genuity target it will return approximately 81% (excluding dividends, fees and charges).
Current consensus price target is $1.10, suggesting upside of 72.7%(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 minus 0.88 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 71.83.

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.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.47 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.5, 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 42.3.

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

PLS    PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $4.40

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

Pilbara Minerals' March-quarter result missed Canaccord Genuity's production and shipping forecasts, but costs proved a beat as did the realised price, and margins emerged relatively unscathed.

Add lower cash tax and capital expenditure, and the company's cash position also proved a beat (up $75m on the quarter to $2.68bn).

Management raised cost guidance 4% at the mid point and advised that the P680 construction contract has been awarded, and expansion plans are on track.

Buy rating and $5.10 target price retained.

This report was published on May 1, 2023.

Target price is $5.10 Current Price is $4.40 Difference: $0.7
If PLS meets the Canaccord Genuity target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $4.99, suggesting upside of 13.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 78.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.64.

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 5.4%.
Current consensus EPS estimate suggests the PER is 5.8.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 43.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.23.

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 3.1%.
Current consensus EPS estimate suggests the PER is 7.2.

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

PNI    PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $8.73

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

Pinnacle Investment Management's March-quarter funds under management trading update outpaced Wilsons' forecasts by a decent clip.

But management advised that more recent inflows have been carrying management fees that are less than fees on recent outflows, taking the shine off the result.

The broker observes conditions are improving in equity markets and retains a positive view.

Overweight rating retained. Target price is $12.20, which compares with February entry in FNArena's data base of $12.10.

This report was published on May 2, 2023.

Target price is $12.20 Current Price is $8.73 Difference: $3.47
If PNI meets the Wilsons target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $9.88, suggesting upside of 13.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 29.30 cents and EPS of 36.60 cents.
At the last closing share price the estimated dividend yield is 3.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.7, implying annual growth of -11.2%.
Current consensus DPS estimate is 31.8, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 24.5.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 35.90 cents and EPS of 44.90 cents.
At the last closing share price the estimated dividend yield is 4.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.4, implying annual growth of 18.8%.
Current consensus DPS estimate is 35.3, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 20.6.

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

PNV    POLYNOVO LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.49

Wilsons rates ((PNV)) as Downgrade to Underweight from Market Weight (5) –

PolyNovo reported product sales of $13.8m in the March quarter which missed Wilsons' forecasts by -20%.

US BTM sales missed forecasts by -19%, which surprised the broker even after considering the variation in the category of larger burn injuries that NovoSorb BTM is used to treat.

Intra-account product sales growth does not appear enough to offset the addition of new accounts which leads to net dilution in sales rep productivity, Wilsons observes.

The broker reduces revenue estimates by -12-15% across the forecast period and downgrades to Underweight from Market Weight. Target is reduced to $0.90 from $2.20.

This report was published on May 4, 2023.

Target price is $0.90 Current Price is $1.49 Difference: minus $0.585 (current price is over target).
If PNV meets the Wilsons target it will return approximately minus 39% (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 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 135.00.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 297.00.

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

PPM    PEPPER MONEY LIMITED

Business & Consumer Credit – Overnight Price: $1.25

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

At its AGM Pepper Money indicated mortgage lending assets under management were running in line with Goldman Sachs' estimates, while asset finance was ahead.

The broker revises estimates for earnings per share in FY23 and FY24 down by -1.2% and -0.6%, respectively. Buy rating retained. Target edges down to $1.93 from $1.95.

This report was published on April 28, 2023.

Target price is $1.93 Current Price is $1.25 Difference: $0.68
If PPM meets the Goldman Sachs target it will return approximately 54% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 10.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 8.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.63.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 9.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 7.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.81.

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

PRN    PERENTI LIMITED

Mining Sector Contracting – Overnight Price: $1.24

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

Perenti has won a five-year extension to its contract with gold producer Newmont at Subika in Ghana.

Given the contract's size and capital structure, Canaccord Genuity considers the deal to be more favourable than the previous contract, which the broker advises has historically been on the company highest-margin and most profitable contracts.

Buy rating and $1.43 target price retained.

This report was published on May 2, 2023.

Target price is $1.43 Current Price is $1.24 Difference: $0.195
If PRN meets the Canaccord Genuity target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 13.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.29.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 14.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.46.

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

QBE    QBE INSURANCE GROUP LIMITED

Insurance – Overnight Price: $15.35

Jarden rates ((QBE)) as Buy (1) –

QBE Insurance is scheduled to update on first quarter trends at its May 12 AGM and Jarden expects strong premium growth, underpinned by a modest lift in premium rate rises. Underlying net investment returns are expected to be around 4.1%.

Updating for the macro drivers, the broker lifts estimates for earnings per share by 1.7% for FY23 although reduces FY24 by -0.6%. Target rises to $18.75 from $18.65 and a Buy rating is maintained.

This report was published on May 1, 2023.

Target price is $18.75 Current Price is $15.35 Difference: $3.4
If QBE meets the Jarden target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $16.28, suggesting upside of 6.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 103.15 cents and EPS of 153.85 cents.
At the last closing share price the estimated dividend yield is 6.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.0, implying annual growth of N/A.
Current consensus DPS estimate is 111.6, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 10.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 114.94 cents and EPS of 166.81 cents.
At the last closing share price the estimated dividend yield is 7.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 163.9, implying annual growth of 15.4%.
Current consensus DPS estimate is 115.2, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 9.4.

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

RHC    RAMSAY HEALTH CARE LIMITED

Healthcare services – Overnight Price: $60.43

Wilsons rates ((RHC)) as Downgrade to Market Weight from Overweight (3) –

A poor January has meant the momentum Ramsay Health Care generated in the first half has dissipated while unresolved productivity deficits undermine the Australian margin, Wilsons observes.

The broker points to some "scary" shifts in underlying performance in the March quarter and notes many factors are beyond the company's control.

Wilsons envisages 13x EV/EBITDA for the Australian hospitals and 10x for the rest of the world is defensible and appropriate. if maintained, these multiples could drive an uplift in equity value into FY24 but with earnings visibility worsening this could equally be a value trap, the broker adds.

Rating is downgraded to Market Weight from Overweight and the target is lowered to $65.88 from $74.16.

This report was published on May 4, 2023.

Target price is $65.88 Current Price is $60.43 Difference: $5.45
If RHC meets the Wilsons target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $66.73, suggesting upside of 10.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 1.10 cents and EPS of 156.10 cents.
At the last closing share price the estimated dividend yield is 0.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 147.3, implying annual growth of 26.6%.
Current consensus DPS estimate is 95.2, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 41.0.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 1.60 cents and EPS of 251.30 cents.
At the last closing share price the estimated dividend yield is 0.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 222.3, implying annual growth of 50.9%.
Current consensus DPS estimate is 137.6, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 27.2.

Market Sentiment: 0.0
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: $34.68

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

Goldman Sachs observes a record number of new patient set-ups for ResMed has delivered CPAP growth of 43% in the March quarter, beating  estimates in terms of revenue and earnings.

The broker is encouraged that the components/supply chain challenges, which detracted from the performance in FY22, are easing but is disappointed that margins are not yet showing favourable trends.

A steady improvement in gross margins is expected  as the mix begins to normalise and cash is generated as inventory balances decline. Buy rating retained. Target is raised to $39.60 from $38.00.

This report was published on April 28, 2023.

Target price is $39.60 Current Price is $34.68 Difference: $4.92
If RMD meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $38.00, suggesting upside of 9.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 25.05 cents and EPS of 94.31 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 36.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.7, implying annual growth of N/A.
Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 35.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 26.53 cents and EPS of 109.05 cents.
At the last closing share price the estimated dividend yield is 0.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 114.2, implying annual growth of 18.1%.
Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 30.4.

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

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.43

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

Ramelius Resources' March-quarter result missed consensus' and Canaccord Genuity's forecasts, and all-in-sustaining costs were in line.

Cash and bullion missed the broker's forecast by -13%, reflecting both production and capital expenditure misses, and $8m stamp duty on the AOP acquisition. Management increased capital expenditure guidance by -$12m. 

Meanwhile, RMS has received acceptance so far of 49.93% for its Broker Resources ((BRB)) bid, which is now unconditional.

Buy rating retained. Target price rises to $1.80 from $1.75.

This report was published on May 2, 2023.

Target price is $1.80 Current Price is $1.43 Difference: $0.375
If RMS meets the Canaccord Genuity target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $1.48, suggesting upside of 3.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 4.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.81.

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 1.4, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 5.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of 43.0%.
Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 11.6.

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: $2.20

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

Regis Resources' March-quarter production sharply missed consensus and Canaccord Genuity's forecasts, as did all all in sustaining costs.

Growth expenditure was 60% above the broker's forecast and the company raised FY23 growth capital expenditure guidance earlier in April by 8% at the mid point, following a 33% rise in the December quarter.

Cash and bullion rose $53m to $204m and the company nabbed a $67m tax refund.

The broker observes the company has advised non weather-related issues have been fixed, and expects capital expenditure forecast to fall sharply in FY24 (after excluding McPhillamys).

Buy rating and $2.80 target price retained.

This report was published on May 1, 2023.

Target price is $2.80 Current Price is $2.20 Difference: $0.6
If RRL meets the Canaccord Genuity target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $2.50, suggesting upside of 13.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 1.00 cents and EPS of minus 1.00 cents.
At the last closing share price the estimated dividend yield is 0.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 220.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.9, implying annual growth of 4.4%.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 115.8.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 4.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 1.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.5, implying annual growth of 926.3%.
Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 11.3.

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

SDR    SITEMINDER LIMITED

Travel, Leisure & Tourism – Overnight Price: $3.27

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

SiteMinder produced a update that was in line with expectations amid accelerating subscriber growth and improved cash burn. The company will look to leverage the value it generates for customers to offer rate and revenue management services for hotels.

Goldman Sachs welcomes the strategy and believes there is a meaningful opportunity to grow both subscribers and revenue although this may take time. Neutral rating maintained. Target is $4.30.

This report was published on April 30, 2023.

Target price is $4.30 Current Price is $3.27 Difference: $1.03
If SDR meets the Goldman Sachs target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $5.59, suggesting upside of 70.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -15.1, implying annual growth of N/A.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 12.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 27.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $6.58

Goldman Sachs rates ((SFR)) as Sell (5) –

March quarter production was weaker than Goldman Sachs expected amid higher unit costs at Matsa. Mining rates and mill recovery at Matsa continued to underperform and a large improvement is required in the fourth quarter to hit guidance.

Yet the broker notes Sandfire Resources has stuck to its medium-term production guidance which implies a 5-10% improvement in both throughput and metallurgical recoveries by FY25.

Meanwhile, first copper concentrate from Motheo is expected in May and first shipments mid 2023. The broker raises estimates for FY25 earnings per share after lowering unit costs at Motheo on full production.

Target is raised to $4.70 from $4.40 and a Sell rating is maintained.

This report was published on April 28, 2023.

Target price is $4.70 Current Price is $6.58 Difference: minus $1.88 (current price is over target).
If SFR meets the Goldman Sachs target it will return approximately minus 29% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.91, suggesting upside of 5.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 12.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 54.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -13.0, 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:

Goldman Sachs forecasts a full year FY24 dividend of 4.40 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 0.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.5, 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 42.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SLR    SILVER LAKE RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.18

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

Silver Lake Resources March-quarter sales, while up14% in the quarter, missed consensus forecasts by -10% and Canaccord Genuity's forecasts by -12%. But guidance was reiterated so the broker now expects a strong June quarter.

Mt Monger outpaced expectations due to a 34% rise in mill head grades but Deflector missed due to maintenance issues and weak grades from the south-west.

Sugar Zone also struggled on the equipment front due to its old fleet and mine grades fell -15%.

Cash and bullion disappointed the broker by about -$27m as cash rose $20m. The company is debt free.

Buy recommendation retained. Target price eases to $1.80 from $1.85.

This report was published on May 2, 2023.

Target price is $1.80 Current Price is $1.18 Difference: $0.625
If SLR meets the Canaccord Genuity target it will return approximately 53% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.50.

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 5.88.

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

TCL    TRANSURBAN GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $14.73

Goldman Sachs rates ((TCL)) as Sell (5) –

Transurban Group has upgraded distribution guidance to $0.58 for $0.57, broadly in line with Goldman Sachs estimates. This implies a dividend yield on the current share price of around 3.9%.

The broker still believes the valuation looks full and retains a Sell rating with a $13.50 target.

This report was published on May 1, 2023.

Target price is $13.50 Current Price is $14.73 Difference: minus $1.23 (current price is over target).
If TCL meets the Goldman Sachs target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.65, suggesting downside of -0.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 58.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 3.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 105.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.7, implying annual growth of 3446.9%.
Current consensus DPS estimate is 57.4, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 64.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 63.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 4.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 54.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.0, implying annual growth of 27.8%.
Current consensus DPS estimate is 62.1, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 50.8.

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

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

Jarden transfers coverage of Transurban Group to another analyst and is increasingly confident around the near-term earnings momentum. The company has announced a shift in focus towards brownfield opportunities and leveraging the existing network to generate value.

The broker assesses the upcoming bid process for a stake in Eastlink is the next potential catalyst. Jarden maintains an Underweight rating on valuation grounds and raises the target to $12.90 from $12.40.

This report was published on May 1, 2023.

Target price is $12.90 Current Price is $14.73 Difference: minus $1.83 (current price is over target).
If TCL meets the Jarden target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.65, suggesting downside of -0.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 58.00 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 3.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 128.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.7, implying annual growth of 3446.9%.
Current consensus DPS estimate is 57.4, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 64.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 65.30 cents and EPS of 25.70 cents.
At the last closing share price the estimated dividend yield is 4.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 57.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.0, implying annual growth of 27.8%.
Current consensus DPS estimate is 62.1, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 50.8.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $10.94

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

Telix Pharmaceuticals' has published its fourth ZIRCON study data for TLX250-CDx, which aids in the diagnosis of clear renal cell carcinoma.

Wilsons advises the result augur well for approval and commercialisation.

Overweight rating and $10.71 target price retained.

This report was published on May 2, 2023.

Target price is $10.71 Current Price is $10.94 Difference: minus $0.23 (current price is over target).
If TLX meets the Wilsons target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in December.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 11.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 94.31.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 28.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.39.

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

TSI    TOP SHELF INTERNATIONAL HOLDINGS LIMITED

Food, Beverages & Tobacco – Overnight Price: $0.45

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

Top Shelf International's March-quarter result outpaced consensus due to strong growth in its branded business but sharply missed Canaccord Genuity's forecast, the broker having been expecting expansion in national and international distribution by now.

Nor was the broker impressed by the company's cash burn, although management advises a cost-out program should was in play.

This mollified Canaccord Genuity somewhat and FY24 EPS forecasts are raised.

Speculative Buy rating retained. Target price falls to 77c from $1.45.

This report was published on May 2, 2023.

Target price is $0.77 Current Price is $0.45 Difference: $0.32
If TSI meets the Canaccord Genuity target it will return approximately 71% (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 24.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.88.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.81.

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

UNI    UNIVERSAL STORE HOLDINGS LIMITED

Apparel & Footwear – Overnight Price: $4.40

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

Goldman Sachs believes the market has become too cautious on the earnings outlook for the short term, as the current share price is factoring in -5% downside to the broker's revised estimates for earnings.

While the second half started strongly the broker is beginning to note some signs of a "less robust" apparel market. Still, while revising FY23-24 estimates down slightly, Goldman Sachs remains constructive on the outlook for the younger consumer and believes Universal Store is well-positioned in the current cycle compared with other discretionary retailers.

The FY23 result should be a key catalyst and demonstrate its resilience. Buy rating maintained. Target is reduced -7.5% to $7.45.

This report was published on May 1, 2023.

Target price is $7.45 Current Price is $4.40 Difference: $3.05
If UNI meets the Goldman Sachs target it will return approximately 69% (excluding dividends, fees and charges).
Current consensus price target is $6.13, suggesting upside of 39.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 24.00 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.4, implying annual growth of 30.3%.
Current consensus DPS estimate is 28.9, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 31.00 cents and EPS of 44.00 cents.
At the last closing share price the estimated dividend yield is 7.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.9, implying annual growth of 16.5%.
Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 9.6.

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

VUL    VULCAN ENERGY RESOURCES LIMITED

New Battery Elements – Overnight Price: $5.15

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

Vulcan Energy Resources has derisked its funding for Central Lithium Plant, by entering a 50:50 joint venture with Nobian, and Canaccord Genuity expects the deal to be formalised over the next 10 weeks.

Under the agreement, Nobian will inject $235m into the venture (half the necessary capital), implying a value of $530m.

Speculative Buy rating and $15 target price retained.

This report was published on May 1, 2023.

Target price is $15.00 Current Price is $5.15 Difference: $9.85
If VUL meets the Canaccord Genuity target it will return approximately 191% (excluding dividends, fees and charges).

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

WSP    WHISPIR LIMITED

Cloud services – Overnight Price: $0.28

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

Whispir's March-quarter result disappointed Wilsons, the company downgrading guidance by -10% at the mid point and pushing out expectations for positive operating cash flow to the September quarter from the June quarter.

Given Wilsons expects the company to finish FY23 with $12.5m in the kitty (and a $10m in a debt facility is expected to be signed this quarter), Whispir is running it fine. 

Slower economies, longer sales cycles, tighter capital markets, episodic transaction volumes and the cycling of materials continued have characterised Whispir's FY23, and strong cost-cutting on management's behalf has struggled to win the day.

Management advised the reduction in annual recurring revenue in the quarter was due to transitioning of a large customer, after which it expected annual recurring revenue would continue trending upwards.

Market Weight rating retained. Target price falls to 35c from 43c.

This report was published on May 1, 2023.

Target price is $0.33 Current Price is $0.28 Difference: $0.045
If WSP meets the Wilsons target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 12.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.32.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.00.

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

WZR    WISR LIMITED

Business & Consumer Credit – Overnight Price: $0.04

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

Wisr's March-quarter trading result met Wilsons' forecasts, as growth in personal loans offset rising costs from operating expenditure, loan write-offs and funding costs.

The broker observes a large fall in unrestricted cash to $18.3m from $27m.

Overweight rating and 21c target price retained.

This report was published on May 1, 2023.

Target price is $0.21 Current Price is $0.04 Difference: $0.169
If WZR meets the Wilsons target it will return approximately 412% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents.

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

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