Australian Broker Call *Extra* Edition – Jul 10, 2023

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

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)

AMP   APE   AWC   AZJ   BHP   BSL   CGF   CIA   COH   CRN   CSR   DRR   ENN   FMG   HUB   IFL   ILU   IPG   JHG   LOV   LYC   MFG   MIN   NHC   NWL   PPT   PTM   RIO   S32   SFR   SGM   SUN (2)   WHC  

AMP    AMP LIMITED

Wealth Management & Investments – Overnight Price: $1.00

Jarden rates ((AMP)) as Neutral (3) –

Jarden updates earnings forecasts, marking to market movements across stocks in its wealth management coverage.

EPS upgrades are highest for the asset managers that have significant offshore exposure while AMP is expected to benefit from higher investment yields. Neutral maintained. Target rises to $1.20 from $1.15.

This report was published on July 4, 2023.

Target price is $1.20 Current Price is $1.00 Difference: $0.2
If AMP meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $1.20, suggesting upside of 20.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 5.00 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.6, implying annual growth of N/A.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 6.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 6.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.2, implying annual growth of 24.2%.
Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 12.2.

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

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $14.26

Moelis rates ((APE)) as Buy (1) –

Eagers Automotive will outlay $70m ($50m cash, $20m in shares) for a further 31% stake (now 80%) in the BYD retail joint venture, secured from partner and BYD importer, EVDirect.

The analyst believes the now 20% interest for EVDirect successfully aligns the importer's interests in the economics of the retailing business.

The broker also notes the recent announcement of a strategic partnership with McMillan Shakespeare ((MMS)) makes sense, given the novated leasing FBT exemption makes new electric vehicles more attractive to consumers.

The target rises to $15.50 from $14.80. Buy.

The broker released separate research a day later (which didn't impact on the target or rating) as follows:

In an indication of improving supply, Moelis highlights new vehicles sales in June rose by 25% on the previous corresponding period (albeit off a low base) and were 6.1% in advance of sales in June 2019. New energy vehicles continue to gain market share.

In a weaker consumer environment, the broker expects luxury brands will remain more resilient and suggests Autosports Group ((ASG)) will benefit.

Moelis believes Eagers Automotive has best optimised its fixed cost base and positioned its brand portfolio appropriately for increased electric vehicle adoption.

This report was published on July 7, 2023.

Target price is $15.50 Current Price is $14.26 Difference: $1.24
If APE meets the Moelis target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $14.72, suggesting upside of 3.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 75.00 cents and EPS of 111.80 cents.
At the last closing share price the estimated dividend yield is 5.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 110.4, implying annual growth of -9.0%.
Current consensus DPS estimate is 70.5, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 67.00 cents and EPS of 99.60 cents.
At the last closing share price the estimated dividend yield is 4.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.4, implying annual growth of -7.2%.
Current consensus DPS estimate is 65.8, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 13.9.

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

AWC    ALUMINA LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $1.34

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

Goldman Sachs reduces alumina price estimates for 2023, retaining Sell rating and $1.25 target for Alumina Ltd.

This report was published on July 6, 2023.

Target price is $1.25 Current Price is $1.34 Difference: minus $0.09 (current price is over target).
If AWC meets the Goldman Sachs target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.39, suggesting upside of 3.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.19 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 112.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.2, implying annual growth of N/A.
Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 111.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 7.44 cents and EPS of 10.26 cents.
At the last closing share price the estimated dividend yield is 5.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of 708.3%.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 13.8.

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

AZJ    AURIZON HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $3.87

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

Aurizon Holdings has announced the completion of the 20-day risk-free rate averaging period which yielded 3.87%, that Jarden notes is a considerable increase from the 1.9% base period when UT5 was originally handed down.

The broker calculates the final network WACC reset for FY24-27 is likely to be greater than 8.2%.

The company has also reaffirmed FY23 underlying EBITDA guidance, despite the unexpected weakness in the bulk business carrying through into the second half. Overweight and $3.80 target maintained.

This report was published on July 4, 2023.

Target price is $3.80 Current Price is $3.87 Difference: minus $0.07 (current price is over target).
If AZJ 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 $3.94, suggesting upside of 1.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 16.10 cents and EPS of 21.80 cents.
At the last closing share price the estimated dividend yield is 4.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.9, implying annual growth of -21.4%.
Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 17.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 20.00 cents and EPS of 26.70 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 14.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.4, implying annual growth of 25.1%.
Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.1.

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

BHP    BHP GROUP LIMITED

Bulks – Overnight Price: $43.20

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

Goldman Sachs reviews its bulk miners coverage and reduces estimates for BHP Group's FY24 Spence copper and Pilbara iron ore production.

A Buy rating is retained and the target is reduced to $45.70 from $46.90.

This report was published on July 6, 2023.

Target price is $45.70 Current Price is $43.20 Difference: $2.5
If BHP meets the Goldman Sachs target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $43.98, suggesting upside of 1.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 282.53 cents and EPS of 408.92 cents.
At the last closing share price the estimated dividend yield is 6.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 427.0, implying annual growth of N/A.
Current consensus DPS estimate is 282.8, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 196.28 cents and EPS of 342.01 cents.
At the last closing share price the estimated dividend yield is 4.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 413.9, implying annual growth of -3.1%.
Current consensus DPS estimate is 263.7, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 10.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BSL    BLUESCOPE STEEL LIMITED

Steel & Scrap – Overnight Price: $19.51

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

Goldman Sachs lowers East Asia HRC steel price estimates and raises long-run metallurgical coal prices, retaining a Buy rating and reducing the target to $22.70 from $23.80 for BlueScope Steel.

This report was published on July 6, 2023.

Target price is $22.70 Current Price is $19.51 Difference: $3.19
If BSL meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $21.14, suggesting upside of 8.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 50.00 cents and EPS of 248.00 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 248.1, implying annual growth of -56.6%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 7.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 50.00 cents and EPS of 258.00 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 190.3, implying annual growth of -23.3%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 10.3.

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

CGF    CHALLENGER LIMITED

Wealth Management & Investments – Overnight Price: $6.40

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

Jarden updates earnings forecasts, marking to market movements across stocks in its wealth management coverage.

Challenger is among the preferred stocks because of retail annuity sales and margin leverage to a higher interest rate environment. Overweight rating and $7.20 target maintained.

This report was published on July 4, 2023.

Target price is $7.20 Current Price is $6.40 Difference: $0.8
If CGF meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $7.01, suggesting upside of 9.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 24.50 cents and EPS of 46.70 cents.
At the last closing share price the estimated dividend yield is 3.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.3, implying annual growth of 15.3%.
Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 26.90 cents and EPS of 54.10 cents.
At the last closing share price the estimated dividend yield is 4.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.6, implying annual growth of 26.1%.
Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 11.7.

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

CIA    CHAMPION IRON LIMITED

Iron Ore – Overnight Price: $5.65

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

Goldman Sachs reduces third quarter sales volume estimates because of the forest fires while increasing shipping rate estimates for Champion Iron, retaining a Buy rating and lowering the target to $6.70 from $7.10.

This report was published on July 6, 2023.

Target price is $6.70 Current Price is $5.65 Difference: $1.05
If CIA meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 13.32 cents and EPS of 43.29 cents.
At the last closing share price the estimated dividend yield is 2.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.05.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 15.54 cents and EPS of 49.95 cents.
At the last closing share price the estimated dividend yield is 2.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.31.

This company reports in CAD. 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

COH    COCHLEAR LIMITED

Medical Equipment & Devices – Overnight Price: $221.56

Jarden rates ((COH)) as Neutral (3) –

Generally, Jarden assesses the underlying thematic for Cochlear is encouraging, particularly as efforts to build real-world data to support changes in reimbursement and extend label claims enhance awareness and are starting to underpin volumes.

Still, the broker is cautious heading into the FY23 reports, suspecting the expectations for the Nucleus 8 processor upgrade may have been diluted by deferrals from cost-of-living pressures. Neutral maintained. Target is reduced to $218.09 from $221.42.

This report was published on July 5, 2023.

Target price is $218.09 Current Price is $221.56 Difference: minus $3.47 (current price is over target).
If COH 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 $223.43, suggesting upside of 0.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 333.90 cents and EPS of 456.90 cents.
At the last closing share price the estimated dividend yield is 1.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 463.0, implying annual growth of 5.3%.
Current consensus DPS estimate is 330.5, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 47.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 370.60 cents and EPS of 550.70 cents.
At the last closing share price the estimated dividend yield is 1.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 521.8, implying annual growth of 12.7%.
Current consensus DPS estimate is 367.5, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 42.5.

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

CRN    CORONADO GLOBAL RESOURCES INC

Coal – Overnight Price: $1.51

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

Goldman Sachs increases long-run metallurgical coal price estimates as well as costs for Curragh. A Buy rating is maintained for Coronado Global Resources while the target is lifted to $2.15 from $2.05.

This report was published on July 6, 2023.

Target price is $2.15 Current Price is $1.51 Difference: $0.64
If CRN meets the Goldman Sachs target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $2.04, suggesting upside of 35.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 17.84 cents and EPS of 37.18 cents.
At the last closing share price the estimated dividend yield is 11.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.6, implying annual growth of N/A.
Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 11.3%.
Current consensus EPS estimate suggests the PER is 3.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 20.82 cents and EPS of 28.25 cents.
At the last closing share price the estimated dividend yield is 13.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.2, implying annual growth of 1.3%.
Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 16.7%.
Current consensus EPS estimate suggests the PER is 3.3.

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

CSR    CSR LIMITED

Building Products & Services – Overnight Price: $5.35

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

CSR will acquire Woven Image for $43m, which compliments its existing interior product offering. Jarden is not surprised, given the stated intention to pursue bolt-on acquisitions.

As a result, the on-market share buyback will conclude in July with $36m completed to date. The broker believes the acquisition makes strategic sense and further diversifies the CSR business to the non-residential end markets.

Estimates are unchanged. Overweight rating and $5.74 target maintained.

This report was published on July 4, 2023.

Target price is $5.74 Current Price is $5.35 Difference: $0.39
If CSR meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $5.51, suggesting upside of 3.0%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 27.90 cents and EPS of 39.90 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.9, implying annual growth of -19.0%.
Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 28.10 cents and EPS of 40.20 cents.
At the last closing share price the estimated dividend yield is 5.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.4, implying annual growth of -4.1%.
Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 15.1.

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

DRR    DETERRA ROYALTIES LIMITED

Iron Ore – Overnight Price: $4.53

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

Goldman Sachs reviews its bulk miners coverage, retaining a Neutral rating and reducing the target for Deterra Royalties to $4.50 from $4.60 because of FX changes.

This report was published on July 6, 2023.

Target price is $4.50 Current Price is $4.53 Difference: minus $0.03 (current price is over target).
If DRR meets the Goldman Sachs target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.47, suggesting downside 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 30.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 6.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.7, implying annual growth of -9.1%.
Current consensus DPS estimate is 30.6, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 28.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 6.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.7, implying annual growth of N/A.
Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 14.8.

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

ENN    ELANOR INVESTORS GROUP

Wealth Management & Investments – Overnight Price: $1.62

Moelis rates ((ENN)) as Reinstate Coverage with Buy (1) –

Elanor Investors is nearing completion of the acquisition of Challenger's ((CGF)) $3.4bn real estate funds management business which it acquired for $37.7m.

A key mandate with ADIC has been recently agreed and as a result ADIC will now hold 3% of Elanor Investors with Challenger holding 13.7%.

Moelis believes the Challenger deal is transformative for the business and reinstates coverage with a Buy rating and $2.33 target.

This report was published on July 5, 2023.

Target price is $2.33 Current Price is $1.62 Difference: $0.71
If ENN meets the Moelis target it will return approximately 44% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 9.00 cents and EPS of 9.90 cents.
At the last closing share price the estimated dividend yield is 5.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.36.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 15.50 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 9.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.42.

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

FMG    FORTESCUE METALS GROUP LIMITED

Iron Ore – Overnight Price: $22.08

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

Goldman Sachs reviews its bulk miners coverage, increasing estimates for low-grade iron ore price realisations and mine life across the Chichesters and Western Hub. Delays are also incorporated for the Iron Bridge ramp up.

The broker retains a Sell rating for Fortescue Metals and raises the target to $15.00 from $14.90.

This report was published on July 6, 2023.

Target price is $15.00 Current Price is $22.08 Difference: minus $7.08 (current price is over target).
If FMG meets the Goldman Sachs target it will return approximately minus 32% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $16.82, suggesting downside of -22.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 181.41 cents and EPS of 269.15 cents.
At the last closing share price the estimated dividend yield is 8.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 290.1, implying annual growth of N/A.
Current consensus DPS estimate is 203.3, implying a prospective dividend yield of 9.4%.
Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 98.14 cents and EPS of 172.49 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 12.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 224.8, implying annual growth of -22.5%.
Current consensus DPS estimate is 159.4, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 9.6.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

HUB    HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $23.92

Jarden rates ((HUB)) as Neutral (3) –

Jarden updates earnings forecasts, marking to market movements across stocks in its wealth management coverage.

Among the platforms the broker prefers Insignia Financial given an undemanding valuation. Hub24's Neutral rating is maintained. Target is reduced to $28.25 from $28.35.

This report was published on July 4, 2023.

Target price is $28.25 Current Price is $23.92 Difference: $4.33
If HUB meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $32.63, suggesting upside of 36.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 30.90 cents and EPS of 65.70 cents.
At the last closing share price the estimated dividend yield is 1.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.8, implying annual growth of 231.0%.
Current consensus DPS estimate is 30.1, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 35.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 35.40 cents and EPS of 77.50 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 30.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.7, implying annual growth of 20.8%.
Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 29.6.

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

IFL    INSIGNIA FINANCIAL LIMITED

Wealth Management & Investments – Overnight Price: $2.73

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

Jarden updates earnings forecasts, marking to market movements across stocks in its wealth management coverage.

Among the platforms the broker prefers Insignia Financial given an undemanding valuation. Overweight maintained. Target is steady at $3.65.

This report was published on July 4, 2023.

Target price is $3.65 Current Price is $2.73 Difference: $0.92
If IFL meets the Jarden target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $3.68, suggesting upside of 34.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 19.70 cents and EPS of 28.50 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 9.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.4, implying annual growth of 419.4%.
Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 7.6%.
Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 22.10 cents and EPS of 31.40 cents.
At the last closing share price the estimated dividend yield is 8.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.9, implying annual growth of 8.5%.
Current consensus DPS estimate is 23.5, implying a prospective dividend yield of 8.6%.
Current consensus EPS estimate suggests the PER is 8.6.

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

ILU    ILUKA RESOURCES LIMITED

Mineral Sands – Overnight Price: $11.17

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

Goldman Sachs makes small changes to FX and mineral sands assumptions. Buy rating and $13.70 target maintained for Iluka Resources.

This report was published on July 6, 2023.

Target price is $13.70 Current Price is $11.17 Difference: $2.53
If ILU meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $11.36, suggesting upside of 1.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 42.00 cents and EPS of 98.00 cents.
At the last closing share price the estimated dividend yield is 3.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.4, implying annual growth of -28.9%.
Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 10.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 29.00 cents and EPS of 105.00 cents.
At the last closing share price the estimated dividend yield is 2.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.4, implying annual growth of -9.8%.
Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 12.1.

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

IPG    IPD GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $4.24

Moelis rates ((IPG)) as Initiation of coverage with Buy (1) –

Moelis initiates coverage on IPD Group with a Buy rating and $5.12 target. The company distributes electrical equipment and industrial digital technologies with a focus on buildings, infrastructure and process sectors.

Despite recent moderation of growth expectations for new plant capex, the broker highlights both late-cycle and early-cycle capex exposure for the company.

FY24 and FY24 earnings should be supported by an ongoing domestic recovery for the company's market leading ABB product and by the fast growing electric vehicle charging infrastructure market, explains the analyst.

Opportunistic acquisitions are another potential area for growth, suggests Moelis.

This report was published on July 7, 2023.

Target price is $5.12 Current Price is $4.24 Difference: $0.88
If IPG meets the Moelis target it will return approximately 21% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 9.00 cents and EPS of 18.00 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 23.56.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 11.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 2.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.19.

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

JHG    JANUS HENDERSON GROUP PLC

Wealth Management & Investments – Overnight Price: $39.36

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

Jarden updates earnings forecasts, marking to market movements across stocks in its wealth management coverage.

Given significant offshore exposure, Janus Henderson has benefited from strong global equity markets but an Underweight rating is retained to reflect a challenging valuation. Target is raised to $35.90 from $33.25.

This report was published on July 4, 2023.

Target price is $35.90 Current Price is $39.36 Difference: minus $3.46 (current price is over target).
If JHG 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 $39.35, suggesting downside of -0.0%(ex-dividends)
The company's fiscal year ends in January.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 231.97 cents and EPS of 317.32 cents.
At the last closing share price the estimated dividend yield is 5.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 324.7, 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 12.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 237.92 cents and EPS of 338.44 cents.
At the last closing share price the estimated dividend yield is 6.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 348.1, implying annual growth of 7.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.3.

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

LOV    LOVISA HOLDINGS LIMITED

Retailing – Overnight Price: $19.20

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

Wilsons notes Lovisa Holdings has reportedly opened its 800th store, which reflects 85 stores being opened in the second half of FY23. The broker takes the opportunity to review top-line and cost assumptions.

As a result, forecasts for the  short and medium-term are revised downwards. The broker still believes the stock is well-positioned for attractive and de-risked long-term growth. Overweight rating retained. Target is reduced to $24.00 from $27.30.

This report was published on July 6, 2023.

Target price is $24.00 Current Price is $19.20 Difference: $4.8
If LOV meets the Wilsons target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $26.85, suggesting upside of 39.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 55.90 cents and EPS of 74.50 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.6, implying annual growth of 24.4%.
Current consensus DPS estimate is 60.7, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 28.4.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 65.40 cents and EPS of 93.40 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.9, implying annual growth of 22.6%.
Current consensus DPS estimate is 69.3, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 23.2.

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

LYC    LYNAS RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $7.09

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

Goldman Sachs lowers estimates for rare earth prices from 2023-25, retaining a Neutral rating and reducing the target to $6.70 from $6.80 for Lynas Rare Earths.

This report was published on July 6, 2023.

Target price is $6.70 Current Price is $7.09 Difference: minus $0.39 (current price is over target).
If LYC meets the Goldman Sachs target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.99, suggesting upside of 12.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 33.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.8, implying annual growth of -43.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 24.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.7, implying annual growth of 5.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.9.

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

MFG    MAGELLAN FINANCIAL GROUP LIMITED

Wealth Management & Investments – Overnight Price: $8.63

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

Jarden updates earnings forecasts, marking to market movements across stocks in its wealth management coverage.

Magellan Financial's Underweight rating is maintained given continuous outflow and cost pressures. Target is raised to $8.50 from $8.10.

This report was published on July 4, 2023.

Target price is $8.50 Current Price is $8.63 Difference: minus $0.13 (current price is over target).
If MFG 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 $8.77, suggesting upside of 1.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 81.60 cents and EPS of 95.20 cents.
At the last closing share price the estimated dividend yield is 9.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.0, implying annual growth of -52.1%.
Current consensus DPS estimate is 82.5, implying a prospective dividend yield of 9.6%.
Current consensus EPS estimate suggests the PER is 8.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 56.10 cents and EPS of 78.70 cents.
At the last closing share price the estimated dividend yield is 6.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.4, implying annual growth of -24.8%.
Current consensus DPS estimate is 55.4, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 11.6.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $67.45

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

Goldman Sachs makes small changes to iron ore and lithium operating assumptions and raises the target to $60 from $59 for Mineral Resources while retaining a Sell rating.

This report was published on July 6, 2023.

Target price is $60.00 Current Price is $67.45 Difference: minus $7.45 (current price is over target).
If MIN meets the Goldman Sachs target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $82.00, suggesting upside of 21.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 159.00 cents and EPS of 418.00 cents.
At the last closing share price the estimated dividend yield is 2.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 438.1, implying annual growth of 137.0%.
Current consensus DPS estimate is 233.5, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 49.00 cents and EPS of 403.00 cents.
At the last closing share price the estimated dividend yield is 0.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 691.2, implying annual growth of 57.8%.
Current consensus DPS estimate is 277.6, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 9.8.

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

NHC    NEW HOPE CORPORATION LIMITED

Coal – Overnight Price: $4.76

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

Goldman Sachs lowers third quarter thermal price estimates while increasing long-run thermal and coking coal price assumptions. A delayed ramp up of the Maxwell mine is also incorporated into forecasts.

The broker retains a Sell rating for New Hope and raises the target to $3.40 from $3.00.

This report was published on July 6, 2023.

Target price is $3.40 Current Price is $4.76 Difference: minus $1.36 (current price is over target).
If NHC meets the Goldman Sachs target it will return approximately minus 29% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.24, suggesting upside of 10.0%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 67.00 cents and EPS of 134.00 cents.
At the last closing share price the estimated dividend yield is 14.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 146.6, implying annual growth of 24.1%.
Current consensus DPS estimate is 81.9, implying a prospective dividend yield of 17.2%.
Current consensus EPS estimate suggests the PER is 3.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 37.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 7.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.0, implying annual growth of -47.5%.
Current consensus DPS estimate is 49.6, implying a prospective dividend yield of 10.4%.
Current consensus EPS estimate suggests the PER is 6.2.

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

NWL    NETWEALTH GROUP LIMITED

Wealth Management & Investments – Overnight Price: $13.35

Jarden rates ((NWL)) as Neutral (3) –

Jarden updates earnings forecasts, marking to market movements across stocks in its wealth management coverage.

Among the platforms the broker prefers Insignia Financial given an undemanding valuation. Netwealth Group's Neutral rating is maintained. Target is raised to $14.05 from $13.35.

This report was published on July 4, 2023.

Target price is $14.05 Current Price is $13.35 Difference: $0.7
If NWL meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $14.73, suggesting upside of 10.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 23.90 cents and EPS of 27.60 cents.
At the last closing share price the estimated dividend yield is 1.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.9, implying annual growth of 22.5%.
Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 47.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 30.80 cents and EPS of 36.80 cents.
At the last closing share price the estimated dividend yield is 2.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.5, implying annual growth of 30.8%.
Current consensus DPS estimate is 30.7, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 36.6.

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

PPT    PERPETUAL LIMITED

Wealth Management & Investments – Overnight Price: $25.30

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

Jarden updates earnings forecasts, marking to market movements across stocks in its wealth management coverage.

Perpetual remains the preferred asset manager, reflecting acquisition-assisted momentum in earnings for the medium term. The broker adjusts EPS estimates, now consolidating Pendal at the date of control rather than completion date.

Overweight maintained. Target is raised to $30.50 from $29.35.

This report was published on July 4, 2023.

Target price is $30.50 Current Price is $25.30 Difference: $5.2
If PPT meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $30.33, suggesting upside of 19.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 145.80 cents and EPS of 214.10 cents.
At the last closing share price the estimated dividend yield is 5.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 217.4, implying annual growth of 21.1%.
Current consensus DPS estimate is 167.0, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 11.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 209.90 cents and EPS of 250.90 cents.
At the last closing share price the estimated dividend yield is 8.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 239.5, implying annual growth of 10.2%.
Current consensus DPS estimate is 181.8, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 10.6.

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

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments – Overnight Price: $1.62

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

Jarden updates earnings forecasts, marking to market movements across stocks in its wealth management coverage.

Platinum Asset Management's Underweight rating is maintained given continuous outflow and cost pressures. Target is reduced to $1.50 from $1.55.

This report was published on July 4, 2023.

Target price is $1.50 Current Price is $1.62 Difference: minus $0.125 (current price is over target).
If PTM meets the Jarden target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.77, suggesting upside of 8.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 13.50 cents and EPS of 13.70 cents.
At the last closing share price the estimated dividend yield is 8.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.3, implying annual growth of -18.5%.
Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 8.9%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 11.40 cents and EPS of 12.70 cents.
At the last closing share price the estimated dividend yield is 7.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.6, implying annual growth of -4.9%.
Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 8.4%.
Current consensus EPS estimate suggests the PER is 11.9.

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

RIO    RIO TINTO LIMITED

Bulks – Overnight Price: $111.75

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

Goldman Sachs reviews its bulk miners coverage, increasing expectations for mine life at Kennecott as well as the North Rim underground expansion.

The broker retains a Buy rating for Rio Tinto and reduces the target to $128.40 from $130.70.

This report was published on July 6, 2023.

Target price is $128.40 Current Price is $111.75 Difference: $16.65
If RIO meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $113.17, suggesting upside of 1.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 571.00 cents and EPS of 910.04 cents.
At the last closing share price the estimated dividend yield is 5.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1008.0, implying annual growth of N/A.
Current consensus DPS estimate is 630.5, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 640.89 cents and EPS of 948.70 cents.
At the last closing share price the estimated dividend yield is 5.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1134.4, implying annual growth of 12.5%.
Current consensus DPS estimate is 714.5, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 9.9.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

S32    SOUTH32 LIMITED

Mining – Overnight Price: $3.67

Goldman Sachs rates ((S32)) as Buy (1) –

Goldman Sachs reviews its bulk miners coverage, increasing forecasts for long-run metallurgical coal prices, raising nickel discounts and reducing Sierra Gorda FY24 production.

The broker retains a Buy rating for South32 and reduces the target to $4.10 from $4.20.

This report was published on July 6, 2023.

Target price is $4.10 Current Price is $3.67 Difference: $0.43
If S32 meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.68, suggesting upside of 27.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 16.36 cents and EPS of 34.20 cents.
At the last closing share price the estimated dividend yield is 4.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.4, implying annual growth of N/A.
Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 25.28 cents and EPS of 49.07 cents.
At the last closing share price the estimated dividend yield is 6.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.2, implying annual growth of 15.9%.
Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 8.7.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $5.68

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

Goldman Sachs reduces medium-term mining rate estimates at MATSA to 4.5mtpa as well as zinc grades and production at Magdalena, retaining a Sell rating and raising the target to $4.90 from $4.60 for Sandfire Resources.

This report was published on July 6, 2023.

Target price is $4.90 Current Price is $5.68 Difference: minus $0.78 (current price is over target).
If SFR meets the Goldman Sachs target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.76, suggesting upside of 19.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 14.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 40.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -15.7, 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:

Goldman Sachs forecasts a full year FY24 dividend of 2.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 0.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.0, implying annual growth of N/A.
Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 40.6.

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

SGM    SIMS LIMITED

Steel & Scrap – Overnight Price: $15.23

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

Goldman Sachs makes modest changes to scrap price assumptions, retaining a Buy rating and raising the target to $17.60 from $16.60 for Sims.

This report was published on July 6, 2023.

Target price is $17.60 Current Price is $15.23 Difference: $2.37
If SGM meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $14.90, suggesting downside of -2.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 46.00 cents and EPS of 90.00 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 16.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.5, implying annual growth of -74.4%.
Current consensus DPS estimate is 33.0, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 19.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 54.00 cents and EPS of 120.00 cents.
At the last closing share price the estimated dividend yield is 3.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.69.

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 2.1%.
Current consensus EPS estimate suggests the PER is 15.7.

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

SUN    SUNCORP GROUP LIMITED

Insurance – Overnight Price: $13.51

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

Suncorp Group has updated on its FY24 reinsurance. Renewals appear to be prioritising margin protection, Goldman Sachs observes, in the context of what appears to be an improving catastrophe environment/outlook or limited appetite/ability to pass through higher reinsurance costs.

FY24 margin expectations of 10-12% are unchanged. Buy rating and $14.53 target retained.

This report was published on July 5, 2023.

Target price is $14.53 Current Price is $13.51 Difference: $1.02
If SUN meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $14.57, suggesting upside of 9.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 70.00 cents and EPS of 94.00 cents.
At the last closing share price the estimated dividend yield is 5.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.6, implying annual growth of 81.4%.
Current consensus DPS estimate is 75.4, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 79.00 cents and EPS of 104.00 cents.
At the last closing share price the estimated dividend yield is 5.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.3, implying annual growth of 2.8%.
Current consensus DPS estimate is 76.6, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 13.3.

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

Jarden rates ((SUN)) as Buy (1) –

Looking past the mostly negative FY23 revisions to EPS for insurers, Jarden believes general insurers offer the greatest operating momentum, yield leverage and value appeal.

Suncorp Group's update on reinsurance renewal outcomes was better than Jarden feared, with the combined premium and catastrophe budget increases for FY24 below estimates.

The first event MER is rising to $350m from $250m, and this was a better outcome than the $500m the broker had anticipated. Buy rating retained. Target is $14.70.

This report was published on July 3, 2023.

Target price is $14.70 Current Price is $13.51 Difference: $1.19
If SUN meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $14.57, suggesting upside of 9.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 72.00 cents and EPS of 95.10 cents.
At the last closing share price the estimated dividend yield is 5.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.6, implying annual growth of 81.4%.
Current consensus DPS estimate is 75.4, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 97.70 cents and EPS of 106.10 cents.
At the last closing share price the estimated dividend yield is 7.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.3, implying annual growth of 2.8%.
Current consensus DPS estimate is 76.6, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 13.3.

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

WHC    WHITEHAVEN COAL LIMITED

Coal – Overnight Price: $6.61

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

Goldman Sach lowers third quarter thermal coal price estimates while increasing long-term assumptions for both thermal and coking coal. Neutral rating retained for Whitehaven Coal while the target is lifted to $7.80 from $7.20.

This report was published on July 6, 2023.

Target price is $7.80 Current Price is $6.61 Difference: $1.19
If WHC meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $7.91, suggesting upside of 19.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 48.00 cents and EPS of 289.00 cents.
At the last closing share price the estimated dividend yield is 7.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 306.8, implying annual growth of 55.3%.
Current consensus DPS estimate is 62.7, implying a prospective dividend yield of 9.5%.
Current consensus EPS estimate suggests the PER is 2.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 36.00 cents and EPS of 119.00 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 139.1, implying annual growth of -54.7%.
Current consensus DPS estimate is 43.6, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 4.8.

Market Sentiment: 0.7
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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