Australian Broker Call *Extra* Edition – Jun 06, 2023

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

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

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

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

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

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

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

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)

AGY   ARX (2)   BOQ   CLG   CNU   COI   CUV   DDR   G1A   IAG   LGL   MHJ   PPE   QUB   REA   SUN   TAH  

AGY    ARGOSY MINERALS LIMITED

New Battery Elements – Overnight Price: $0.47

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

Argosy Minerals has updated on the Rincon lithium brine project in Argentina. Commissioning is almost complete yet production rates remain below Petra Capital's forecasts. This affects projected 2023 sales and cash flow estimates.

Moreover, the timeline for achieving continuous production has been deferred to the second half of 2023. To account for the uncertainty, the broker introduces a -25% discount to the value attributed to the expanded production rates.

Buy rating maintained. Target is reduced to $0.63 from $0.71.

This report was published on June 2, 2023.

Target price is $0.63 Current Price is $0.47 Difference: $0.165
If AGY meets the Petra Capital target it will return approximately 35% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 46.50.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.38.

Market Sentiment: 1.0
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: $0.90

Jarden rates ((ARX)) as Buy (1) –

Jarden reduces FY24 EBITDA forecasts to NZ$2.5m, amid Aroa Biosurgery's perceived conservative guidance in the wake of the FY23 results.

The broker believes management is being conservative in terms of currency and implies flat Tela Bio sales growth, as well as because of the product recall by competitor Integra. Jarden maintains a Buy rating and reduces the target to $1.34 from $1.46.

This report was published on June 1, 2023.

Target price is $1.34 Current Price is $0.90 Difference: $0.44
If ARX meets the Jarden target it will return approximately 49% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.18 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 491.80.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.38 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.83.

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's FY23 result was consistent with expectations but Wilsons believes FY24 guidance is conservative. The broker acknowledges the "parlous" funding situation for Tela means volatility in OviTex sales but argues this is becoming more cyclical.

Wilsons describes the relationship between Tela and Aroa Biosurgery as a "marriage of convenience" and asserts this imparts an artificial discount to the latter stock, calling on investors to take advantage of this.

Overweight rating maintained. Target is reduced to $1.69 from $1.73.

This report was published on June 1, 2023.

Target price is $1.69 Current Price is $0.90 Difference: $0.79
If ARX meets the Wilsons target it will return approximately 88% (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 minus 0.37 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 245.90.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.01 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.71.

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

BOQ    BANK OF QUEENSLAND LIMITED

Banks – Overnight Price: $5.54

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

Bank of Queensland has agreed enforceable undertakings with APRA and AUSTRAC which are not as bad as Jarden feared, given the absence of material fines/sanctions. Moreover the balance sheet remains solid.

For the patient investor the broker assesses there is value in the stock given an attractive yield of 7.3% and cost reduction potential over the medium term. Hence, an Overweight rating is maintained. Target is lowered to $6.30 from $6.60.

This report was published on May 31, 2023.

Target price is $6.30 Current Price is $5.54 Difference: $0.76
If BOQ meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $6.47, suggesting upside of 16.7%(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 7.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.79.

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 7.8%.
Current consensus EPS estimate suggests the PER is 8.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 40.00 cents and EPS of 55.00 cents.
At the last closing share price the estimated dividend yield is 7.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.9, implying annual growth of -11.6%.
Current consensus DPS estimate is 44.1, implying a prospective dividend yield of 8.0%.
Current consensus EPS estimate suggests the PER is 9.9.

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

CLG    CLOSE THE LOOP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.42

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

Close the Loop has acquired US-based ISP Tek Services and Captive Trade Corp for US$66m. The former is a new service line for the group, offering refurbishment of consumer electronic goods to OEM standards for top-tier brands.

CCZ Equities considers the industry outlook positive, because of an increasing number of electronic manufacturers offering refurbishment programs to reduce waste.

Assuming a 5% annual growth rate for the ISP Tek business and potential upside from new geographies, the broker increases revenue estimates for FY23-25 by 17-64%. No rating or target was provided.

This report was published on June 1, 2023.

Current Price is $0.42. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

CCZ Equities forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.25.

Forecast for FY24:

CCZ Equities forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.71.

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

CNU    CHORUS LIMITED

Telecommunication – Overnight Price: $7.83

Jarden rates ((CNU)) as Neutral (3) –

Chorus has provided its first detailed disclosure requirements for the new fibre regulatory regime. Jarden notes a "small positive" in the information, including the "wash-up" calculation for 2022 maximum allowable revenue and its closing regulated asset base for 2022.

Further upside exists to forecasts if inflation continues to be elevated and the broker factors in 5.0% in 2023 and 2.6% in 2024. The company benefits from elevated inflation given a higher revaluation in the RAB, the broker stipulates.

Neutral maintained. Target is NZ$7.45.

This report was published on May 31, 2023.

Current Price is $7.83. Target price not assessed.

This company reports in NZD. 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

COI    COMET RIDGE LIMITED

NatGas – Overnight Price: $0.15

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

Comet Ridge plans for first gas from Mahalo North by late 2024, delivering 10 TJ/d to provide early cash flow before a larger development is pursued with joint venture partner Santos ((STO)).

Petra Capital ultimately expects a 90 TJ/d base case development. The company has also executed an MOU with Orica ((ORI)) to supply long-term gas from Mahalo North to the ammonium nitrate facility in Gladstone, Queensland.

The broker retains a Buy rating with a $0.42 target.

This report was published on June 1, 2023.

Target price is $0.42 Current Price is $0.15 Difference: $0.27
If COI meets the Petra Capital target it will return approximately 180% (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 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 37.50.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 150.00.

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

CUV    CLINUVEL PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $18.88

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

Clinuvel Pharmaceuticals has provided two updates on its new PhotoCosmetics strategy. Wilsons finds a common theme is the desire to enter the self-tanning market in a material way.

The original EpiTan business has developed into a successful and profitable pharmaceutical franchise and this adds "heft", in the brokers view, to the foray into PhotoCosmetics. Overweight rating and $30.07 target maintained.

This report was published on June 1, 2023.

Target price is $30.07 Current Price is $18.88 Difference: $11.19
If CUV meets the Wilsons target it will return approximately 59% (excluding dividends, fees and charges).

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

DDR    DICKER DATA LIMITED

Hardware & Equipment – Overnight Price: $8.42

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

Petra Capital asserts Dicker Data offers compelling value, given a marked increase in distribution capacity that is set to come on line in the second half of 2023. Also, the business model is adept at identifying areas of growth that will drive market share gains.

The broker expects the track record of above-system sales and earnings growth will continue over the medium term with recent efficiency initiatives set to gain traction in the current quarter.

The broker reiterates a Buy rating with a $10.38 target.

This report was published on June 1, 2023.

Target price is $10.38 Current Price is $8.42 Difference: $1.96
If DDR meets the Petra Capital target it will return approximately 23% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 49.00 cents and EPS of 48.80 cents.
At the last closing share price the estimated dividend yield is 5.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.25.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 54.00 cents and EPS of 54.10 cents.
At the last closing share price the estimated dividend yield is 6.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.56.

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

G1A    GALENA MINING LIMITED

Mining – Overnight Price: $0.11

Petra Capital rates ((G1A)) as Buy (1) –

Galena Mining has updated on its Abra lead-silver mine in Western Australia. New monthly production records have been set in May and Petra Capital assesses a successful sales shipment bodes well for cash flow, while stope grades continue to improve.

As the stock is trading at a discount following underperformance, a return to target output is welcome news, suggests the broker, which provides the opportunity for the stock to re-rate.

The broker maintains a Buy rating and $0.27 target.

This report was published on June 2, 2023.

Target price is $0.27 Current Price is $0.11 Difference: $0.16
If G1A meets the Petra Capital target it will return approximately 145% (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 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.46.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.79.

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

IAG    INSURANCE AUSTRALIA GROUP LIMITED

Insurance – Overnight Price: $5.12

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

Listed general insurers averaged around 15% gross written premium growth for the March quarter, according to APRA statistics, compared to industry GWP growth of 13.8%.

Despite higher reinsurance costs, Jarden notes industry net earned premium (NEP) growth was strong at 15.6% in the quarter and 14.4% year-on-year.

The broker keeps its Overweight rating and $5.50 target for Insurance Australia Group.

This report was published on May 26, 2023.

Target price is $5.50 Current Price is $5.12 Difference: $0.38
If IAG meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $5.15, suggesting upside of 0.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 17.00 cents and EPS of 22.30 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 22.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.4, implying annual growth of 59.0%.
Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 22.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 26.00 cents and EPS of 35.70 cents.
At the last closing share price the estimated dividend yield is 5.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.8, implying annual growth of 64.3%.
Current consensus DPS estimate is 27.1, implying a prospective dividend yield of 5.3%.
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

LGL    LYNCH GROUP HOLDING LIMITED

Agriculture – Overnight Price: $2.26

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

Jarden considers Lynch Group a unique business with an industry-leading position and strong pricing power. 

The company has experienced improving trends through the second half, amid easing freight issues and more stable pricing as well as growth in retail in China.

Jarden lifts forecasts materially for FY23, raising EBITDA estimates by 12% and EPS by 30%. A FY24 EBITDA margin of 15.6% is forecast.

While the Australian business' top line was considered on the weak side, Jarden expects this to improve as traffic into stores grows and there are more impulse purchases. Overweight maintained. Target is raised to $2.60 from $2.50.

This report was published on June 1, 2023.

Target price is $2.60 Current Price is $2.26 Difference: $0.34
If LGL meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 7.41 cents and EPS of 17.79 cents.
At the last closing share price the estimated dividend yield is 3.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.70.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 20.76 cents and EPS of 40.92 cents.
At the last closing share price the estimated dividend yield is 9.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.52.

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

MHJ    MICHAEL HILL INTERNATIONAL LIMITED

Luxury – Overnight Price: $0.93

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

Michael Hill provided a second-half trading update which highlighted a slowdown in consumer spending, particularly in the Australasian markets. Group sales for the 20 weeks to May 21 were down -3.5%.

Jarden is encouraged by the fact that Michael Hill appears to be outperforming peers and gaining share. While margin commentary was absent from the update, the broker forecasts a contraction as peers increase discounting activity and sales come under pressure.

Meanwhile, the company has settled the acquisition of Bevilles taking operational control from June 1, 2023. Overweight rating maintained. Target is reduced to NZ$1.40 from NZ$1.50.

This report was published on June 1, 2023.

Current Price is $0.93. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 8.50 cents and EPS of 11.60 cents.
At the last closing share price the estimated dividend yield is 9.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.02.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 8.50 cents and EPS of 10.10 cents.
At the last closing share price the estimated dividend yield is 9.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.21.

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

PPE    PEOPLEIN LIMITED

Jobs & Skilled Labour Services – Overnight Price: $2.61

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

PeopleIN has concluded its strategic review and reaffirmed FY23 EBITDA guidance of $62-66m.

Wilsons notes the strategic review did not lead to a corporate action yet, while it may be disappointing that value realisation or a strategic investment was not achieved, it is seen as unlikely this would have eventuated.

The broker remains constructive over the medium term, noting there were several positive initiatives outlined in the Commonwealth budget.

The discounted cash flow component of the valuation is removed which reduces the target to $3.53 from $4.77. Overweight maintained.

This report was published on June 1, 2023.

Target price is $3.53 Current Price is $2.61 Difference: $0.92
If PPE meets the Wilsons target it will return approximately 35% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 13.80 cents and EPS of 28.90 cents.
At the last closing share price the estimated dividend yield is 5.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.03.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 16.30 cents and EPS of 32.10 cents.
At the last closing share price the estimated dividend yield is 6.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.13.

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

QUB    QUBE HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $2.92

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

Container movements across Australia's four ports declined -4.9% over the year to April. Jarden notes this continues the run of volatile trade data across the second half.

Imports and empty container volumes continue to be the largest contributors to the drag on overall growth rates across the industry.

As Qube Holdings is exposed to cyclical revenue and earnings drivers, the broker expects lower volume growth will translate into slower net profit growth over the medium term. On balance, the company is undertaking re-pricing of its services to customers.

Overweight rating and $3.30 target retained.

This report was published on June 1, 2023.

Target price is $3.30 Current Price is $2.92 Difference: $0.38
If QUB meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $3.41, suggesting upside of 16.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 10.20 cents and EPS of 12.20 cents.
At the last closing share price the estimated dividend yield is 3.49%.
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 12.8, implying annual growth of 94.2%.
Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 11.80 cents and EPS of 13.30 cents.
At the last closing share price the estimated dividend yield is 4.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.4, implying annual growth of 4.7%.
Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 21.8.

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

REA    REA GROUP LIMITED

Real Estate – Overnight Price: $138.08

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

Jarden believes REA Group needs to continue to add value to justify its double-digit price increases, yet how this is done remains the question.

The broker does not believe REA Group will disintermediate the agent but suspects continued price rises may put pressure on the real estate agent commission pool in the future.

An Overweight rating is maintained. Target price is unchanged at $145.

This report was published on May 31, 2023.

Target price is $145.00 Current Price is $138.08 Difference: $6.92
If REA meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $124.28, suggesting downside of -10.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 276.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 49.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 275.9, implying annual growth of -5.3%.
Current consensus DPS estimate is 151.3, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 50.0.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 356.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 338.1, implying annual growth of 22.5%.
Current consensus DPS estimate is 184.8, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 40.8.

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

SUN    SUNCORP GROUP LIMITED

Insurance – Overnight Price: $13.34

Jarden rates ((SUN)) as Buy (1) –

Listed general insurers averaged around 15% gross written premium growth for the March quarter, according to APRA statistics, compared to industry GWP growth of 13.8%.

Despite higher reinsurance costs, Jarden notes industry net earned premium (NEP) growth was strong at 15.6% in the quarter and 14.4% year-on-year.

The broker keeps its Buy rating and $14 target for Suncorp Group.

This report was published on May 26, 2023.

Target price is $14.00 Current Price is $13.34 Difference: $0.66
If SUN meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $14.59, suggesting upside of 9.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 82.00 cents and EPS of 103.10 cents.
At the last closing share price the estimated dividend yield is 6.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 101.4, implying annual growth of 88.5%.
Current consensus DPS estimate is 76.8, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 13.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 91.70 cents and EPS of 98.10 cents.
At the last closing share price the estimated dividend yield is 6.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 103.7, implying annual growth of 2.3%.
Current consensus DPS estimate is 80.0, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.9.

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

TAH    TABCORP HOLDINGS LIMITED

Gaming – Overnight Price: $1.16

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

Tabcorp Holdings has reiterated its targets for FY25 which includes achieving 30% digital revenue market share and reducing operating expenditure to $600-620m. Jarden notes presentations focused on data analytics, recurring revenue and targeted customer acquisition.

The company is also addressing its disadvantage compared with its lower-taxed foreign competitors by advocating a level playing field.

Jarden retains an Overweight rating with a $1.18 target. The broker has become more constructive on the standalone and more focused business. Coverage is transferred to Rohan Gallagher.

This report was published on June 1, 2023.

Target price is $1.18 Current Price is $1.16 Difference: $0.025
If TAH meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.16, suggesting upside of 0.3%(ex-dividends)
The company's fiscal year ends in August.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 2.20 cents and EPS of 3.40 cents.
At the last closing share price the estimated dividend yield is 1.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.7, implying annual growth of -98.8%.
Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 31.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 2.50 cents and EPS of 3.60 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 32.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.2, implying annual growth of 13.5%.
Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 27.5.

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

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