Australian Broker Call *Extra* Edition – May 26, 2023

This story features 29METALS LIMITED, and other companies. For more info SHARE ANALYSIS: 29M

An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

29M   APM   BGA   CCX   FPH   GTK (2)   IEL   INA   ING   IPH   JLG   LEL   LIC   MGH   NWC   OBL   OFX   PDI   QAL   QAN   RBL   SGM   TNE (2)   TWE  

29M    29METALS LIMITED

Copper – Overnight Price: $0.64

Jarden rates ((29M)) as Sell (5) –

29Metals has updated 2023 guidance to incorporate a re-start of Capricorn Copper. The company as also guided to much higher capital requirements in 2024 and 2025.

Amid weakening base metal prices, Jarden now forecasts a cash outflow in 2023 of -$200m and expects the balance sheet will remain in focus.

While the company has disclosed capital expenditure requirements it has not yet sufficiently clarified the funding source, in the broker's view. Sell rating maintained. Target is reduced to $0.68 from $0.76.

This report was published on May 24, 2023.

Target price is $0.68 Current Price is $0.64 Difference: $0.04
If 29M meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $1.15, suggesting upside of 64.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of minus 33.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -22.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of minus 7.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -10.9, implying annual growth of N/A.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is N/A.

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

APM    APM HUMAN SERVICES INTERNATIONAL LIMITED

Healthcare – Overnight Price: $1.86

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

As Michael Peet is leaving, Sophie Carran assumes coverage of APM Human Services International. Buy rating and $4.10 target.

This report was published on May 23, 2023.

Target price is $4.10 Current Price is $1.86 Difference: $2.24
If APM meets the Goldman Sachs target it will return approximately 120% (excluding dividends, fees and charges).
Current consensus price target is $3.18, suggesting upside of 56.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 11.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 5.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of 301.8%.
Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 12.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 6.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.2, implying annual growth of 23.3%.
Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 9.1.

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

BGA    BEGA CHEESE LIMITED

Dairy – Overnight Price: $3.59

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

As Michael Peet is leaving, Sophie Carran assumes coverage of Bega Cheese. Sell rating and $3.15 target.

This report was published on May 23, 2023.

Target price is $3.15 Current Price is $3.59 Difference: minus $0.44 (current price is over target).
If BGA meets the Goldman Sachs target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.79, suggesting upside of 4.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 9.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 2.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.5, implying annual growth of 6.5%.
Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 42.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 10.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 2.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.6, implying annual growth of 83.5%.
Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 23.1.

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

CCX    CITY CHIC COLLECTIVE LIMITED

Apparel & Footwear – Overnight Price: $0.40

Jarden rates ((CCX)) as Upgrade to Neutral from Underweight (3) –

City Chic Collective's trading update was driven by a particularly soft March period, Jarden notes, while trends improved in April and May albeit off a low base and driven by promotions.

The broker reduces forecasts materially to reflect the softer update and the expectation that promotional activity will continue.

Jarden envisages emerging value in that inventory is sitting above current market value and the business is net cash. Hence, the rating is upgraded to Neutral from Underweight. Target is reduced to $0.39 from $0.46.

This report was published on May 23, 2023.

Target price is $0.39 Current Price is $0.40 Difference: minus $0.01 (current price is over target).
If CCX meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.53, suggesting upside of 32.1%(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 20.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Jarden forecasts a full year FY24 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 5.06.

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 0.8, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 57.1.

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

FPH    FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices – Overnight Price: $23.99

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

Fisher & Paykel Healthcare will report its FY23 result on May 26 and Jarden expects revenue of NZ$1.58bn, at the mid range of guidance provided in January. Operating cash flow is expected to materially improve amid stronger profitability and reduced working capital.

The broker suspects guidance on FY24 is unlikely until late August at the AGM, and ahead of the Mexico investor briefing in mid-September.

Jarden currently forecasts revenue growth of 10% with steady growth in home care underpinned by OSA demand and ongoing Evora traction. Overweight maintained. Target is steady at NZ$25.50.

This report was published on May 22, 2023.

Current Price is $23.99. Target price not assessed.
Current consensus price target is $22.85, suggesting downside of -0.3%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 37.04 cents and EPS of 37.87 cents.
At the last closing share price the estimated dividend yield is 1.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 63.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.0, implying annual growth of N/A.
Current consensus DPS estimate is 39.8, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 54.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 37.50 cents and EPS of 47.65 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.1, implying annual growth of 16.9%.
Current consensus DPS estimate is 37.2, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 46.7.

This company reports in NZD. 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

GTK    GENTRACK GROUP LIMITED

Software & Services – Overnight Price: $3.99

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

Gentrack Group's first half results outperformed Canaccord Genuity's forecasts. Revenue of NZ$84m increased 48%. Importantly, the company has indicated that, despite a -$25m revenue unwind, strong growth in both utilities and Veovo should mean FY24 revenue is in line with FY23.

The broker observes divisional results demonstrate growth across all markets while the outlook for airports underpins an accelerating growth rate into FY24. Buy rating retained. Target is raised to $4.73.

This report was published on May 22, 2023.

Target price is $4.73 Current Price is $3.99 Difference: $0.74
If GTK meets the Canaccord Genuity target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in September.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 12.17 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.80.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 13.08 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.50.

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

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Jarden rates ((GTK)) as Downgrade to Neutral from Overweight (3) –

Jarden notes a strong first half result from Gentrack Group with modest upgrades to revenue guidance as a result. There is not expected to be any contribution from managed exits in FY24.

Excluding one-off's Gentrack Group reported underlying first half revenue of NZ$65m, up 37%. The broker notes both the utilities and Veovo businesses demonstrated positive momentum.

Following a strong share price performance Jarden downgrades to Neutral from Overweight and raises the target to NZ$3.90 from NZ$3.60.

This report was published on May 22, 2023.

Current Price is $3.99. Target price not assessed.
The company's fiscal year ends in September.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 8.05 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 49.57.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 10.79 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.97.

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

IEL    IDP EDUCATION LIMITED

Education & Tuition – Overnight Price: $25.52

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

As Michael Peet is leaving, Chris Gawler has assumed coverage of IDP Education. Buy rating and $35.70 target.

This report was published on May 23, 2023.

Target price is $35.70 Current Price is $25.52 Difference: $10.18
If IEL meets the Goldman Sachs target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $31.40, suggesting upside of 22.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 38.00 cents and EPS of 55.00 cents.
At the last closing share price the estimated dividend yield is 1.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 46.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.7, implying annual growth of 51.1%.
Current consensus DPS estimate is 40.8, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 45.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 52.00 cents and EPS of 74.00 cents.
At the last closing share price the estimated dividend yield is 2.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.7, implying annual growth of 26.9%.
Current consensus DPS estimate is 49.9, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 36.2.

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

INA    INGENIA COMMUNITIES GROUP

Aged Care & Seniors – Overnight Price: $4.31

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

As Michael Peet is leaving, Chris Gawler has assumed coverage of Ingenia Communities. Neutral rating and $4.85 target.

This report was published on May 23, 2023.

Target price is $4.85 Current Price is $4.31 Difference: $0.54
If INA meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $4.31, suggesting upside of 1.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 12.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.1, implying annual growth of -24.5%.
Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 21.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 13.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of 17.4%.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 18.0.

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

ING    INGHAMS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $3.02

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

As Michael Peet is leaving, Chris Gawler has assumed coverage of Inghams Group. Sell rating and $2.55 target.

This report was published on May 23, 2023.

Target price is $2.55 Current Price is $3.02 Difference: minus $0.47 (current price is over target).
If ING 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 $3.10, suggesting upside of 3.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 10.00 cents and EPS of 15.00 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 20.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.2, implying annual growth of 92.6%.
Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 13.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 4.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.2, implying annual growth of 22.0%.
Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 13.5.

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

IPH    IPH LIMITED

Legal – Overnight Price: $7.89

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

As Michael Peet is leaving, Chris Gawler has assumed coverage of IPH. Neutral rating and $10.45 target.

This report was published on May 23, 2023.

Target price is $10.45 Current Price is $7.89 Difference: $2.56
If IPH meets the Goldman Sachs target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $10.74, suggesting upside of 36.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 31.00 cents and EPS of 42.00 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 18.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.8, implying annual growth of 77.7%.
Current consensus DPS estimate is 31.7, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 35.00 cents and EPS of 47.00 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.9, implying annual growth of 4.9%.
Current consensus DPS estimate is 33.0, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 17.5.

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

JLG    JOHNS LYNG GROUP LIMITED

Building Products & Services – Overnight Price: $6.50

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

As Michael Peet is leaving, Sophie Carran assumes coverage of Johns Lyng. Buy rating and $9.25 target.

This report was published on May 23, 2023.

Target price is $9.25 Current Price is $6.50 Difference: $2.75
If JLG meets the Goldman Sachs target it will return approximately 42% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 20.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.50.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 23.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.26.

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

LEL    LITHIUM ENERGY LIMITED

Overnight Price: $0.92

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

Lithium Energy has metallurgical results for the Burke graphite project which reveal suitable grades the PSG feedstock for sale in battery markets. Petra Capital suspects the upcoming pre-feasibility study could provide a positive surprise for investors.

As drilling continues at the Solaroz lithium project and there are mining studies for both graphite and lithium due by year end the broker envisages catalysts for a re-rating and reiterates a Buy rating. Target is $1.75.

This report was published on May 24, 2023.

Target price is $1.75 Current Price is $0.92 Difference: $0.835
If LEL meets the Petra Capital target it will return approximately 91% (excluding dividends, fees and charges).

Forecast for FY23:

Forecast for FY24:

Petra Capital forecasts a full year FY24 EPS of minus 11.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.82.

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

LIC    LIFESTYLE COMMUNITIES LIMITED

Aged Care & Seniors – Overnight Price: $16.00

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

As Michael Peet is leaving, Chris Gawler has assumed coverage of Lifestyle Communities. Buy rating and $27.15 target.

This report was published on May 23, 2023.

Target price is $27.15 Current Price is $16.00 Difference: $11.15
If LIC meets the Goldman Sachs target it will return approximately 70% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 11.00 cents and EPS of 61.00 cents.
At the last closing share price the estimated dividend yield is 0.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.23.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 16.00 cents and EPS of 82.00 cents.
At the last closing share price the estimated dividend yield is 1.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.51.

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

MGH    MAAS GROUP HOLDINGS LIMITED

Building Products & Services – Overnight Price: $3.30

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

As Michael Peet is leaving, Chris Gawler has assumed coverage of Maas Group. Buy rating and $4 target.

This report was published on May 23, 2023.

Target price is $4.00 Current Price is $3.30 Difference: $0.7
If MGH meets the Goldman Sachs target it will return approximately 21% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 7.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.69.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 7.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.38.

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

NWC    NEW WORLD RESOURCES LIMITED

Copper – Overnight Price: $0.03

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

Copper prices remain subdued but the longer-term demand for the metal is extremely positive, Petra Capital asserts. S&P Global forecasts copper demand growing to 50mtpa in 2035 on the back of the energy transition, from 25mtpa at present.

As there are only five copper-focused producers listed on ASX the broker believes emerging copper producers will eventually attract increased levels of investor interest.

In this way, New World Resources' US-based Antler project stands out and the broker retains a Buy rating and target price of $0.14.

This report was published on May 24, 2023.

Target price is $0.14 Current Price is $0.03 Difference: $0.106
If NWC meets the Petra Capital target it will return approximately 312% (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 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.00.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.00.

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

OBL    OMNI BRIDGEWAY LIMITED

Diversified Financials – Overnight Price: $2.68

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

As Michael Peet is leaving, Sophie Carran assumes coverage of Omni Bridgeway. Buy rating and $5.10 target.

This report was published on May 23, 2023.

Target price is $5.10 Current Price is $2.68 Difference: $2.42
If OBL meets the Goldman Sachs target it will return approximately 90% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 44.67.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 17.00 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 6.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.83.

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

OFX    OFX GROUP LIMITED

Diversified Financials – Overnight Price: $1.83

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

Net operating income of $214.1m was up 46% in FY23 and EBITDA of $62.4m was up 40%. OFX Group has provided guidance for FY24 that is materially ahead of Wilsons' estimates.

Trading has shown signs of stabilising following a soft start to the year. The broker believes, as the shares have retraced some of the recent weakness, the market has gained comfort in the outlook for the next 12 months.

June and July are expected to be critical in confirming that a new base has been set. The Market Weight rating is maintained. Target is raised to $2.00 from $1.72.

This report was published on May 24, 2023.

Target price is $2.00 Current Price is $1.83 Difference: $0.165
If OFX meets the Wilsons target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 13.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.39.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 15.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.99.

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

PDI    PREDICTIVE DISCOVERY LIMITED

Gold & Silver – Overnight Price: $0.16

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

Predictive Discovery is completed IP surveys at the Argo prospects which have outlined 11 priority drill targets for RC drilling.

Canaccord Genuity believes the company is entering an "exciting" period of exploration while de-risking the Bankan gold project resource through infill.

Speculative Buy rating. Target is $0.40.

This report was published on May 22, 2023.

Target price is $0.40 Current Price is $0.16 Difference: $0.24
If PDI meets the Canaccord Genuity target it will return approximately 150% (excluding dividends, fees and charges).

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

QAL    QUALITAS LIMITED

Wealth Management & Investments – Overnight Price: $2.70

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

As Michael Peet is leaving, Sophie Carran assumes coverage of Qualitas. Buy rating and $3.80 target.

This report was published on May 23, 2023.

Target price is $3.80 Current Price is $2.70 Difference: $1.1
If QAL meets the Goldman Sachs target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 4.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 1.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.75.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 6.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 2.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.50.

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

QAN    QANTAS AIRWAYS LIMITED

Transportation & Logistics – Overnight Price: $6.43

Jarden rates ((QAN)) as Downgrade to Overweight from Buy (2) –

Qantas Airways has provided maiden pre-tax profit guidance for FY23 of $2.43-48bn. Jarden observes the company is also lowering its debt at a faster rate than previously expected.

The demand environment remains strong and fuel prices are moderating, yet the broker remains cautious about the yield outlook given uncertainty regarding the former.

Following a change in the risk/reward symmetry after a strong run in the share price the broker lowers the rating to Overweight from Buy and maintains a $7 target.

This report was published on May 23, 2023.

Target price is $7.00 Current Price is $6.43 Difference: $0.57
If QAN meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $7.53, suggesting upside of 16.7%(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 94.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 94.6, 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 6.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 97.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 101.7, implying annual growth of 7.5%.
Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 6.3.

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

RBL    REDBUBBLE LIMITED

Retailing – Overnight Price: $0.39

Goldman Sachs – Cessation of coverage

This report was published on May 24, 2023.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 18.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -18.0, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 39.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.0, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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: $14.15

Jarden rates ((SGM)) as Neutral (3) –

Jarden observes domestic economic issues continue to weigh on Turkish scrap prices. The broker does not expect a change in government to lead to an immediate improvement in the macro backdrop.

After discussions with Sims the broker notes the company feels secure in its sales to Turkish customers as they are mostly contracted in US dollars with payments guaranteed by bank issued letters of credit.

In other areas, sale proceeds from non-core divestments and an appropriately conservative balance sheet should assist in funding the company's FY25 volume ambitions, in Jarden's view. Neutral rating and $16.60 target retained.

This report was published on May 22, 2023.

Target price is $16.60 Current Price is $14.15 Difference: $2.45
If SGM meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $14.90, suggesting upside of 5.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 28.70 cents and EPS of 75.90 cents.
At the last closing share price the estimated dividend yield is 2.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 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 18.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 26.40 cents and EPS of 88.10 cents.
At the last closing share price the estimated dividend yield is 1.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.06.

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 2.3%.
Current consensus EPS estimate suggests the PER is 14.5.

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

TNE    TECHNOLOGY ONE LIMITED

IT & Support – Overnight Price: $16.30

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

First half results from TechnologyOne were in line with expectations. Pre-tax profit growth guidance of 10-15% appears conservative to Goldman Sachs given the top line outlook and margin expansion.

The broker assesses the business is executing well and improving its underlying growth rate while expanding its margins. The mission-critical ERP systems and defensive public sector end markets provide valuable earnings visibility, Goldman Sachs adds.

Neutral rating maintained. Target rises to $16.25 from $15.00.

This report was published on May 23, 2023.

Target price is $16.25 Current Price is $16.30 Difference: minus $0.05 (current price is over target).
If TNE meets the Goldman Sachs target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.84, suggesting downside of -9.9%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 19.40 cents and EPS of 31.20 cents.
At the last closing share price the estimated dividend yield is 1.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.7, implying annual growth of 11.6%.
Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 53.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 23.50 cents and EPS of 37.80 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 43.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.8, implying annual growth of 13.4%.
Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 47.4.

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

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

Wilsons assesses TechnologyOne is continuing to execute on its strategy of growing core business, investing in emerging geographies and expanding its products through R&D investment.

A "solid" first half has set the company up for a strong year and the broker upgrades FY24 and FY25 estimates. The medium-term target of surpassing SaaS recurring revenue of $500m continues to become more and more realistic.

Wilsons retains an Overweight rating based on the track record and raises the target to $18.12 from $14.25.

This report was published on May 24, 2023.

Target price is $18.12 Current Price is $16.30 Difference: $1.82
If TNE meets the Wilsons target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $14.84, suggesting downside of -9.9%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 18.40 cents and EPS of 31.70 cents.
At the last closing share price the estimated dividend yield is 1.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.7, implying annual growth of 11.6%.
Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 53.7.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 19.90 cents and EPS of 38.00 cents.
At the last closing share price the estimated dividend yield is 1.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.8, implying annual growth of 13.4%.
Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 47.4.

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

TWE    TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco – Overnight Price: $11.76

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

Goldman Sachs revises down FY23-25 sales estimates by -2-4% upon reviewing the latest trends.

The broker highlights a weaker Chinese wine market in the second half to date, noting cash-challenged distributors are liquidating high-quality imported wine at low prices.

The broker remains conservative about Penfolds forecasts. The Buy rating is maintained in the target is lowered to $14.50 from $14.70.

This report was published on May 23, 2023.

Target price is $14.50 Current Price is $11.76 Difference: $2.74
If TWE meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $13.23, suggesting upside of 13.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 36.00 cents and EPS of 50.00 cents.
At the last closing share price the estimated dividend yield is 3.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.2, implying annual growth of 32.2%.
Current consensus DPS estimate is 33.4, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 24.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 39.00 cents and EPS of 56.00 cents.
At the last closing share price the estimated dividend yield is 3.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.6, implying annual growth of 13.3%.
Current consensus DPS estimate is 37.2, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 21.3.

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

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