Australian Broker Call *Extra* Edition – May 12, 2023

This story features LIFE360 INC, and other companies. For more info SHARE ANALYSIS: 360

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)

360   A11   ANG   ANZ   ASX   AUT   BRG   CCP   CGS   CNB   CXO   DRE   GSS   GTN   INR   IPD   LLL   LTR   MQG   NAB (2)   POS   QUB   TPW  

360    LIFE360 INC

Software & Services – Overnight Price: $5.82

Goldman Sachs rates ((360)) as Buy (1) –

Life360 will report its March quarter result on May 16. Goldman Sachs notes the stock has underperformed domestic and offshore peers over the year to date and continues to trade at a material discount when adjusting for its robust growth outlook.

The broker also suspects subscriber growth assumptions could have upside risk should conversion recover faster than expected.  Goldman Sachs reiterates a Buy rating and $7.85 target.

This report was published on May 4, 2023.

Target price is $7.85 Current Price is $5.82 Difference: $2.03
If 360 meets the Goldman Sachs target it will return approximately 35% (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 0.00 cents and EPS of minus 0.89 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 657.63.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 10.32 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 56.39.

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

A11    ATLANTIC LITHIUM LIMITED.

New Battery Elements – Overnight Price: $0.62

Wilsons rates ((A11)) as Initiation of coverage with Overweight (1) –

Wilsons has hired a new analyst and initiated coverage on Australian lithium companies. The obvious observation is to refer to the -50% drop in Chinese prices in 2023, which allows for three positive initiations out of five.

We're in this for the long haul, Wilsons exclaims, let's not get sidetracked by short term sentiment and stocking cycles!

The key sentence that explains it all: "we remain principally focussed on the longer term structural thematic drivers, and are confident that the low-carbon energy transition will drive expected compounding deficits in supply over the coming decades, which will underpin robust pricing over the longer term."

Wilsons initiates coverage of Atlantic Lithium with an Overweight rating and price target of $1.10.

This report was published on May 8, 2023.

Target price is $1.10 Current Price is $0.62 Difference: $0.475
If A11 meets the Wilsons target it will return approximately 76% (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 22.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.78.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 52.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.19.

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

ANG    AUSTIN ENGINEERING LIMITED

Mining Sector Contracting – Overnight Price: $0.28

Petra Capital rates ((ANG)) as Buy rating (1) –

Austin Engineering has downgraded FY23 guidance due to a major contract delay in approving purchase orders at Kewdale, resulting in a postponement of revenue to the December half, so revenue will not offset costs.

Management also advises that its WC investment is also likely to report a cash disappointment.

But Petra Capital observes the company's Australian margins are now on target and the investment thesis remains intact.

EPS forecasts fall -22% in FY23; and rise 5% in FY24 to reflect the inflow of delayed revenue; and rise 4% in FY25 to reflect a margin uplift arising from faster utilisation of capacity upgrades and Batam.

Buy rating retained. Target price falls to 44c from 49c.

This report was published on May 5, 2023.

Target price is $0.44 Current Price is $0.28 Difference: $0.155
If ANG meets the Petra Capital target it will return approximately 54% (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 1.00 cents and EPS of 3.30 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 8.64.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 2.00 cents and EPS of 5.50 cents.
At the last closing share price the estimated dividend yield is 7.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.18.

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

ANZ    ANZ GROUP HOLDINGS LIMITED

Banks – Overnight Price: $24.31

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

First half earnings were up 23% yet below estimates, with the miss driven by higher expenses and partially offset by lower bad debt charge. Goldman Sachs downwardly revises FY23 and FY24 estimates for earnings per share by -2.1% and -2.3%, respectively.

The broker believes the results provide further evidence of ANZ Bank's success in improving the profitability of its institutional business. Despite the tailwind in institutional net interest margins, Goldman Sachs warns that profitability in this segment can inflect suddenly.

At this stage the risks appear evenly balanced and a Neutral rating is maintained. Target is reduced to $26.17 from $26.48.

This report was published on May 5, 2023.

Target price is $26.17 Current Price is $24.31 Difference: $1.86
If ANZ meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $26.49, suggesting upside of 9.0%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 162.00 cents and EPS of 240.00 cents.
At the last closing share price the estimated dividend yield is 6.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 239.1, implying annual growth of -4.4%.
Current consensus DPS estimate is 162.5, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 10.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 162.00 cents and EPS of 217.00 cents.
At the last closing share price the estimated dividend yield is 6.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 227.0, implying annual growth of -5.1%.
Current consensus DPS estimate is 163.0, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 10.7.

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

ASX    ASX LIMITED

Wealth Management & Investments – Overnight Price: $68.11

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

Jarden observes April was a softer month across the board for ASX trading and capital raising activity.

The "encouraging" recovery in futures volumes evident over the March quarter was halted in April, declining -9%, although still leaving the second half growth trending up 11%.

The broker trims estimates slightly for FY23 and FY24 but expects an ongoing recovery in futures volumes into FY24. Overweight maintained. Target is reduced to $72.95 from $73.25.

This report was published on May 4, 2023.

Target price is $72.95 Current Price is $68.11 Difference: $4.84
If ASX meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $69.87, suggesting upside of 2.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 233.20 cents and EPS of 259.10 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 264.2, implying annual growth of 0.6%.
Current consensus DPS estimate is 238.7, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 25.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 247.00 cents and EPS of 274.40 cents.
At the last closing share price the estimated dividend yield is 3.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 277.0, implying annual growth of 4.8%.
Current consensus DPS estimate is 250.6, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 24.6.

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

AUT    AUTECO MINERALS LIMITED

Gold & Silver – Overnight Price: $0.04

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

Auteco Minerals has announced an increase in the resource at Pickle Crow of 530,000 ounces to 2.8m ounces at 7.2g/t gold. The resource has now grown by 244% since the maiden estimate in mid 2020; mineralisation remains open in all directions.

Exploration is underway targeting key structures outside the main mine trend, where little to no historical exploration has been conducted. Canaccord Genuity notes the business is well funded for its plans and retains a Speculative Buy rating with an $0.18 target.

This report was published on May 4, 2023.

Target price is $0.18 Current Price is $0.04 Difference: $0.141
If AUT meets the Canaccord Genuity target it will return approximately 362% (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

BRG    BREVILLE GROUP LIMITED

Household & Personal Products – Overnight Price: $20.90

Petra Capital rates ((BRG)) as No Rating (-1) –

Breville Group has reaffirmed full-year guidance, meeting consensus and Petra Capital's forecasts.

The broker expects geographic diversification will continue to support earnings through FY23 and FY24, and expects inventory will normalise over the same timeframe.

EPS forecasts fall -5% in FY24 to FY25 to reflect revisions to the broker's interest expense forecasts.

Buy rating and $21.70 target price retained.

This report was published on May 4, 2023.

Target price is $21.70 Current Price is $20.90 Difference: $0.8
If BRG meets the Petra Capital target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $23.44, suggesting upside of 12.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 30.00 cents and EPS of 74.70 cents.
At the last closing share price the estimated dividend yield is 1.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.1, implying annual growth of 0.3%.
Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 27.5.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 34.00 cents and EPS of 84.70 cents.
At the last closing share price the estimated dividend yield is 1.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.9, implying annual growth of 14.2%.
Current consensus DPS estimate is 33.8, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 24.1.

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

CCP    CREDIT CORP GROUP LIMITED

Business & Consumer Credit – Overnight Price: $16.59

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

Credit Corp has reconfirmed guidance. Canaccord Genuity notes this requires delivery of $62m in second half net profit at the mid point.

Management has stressed that key operating issues are being addressed. Additionally, the broker notes US PDL market conditions are shaping up positively.

While the risk/reward equation around the stock has improved the broker retains a Hold rating and $21.70 target.

This report was published on May 4, 2023.

Target price is $21.70 Current Price is $16.59 Difference: $5.11
If CCP meets the Canaccord Genuity target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $21.77, suggesting upside of 31.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 79.00 cents and EPS of 147.00 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 135.4, implying annual growth of -9.1%.
Current consensus DPS estimate is 68.6, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 12.3.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 89.00 cents and EPS of 165.00 cents.
At the last closing share price the estimated dividend yield is 5.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 144.4, implying annual growth of 6.6%.
Current consensus DPS estimate is 73.4, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 11.5.

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

CGS    COGSTATE LIMITED

Medical Equipment & Devices – Overnight Price: $1.54

CCZ Equities rates ((CGS)) as No Rating (-1) –

CCZ Equities believes Cogstate is well-placed to benefit from the research into Alzheimer's Disease because of its track record in supporting large clinical trials and deep relationships with pharmaceutical companies.

Eli Lilly has reported positive results from its Donanemab confirmatory phase 3 study in a trial involving 1736 participants with early Alzheimer's.

The broker believes the valuation of Cogstate is understated given its strong foothold in the rapidly expanding Alzheimer's research market. Target is $2.18. No rating is provided.

This report was published on May 4, 2023.

Target price is $2.18 Current Price is $1.54 Difference: $0.635
If CGS meets the CCZ Equities target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

CCZ Equities forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.62 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 95.25.

Forecast for FY24:

CCZ Equities forecasts a full year FY24 dividend of 0.00 cents and EPS of 7.52 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.55.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CNB    CARNABY RESOURCES LIMITED

Mining – Overnight Price: $1.21

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

Carnaby Resources has a new thick high-grade copper sulphide intersection at depth which confirms a sub-parallel lode in the footwall of the main North West lode at its Mount Hope Central deposit.

The new lode, named Chalcus, has been intersected in three holes and remains open in all directions. This confirms Petra Capital's belief that Duchess is one of the more de-risked copper development opportunities in Australia.

Buy rating maintained with the target raised to $1.89 from $1.82.

This report was published on May 8, 2023.

Target price is $1.89 Current Price is $1.21 Difference: $0.68
If CNB meets the Petra Capital target it will return approximately 56% (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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $1.11

Wilsons rates ((CXO)) as Initiation of coverage with Market Weight (3) –

Wilsons has hired a new analyst and initiated coverage on Australian lithium companies. The obvious observation is to refer to the -50% drop in Chinese prices in 2023, which allows for three positive initiations out of five.

We're in this for the long haul, Wilsons exclaims, let's not get sidetracked by short term sentiment and stocking cycles!

The key sentence that explains it all: "we remain principally focussed on the longer term structural thematic drivers, and are confident that the low-carbon energy transition will drive expected compounding deficits in supply over the coming decades, which will underpin robust pricing over the longer term."

Wilsons initiates coverage of Core Lithium with a Market-weight rating and price target of $0.90

This report was published on May 8, 2023.

Target price is $0.90 Current Price is $1.11 Difference: minus $0.21 (current price is over target).
If CXO meets the Wilsons target it will return approximately minus 19% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.02, suggesting downside of -8.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 85.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 222.0.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 25.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.35.

How do these forecasts compare to market consensus projections?

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 1.4%.
Current consensus EPS estimate suggests the PER is 9.9.

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

DRE    DREADNOUGHT RESOURCES LIMITED

Mining – Overnight Price: $0.05

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

After a site visit to the Dreadnought Resources Mangaroon project Canaccord Genuity notes while the focus is on Yin ironstone and adjacent carbonatite targets there is also the prospect of nickel/copper/PGE and gold.

The broker justifies its valuation by the fact the company has already defined 14mt of resource and a further 50-100mt is defined in a JORC exploration target on ironstone alone.

Canaccord Genuity's Speculative Buy is retained. Target is unchanged at $0.24.

This report was published on May 8, 2023.

Target price is $0.24 Current Price is $0.05 Difference: $0.186
If DRE meets the Canaccord Genuity target it will return approximately 344% (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

GSS    GENETIC SIGNATURES LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.69

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

Sales in the March quarter disappointed Taylor Collison, as coronavirus and other respiratory testing tailed off more quickly than expected.

Genetic Signatures has also missed its revised target to submit its FDA marketing application for the enteric protozoa test kit in April, but is on track to submit before the end of June.

The second product the company is developing in the US is the Easyscreen respiratory virus detection kit, which tests for six common respiratory viruses including influenza A and B and SARS-Cov-2.

The broker highlights an increased risk that additional funds will be required in FY24 though retains an Outperform rating. Target is $2.21.

This report was published on May 3, 2023.

Target price is $2.21 Current Price is $0.69 Difference: $1.515
If GSS meets the Taylor Collison target it will return approximately 218% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Taylor Collison forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 9.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.47.

Forecast for FY24:

Taylor Collison forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 7.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.80.

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

GTN    GTN LIMITED

Print, Radio & TV – Overnight Price: $0.47

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

Commercial Radio Australia's industry data show a -2% decline on the previous corresponding period advises Petra Capital, as rising interest rates and inflation hit the advertising market.

The broker observes GTN management's last update suggested it was outperforming peers, with the latest data suggesting industry growth has moderated.

Overall, the broker remains upbeat, appreciating the company's ability to recover post-covid without balance sheet support, as well as its healthy dividend and high quality client base, which include McDonalds, Woolworths and Target.

Buy rating and 85c target price retained. 

This report was published on May 5, 2023.

Target price is $0.85 Current Price is $0.47 Difference: $0.38
If GTN meets the Petra Capital target it will return approximately 81% (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 2.90 cents and EPS of 5.20 cents.
At the last closing share price the estimated dividend yield is 6.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.04.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 5.80 cents and EPS of 6.20 cents.
At the last closing share price the estimated dividend yield is 12.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.58.

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: $0.38

Wilsons rates ((INR)) as Initiation of coverage with Overweight (1) –

Wilsons has hired a new analyst and initiated coverage on Australian lithium companies. The obvious observation is to refer to the -50% drop in Chinese prices in 2023, which allows for three positive initiations out of five.

We're in this for the long haul, Wilsons exclaims, let's not get sidetracked by short term sentiment and stocking cycles!

The key sentence that explains it all: "we remain principally focussed on the longer term structural thematic drivers, and are confident that the low-carbon energy transition will drive expected compounding deficits in supply over the coming decades, which will underpin robust pricing over the longer term."

Wilsons initiates coverage of ioneer with an Overweight rating and price target of $0.55.

This report was published on May 8, 2023.

Target price is $0.55 Current Price is $0.38 Difference: $0.17
If INR meets the Wilsons target it will return approximately 45% (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 0.59 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 64.41.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.59 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 64.41.

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

IPD    IMPEDIMED LIMITED

Medical Equipment & Devices – Overnight Price: $0.17

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

ImpediMed has US FDA clearance for Sozo Pro, its next generation bioimpedence spectroscopy device.

The analyst explains the company's Sozo products are the only two that offer bioimpedence spectroscopy as an objective measurement of lymphoedema risk and progression.

Canaccord Genuity considers the approval a positive development and continues to view an opportunity to expand into additional indications such as heart and renal failure. Buy rating and 18c target price retained.

This report was published on May 5, 2023.

Target price is $0.18 Current Price is $0.17 Difference: $0.005
If IPD meets the Canaccord Genuity target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.46.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 29.17.

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

Wilsons rates ((LLL)) as Initiation of coverage with Overweight (1) –

Wilsons has hired a new analyst and initiated coverage on Australian lithium companies. The obvious observation is to refer to the -50% drop in Chinese prices in 2023, which allows for three positive initiations out of five.

We're in this for the long haul, Wilsons exclaims, let's not get sidetracked by short term sentiment and stocking cycles!

The key sentence that explains it all: "we remain principally focussed on the longer term structural thematic drivers, and are confident that the low-carbon energy transition will drive expected compounding deficits in supply over the coming decades, which will underpin robust pricing over the longer term."

Wilsons initiates coverage of Leo Lithium with an Overweight rating and price target of $1.55.

This report was published on May 8, 2023.

Target price is $1.55 Current Price is $0.62 Difference: $0.93
If LLL meets the Wilsons target it will return approximately 150% (excluding dividends, fees and charges).
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 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.38.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 12.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.04.

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: $2.93

Wilsons rates ((LTR)) as Initiation of coverage with Market Weight (3) –

Wilsons has hired a new analyst and initiated coverage on Australian lithium companies. The obvious observation is to refer to the -50% drop in Chinese prices in 2023, which allows for three positive initiations out of five.

We're in this for the long haul, Wilsons exclaims, let's not get sidetracked by short term sentiment and stocking cycles!

The key sentence that explains it all: "we remain principally focussed on the longer term structural thematic drivers, and are confident that the low-carbon energy transition will drive expected compounding deficits in supply over the coming decades, which will underpin robust pricing over the longer term."

Wilsons initiates coverage of Liontown Resources with a Market-weight rating and price target of $2.90.

This report was published on May 8, 2023.

Target price is $2.90 Current Price is $2.93 Difference: minus $0.03 (current price is over target).
If LTR meets the Wilsons target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.71, suggesting downside of -7.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 732.50.

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:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 488.33.

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

MQG    MACQUARIE GROUP LIMITED

Wealth Management & Investments – Overnight Price: $179.50

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

FY23 net profit was broadly in line with Goldman Sachs' estimates. The commodities division underpinned the result.

While management has historically been conservative in setting guidance, the broker notes conditions remain uncertain in the market-facing businesses, which is likely to limit the upside risk to earnings in the short term.

Therefore, a Neutral rating is maintained. Target is reduced to $192.01 from $197.52.

This report was published on May 5, 2023.

Target price is $192.01 Current Price is $179.50 Difference: $12.51
If MQG meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $193.36, suggesting upside of 7.7%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 605.00 cents and EPS of 1086.00 cents.
At the last closing share price the estimated dividend yield is 3.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1161.9, implying annual growth of -14.2%.
Current consensus DPS estimate is 686.6, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 635.00 cents and EPS of 1134.00 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1226.1, implying annual growth of 5.5%.
Current consensus DPS estimate is 730.5, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 14.6.

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

NAB    NATIONAL AUSTRALIA BANK LIMITED

Banks – Overnight Price: $26.37

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

First half earnings were up 17% but slightly below Goldman Sachs' forecasts. The broker expects volume momentum over the next 12 months will favour commercial over housing and National Australia Bank provides the best exposure to this theme.

The broker observes the bank has delivered the highest levels of productivity over the last three years and its investments continue to yield benefits, providing it with a strong position in an environment of elevated inflation.

Buy rating maintained. Target is reduced to $30.69 from $33.06.

This report was published on May 4, 2023.

Target price is $30.69 Current Price is $26.37 Difference: $4.32
If NAB meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $27.70, suggesting upside of 5.1%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 166.00 cents and EPS of 237.00 cents.
At the last closing share price the estimated dividend yield is 6.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 235.6, implying annual growth of 10.1%.
Current consensus DPS estimate is 167.2, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 166.00 cents and EPS of 207.00 cents.
At the last closing share price the estimated dividend yield is 6.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 219.4, implying annual growth of -6.9%.
Current consensus DPS estimate is 167.3, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 12.0.

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

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Jarden rates ((NAB)) as Buy (1) –

The first half result disappointed Jarden with net interest margins well below estimates at 1.77%. Moreover, the profile of margins was materially worse.

That said, the broker does not believe the issues are isolated with National Australia Bank amid downside risk to margins across the sector.

Despite the weakness, the broker still favours the stock within the sector as it appears to be managing its margin/volume trade off better than peers and has a more favourable business mix.

Buy rating maintained. Target is reduced to $29.20 from $31.60.

This report was published on May 4, 2023.

Target price is $29.20 Current Price is $26.37 Difference: $2.83
If NAB meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $27.70, suggesting upside of 5.1%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 167.00 cents and EPS of 232.00 cents.
At the last closing share price the estimated dividend yield is 6.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 235.6, implying annual growth of 10.1%.
Current consensus DPS estimate is 167.2, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 167.00 cents and EPS of 212.00 cents.
At the last closing share price the estimated dividend yield is 6.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 219.4, implying annual growth of -6.9%.
Current consensus DPS estimate is 167.3, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 12.0.

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

POS    POSEIDON NICKEL LIMITED

Nickel – Overnight Price: $0.04

Petra Capital rates ((POS)) as Initiation of coverage with Buy (1) –

Petra Capital initiates coverage of Poseidon Nickel with a Buy rating and 8c target price.

The company has strategic nickel assets – six historical mines across three sites proximal to Kalgoorlie which carry a combined nickel resource of 400kt contained metal; and two nickel sulphide concentrators.

The broker expects a low-capital restart of production as early as the December quarter, and a four-year mine life producing 30,000 tonnes of Nickel in smelter-grade concentrate. Meanwhile, the company is embarking on an expansion study, which could double processing capacity and extend the mine life, says the broker.

Petra Capital observes indicative offers have already been forthcoming from overseas and domestic buyers and that the company's valuation is trading -40% below listed competitors.

This report was published on May 1, 2023.

Target price is $0.08 Current Price is $0.04 Difference: $0.042
If POS meets the Petra Capital target it will return approximately 111% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 38.00.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.80.

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

QUB    QUBE HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $3.10

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

In tracking port volumes Jarden notes weakness from February, where container volumes across Australia's four main ports fell -18.2%, has faded as March volumes increased 1.8%.

While noting there is no historical relationship between Qube Holdings' operating revenue growth and overall industry container volumes, the broker does believe stabilisation in port volumes should boost investor sentiment. Overweight rating and $3.30 target.

This report was published on May 4, 2023.

Target price is $3.30 Current Price is $3.10 Difference: $0.2
If QUB meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.41, suggesting upside of 10.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 10.20 cents and EPS of 12.20 cents.
At the last closing share price the estimated dividend yield is 3.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.8, implying annual growth of 94.2%.
Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 24.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 11.80 cents and EPS of 13.30 cents.
At the last closing share price the estimated dividend yield is 3.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.4, implying annual growth of 4.7%.
Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 23.1.

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

TPW    TEMPLE & WEBSTER GROUP LIMITED

Furniture & Renovation – Overnight Price: $3.77

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

Goldman Sachs observes trends in web traffic are mixed with the second half down -13%, to date. Yet conversion is up as converted web traffic is down only -8%.

The broker remains comfortable with its revenue forecast for Temple & Webster at 1% revenue growth in the second half. Buy rating maintained. Target is $6.10.

This report was published on May 4, 2023.

Target price is $6.10 Current Price is $3.77 Difference: $2.33
If TPW meets the Goldman Sachs target it will return approximately 62% (excluding dividends, fees and charges).
Current consensus price target is $4.53, suggesting upside of 20.0%(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 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.1, implying annual growth of -48.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 73.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of 43.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 51.6.

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

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