Australian Broker Call *Extra* Edition – Jul 03, 2023

This story features ATLANTIC LITHIUM LIMITED., and other companies. For more info SHARE ANALYSIS: A11

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)

A11   ADH   CAJ   HVN   IPD   JAN   LEL   MAH   PBH   SDR   STM   TCL   TRJ   VIT  

A11    ATLANTIC LITHIUM LIMITED.

New Battery Elements – Overnight Price: $0.55

Wilsons rates ((A11)) as Overweight (1) –

Atlantic Lithium has a definitive feasibility study at Ewoyaa in Ghana which Wilsons observes has detailed a robust and compelling project with exceptional economics. Major changes are increased scale, with throughput to 2.7mtpa and expected average output lifting towards 300,000tpa.

The broker notes that both Atlantic Lithium and the project are currently debt free. Piedmont Lithium has an earn-in agreement and is expected to fund the majority of capital expenditure for a 50% stake.

Overweight rating and $1.10 target maintained.

This report was published on June 30, 2023.

Target price is $1.10 Current Price is $0.55 Difference: $0.555
If A11 meets the Wilsons target it will return approximately 102% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 68.13.

Forecast for FY24:

Wilsons forecasts a full year FY24 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 136.25.

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

ADH    ADAIRS LIMITED

Furniture & Renovation – Overnight Price: $1.58

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

Wilsons is increasingly concerned for Adairs' core customer consumption, as this is tied to housing activity, along with potential goodwill impairment for Mocka.

Mocka was acquired for $94.8m including earn-out payments. Since acquisition it has faced a number of issues that may negatively affect the brand value, the broker adds.

Wilsons also cites recent downgrades at other retailers in regard to poor customer response to promotional activity. Rating is downgraded to Underweight from Market Weight and the target is reduced to $1.20 from $1.60.

This report was published on June 30, 2023.

Target price is $1.20 Current Price is $1.58 Difference: minus $0.38 (current price is over target).
If ADH meets the Wilsons target it will return approximately minus 24% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.72, suggesting upside of 8.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 14.00 cents and EPS of 22.40 cents.
At the last closing share price the estimated dividend yield is 8.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.2, implying annual growth of -15.8%.
Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 9.1%.
Current consensus EPS estimate suggests the PER is 7.1.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 3.00 cents and EPS of 4.40 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 35.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of -13.5%.
Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 8.9%.
Current consensus EPS estimate suggests the PER is 8.2.

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

CAJ    CAPITOL HEALTH LIMITED

Healthcare services – Overnight Price: $0.27

Jarden rates ((CAJ)) as Neutral (3) –

Capitol Health has guided to an increase of 12.9% in FY23 revenue, to $208m. The update was less than Jarden expected, with EBITDA guidance of $39.3-40m missing its estimate by -11.1%.

The broker notes demand appears to be improving, with management noting a return of imaging activity late in the fourth quarter of FY23 that provides positive momentum going into FY24.

Yet April Medicare data shows GP visits, which account for around 85% of the company's referrals, continue to be subdued. Jarden retains a Neutral rating and reduces the target to $0.28 from $0.30.

This report was published on June 29, 2023.

Target price is $0.28 Current Price is $0.27 Difference: $0.01
If CAJ meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $0.34, suggesting upside of 24.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 1.00 cents and EPS of 0.70 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 38.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, implying annual growth of -13.5%.
Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 30.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 1.00 cents and EPS of 1.10 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 24.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.3, implying annual growth of 44.4%.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 20.8.

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

HVN    HARVEY NORMAN HOLDINGS LIMITED

Consumer Electronics – Overnight Price: $3.48

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

The update from Harvey Norman highlighted how tough it is for retailers at the moment although the guidance for pre-tax profit of around $670m in FY23 was better than Jarden feared.

While acknowledging cost pressures are likely to lift in Australia in FY24 the broker considers the earnings risk is less than for peers. The reason being Harvey Norman's categories in Australia have been hit harder and earlier and this should begin to be cycled through the second quarter of FY24.

Moreover, overseas trends are improving and the loss of market share in Australia is expected to normalise in part into FY24. Rating is upgraded to Neutral from Underweight and the target edges down to $3.40 from $3.50.

This report was published on June 28, 2023.

Target price is $3.40 Current Price is $3.48 Difference: minus $0.08 (current price is over target).
If HVN meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.56, suggesting upside of 2.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 21.00 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 6.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.9, implying annual growth of -41.8%.
Current consensus DPS estimate is 25.3, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 9.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 18.00 cents and EPS of 30.60 cents.
At the last closing share price the estimated dividend yield is 5.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.0, implying annual growth of -18.2%.
Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 11.2.

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

IPD    IMPEDIMED LIMITED

Medical Equipment & Devices – Overnight Price: $0.18

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

Blue Cross Blue Shield Michigan will cover SOZO testing in cancer-related lymphoedema, representing the first state in which this is covered for the majority of insured lives.

Wilsons considers the announcement a partial-de-risking event, which should provide access to more than 500 sites of service and a substantial revenue opportunity for Impedimed. Overweight rating and 21c target are under review.

This report was published on June 29, 2023.

Target price is $0.21 Current Price is $0.18 Difference: $0.03
If IPD meets the Wilsons target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.36.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.00.

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

JAN    JANISON EDUCATION GROUP LIMITED

Education & Tuition – Overnight Price: $0.45

Taylor Collison rates ((JAN)) as Speculative Buy (1) –

Janison Education is on the way to a more sustainable growth model, Taylor Collison suggests. The NAPLAN extension and trading update provides confidence that new contracts can be won and expanded.

Guidance is reiterated, with positive free cash flow and more than 100% growth in EBITDA anticipated. Under the terms of the new agreement, the company will provide the technology, support and maintenance services required to deliver NAPLAN online.

The new agreement has initial term of three years plus three optional years, valuing it at over $24m for the full six years. Speculative Buy rating retained. Target is reduced to $0.57 from $0.77.

This report was published on June 23, 2023.

Target price is $0.57 Current Price is $0.45 Difference: $0.125
If JAN meets the Taylor Collison target it will return approximately 28% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Taylor Collison forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.35 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 32.96.

Forecast for FY24:

Taylor Collison forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.01 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4450.00.

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: $0.86

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

Lithium Energy has a maiden resource of 3.3mt of lithium carbonate equivalent at its 90%-owned Solaroz project in Argentina. The scale of the resource beat expectations and Petra Capital believes it is of a size that will attract interest.

An economic study is targeted for the September quarter which should be the catalyst for strategic investors and customers to accelerate their engagement.

The broker points out the project has fresh water, roads and a gas pipeline all located within its tenements as well as de-risked metallurgy given two existing projects are on the same salar.

Buy rating reiterated with a $1.96 target (formerly $1.97).

This report was published on June 30, 2023.

Target price is $1.96 Current Price is $0.86 Difference: $1.095
If LEL meets the Petra Capital target it will return approximately 127% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 11.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.59.

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

MAH    MACMAHON HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.15

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

Macmahon has narrowed guidance to the mid point of the prior range and confirmed FY23 EBIT growth of 15%. Positive earnings momentum into FY24 reflects recent contract wins.

Petra Capital assesses the company offers relative risk-adjusted value to the mining services sector. Moreover, while expecting the mining cycle will remain supportive of contractors, the broker believes the stock's discount to peers adds to its overall appeal.

Buy rating reiterated. Target is raised to $0.30 from $0.28.

This report was published on June 30, 2023.

Target price is $0.30 Current Price is $0.15 Difference: $0.145
If MAH meets the Petra Capital target it will return approximately 94% (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 0.80 cents and EPS of 3.00 cents.
At the last closing share price the estimated dividend yield is 5.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.17.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 1.00 cents and EPS of 3.30 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 4.70.

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

PBH    POINTSBET HOLDINGS LIMITED

Gaming – Overnight Price: $1.79

Jarden rates ((PBH)) as Buy (1) –

Fanatics has improved its proposal to buy PointsBet Holdings' US business. The offer is cash of US$225m compared with US$150m previously. This offer exceeded the DraftKing indicative offer and DraftKing was unable to finalise a binding offer by the deadline of June 27.

Jarden believes the price improvement should please shareholders and an approved sale would lead to significant de-risking of the remaining non-US business model. The Buy rating and $1.79 target are maintained.

This report was published on June 28, 2023.

Target price is $1.79 Current Price is $1.79 Difference: $0
If PBH meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
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 85.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.08.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 64.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.78.

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

SDR    SITEMINDER LIMITED

Travel, Leisure & Tourism – Overnight Price: $2.92

Jarden rates ((SDR)) as Buy (1) –

Jarden observes SiteMinder has underperformed domestic travel peers by -52% and offshore peers by -53% over the past 12 months. Meanwhile, travel statistics show continued improvement in passenger movements, average daily room rates and hotel occupancy.

Recent feedback from the company since the third quarter update signals strong property growth is being achieved.

The broker continues to envisage the fourth quarter FY24 cash flow neutral target as achievable. Buy rating reiterated. Target is $4.30.

This report was published on June 28, 2023.

Target price is $4.30 Current Price is $2.92 Difference: $1.38
If SDR meets the Jarden target it will return approximately 47% (excluding dividends, fees and charges).
Current consensus price target is $5.59, suggesting upside of 91.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 15.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -15.1, implying annual growth of N/A.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.7%.
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 8.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 35.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.7, 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.

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

STM    SUNSTONE METALS LIMITED

Copper – Overnight Price: $0.03

Taylor Collison rates ((STM)) as Speculative Buy (1) –

Taylor Collison observes drilling across Sunstone Metals' Ecuadorean copper-gold projects continues to deliver solid results. Upside potential at Bramaderos has been confirmed with current work being concentrated on epithermal mineralisation at the Limon prospect.

Recent drilling at El Palmar has discovered a new porphyry system at the previously undrilled T3 magnetic complex. The broker lauds the quality of the assets in a highly prospective region and retains a Speculative Buy rating. No target is provided.

This report was published on June 23, 2023.

Current Price is $0.03. Target price not assessed.
The company's fiscal year ends in June.

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

TCL    TRANSURBAN GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $14.25

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

The ACCC has raised concerns around competition in regard to future toll road concessions on reviewing Transurban Group's proposed acquisition of a majority interest in EastLink.

Jarden suspects this may be a sign that the company will experience a less favourable regulatory environment in coming years, as the statement from the ACCC raises two key issues that were not in play when Transurban took the Sydney Transport Partners stake in WestConnex in 2018.

Moreover, the stock appears to offer an unattractive risk/reward at the current share price as the dividend yield offers a thin spread to risk-free rates, in the broker's opinion.

Jarden retains an Underweight rating and $12.90 target.

This report was published on June 29, 2023.

Target price is $12.90 Current Price is $14.25 Difference: minus $1.35 (current price is over target).
If TCL meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.66, suggesting upside of 2.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 58.00 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 123.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.5, implying annual growth of 3415.6%.
Current consensus DPS estimate is 57.5, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 63.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 65.30 cents and EPS of 25.70 cents.
At the last closing share price the estimated dividend yield is 4.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.9, implying annual growth of 28.4%.
Current consensus DPS estimate is 62.0, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 49.3.

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

TRJ    TRAJAN GROUP HOLDINGS LIMITED

Medical Equipment & Devices – Overnight Price: $1.81

Taylor Collison rates ((TRJ)) as Buy (1) –

Taylor Collison considers the recent decline in the Trajan Group share price excessive and the stock is now at an attractive entry point.

A reduced share price and a lower appetite for increased leverage has led management to shelve material M&A in the short term. The broker believes this is appropriate, allowing the business to focus on the synergies at hand.

Short term, the business is expected to deliver on FY23 guidance for revenue of $155-165m and normalised EBITDA of $21.7-25.8m and continues to benefit from defensive revenue in biological, food and environmental testing.

The broker retains a Buy rating. No target is provided.

This report was published on June 26, 2023.

Current Price is $1.81. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

Taylor Collison forecasts a full year FY23 dividend of 0.00 cents and EPS of 6.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.01.

Forecast for FY24:

Taylor Collison forecasts a full year FY24 dividend of 0.00 cents and EPS of 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.10.

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

VIT    VITURA HEALTH LIMITED

Overnight Price: $0.52

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

Having visited Vitura Health's Melbourne distribution centre, Petra Capital is impressed with the facility, which should cater for greater demand amid increasing acceptance of medicinal cannabis to treat a variety of ailments.

The collaboration with Releaf clinics should act as an entry point for increased sales of various products through the company's platform, CanView 2.0.

The broker reiterates a positive view on the outlook and maintains a Buy rating with a $0.67 target.

This report was published on June 30, 2023.

Target price is $0.67 Current Price is $0.52 Difference: $0.155
If VIT meets the Petra Capital target it will return approximately 30% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 1.00 cents and EPS of 2.50 cents.
At the last closing share price the estimated dividend yield is 1.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.60.

Forecast for FY24:

Petra Capital 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 16.61.

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

---

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

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

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

Click to view our Glossary of Financial Terms