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

This story features ACUSENSUS LIMITED, and other companies. For more info SHARE ANALYSIS: ACE

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)

ACE   AKE (2)   ALL (2)   ARX (2)   AVH   AWC   BEN   BHP   BOQ   CGC   COL (3)   CPU   CXO   DMP   DRR   DVP   ELD (2)   FBU   ILU   LGL   MTS   NHC   NXT   OML   ORI (2)   PFP   PGH   QBE   RIO   SGM   SHV   SLC   TLS   TRS   TYR   WOW  

ACE    ACUSENSUS LIMITED

Overnight Price: $3.40

Canaccord Genuity rates ((ACE)) as Initiation of coverage with Buy (1) –

Canaccord Genuity initiates coverage of Acusensus with a Buy rating and $5.40 target. The company has pioneered AI-enabled road safety technology in what it considers is an immediate $1.8bn market opportunity.

The broker notes the business has grown rapidly, and estimates revenue of $41m FY23 compared with $7m in FY21. This represents one of the fastest-growing small cap stocks over the previous three years.

The technology is used to detect and provide prosecutable evidence of distracted driving such as mobile phone use, as well as seatbelt compliance, speeding and railway crossing compliance.

This report was published on May 16, 2023.

Target price is $5.40 Current Price is $3.40 Difference: $2
If ACE meets the Canaccord Genuity target it will return approximately 59% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 261.54.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 5.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 60.71.

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: $15.30

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

Allkem and Livent have proposed a merger of equals. The deal is expected to be completed by the end of 2023 and Allkem shareholders would emerge with 56% of the new company. Primary listing would be on the NYSE with a secondary listing on ASX via CDIs.

Canaccord Genuity agrees with the strategic rationale but, at first glance, believes the agreement is disproportionately favourable to Livent, in noting Allkem has a large share of near-term EBITDA and volumes.

The broker currently retains a Buy rating and $19.50 target.

This report was published on May 11, 2023.

Target price is $19.50 Current Price is $15.30 Difference: $4.2
If AKE meets the Canaccord Genuity target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $16.20, suggesting upside of 4.0%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 87.1, implying annual growth of 22.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.9.

Forecast for FY24:

Current consensus EPS estimate is 114.0, implying annual growth of 30.9%.
Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 13.7.

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

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

Goldman Sachs notes a merger of Allkem and Livent will bring critical scale, with the new company becoming a top-three lithium producer. It's also thought a stronger/more defensive combined balance sheet will help fund the existing and proposed growth pipeline.

Allkem will receive 1:1 shares in the merged company, while Livent will receive 2.406:1, which implies Allkem shareholders will have 56% of the new shares, explains the broker.

Allkem and Livent expect the merger to close by end of 2023.

The broker retains its Buy rating and sets a $12.90 target.

This report was published on May 12, 2023.

Target price is $12.90 Current Price is $15.30 Difference: minus $2.4 (current price is over target).
If AKE meets the Goldman Sachs target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $16.20, suggesting upside of 4.0%(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 74.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.1, implying annual growth of 22.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 25.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 60.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 114.0, implying annual growth of 30.9%.
Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 13.7.

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

ALL    ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $38.04

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

Aristocrat Leisure will acquire NeoGames for US$29.50 a share and an enterprise value of $1.8bn. The acquisition is expected to close in FY24 and be accretive from FY25.

Goldman Sachs had previously assessed the iSlots market would be the key opportunity but considers this acquisition is more global and inclusive of the entire RMG universe.

The broker has a Buy rating and target price of $45.70.

This report was published on May 15, 2023.

Target price is $45.70 Current Price is $38.04 Difference: $7.66
If ALL meets the Goldman Sachs target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $44.00, suggesting upside of 14.3%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 78.00 cents and EPS of 196.00 cents.
At the last closing share price the estimated dividend yield is 2.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 192.9, implying annual growth of 35.0%.
Current consensus DPS estimate is 63.7, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 19.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 82.00 cents and EPS of 207.00 cents.
At the last closing share price the estimated dividend yield is 2.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 206.8, implying annual growth of 7.2%.
Current consensus DPS estimate is 72.5, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 18.6.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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

Aristocrat Leisure has announced the acquisition of NeoGames for $1.8bn. Strategically, the transaction makes sense to Jarden and is consistent with the company's long-term strategy.

Amid leading market positions in a relatively land-based gaming segment, and mixed success in the social digital genre, real money gaming (RMG) offers a new driver of growth in the medium to longer term, in the broker's opinion.

Still, this deal is considered expensive and how it will offer shareholder value will be a function of successful and timely integration.

Jarden retains an Overweight rating and raises the target to $40.50 from $39.04.

This report was published on May 16, 2023.

Target price is $40.50 Current Price is $38.04 Difference: $2.46
If ALL meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $44.00, suggesting upside of 14.3%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 56.00 cents and EPS of 187.70 cents.
At the last closing share price the estimated dividend yield is 1.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 192.9, implying annual growth of 35.0%.
Current consensus DPS estimate is 63.7, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 19.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 67.00 cents and EPS of 191.80 cents.
At the last closing share price the estimated dividend yield is 1.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 206.8, implying annual growth of 7.2%.
Current consensus DPS estimate is 72.5, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 18.6.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.95

Jarden rates ((ARX)) as Buy (1) –

Jarden makes no changes to earnings estimates for Aroa Biosurgery after examining US-based Tela Bio's 1Q results, given revenue guidance aligned with the broker's implied estimates for Aroa's Ovitex ⁄ Ovitex PRS sales.

However, the analysts were encouraged by Tela Bio's commitment to distribution, and expect benefits for Ovitex from an ongoing backlog of hernia procedures, new product extensions and the award of three national contracts.

The Buy rating and $1.46 target are maintained.

This report was published on May 15, 2023.

Target price is $1.46 Current Price is $0.95 Difference: $0.51
If ARX meets the Jarden target it will return approximately 54% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.09 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1043.96.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.55 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 173.67.

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

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

Aroa Biosurgery could guide more conservatively in its FY24 outlook when it delivers its FY23 results on May 30.

Wilsons suggests this may be the result of its US-based channel partner, TELA Bio, having tightened up inventory management before raising capital in April.

The latter's recent update also explains for the broker why Aroa Biosurgery revenue in the fourth quarter was short of forecasts.

Overweight rating and $1.73 target price retained.

This report was published on May 12, 2023.

Target price is $1.73 Current Price is $0.95 Difference: $0.78
If ARX meets the Wilsons target it will return approximately 82% (excluding dividends, fees and charges).

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

AVH    AVITA MEDICAL INC

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $3.63

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

Wilsons found first quarter results in line with guidance and forecasts. Avita Medical has confirmed the hiring of 40 additional sales personnel in anticipation of expanding the Recell soft tissue indication.

The broker believes this confidence "somewhat" de-risks the opportunity but notes there is still some discrepancy between its valuation and the market.

This could be due to the market attributing value to vitiligo, which at this stage the broker omits, as well as being less confident that soft tissue/burns can reach breakeven by the first quarter of of 2025.

Wilsons retains a Market Weight rating and raises the target to $4.28 from $3.13.

This report was published on May 15, 2023.

Target price is $4.28 Current Price is $3.63 Difference: $0.65
If AVH meets the Wilsons target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $5.78, suggesting upside of 67.4%(ex-dividends)
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 minus 82.77 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -75.6, 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.

How do these forecasts compare to market consensus projections?

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

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

AWC    ALUMINA LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $1.43

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

Goldman Sachs has a Sell rating and $1.30 target for Alumina Ltd.

This report was published on May 12, 2023.

Target price is $1.30 Current Price is $1.43 Difference: minus $0.125 (current price is over target).
If AWC meets the Goldman Sachs target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.40, suggesting downside of -1.4%(ex-dividends)
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 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.0, implying annual growth of N/A.
Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 71.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 7.38 cents and EPS of 10.33 cents.
At the last closing share price the estimated dividend yield is 5.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.6, implying annual growth of 380.0%.
Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 14.8.

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

BEN    BENDIGO & ADELAIDE BANK LIMITED

Banks – Overnight Price: $8.62

Jarden rates ((BEN)) as Neutral (3) –

Expected margin pressure for the banks has emerged faster and stronger than Jarden initially expected when it originally downgraded the sector to neutral.

The analysts maintain a neutral stance following recent bank reporting which resulted in a downgrade of around -7% to the broker's FY24 EPS forecasts.

For Bendigo & Adelaide Bank, Jarden lowers its FY23-25 EPS estimates largely due to lower net interest margins (NIMs). The target is reduced to $9.30 from $9.70. Neutral.

This report was published on May 15, 2023.

Target price is $9.30 Current Price is $8.62 Difference: $0.68
If BEN meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $9.69, suggesting upside of 11.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 60.00 cents and EPS of 88.00 cents.
At the last closing share price the estimated dividend yield is 6.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.2, implying annual growth of 11.0%.
Current consensus DPS estimate is 60.4, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 60.00 cents and EPS of 77.00 cents.
At the last closing share price the estimated dividend yield is 6.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.9, implying annual growth of -9.6%.
Current consensus DPS estimate is 60.8, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 9.9.

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: $44.24

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

Goldman Sachs has a Buy rating and $49.90 target for BHP Group.

This report was published on May 12, 2023.

Target price is $49.90 Current Price is $44.24 Difference: $5.66
If BHP meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $44.94, suggesting upside of 1.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 302.58 cents and EPS of 454.61 cents.
At the last closing share price the estimated dividend yield is 6.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 473.6, implying annual growth of N/A.
Current consensus DPS estimate is 311.2, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 240.59 cents and EPS of 438.38 cents.
At the last closing share price the estimated dividend yield is 5.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 453.4, implying annual growth of -4.3%.
Current consensus DPS estimate is 300.0, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 9.8.

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

BOQ    BANK OF QUEENSLAND LIMITED

Banks – Overnight Price: $5.61

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

Expected margin pressure for the banks has emerged faster and stronger than Jarden initially expected when it originally downgraded the sector to neutral.

The analysts maintain a neutral stance following recent bank reporting which resulted in a downgrade of around -7% to the broker's FY24 EPS forecasts.

For Bank of Queensland, Jarden lowers its FY23-25 EPS estimates largely due to lower net interest margins (NIMs). The target is reduced to $6.60 from $7.00. Overweight.

This report was published on May 15, 2023.

Target price is $6.60 Current Price is $5.61 Difference: $0.99
If BOQ meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $6.54, suggesting upside of 14.8%(ex-dividends)
The company's fiscal year ends in August.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 40.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 7.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.2, implying annual growth of -4.6%.
Current consensus DPS estimate is 43.1, implying a prospective dividend yield of 7.6%.
Current consensus EPS estimate suggests the PER is 9.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 40.00 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 7.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.0, implying annual growth of -11.4%.
Current consensus DPS estimate is 44.1, implying a prospective dividend yield of 7.7%.
Current consensus EPS estimate suggests the PER is 10.2.

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

CGC    COSTA GROUP HOLDINGS LIMITED

Agriculture – Overnight Price: $2.47

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

In its survey of grocery industry members Jarden considers the outlook for the top line is positive and the issues going forward will be around margin and costs. Industry growth of more than 6% is likely for FY23-24, underpinned by inflation and population growth.

The main risk is irrational behaviour led by increased discounting, which has been experienced in the UK although not in the US. The Overweight rating and $2.60 target are retained for Costa Group.

This report was published on May 15, 2023.

Target price is $2.60 Current Price is $2.47 Difference: $0.13
If CGC meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.93, suggesting upside of 17.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 6.50 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 2.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.8, implying annual growth of 90.6%.
Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 5.30 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 2.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of 23.2%.
Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 14.6.

Market Sentiment: 0.5
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: $18.17

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

As part of an investor tour of the first Witron automated distribution centre at Redbank in Queensland, Coles Group provided additional and marginally more positive details on the centre's operational and financial impact than Goldman Sachs had anticipated.

Overall, the broker concludes its existing Supermarket earnings margin forecasts sufficiently allow for the benefits from Witron offset by the negatives of rising wages and the initial phases of the digital transformation with Ocado.

The Sell rating and $15.80 target are unchanged.

This report was published on May 12, 2023.

Target price is $15.80 Current Price is $18.17 Difference: minus $2.37 (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 $17.63, suggesting downside of -3.0%(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 3.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.89.

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 3.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.8, implying annual growth of 0.1%.
Current consensus DPS estimate is 65.4, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 22.5.

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

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Jarden rates ((COL)) as Neutral (3) –

Jarden is increasingly confident in the returns that will flow from FY24 as a result of the implementation of automated distribution centres, having attended a tour of the one at Redbank, Queensland.

Coles Group has provided additional cost guidance for FY25 and reiterated its targets, expecting the DC projects will be positive for EBIT in that year.

Jarden notes the business is in an investment phase and whilst Witron is on track Ocado is not, and further investment is required in stores and data capabilities.

The Neutral rating and $17.50 target are retained for Coles Group.

This report was published on May 11, 2023.

Target price is $17.50 Current Price is $18.17 Difference: minus $0.67 (current price is over target).
If COL meets the Jarden target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $17.63, suggesting downside of -3.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 93.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.37.

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:

Jarden forecasts a full year FY24 EPS of 86.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.8, implying annual growth of 0.1%.
Current consensus DPS estimate is 65.4, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 22.5.

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

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Jarden rates ((COL)) as Neutral (3) –

In its survey of grocery industry members Jarden considers the outlook for the top line is positive and the issues going forward will be around margin and costs. Industry growth of more than 6% is likely for FY23-24, underpinned by inflation and population growth.

The main risk is irrational behaviour led by increased discounting, which has been experienced in the UK although not in the US. The Neutral rating and $17.50 target are retained for Coles Group.

This report was published on May 15, 2023.

Target price is $17.50 Current Price is $18.17 Difference: minus $0.67 (current price is over target).
If COL meets the Jarden target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $17.63, suggesting downside of -3.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 93.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.37.

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:

Jarden forecasts a full year FY24 EPS of 86.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.8, implying annual growth of 0.1%.
Current consensus DPS estimate is 65.4, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 22.5.

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

CPU    COMPUTERSHARE LIMITED

Diversified Financials – Overnight Price: $21.87

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

Computershare's US mortgage service business is expected to return to profitability in the second half yet Jarden suspects returns are still likely to fall short of the target of 12-14% return on invested capital (ROIC).

The challenging outlook is reflected in the company's recent designation of its US mortgage services as "managed" rather than" core", which suggests to the broker an exit is increasingly likely.

Although a sale could mean earnings dip slightly, with acquisition capacity likely to reach $3bn under this scenario, Jarden believes every $1bn redeployed into deals could lift medium term earnings by 6-12%. This underpins the Overweight rating with a target of $25.10.

This report was published on May 16, 2023.

Target price is $25.10 Current Price is $21.87 Difference: $3.23
If CPU meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $25.39, suggesting upside of 14.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 108.04 cents and EPS of 159.26 cents.
At the last closing share price the estimated dividend yield is 4.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 165.1, implying annual growth of N/A.
Current consensus DPS estimate is 118.4, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 118.82 cents and EPS of 173.28 cents.
At the last closing share price the estimated dividend yield is 5.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 186.8, implying annual growth of 13.1%.
Current consensus DPS estimate is 132.1, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 11.9.

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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $1.10

Jarden rates ((CXO)) as Sell (5) –

Core Lithium continues to make steady progress with its shipments, Jarden observes, which signals a good recovery of mining operations at the Grants open pit.

The broker adds 2000t of production to its FY23 assumptions while retaining an assumed shipment of 15,000t in July. The company has also been granted a mining licence for the BP33 underground, the second mining centre that is contemplated under the DFS.

The broker reduces the target to $0.53 from $0.56 and retains a Sell rating.

This report was published on May 11, 2023.

Target price is $0.53 Current Price is $1.10 Difference: minus $0.575 (current price is over target).
If CXO meets the Jarden target it will return approximately minus 52% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.02, suggesting downside of -10.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 157.86.

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 228.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.63.

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 1.3%.
Current consensus EPS estimate suggests the PER is 10.2.

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

DMP    DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco – Overnight Price: $49.47

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

While regarding Domino's Pizza Enterprises as materially undervalued, Jarden reduces its profit forecasts by -2-3% following a review of global markets, cost inputs and recent data points. The target is reduced to $72 from $75.

The broker expects a weaker near-term delivery market in A&NZ with share losses and flex pricing weighing on same store sales growth, before improvement into FY24.

Overall, the broker's FY24-FY25 forecasts reflect some cost recovery, the benefit of M&A and improving revenue trends.

However, the analysts consider it too early to move to Buy from its Overweight rating partly because of risks for Japanese demand, along with currently weak cash conversion and cash flow.

This report was published on May 15, 2023.

Target price is $72.00 Current Price is $49.47 Difference: $22.53
If DMP meets the Jarden target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $64.00, suggesting upside of 28.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 162.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 172.2, implying annual growth of -6.1%.
Current consensus DPS estimate is 145.3, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 29.0.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 210.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 197.2, implying annual growth of 14.5%.
Current consensus DPS estimate is 162.0, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 25.3.

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

DRR    DETERRA ROYALTIES LIMITED

Iron Ore – Overnight Price: $4.54

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

Goldman Sachs has a Neutral rating and $4.90 target for Deterra Royalties.

This report was published on May 12, 2023.

Target price is $4.90 Current Price is $4.54 Difference: $0.36
If DRR meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.61, suggesting upside of 1.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 32.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 7.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.6, implying annual growth of -6.4%.
Current consensus DPS estimate is 31.4, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 14.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 31.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 6.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.6, implying annual growth of 3.2%.
Current consensus DPS estimate is 32.8, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 13.9.

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

DVP    DEVELOP GLOBAL LIMITED

Industrial Metals – Overnight Price: $3.48

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

Canaccord Genuity notes the Woodlawn zinc/copper project has been rapidly progressing and is now on track for a re-start of production by early 2024.

The recent exploration results have highlighted the growth potential and the broker expects a steady stream of results from drilling over the near term. Develop Global is due to release a revised definitive feasibility study in the current quarter for Sulphur Springs.

Speculative Buy rating retained. Target price rises to $5.00 from $4.60.

This report was published on May 12, 2023.

Target price is $5.00 Current Price is $3.48 Difference: $1.52
If DVP meets the Canaccord Genuity target it will return approximately 44% (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 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 69.60.

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

ELD    ELDERS LIMITED

Agriculture – Overnight Price: $6.78

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

Goldman Sachs assesses rural products are likely to be supported by a favourable winter crop amid continued uptake in financial services. The Elders agency remains challenging but management expects some volume response to falling livestock prices, coupled with a stabilisation of pricing.

Structurally, the broker believes Elders should be able to deliver further margin expansion through the cycle via backward integration and there is ample opportunity to grow market share through acquisitions and organically.

First half revenue/gross margins were ahead of Goldman Sachs estimates although EBIT was -15% below. Target is steady at $13.20 and a Buy rating is retained.

This report was published on May 15, 2023.

Target price is $13.20 Current Price is $6.78 Difference: $6.42
If ELD meets the Goldman Sachs target it will return approximately 95% (excluding dividends, fees and charges).
Current consensus price target is $8.86, suggesting upside of 28.5%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 47.00 cents and EPS of 93.00 cents.
At the last closing share price the estimated dividend yield is 6.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.6, implying annual growth of -30.2%.
Current consensus DPS estimate is 47.1, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 9.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 52.00 cents and EPS of 103.00 cents.
At the last closing share price the estimated dividend yield is 7.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.2, implying annual growth of -6.1%.
Current consensus DPS estimate is 43.1, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 10.1.

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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Wilsons rates ((ELD)) as Upgrade to Market Weight from Underweight (3) –

Elders' first half results were mixed, Wilsons observes, with retail products "impressively resilient" while agency income declined on lower livestock prices and farm real estate activity.

Based on more resilient first half gross profit and management commentary around strong trading in April and May, the broker forecasts second half gross profit in line with the prior corresponding half.

Based on revised forecasts, Wilsons upgrades to Market Weight from Underweight and lowers the target to $7.04 from $7.20.

This report was published on May 16, 2023.

Target price is $7.04 Current Price is $6.78 Difference: $0.26
If ELD meets the Wilsons target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $8.86, suggesting upside of 28.5%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of -25.00 cents and EPS of minus 28.20 cents.
At the last closing share price the estimated dividend yield is – 3.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 24.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.6, implying annual growth of -30.2%.
Current consensus DPS estimate is 47.1, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 9.5.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of -2.40 cents and EPS of minus 2.30 cents.
At the last closing share price the estimated dividend yield is – 0.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 294.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.2, implying annual growth of -6.1%.
Current consensus DPS estimate is 43.1, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 10.1.

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

FBU    FLETCHER BUILDING LIMITED

Building Products & Services – Overnight Price: $4.67

Jarden rates ((FBU)) as Buy (1) –

Jarden now predicts a softer FY24 landing for Fletcher Building as current New Zealand building activity is ahead of the analyst's prior estimate, likely due to the bulging inventory of building consents.

While the broker's FY23 earnings (EBIT) forecast falls due to a NZ$15m provision for the Iplex-related remediation, the FY24 forecast rises by 6% on better-than-expected conversion of consent backlog into builds.

The target price increases to NZ$6.70 from NZ$6.50 and the Buy rating is unchanged.

This report was published on May 15, 2023.

Current Price is $4.67. Target price not assessed.
Current consensus price target is $5.25, suggesting upside of 11.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 36.56 cents and EPS of 44.78 cents.
At the last closing share price the estimated dividend yield is 7.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.4, implying annual growth of N/A.
Current consensus DPS estimate is 36.0, implying a prospective dividend yield of 7.6%.
Current consensus EPS estimate suggests the PER is 8.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 31.07 cents and EPS of 40.76 cents.
At the last closing share price the estimated dividend yield is 6.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.8, implying annual growth of -12.1%.
Current consensus DPS estimate is 33.4, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 9.9.

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

ILU    ILUKA RESOURCES LIMITED

Mineral Sands – Overnight Price: $11.34

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

Goldman Sachs has a Buy rating and $12.80 target for Iluka Resources.

This report was published on May 12, 2023.

Target price is $12.80 Current Price is $11.34 Difference: $1.46
If ILU meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $11.41, suggesting upside of 1.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 42.00 cents and EPS of 95.00 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.5, implying annual growth of -31.6%.
Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 11.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 23.00 cents and EPS of 84.00 cents.
At the last closing share price the estimated dividend yield is 2.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.2, implying annual growth of -0.3%.
Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 11.5.

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

LGL    LYNCH GROUP HOLDING LIMITED

Agriculture – Overnight Price: $1.77

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

In its survey of grocery industry members Jarden considers the outlook for the top line is positive and the issues going forward will be around margin and costs. Industry growth of more than 6% is likely for FY23-24, underpinned by inflation and population growth.

The main risk is irrational behaviour led by increased discounting, which has been experienced in the UK although not in the US. The broker is increasingly confident Lynch Group can do well and retains an Overweight rating with a $2.50 target.

This report was published on May 15, 2023.

Target price is $2.50 Current Price is $1.77 Difference: $0.73
If LGL meets the Jarden target it will return approximately 41% (excluding dividends, fees and charges).

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

MTS    METCASH LIMITED

Food, Beverages & Tobacco – Overnight Price: $3.75

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

In its survey of grocery industry members Jarden considers the outlook for the top line is positive and the issues going forward will be around margin and costs. Industry growth of more than 6% is likely for FY23-24, underpinned by inflation and population growth.

The main risk is irrational behaviour led by increased discounting, which has been experienced in the UK although not in the US. The broker retains a preference for Metcash given an attractive valuation and conservative market forecasts. Overweight rating and $4.40 target maintained.

This report was published on May 15, 2023.

Target price is $4.40 Current Price is $3.75 Difference: $0.65
If MTS meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $4.45, suggesting upside of 18.7%(ex-dividends)
The company's fiscal year ends in April.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 22.50 cents and EPS of 32.50 cents.
At the last closing share price the estimated dividend yield is 6.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.2, implying annual growth of 24.9%.
Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 22.00 cents and EPS of 32.30 cents.
At the last closing share price the estimated dividend yield is 5.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.8, implying annual growth of -1.3%.
Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 12.2.

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

NHC    NEW HOPE CORPORATION LIMITED

Coal – Overnight Price: $5.27

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

Goldman Sachs has a Sell rating and $3.10 target for New Hope.

This report was published on May 12, 2023.

Target price is $3.10 Current Price is $5.27 Difference: minus $2.17 (current price is over target).
If NHC meets the Goldman Sachs target it will return approximately minus 41% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.71, suggesting upside of 11.4%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 111.00 cents and EPS of 126.00 cents.
At the last closing share price the estimated dividend yield is 21.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 147.0, implying annual growth of 24.5%.
Current consensus DPS estimate is 80.6, implying a prospective dividend yield of 15.7%.
Current consensus EPS estimate suggests the PER is 3.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 75.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 14.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 116.8, implying annual growth of -20.5%.
Current consensus DPS estimate is 63.5, implying a prospective dividend yield of 12.4%.
Current consensus EPS estimate suggests the PER is 4.4.

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

NXT    NEXTDC LIMITED

Cloud services – Overnight Price: $11.73

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

Goldman Sachs increases its target for NextDC by 1% to $15.10 on earnings upgrades and increasing confidence in the demand outlook. Earnings are upgraded after allowing for revised FY23 guidance, an equity raising and further details on offshore investments.

The company's initial Malaysia facility is larger than Goldman Sachs had anticipated, as cloud service providers are expected to invest significantly in the country over the coming years.

The broker is encouraged by the initial strong support from the Malaysian government. The Buy rating is maintained.

This report was published on May 12, 2023.

Target price is $15.10 Current Price is $11.73 Difference: $3.37
If NXT meets the Goldman Sachs target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $13.68, suggesting upside of 15.5%(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 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.3, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 391.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.9, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

OML    OOH!MEDIA LIMITED

Out of Home Advertising – Overnight Price: $1.25

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

oOh!media's AGM signalled a brighter outlook that what was initially conveyed by the March quarter trading update, Canaccord Genuity observes.

Strategically significant categories such as billboard, transport and retail experienced incremental share gains which balanced the lagging performance of the roll-out of the City of Sydney contract as well as reduced government spending.

The broker retains a Buy rating and $1.75 target.

This report was published on May 12, 2023.

Target price is $1.75 Current Price is $1.25 Difference: $0.495
If OML meets the Canaccord Genuity target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $1.61, suggesting upside of 25.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 4.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 3.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.7, implying annual growth of 45.6%.
Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 5.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 3.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.4, implying annual growth of 22.1%.
Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 13.6.

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

ORI    ORICA LIMITED

Mining Sector Contracting – Overnight Price: $15.86

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

Goldman Sachs highlights from 1H results by Orica end market resilience (2% volume growth) and significant improvement in unit profitability. A higher interest expense was the key negative surprise though this is expected to improve.

APAC was the stand out region, explains the analyst, while weather impacted both Nth America and Latin America, with the latter also experiencing political unrest.

Earnings (EBIT) of $155/t was a 21% beat against the analyst's forecast due to an improved business mix along with underlying price momentum.

The target rises to $19.85 from $18.50 due to the broker's increased earnings forecasts and a valuation roll-forward. Buy.

This report was published on May 12, 2023.

Target price is $19.85 Current Price is $15.86 Difference: $3.99
If ORI meets the Goldman Sachs target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $17.99, suggesting upside of 13.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 38.00 cents and EPS of 83.00 cents.
At the last closing share price the estimated dividend yield is 2.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.0, implying annual growth of 115.7%.
Current consensus DPS estimate is 41.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 19.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 47.00 cents and EPS of 104.00 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.0, implying annual growth of 22.5%.
Current consensus DPS estimate is 49.5, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 16.2.

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

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

First half results were strong and included EBIT growth of 32% while pricing discipline was evident on contracts, Jarden observes.

Given that 33% of Orica's order book could be renegotiated renewed in FY24, significant pricing upside could stem from lower margin contracts being renegotiated at higher baseline prices.

Jarden reiterates an Overweight rating and raises the target to $17.15 from $16.70.

This report was published on May 12, 2023.

Target price is $17.15 Current Price is $15.86 Difference: $1.29
If ORI meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $17.99, suggesting upside of 13.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 39.00 cents and EPS of 77.40 cents.
At the last closing share price the estimated dividend yield is 2.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.0, implying annual growth of 115.7%.
Current consensus DPS estimate is 41.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 19.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 47.30 cents and EPS of 93.00 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 17.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.0, implying annual growth of 22.5%.
Current consensus DPS estimate is 49.5, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 16.2.

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

PFP    PROPEL FUNERAL PARTNERS LIMITED

Consumer Products & Services – Overnight Price: $4.32

Moelis rates ((PFP)) as Hold (3) –

Propel Funeral Partners has acquired two funeral servicing businesses for $41m. Olsens Funerals has 10 locations across Sydney while J Fraser & Sons comprises two locations in Southland New Zealand.

Moelis notes around 50% of the consideration relates to the acquisition of real estate. Olsens Funerals are a landmark entry for the business in the Sydney metropolitan market.

The broker expects near-term organic growth will be affected by challenging comparables but ongoing accretive debt-financed acquisition should provide earnings support.

Hold rating and $4.97 target maintained.

This report was published on May 15, 2023.

Target price is $4.97 Current Price is $4.32 Difference: $0.65
If PFP meets the Moelis target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 13.00 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.41.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 13.10 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 3.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.10.

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

PGH    PACT GROUP HOLDINGS LIMITED

Paper & Packaging – Overnight Price: $0.76

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

Pact Group has lowered FY23 EBIT guidance to $142-147m for FY23, implying a -10% downgrade to its prior guidance. The reasons include softness in demand from China and Australia, adverse wet weather in New Zealand and cost inflation over the past quarter.

Jarden had already been sceptical the company would achieve prior guidance in the context of a prolonged global slowdown in consumption that would affect its rigid packaging business.

The broker downgrades the target to $1.15 from $1.35 and maintains an Overweight rating.

This report was published on May 15, 2023.

Target price is $1.15 Current Price is $0.76 Difference: $0.395
If PGH meets the Jarden target it will return approximately 52% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 2.50 cents and EPS of 14.40 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.24.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 8.00 cents and EPS of 17.80 cents.
At the last closing share price the estimated dividend yield is 10.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.24.

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

QBE    QBE INSURANCE GROUP LIMITED

Insurance – Overnight Price: $14.63

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

Goldman Sachs observes premium rates and volume trends were very strong in the first quarter. QBE Insurance has noted a acceleration in property rate increases.

The broker updates the outlook to reflect the strong gross written premium trends, noting FY23 growth guidance is now 10%.

Assuming unchanged underlying claims inflation, the broker believes underlying trends, outside catastrophe and prior year claims development (PYD), should be improving.

Yet a risk for higher catastrophe allowances is noted for FY24. Target is unchanged at $17.45 and a Buy rating maintained.

This report was published on May 14, 2023.

Target price is $17.45 Current Price is $14.63 Difference: $2.82
If QBE meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $16.13, suggesting upside of 9.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 66.42 cents and EPS of 140.22 cents.
At the last closing share price the estimated dividend yield is 4.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 137.8, implying annual growth of N/A.
Current consensus DPS estimate is 109.3, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 85.61 cents and EPS of 172.69 cents.
At the last closing share price the estimated dividend yield is 5.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 166.4, implying annual growth of 20.8%.
Current consensus DPS estimate is 118.6, implying a prospective dividend yield of 8.1%.
Current consensus EPS estimate suggests the PER is 8.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

RIO    RIO TINTO LIMITED

Bulks – Overnight Price: $109.98

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

Goldman Sachs has a Buy rating and $136.20 target for Rio Tinto.

This report was published on May 12, 2023.

Target price is $136.20 Current Price is $109.98 Difference: $26.22
If RIO meets the Goldman Sachs target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $113.07, suggesting upside of 3.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 791.14 cents and EPS of 1270.85 cents.
At the last closing share price the estimated dividend yield is 7.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1178.7, implying annual growth of N/A.
Current consensus DPS estimate is 730.1, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 690.78 cents and EPS of 1120.30 cents.
At the last closing share price the estimated dividend yield is 6.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1285.1, implying annual growth of 9.0%.
Current consensus DPS estimate is 782.6, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 8.5.

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

SGM    SIMS LIMITED

Steel & Scrap – Overnight Price: $14.67

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

Goldman Sachs has a Buy rating and $18 target for Sims.

This report was published on May 12, 2023.

Target price is $18.00 Current Price is $14.67 Difference: $3.33
If SGM meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $14.90, suggesting upside of 1.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 33.00 cents and EPS of 64.00 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.92.

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 2.3%.
Current consensus EPS estimate suggests the PER is 18.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 60.00 cents and EPS of 119.00 cents.
At the last closing share price the estimated dividend yield is 4.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.33.

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 2.2%.
Current consensus EPS estimate suggests the PER is 15.1.

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

SHV    SELECT HARVESTS LIMITED

Agriculture – Overnight Price: $4.31

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

Select Harvest has estimated a FY23 crop of 17,500t, with 97% of the harvest complete. This implies a decline of -42% against theoretical normal yields, Wilsons asserts.

While this harvest represents the lowest crop yield in more than 10 years there is no evidence of any permanent impact on tree health and long-term yield potential.

The broker is encouraged by the recent upward movement in the almond price amid stronger sales and shipments out of California.  Overweight maintained. Target is reduced to $5.38 from $5.52.

This report was published on May 15, 2023.

Target price is $5.38 Current Price is $4.31 Difference: $1.07
If SHV meets the Wilsons target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in September.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 66.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.46.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 20.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.34.

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

SLC    SUPERLOOP LIMITED

Telecommunication – Overnight Price: $0.65

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

Superloop has signalled a strong second half cash result, FY24 profitability and an ambition to triple EBITDA by FY26.

At its investor briefing, the company reported experiencing rapid organic growth while retaining capacity for acquisitions. The latter is considered a positive catalyst and Canaccord Genuity estimates EBITDA growth of 36% in FY23 followed by 42% in FY24.

The Buy rating is retained and the target price is unchanged at $1.11.

This report was published on May 11, 2023.

Target price is $1.11 Current Price is $0.65 Difference: $0.465
If SLC meets the Canaccord Genuity target it will return approximately 72% (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 6.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.40.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 21.50.

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

TLS    TELSTRA GROUP LIMITED

Telecommunication – Overnight Price: $4.33

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

Telstra will increase prices for postpaid mobile plans from July by $3-6/month. The announcement means Goldman Sachs is more confident in its expectations for 5.6% growth in EBITDA in FY24.

Moreover, the broker considers this evidence that Telstra is continuing to be a rational incumbent, leading the mobile market pricing higher and signalling to competitors it remains intent on improving industry returns.

Buy rating reiterated. Target is $4.70.

This report was published on May 15, 2023.

Target price is $4.70 Current Price is $4.33 Difference: $0.37
If TLS meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $4.59, suggesting upside of 5.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 17.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 3.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.8, implying annual growth of 10.0%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 27.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 18.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 4.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.2, implying annual growth of 15.2%.
Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 23.8.

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

TRS    REJECT SHOP LIMITED

Household & Personal Products – Overnight Price: $4.50

Jarden rates ((TRS)) as Buy (1) –

In its survey of grocery industry members Jarden considers the outlook for the top line is positive and the issues going forward will be around margin and costs. Industry growth of more than 6% is likely for FY23-24, underpinned by inflation and population growth.

The main risk is irrational behaviour led by increased discounting, which has been experienced in the UK although not in the US. A Buy rating and $9.30 target is maintained for The Reject Shop.

This report was published on May 15, 2023.

Target price is $9.30 Current Price is $4.50 Difference: $4.8
If TRS meets the Jarden target it will return approximately 107% (excluding dividends, fees and charges).
Current consensus price target is $5.05, suggesting upside of 12.7%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 24.2, implying annual growth of 17.4%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 18.5.

Forecast for FY24:

Current consensus EPS estimate is 33.2, implying annual growth of 37.2%.
Current consensus DPS estimate is 13.5, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 13.5.

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

TYR    TYRO PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $1.51

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

Tyro Payments has upgraded FY23 EBITDA guidance at the mid point by 5%. Yet Wilsons suspects monthly transaction growth may have begun to decelerate as third-party data suggests waning dine-in activity across Australia.

The broker considers this a risk to earnings forecasts, given the importance of the hospitality vertical. As a result forecasts are reduced by -1-9% and the rating is downgraded to Underweight from Market Weight.

Wilsons assesses the possibility that Potentia Capital may formalise a final bid is a little fraught, given the weaker macro economic outlook and higher cost of capital. Target is reduced to $1.33 from $1.53.

This report was published on May 16, 2023.

Target price is $1.33 Current Price is $1.51 Difference: minus $0.18 (current price is over target).
If TYR meets the Wilsons target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.97, suggesting upside of 27.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 107.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 221.4.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 100.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, implying annual growth of 28.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 172.2.

Market Sentiment: 0.7
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: $38.10

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

In its survey of grocery industry members Jarden considers the outlook for the top line is positive and the issues going forward will be around margin and costs. Industry growth of more than 6% is likely for FY23-24, underpinned by inflation and population growth.

The main risk is irrational behaviour led by increased discounting, which has been experienced in the UK although not in the US. The broker retains a preference for Woolworths Group given its superior medium-term capabilities and maintains an an Overweight rating with a $41.10 target.

This report was published on May 15, 2023.

Target price is $41.10 Current Price is $38.10 Difference: $3
If WOW meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $35.86, suggesting downside of -6.1%(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 3.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.12.

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 27.9.

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 3.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.77.

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 25.9.

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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