Australian Broker Call *Extra* Edition - May 10, 2023

Daily Market Reports | May 10 2023

This story features ARGOSY MINERALS LIMITED, and other companies. For more info SHARE ANALYSIS: AGY

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.

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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)

AGY AKE ALQ BHP BKW COL CPU CWY CXO DLI EDV (2) EVO GL1 GLN GT1 HLI HLS (2) IGO INR JBH JIN LAU LKE LLL LPI LRS LTR MPL PLL PLS PSC PXA RHC SGM SYA VUL WOW (2)

AGY ARGOSY MINERALS LIMITED

New Battery Elements – Overnight Price: $0.45

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

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

The broker believes Chinese spot pricing may be bottoming, considering recent lows to be unsustainable, and observes that, while euphoria has waned, the thematic remains solid, paving the way for a recovery in the December half.

On the demand side, the broker observes stronger than expected EV sales in 2022 as manufacturers pulled production forward in anticipation of the withdrawal of Chinese government subsidies, but believes battery factory capacity will continue to underpin demand long term, while strong EV growth year on year to the March-quarter augurs well for the near term.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

Speculative Buy rating is retained for Argosy Minerals. Target price rises 6% to 85c from 80c.

This report was published on May 5, 2023.

Target price is $0.85 Current Price is $0.45 Difference: $0.4
If AGY meets the Canaccord Genuity target it will return approximately 89% (excluding dividends, fees and charges).

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

AKE ALLKEM LIMITED

New Battery Elements – Overnight Price: $12.83

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

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

Allkem is one of Canaccord Genuity's sector picks, thanks to strong volume and earnings growth. Buy rating retained. Target price rises 5% to $19.50 from $18.50

This report was published on May 5, 2023.

Target price is $19.50 Current Price is $12.83 Difference: $6.67
If AKE meets the Canaccord Genuity target it will return approximately 52% (excluding dividends, fees and charges).
Current consensus price target is $15.80, suggesting upside of 23.1%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 87.7, implying annual growth of 23.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.6.

Forecast for FY24:

Current consensus EPS estimate is 117.1, implying annual growth of 33.5%.
Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 11.0.

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

ALQ ALS LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $12.49

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

ALS Ltd has pointed out in a conference presentation that the global environmental market is very fragmented which Goldman Sachs takes to mean there are gains to be had in market share through both organic and "scope" growth.

The company has also indicated that legislation regarding PFAS is increasing in the US amid significant site contamination across the country and this represents a meaningful growth opportunity for ALS Ltd.

Goldman Sachs retains a Buy rating and $14.60 target.

This report was published on May 2, 2023.

Target price is $14.60 Current Price is $12.49 Difference: $2.11
If ALQ meets the Goldman Sachs target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $12.18, suggesting downside of -2.5%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 40.00 cents and EPS of 67.00 cents.
At the last closing share price the estimated dividend yield is 3.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.3, implying annual growth of 65.4%.
Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 19.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 42.00 cents and EPS of 71.00 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 17.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.4, implying annual growth of 3.2%.
Current consensus DPS estimate is 40.0, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 18.5.

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

BHP BHP GROUP LIMITED

Bulks – Overnight Price: $44.47

Goldman Sachs rates ((BHP)) as Upgrade to Buy from Neutral (1) –

Goldman Sachs points out the Oz Minerals acquisition has the effect of raising its BHP Group FY24 copper production forecast by around 7% and earnings by only 1%.

Overall, the transaction is slightly value dilutive after group capex and gearing estimates are raised, explains the analyst. Some of the around US$0.8-US$1.5bn in potential synergies are also captured in estimates over the next 5-10 years.

The target falls to $48.30 from $49.90. The rating is upgraded to Buy from Neutral on valuation after a circa -15% drop in share price since January.

This report was published on May 4, 2023.

Target price is $48.30 Current Price is $44.47 Difference: $3.83
If BHP meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $44.94, suggesting upside of 1.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 302.18 cents and EPS of 454.01 cents.
At the last closing share price the estimated dividend yield is 6.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 463.4, implying annual growth of N/A.
Current consensus DPS estimate is 304.3, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 240.27 cents and EPS of 437.80 cents.
At the last closing share price the estimated dividend yield is 5.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 440.6, implying annual growth of -4.9%.
Current consensus DPS estimate is 291.0, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 10.1.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BKW BRICKWORKS LIMITED

Building Products & Services – Overnight Price: $24.93

Jarden rates ((BKW)) as Neutral (3) –

Brickworks has flagged improving momentum in the US after volumes were stagnant during the pandemic. The company has integrated its US business, closing seven plants and shifting capacity to other facilities to improve efficiency.

The rationalisation is now largely complete and provide an increase in utilisation of 72% from 46% with the average kiln age reduced to around 20 years from 40 years.

Jarden revises up its North American EBIT forecast for building products in the second half to $9m from $2m. Forecasts for FY24 and FY25 EBIT are also revised higher.

Neutral maintained. Target is raised to $28.75 from $28.50. Jarden also transfers coverage to a new analyst..

This report was published on May 2, 2023.

Target price is $28.75 Current Price is $24.93 Difference: $3.82
If BKW meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $26.74, suggesting upside of 7.3%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 65.00 cents and EPS of 333.00 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 359.4, implying annual growth of -36.2%.
Current consensus DPS estimate is 65.2, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 6.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 67.00 cents and EPS of 119.60 cents.
At the last closing share price the estimated dividend yield is 2.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.2, implying annual growth of -60.4%.
Current consensus DPS estimate is 67.3, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 17.5.

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

COL COLES GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $18.12

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

Goldman Sachs leaves its $15.80 target price for Coles Group unchanged after the completed sale to Viva Energy ((VEA)) of the Coles Express Fuel and Convenience Business.

The broker retains its Sell rating on margin concerns around slowing grocery market growth on moderating inflation and increasing competition. The company's supply chain transformation will also soon lift capex to a peak, cautions the analyst.

This report was published on May 4, 2023.

Target price is $15.80 Current Price is $18.12 Difference: minus $2.32 (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 -2.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 66.00 cents and EPS of 83.00 cents.
At the last closing share price the estimated dividend yield is 3.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.83.

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 22.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 64.00 cents and EPS of 80.00 cents.
At the last closing share price the estimated dividend yield is 3.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.65.

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 22.3.

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

CPU COMPUTERSHARE LIMITED

Diversified Financials – Overnight Price: $21.96

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

Computershare has reiterated FY23 guidance for constant currency growth in earnings per share of 90% albeit flagging headwinds from slightly lower margin income.

FY24 margin income guidance has been downgraded to $860m from $990m which drives cuts to Jarden's estimates of -4.1% for FY24 and -2.5% for FY25.

The broker suspects the outlook could improve with a rebound in transaction activity. Target is reduced to $25.10 from $25.40. Overweight.

This report was published on May 2, 2023.

Target price is $25.10 Current Price is $21.96 Difference: $3.14
If CPU meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $25.39, suggesting upside of 15.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 107.90 cents and EPS of 159.05 cents.
At the last closing share price the estimated dividend yield is 4.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 161.6, implying annual growth of N/A.
Current consensus DPS estimate is 115.9, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 118.66 cents and EPS of 173.05 cents.
At the last closing share price the estimated dividend yield is 5.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 182.8, implying annual growth of 13.1%.
Current consensus DPS estimate is 129.3, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 12.0.

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

CWY CLEANAWAY WASTE MANAGEMENT LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.65

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

FY23 guidance has been reiterated by Cleanaway Waste Management and Jarden believes this should "settle" investor nerves regarding the outlook, particularly in view of ongoing input cost inflation.

The broker is surprised the company provided an "explicit" BAU EBIT margin target of 12% but expects many of the recent cost headwinds will ease throughout FY24 and reflects this in its 12.2% underlying EBIT margin forecast.

Target is steady at $2.80. Overweight retained.

This report was published on May 2, 2023.

Target price is $2.80 Current Price is $2.65 Difference: $0.15
If CWY meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $2.80, suggesting upside of 5.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 4.40 cents and EPS of 6.90 cents.
At the last closing share price the estimated dividend yield is 1.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.0, implying annual growth of 75.4%.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 37.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 6.90 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 2.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of 27.1%.
Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 29.8.

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

CXO CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $1.00

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

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

Speculative Buy rating retained for Core Lithium. Target price rises 4% to $1.40 from $1.35.

This report was published on May 5, 2023.

Target price is $1.40 Current Price is $1.00 Difference: $0.4
If CXO meets the Canaccord Genuity target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $0.98, suggesting downside of -1.7%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 0.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 200.0.

Forecast for FY24:

Current consensus EPS estimate is 11.2, implying annual growth of 2140.0%.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 8.9.

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

DLI DELTA LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.52

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

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

Delta Lithium is one of Canaccord Genuity's favoured early-stage sector picks with projects at Mt Ida and Yinnetharra and seeks to establish a spodumene concentrate operation.

Target price rises 4% to $1.25 from $1.20. Speculative Buy rating retained.

This report was published on May 5, 2023.

Target price is $1.25 Current Price is $0.52 Difference: $0.73
If DLI meets the Canaccord Genuity target it will return approximately 140% (excluding dividends, fees and charges).

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

EDV ENDEAVOUR GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $6.35

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

March quarter sales were in line with expectations while the hotels segment beat estimates. Goldman Sachs raises EBIT estimates by 1.2-1.3%, largely because of the higher-than-expected hotel sales and despite slightly lower second half margins.

Further operating volatility and potentially lower contributions from gaming operations, which have higher margins, are factored into estimates. The broker's Buy rating is unchanged while the target is reduced to $7.50 from $7.80.

This report was published on May 2, 2023.

Target price is $7.50 Current Price is $6.35 Difference: $1.15
If EDV meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $6.75, suggesting upside of 6.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 22.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 3.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of 10.3%.
Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 20.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 24.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 3.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.9, implying annual growth of 1.3%.
Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 20.6.

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

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

Endeavour Group reported a softer third quarter amid weaker retail business, while hotels were in line with the market. Jarden highlights a move towards value shopping as retail appears to have lost share while hotels are moving back to the pre-pandemic gaming mix.

The broker reduces net profit forecasts by -3% for FY23 and retains an Underweight rating, suspecting near-term risks to margin remain, including rising costs and the shift to value by the consumer. Target is reduced to $6.40 from $6.70.

This report was published on May 2, 2023.

Target price is $6.40 Current Price is $6.35 Difference: $0.05
If EDV meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $6.75, suggesting upside of 6.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 20.30 cents and EPS of 29.20 cents.
At the last closing share price the estimated dividend yield is 3.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of 10.3%.
Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 20.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 22.00 cents and EPS of 30.40 cents.
At the last closing share price the estimated dividend yield is 3.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.9, implying annual growth of 1.3%.
Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 20.6.

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

EVO EMBARK EDUCATION GROUP LIMITED

Education & Tuition – Overnight Price: $0.61

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

Canaccord Genuity believes the latest update from Embark Education should support growth in the share price. Occupancy is travelling well ahead of last year which is flowing through to substantial earnings gains.

The broker is forecasting 75% growth in EBITDA in 2023 and the company should end the year in a net cash position of around $12m.

In other news, the company intends to re-domicile to the ASX and de-list from the NZX. The scheme is subject to shareholder approval.

The broker believes the move makes sense, given the location of operations, future growth, tax structures and the shareholder base. Buy rating and NZ$0.82 target maintained.

This report was published on May 2, 2023.

Current Price is $0.61. Target price not assessed.
The company's fiscal year ends in December.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 2.19 cents and EPS of 4.38 cents.
At the last closing share price the estimated dividend yield is 3.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.92.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 3.10 cents and EPS of 5.93 cents.
At the last closing share price the estimated dividend yield is 5.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.28.

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

GL1 GLOBAL LITHIUM RESOURCES LIMITED

New Battery Elements – Overnight Price: $1.54

Canaccord Genuity rates ((GL1)) as Speculative Buy (1) –

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

Global Lithium Resources is one of Canaccord Genuity favoured early stage sector businesses, after buying the final 20% stake in the Manna Lithium Project from Breaker Resources ((BRB)). The company has since expanded the resources estimates at Manna and Marble Bar.

Speculative Buy rating retained. Target price rises 4% to $2.80 from $2.70.

This report was published on May 5, 2023.

Target price is $2.80 Current Price is $1.54 Difference: $1.26
If GL1 meets the Canaccord Genuity target it will return approximately 82% (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 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.11.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.80.

Market Sentiment: 1.0
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: $1.04

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

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

Speculative Buy rating is retained for Galan Lithium. Target price rises 8% to $3.30 from $3.05.

This report was published on May 5, 2023.

Target price is $3.30 Current Price is $1.04 Difference: $2.26
If GLN meets the Canaccord Genuity target it will return approximately 217% (excluding dividends, fees and charges).

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

GT1 GREEN TECHNOLOGY METALS LIMITED

New Battery Elements – Overnight Price: $0.63

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

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

Green Technology Metals is one of Canaccord Genuity's favoured early stage sector picks, the broker observing the company produced its first coarse spodumene concentrate from its Seymour project in December, with recovery of greater than 72% lithium.

Speculative Buy rating retained. Target price rises 3% to $1.85 from $1.80.

This report was published on May 5, 2023.

Target price is $1.85 Current Price is $0.63 Difference: $1.22
If GT1 meets the Canaccord Genuity target it will return approximately 194% (excluding dividends, fees and charges).

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

HLI HELIA GROUP LIMITED

Insurance – Overnight Price: $3.41

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

Helia Group is a provider of lenders mortgage insurance (LMI) in Australia and provides tailored risk and capital management solutions for lender customers in the residential mortgage market.

The company's 1Q update exceeded Goldman Sachs expectations given a revenue bring-forward, lower incurred claims and unrealised gains due to falling bond yields, explain the analysts.

The broker retains its Buy rating due to ongoing benign conditions in the housing market and prospects for additional capital management. The target rises to $4.02 from $3.88.

This report was published on May 4, 2023.

Target price is $4.02 Current Price is $3.41 Difference: $0.61
If HLI meets the Goldman Sachs target it will return approximately 18% (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 48.50 cents and EPS of 77.10 cents.
At the last closing share price the estimated dividend yield is 14.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.42.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 37.00 cents and EPS of 53.80 cents.
At the last closing share price the estimated dividend yield is 10.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.34.

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

HLS HEALIUS LIMITED

Healthcare services – Overnight Price: $3.02

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

Healius has completed the sale of Monserrat Day Hospitals and received cash proceeds of $127m. The company has also confirmed its gearing ratio covenants will increase to 4.0x from 3.5x in order to provide more headroom for the June 30 2023 and December 31 2023 testing dates.

The company has also flagged the proposed off-market takeover offer by Australian Clinical Labs ((ACL)) for its shares was subject to a condition that no waiver was granted by its lenders in respect of debt covenants and, in the company's view, this update has triggered the condition.

Goldman Sachs has no rating or target at present.

This report was published on May 2, 2023.

Current Price is $3.02. Target price not assessed.
Current consensus price target is $3.22, suggesting upside of 6.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.4, implying annual growth of -89.2%.
Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 55.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 12.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.7, implying annual growth of 153.7%.
Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 22.0.

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

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

In the wake of the update from Healius, Jarden downgrades expectations for the pathology and imaging business to be more in line with FY23 guidance.

The company has signalled that underlying EBIT in FY23 should not differ materially from consensus forecasts of $98.6m. This raises questions for the broker about the top line and margins and an Underweight rating is maintained.

The broker also notes the takeover conditions imposed by Australian Clinical Labs ((ACL)) have been breached, as Healius has arranged with its banking syndicate to achieve an increase in the gearing ratio covenant for its two testing dates. Target is reduced to $2.62 from $2.71.

This report was published on May 2, 2023.

Target price is $2.62 Current Price is $3.02 Difference: minus $0.4 (current price is over target).
If HLS meets the Jarden target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.22, suggesting upside of 6.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 2.80 cents and EPS of 4.90 cents.
At the last closing share price the estimated dividend yield is 0.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 61.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.4, implying annual growth of -89.2%.
Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 55.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 4.70 cents and EPS of 10.40 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.7, implying annual growth of 153.7%.
Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 22.0.

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

IGO IGO LIMITED

Nickel – Overnight Price: $14.63

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

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

Hold rating retained. Target price rises 4% to $14 from $13.50.

This report was published on May 5, 2023.

Target price is $14.00 Current Price is $14.63 Difference: minus $0.63 (current price is over target).
If IGO meets the Canaccord Genuity target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $16.01, suggesting upside of 9.4%(ex-dividends)

Forecast for FY23:

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 2.3%.
Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY24:

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 9.8.

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

INR IONEER LIMITED

New Battery Elements – Overnight Price: $0.35

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

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

ioneer is one of Canaccord Genuity's preferred developer, and the broker observes Rhyolite Ridge has advanced to a Notice of Intent (the first to be issued under the Biden Administration) and has receive a conditional commitment from the US Department of Energy for up to a $700m loan to develop the project, (for which the resource has risen).

Speculative Buy rating retained. Target price rises 11% to 50c from 45c.

This report was published on May 5, 2023.

Target price is $0.50 Current Price is $0.35 Difference: $0.145
If INR meets the Canaccord Genuity target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

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

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 35.50.

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

JBH JB HI-FI LIMITED

Consumer Electronics – Overnight Price: $46.22

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

JB Hi-Fi's 3Q result revealed in-line sales for JB H-Fi Australia and a slight beat against Goldman Sachs forecast for The Good Guys.

Electronic retail growth for the company, when compared to recent ABS data, indicates to the analyst ongoing market share gains. It's felt management is leveraging its more flexible local procurement model to deliver a more relevant range and competitive prices.

The broker reiterates its Neutral rating and $44.50 target.

This report was published on May 4, 2023.

Target price is $44.50 Current Price is $46.22 Difference: minus $1.72 (current price is over target).
If JBH meets the Goldman Sachs target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $45.78, suggesting downside of -0.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 437.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 459.8, implying annual growth of -4.1%.
Current consensus DPS estimate is 301.2, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 336.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 343.1, implying annual growth of -25.4%.
Current consensus DPS estimate is 224.5, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 13.5.

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

JIN JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $14.20

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

Following a FY23 outlook update by Jumbo Interactive, Goldman Sachs came away noting potentially positive impacts from proposed portfolio changes, despite management's view of ongoing weakness for the jackpot games.

The company expects to increase Powerball prices by a further 10c and all other games by 5c from late-May (revenue with minimal associated costs) when Lottery Corp ((TLC)) implements the price increase for Powerball.

The analyst suggests these price increases will help allay negativity around the lotteries retailing segment following renegotiations with Lottery Corp, which saw commissions halve to 4.65%.

The broker's target price rises to $16.10 from $15.50 and the Buy rating is unchanged.

This report was published on May 4, 2023.

Target price is $16.10 Current Price is $14.20 Difference: $1.9
If JIN meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $18.30, suggesting upside of 28.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 44.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 3.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.54.

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 26.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 55.00 cents and EPS of 71.00 cents.
At the last closing share price the estimated dividend yield is 3.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.00.

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 19.0.

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: $1.33

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

In a positive development for Lindsay Australia, in Wilsons view, Mr Clayton McDonald has been announced as the new CEO effective July 17.

Apart from Mr McDonald's leadership credentials, the broker notes his successful turnaround of the Bulk division at Aurizon Holdings ((AZJ)).

Separately, the analyst observes upward pressure on costs from inflation, but the company appears to be successfully passing through price increases to existing and recently acquired Scott’s customers.

The Overweight rating and $1.51 target are unchanged.

This report was published on May 4, 2023.

Target price is $1.51 Current Price is $1.33 Difference: $0.18
If LAU meets the Wilsons target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $1.47, suggesting upside of 10.3%(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 3.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.27.

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 4.1%.
Current consensus EPS estimate suggests the PER is 11.6.

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 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.15.

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 4.5%.
Current consensus EPS estimate suggests the PER is 10.2.

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

LKE LAKE RESOURCES N.L.

New Battery Elements – Overnight Price: $0.51

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

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

Speculative Buy rating retained for Lake Resources. Target price rises 6% to 95c from 90c (last updated in the FNArena database in August).

This report was published on May 5, 2023.

Target price is $0.95 Current Price is $0.51 Difference: $0.44
If LKE meets the Canaccord Genuity target it will return approximately 86% (excluding dividends, fees and charges).

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

LLL LEO LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.62

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

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

Leo Lithium is one of Canaccord Genuity's favoured developer, the broker observing progress on Goulamina (despite it being early days and reporting a capital expenditure creep) and adds the project is one of the most capital-efficient developments of scale, so is not too concerned about rising costs.

Speculative Buy rating retained.Target price rises 16% to $2.20 from $1.90.

This report was published on May 5, 2023.

Target price is $2.20 Current Price is $0.62 Difference: $1.58
If LLL meets the Canaccord Genuity target it will return approximately 255% (excluding dividends, fees and charges).

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

LPI LITHIUM POWER INTERNATIONAL LIMITED

New Battery Elements – Overnight Price: $0.33

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

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

Speculative Buy rating retained for Lithium Power International. Target price rises 15% to $1.50 from $1.30.

This report was published on May 5, 2023.

Target price is $1.50 Current Price is $0.33 Difference: $1.17
If LPI meets the Canaccord Genuity target it will return approximately 355% (excluding dividends, fees and charges).

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

LRS LATIN RESOURCES LIMITED

Mining – Overnight Price: $0.14

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

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

Canaccord Genuity is on rating restriction for Latin Resources.

This report was published on May 5, 2023.

Current Price is $0.14. Target price not assessed.

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

LTR LIONTOWN RESOURCES LIMITED

New Battery Elements – Overnight Price: $2.87

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

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

Speculative Buy rating retained for Liontown Resources. Target price rises 12% to $2.80 from $2.50.

This report was published on May 5, 2023.

Target price is $2.80 Current Price is $2.87 Difference: minus $0.07 (current price is over target).
If LTR meets the Canaccord Genuity target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.71, suggesting downside of -5.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 287.00.

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 N/A.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 35.88.

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 N/A.

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

MPL MEDIBANK PRIVATE LIMITED

Insurance – Overnight Price: $3.60

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

Medibank Private has signalled it is on track for growth guidance in FY23, reiterating policyholder growth guidance of 0.5-0.75%, and with increased immigration expects gross profits to double in the non-resident segment amid similar gross margin benefits.

Despite the stronger non-resident trends in the second half, given non-recurring FY23 cybercrime costs likely at the top end of prior $40-45m guidance, Jarden makes only slight upward revisions to FY23 estimates.

Target is raised to $3.75 from $3.70 and an Overweight rating is maintained.

This report was published on May 2, 2023.

Target price is $3.75 Current Price is $3.60 Difference: $0.15
If MPL meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $3.46, suggesting downside of -3.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 15.40 cents and EPS of 18.60 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 19.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.5, implying annual growth of 22.4%.
Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 20.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 16.90 cents and EPS of 19.90 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.2, implying annual growth of 4.0%.
Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 19.8.

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

PLL PIEDMONT LITHIUM INC

New Battery Elements – Overnight Price: $0.82

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

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

Speculative Buy rating is retained for Piedmont Lithium. Target price rises 16% to $2.15 from $1.85.

This report was published on May 5, 2023.

Target price is $2.15 Current Price is $0.82 Difference: $1.33
If PLL meets the Canaccord Genuity target it will return approximately 162% (excluding dividends, fees and charges).

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

PLS PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $4.69

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

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

Pilbara Minerals is one of the broker's favoured sector picks, Canaccord Genuity observing the past six months has been defining and the company has increased cash by $1.175bn since September 30, and that its expansion projects are on track.

Target price rises 8% to $5.50 from $5.10. Buy.

This report was published on May 5, 2023.

Target price is $5.50 Current Price is $4.69 Difference: $0.81
If PLS meets the Canaccord Genuity target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $4.99, suggesting upside of 6.4%(ex-dividends)

Forecast for FY23:

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 5.1%.
Current consensus EPS estimate suggests the PER is 6.1.

Forecast for FY24:

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 2.9%.
Current consensus EPS estimate suggests the PER is 7.6.

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

PSC PROSPECT RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.15

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

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

Speculative Buy rating is retained for Prospect Resources. Target price rises 7% to 16c from 15c.

This report was published on May 5, 2023.

Target price is $0.16 Current Price is $0.15 Difference: $0.01
If PSC meets the Canaccord Genuity target it will return approximately 7% (excluding dividends, fees and charges).

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

PXA PEXA GROUP LIMITED

Real Estate – Overnight Price: $13.19

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

As Pexa Group's exchange volumes are tracking below expectations during 2023, Jarden lowers volume estimates by -12% for the second half and trims FY23 forecasts for earnings per share by -5%.

Amid concerns around the ability to remain within the exchange margin target of 50-55%, Jarden reiterates an Underweight rating. Target is reduced to $12.50 from $12.60.

This report was published on May 2, 2023.

Target price is $12.50 Current Price is $13.19 Difference: minus $0.69 (current price is over target).
If PXA meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $16.28, suggesting upside of 23.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 22.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 57.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.4, implying annual growth of 114.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 50.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 34.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.6, implying annual growth of 31.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 38.1.

Market Sentiment: 1.0
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: $60.58

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 $60.58 Difference: $5.3
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 10.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 110.00 cents and EPS of 156.10 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 38.81.

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 41.1.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 160.00 cents and EPS of 251.30 cents.
At the last closing share price the estimated dividend yield is 2.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.11.

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 27.3.

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

SGM SIMS LIMITED

Steel & Scrap – Overnight Price: $15.29

Jarden rates ((SGM)) as Neutral (3) –

While providing no trading update or guidance at the investor briefing, Jarden highlights Sims did outline further details regarding the strategic direction for the resource renewal business and the site at Pinkenba.

The company aims to leverage its logistical infrastructure and geographical diversity to procure "at source" scrap. The broker adds a world-class integrated facility is planned at Pinkenba.

Sims has confirmed the divestment process for LMS Energy is at an advanced stage and on track to close in the September quarter.

Jarden believes sale proceeds and an appropriately conservative balance sheet should assist the company in funding its FY25 volume ambitions. Neutral rating and $16.60 target retained. Jarden transfers coverage to Rohan Gallagher.

This report was published on May 2, 2023.

Target price is $16.60 Current Price is $15.29 Difference: $1.31
If SGM meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $14.90, suggesting downside of -2.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 28.70 cents and EPS of 75.90 cents.
At the last closing share price the estimated dividend yield is 1.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.5, implying annual growth of -74.4%.
Current consensus DPS estimate is 33.0, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 19.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 26.40 cents and EPS of 88.10 cents.
At the last closing share price the estimated dividend yield is 1.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.0, implying annual growth of 25.2%.
Current consensus DPS estimate is 31.8, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 15.8.

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

SYA SAYONA MINING LIMITED

New Battery Elements – Overnight Price: $0.20

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

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

Speculative Buy rating retained for Sayona Mining. Target price rises 3% to 31c from 30c.

This report was published on May 5, 2023.

Target price is $0.31 Current Price is $0.20 Difference: $0.11
If SYA meets the Canaccord Genuity target it will return approximately 55% (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 12.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.67.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.31 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.27.

Market Sentiment: 1.0
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: $5.14

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

Canaccord Genuity has updated its lithium price deck after reviewing its supply and demand forecasts.

On the supply side, the broker expects supply to grow strongly as projects delayed from 2022 come on line, but on balance expects supply to remain steady.

Cannacord is on rating restriction for Vulcan Energy Resources.

This report was published on May 5, 2023.

Current Price is $5.14. Target price not assessed.

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

WOW WOOLWORTHS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $38.55

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

Goldman Sachs increases estimates for FY23-25 group sales by 1% following a better-than-expected third quarter for Woolworths Group.

The broker expects a more targeted and personalised execution in the Australian food business together with strong growth in other strategic areas including online, consumer loyalty and digital media.

Buy rating reiterated. Target is raised to $42.80 from $41.00.

This report was published on May 2, 2023.

Target price is $42.80 Current Price is $38.55 Difference: $4.25
If WOW meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $35.86, suggesting downside of -7.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 106.00 cents and EPS of 140.00 cents.
At the last closing share price the estimated dividend yield is 2.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 137.1, implying annual growth of 8.3%.
Current consensus DPS estimate is 101.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 28.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 115.00 cents and EPS of 151.00 cents.
At the last closing share price the estimated dividend yield is 2.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 147.3, implying annual growth of 7.4%.
Current consensus DPS estimate is 107.1, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 26.2.

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

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

Jarden lifts forecasts for FY23 by 1% to reflect the impact of a stronger top line in grocery although makes no changes to margin forecasts. The broker does not believe that moderating inflation will dampen revenue upside because of population growth and a shift to eating at home.

Woolworths Group's grocery business is expected to benefit from winning share in a growing market and also growing returns on invested capital as the benefits of supply chain, data and ecosystems are realised.

The broker continues to believe that Woolworths is going down a similar route to Kroger and WMT in the US, a market where grocers have outperformed. Overweight retained. Target is raised to $41.10 from $38.80.

This report was published on May 2, 2023.

Target price is $41.10 Current Price is $38.55 Difference: $2.55
If WOW meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $35.86, suggesting downside of -7.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 117.00 cents and EPS of 140.50 cents.
At the last closing share price the estimated dividend yield is 3.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 137.1, implying annual growth of 8.3%.
Current consensus DPS estimate is 101.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 28.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 131.00 cents and EPS of 153.80 cents.
At the last closing share price the estimated dividend yield is 3.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 147.3, implying annual growth of 7.4%.
Current consensus DPS estimate is 107.1, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 26.2.

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

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

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

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

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