Australian Broker Call *Extra* Edition – Jul 17, 2023

This story features ANZ GROUP HOLDINGS LIMITED, and other companies. For more info SHARE ANALYSIS: ANZ

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)

ANZ   AQZ   BEN   BOQ   BPT   CAJ   CBA   COE   CVN   IGO   IPH   JLG   KAR   MP1   NAB   NEU   NWL   PFP   PSQ   PTM   RIO   RUL   SHV   STO   SYA   WBC   WDS  

ANZ    ANZ GROUP HOLDINGS LIMITED

Banks – Overnight Price: $24.44

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

Jarden wonders whether it is time to be less bearish on banks. While the sector is facing numerous operating headwinds the broker suspects investors will be looking for confirmation these are now easing and sufficiently reflected in forecasts.

Specifically, signs that margin pressures are moderating and credit stress is manageable will be sought. If confirmed in quarterly updates, the broker expects investor expectations will shift to a more constructive/neutral stance.

The broker raises the target for ANZ Bank to $24.80 from $24.40 and retains an Overweight rating.

This report was published on July 10, 2023.

Target price is $24.80 Current Price is $24.44 Difference: $0.36
If ANZ meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $26.49, suggesting upside of 8.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 163.00 cents and EPS of 231.00 cents.
At the last closing share price the estimated dividend yield is 6.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 240.9, implying annual growth of -3.6%.
Current consensus DPS estimate is 162.5, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 163.00 cents and EPS of 229.00 cents.
At the last closing share price the estimated dividend yield is 6.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 227.2, implying annual growth of -5.7%.
Current consensus DPS estimate is 163.0, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 10.8.

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

AQZ    ALLIANCE AVIATION SERVICES LIMITED

Transportation & Logistics – Overnight Price: $3.42

Wilsons rates ((AQZ)) as Upgrade to Overweight from Market Weight (1) –

Alliance Aviation Services has upgraded FY23 guidance, expecting pre-tax profit of $56.9m. Wilsons is impressed by the upgrade as it implies a significant uplift in margins half-on-half, increased flying activity and aircraft utilisation.

The broker also welcomes the news the fleet expansion is delivering significant earnings growth, although it is also driving a material increase in debt.

The broker continues to assume dividends recommence from FY24, yet observes the company may take the opportunity to review capital management in the light of aircraft funding requirements.

Rating is upgraded to Overweight from Market Weight and the target lifted to $3.88 from $3.47.

This report was published on July 14, 2023.

Target price is $3.88 Current Price is $3.42 Difference: $0.46
If AQZ meets the Wilsons target it will return approximately 13% (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 24.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.79.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 22.10 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 6.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.06.

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

BEN    BENDIGO & ADELAIDE BANK LIMITED

Banks – Overnight Price: $8.96

Jarden rates ((BEN)) as Neutral (3) –

Jarden wonders whether it is time to be less bearish on banks. While the sector is facing numerous operating headwinds the broker suspects investors will be looking for confirmation these are now easing and sufficiently reflected in forecasts.

Specifically, signs that margin pressures are moderating and credit stress is manageable will be sought. If confirmed in quarterly updates, the broker expects investor expectations will shift to a more constructive/neutral stance.

Neutral rating retained for Bendigo & Adelaide Bank and the target is raised to $9.15 from $9.10.

This report was published on July 10, 2023.

Target price is $9.15 Current Price is $8.96 Difference: $0.19
If BEN meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $9.69, suggesting upside of 8.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 60.00 cents and EPS of 90.00 cents.
At the last closing share price the estimated dividend yield is 6.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.2, implying annual growth of 11.0%.
Current consensus DPS estimate is 60.4, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 9.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 60.00 cents and EPS of 78.00 cents.
At the last closing share price the estimated dividend yield is 6.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.9, implying annual growth of -9.6%.
Current consensus DPS estimate is 60.8, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 10.2.

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

BOQ    BANK OF QUEENSLAND LIMITED

Banks – Overnight Price: $5.74

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

Jarden wonders whether it is time to be less bearish on banks. While the sector is facing numerous operating headwinds the broker suspects investors will be looking for confirmation these are now easing and sufficiently reflected in forecasts.

Specifically, signs that margin pressures are moderating and credit stress is manageable will be sought. If confirmed in quarterly updates, the broker expects investor expectations will shift to a more constructive/neutral stance.

Jarden maintains an Overweight rating for Bank of Queensland and reduces the target to $6.20 from $6.30.

This report was published on July 10, 2023.

Target price is $6.20 Current Price is $5.74 Difference: $0.46
If BOQ meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $6.43, suggesting upside of 11.9%(ex-dividends)
The company's fiscal year ends in August.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 40.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 6.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.1, implying annual growth of -4.8%.
Current consensus DPS estimate is 43.1, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 9.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 40.00 cents and EPS of 54.00 cents.
At the last closing share price the estimated dividend yield is 6.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.0, implying annual growth of -11.3%.
Current consensus DPS estimate is 44.1, implying a prospective dividend yield of 7.7%.
Current consensus EPS estimate suggests the PER is 10.3.

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

BPT    BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.50

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

Jarden cuts its 2H Brent oil price forecast to US$80/bbl from US$85/bbl but retains its 2024 and 2025 forecasts of US$80/bbl and US$75/bbl, respectively.

Only modest valuation changes are made for stocks under the broker's coverage.

The target for Beach Energy slips to $1.65 from $1.70 and the Overweight rating is unchanged. The analyst expects a 15% increase in June quarter production to 5.2mmboe.

This report was published on July 11, 2023.

Target price is $1.65 Current Price is $1.50 Difference: $0.145
If BPT meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.86, suggesting upside of 23.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 3.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 1.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of -28.5%.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 6.50 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 4.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.3, implying annual growth of 35.7%.
Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 7.1.

Market Sentiment: 0.6
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: $0.26

Wilsons rates ((CAJ)) as Downgrade to Market Weight from Overweight (3) –

Wilsons downgrades Capitol Health to Market Weight from Overweight as second half profitability has slipped, which could mean the company pulls back from its aspirational margin targets for 23-24% of underlying EBITDA.

EBITTDA guidance for FY23 at the mid point of $39-40m suggests a -6.9% miss to the broker's forecasts.

Wilsons notes labour and occupancy costs have obviously escalated and the company appears to be doubling up on some costs to drive long-term gains.

The broker assesses the easy wins on profitability have come and gone. Target is reduced to $0.27 from $0.35.

This report was published on July 12, 2023.

Target price is $0.27 Current Price is $0.26 Difference: $0.015
If CAJ meets the Wilsons target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $0.33, suggesting upside of 28.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 1.00 cents and EPS of 0.80 cents.
At the last closing share price the estimated dividend yield is 3.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.8, implying annual growth of -23.1%.
Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 31.9.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 1.10 cents and EPS of 1.10 cents.
At the last closing share price the estimated dividend yield is 4.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.3, implying annual growth of 62.5%.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 19.6.

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

CBA    COMMONWEALTH BANK OF AUSTRALIA

Banks – Overnight Price: $99.62

Jarden rates ((CBA)) as Neutral (3) –

Jarden wonders whether it is time to be less bearish on banks. While the sector is facing numerous operating headwinds the broker suspects investors will be looking for confirmation these are now easing and sufficiently reflected in forecasts.

Specifically, signs that margin pressures are moderating and credit stress is manageable will be sought. If confirmed in quarterly updates, the broker expects investor expectations will shift to a more constructive/neutral stance.

Jarden expects CommBank will announce a new buyback of $1-2bn at its FY23 results. Neutral rating maintained. Target is reduced to $97.50 from $98.00.

This report was published on July 10, 2023.

Target price is $97.50 Current Price is $99.62 Difference: minus $2.12 (current price is over target).
If CBA 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 $89.60, suggesting downside of -11.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 435.00 cents and EPS of 588.00 cents.
At the last closing share price the estimated dividend yield is 4.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 597.6, implying annual growth of -4.5%.
Current consensus DPS estimate is 433.5, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 17.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 435.00 cents and EPS of 557.00 cents.
At the last closing share price the estimated dividend yield is 4.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 578.3, implying annual growth of -3.2%.
Current consensus DPS estimate is 440.5, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 17.5.

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

COE    COOPER ENERGY LIMITED

Crude Oil – Overnight Price: $0.14

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

Jarden cuts its 2H Brent oil price forecast to US$80/bbl from US$85/bbl but retains its 2024 and 2025 forecasts of US$80/bbl and US$75/bbl, respectively.

Only modest valuation changes are made for stocks under the broker's coverage.

The 24c target and Overweight rating for Cooper Energy are maintained. Including oil and condensate, the broker forecasts the company will report June quarter production volumes of 0.87mmboe, broadly in line with the prior quarter.

This report was published on July 11, 2023.

Target price is $0.24 Current Price is $0.14 Difference: $0.1
If COE meets the Jarden target it will return approximately 71% (excluding dividends, fees and charges).
Current consensus price target is $0.19, suggesting upside of 38.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.2, 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 70.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 140.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.2, implying annual growth of 500.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.7.

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

CVN    CARNARVON ENERGY LIMITED

Crude Oil – Overnight Price: $0.14

Jarden rates ((CVN)) as Buy (1) –

Jarden cuts its 2H Brent oil price forecast to US$80/bbl from US$85/bbl but retains its 2024 and 2025 forecasts of US$80/bbl and US$75/bbl, respectively.

Only modest valuation changes are enacted for stocks under the broker's coverage.

The 26c target and Buy rating for Carnarvon Energy are maintained.

The key upcoming event, in the broker's view, is the completion of the proposed sale of a 10% interest in the company's Bedout Basin permits to Taiwan's CPC Corporation. The sale price is US$56m plus US$90m carry on forward expenditure.

This report was published on July 11, 2023.

Target price is $0.26 Current Price is $0.14 Difference: $0.125
If CVN meets the Jarden target it will return approximately 93% (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 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 45.00.

Forecast for FY24:

Jarden 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 33.75.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $16.12

Jarden rates ((IGO)) as Buy (1) –

Ahead of the June quarter numbers Jarden assesses the performance of the processing plant post shutdown at Kwinana and confirmation of concentrate contract pricing will be critical considerations.

The broker wonders whether price weakness will have tempted IGO to delay shipments to the current quarter. Other issues include how Kwinana has performed post the planned shutdown and whether FID on train 2 is still slated for the second half of 2023.

Jarden still expects steady improvement quarter on quarter and retains a Buy rating. Target edges down to $16.90 from $16.94.

This report was published on July 10, 2023.

Target price is $16.90 Current Price is $16.12 Difference: $0.78
If IGO meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $16.68, suggesting upside of 3.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 35.00 cents and EPS of 199.70 cents.
At the last closing share price the estimated dividend yield is 2.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 195.1, implying annual growth of 346.5%.
Current consensus DPS estimate is 34.5, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 8.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 40.00 cents and EPS of 198.00 cents.
At the last closing share price the estimated dividend yield is 2.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 187.5, implying annual growth of -3.9%.
Current consensus DPS estimate is 56.9, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 8.6.

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

IPH    IPH LIMITED

Legal – Overnight Price: $7.94

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

Petra Capital has data on patent filing numbers for June, relevant for the Australian operations. On the basis of this month's information the broker has no reason to change its forecasts.

Patent filings in June were up 3%, continuing the rebound seen in May. This further demonstrates the cyber incident caused a deferral rather than cancellation of work.

Buy rating and $10.65 target maintained.

This report was published on July 13, 2023.

Target price is $10.65 Current Price is $7.94 Difference: $2.71
If IPH meets the Petra Capital target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $10.74, suggesting upside of 35.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 33.20 cents and EPS of 43.10 cents.
At the last closing share price the estimated dividend yield is 4.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.8, implying annual growth of 77.7%.
Current consensus DPS estimate is 31.7, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 18.6.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 34.30 cents and EPS of 45.10 cents.
At the last closing share price the estimated dividend yield is 4.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.9, implying annual growth of 4.9%.
Current consensus DPS estimate is 33.0, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 17.7.

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

JLG    JOHNS LYNG GROUP LIMITED

Building Products & Services – Overnight Price: $5.39

Moelis rates ((JLG)) as Buy (1) –

Moelis updates estimates for Johns Lyng to reflect the capital raising and acquisitions. The company will acquire Smoke Alarms Australia and 70% of Linkfire for $61.8m, funded through a $65m placement and $5m share purchase plan.

The businesses operate within low-risk, high-margin areas which the broker believes have been acquired at an attractive entry multiple.

The new "essential home services" division opens up significant growth opportunities for the company to address the volume of call-out work across rental and strata properties. Moelis raises the target to $7.40 from $7.30 and retains a Buy rating.

This report was published on July 12, 2023.

Target price is $7.40 Current Price is $5.39 Difference: $2.01
If JLG meets the Moelis target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $7.00, suggesting upside of 29.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 9.50 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 1.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.9, implying annual growth of 111.8%.
Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 24.6.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 11.00 cents and EPS of 22.10 cents.
At the last closing share price the estimated dividend yield is 2.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.9, implying annual growth of N/A.
Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 24.6.

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

KAR    KAROON ENERGY LIMITED

Crude Oil – Overnight Price: $2.13

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

Jarden cuts its 2H Brent oil price forecast to US$80/bbl from US$85/bbl but retains its 2024 and 2025 forecasts of US$80/bbl and US$75/bbl, respectively.

Only modest valuation changes are made for stocks under the broker's coverage.

The $2.45 target and Overweight rating for Karoon Energy are unchanged. The broker reduces its forecast free cash flow dividend payout ratio to 10-15%, down from 25%, as it's thought management may decide to retain cash for future growth (organic or inorganic).

This report was published on July 11, 2023.

Target price is $2.45 Current Price is $2.13 Difference: $0.32
If KAR meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $2.90, suggesting upside of 35.9%(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 23.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.1, 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 4.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 10.00 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.3, implying annual growth of 59.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 2.9.

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

MP1    MEGAPORT LIMITED

Cloud services – Overnight Price: $9.54

Goldman Sachs rates ((MP1)) as Buy (1) –

Megaport has upgraded FY23 normalised EBITDA to $19-21m and FY24 is now expected to exceed the prior $41-46m range.

The company has highlighted a continued improvement in operating metrics as well as its financial performance, which Goldman Sachs believes includes lagged benefits and lower-than-expected churn.

The broker's main focus, outside of the updated guidance, will be any potential areas of strategic investment. A Buy rating is maintained with the target raised to $9.30 from $8.10.

This report was published on July 11, 2023.

Target price is $9.30 Current Price is $9.54 Difference: minus $0.24 (current price is over target).
If MP1 meets the Goldman Sachs target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $10.31, suggesting upside of 8.1%(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 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 95.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -9.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 190.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 272.6.

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

NAB    NATIONAL AUSTRALIA BANK LIMITED

Banks – Overnight Price: $26.92

Jarden rates ((NAB)) as Buy (1) –

Jarden wonders whether it is time to be less bearish on banks. While the sector is facing numerous operating headwinds the broker suspects investors will be looking for confirmation these are now easing and sufficiently reflected in forecasts.

Specifically, signs that margin pressures are moderating and credit stress is manageable will be sought. If confirmed in quarterly updates, the broker expects investor expectations will shift to a more constructive/neutral stance.

The broker reduces the target for National Australia Bank to $29.00 from $29.20 and maintains a Buy rating.

This report was published on July 10, 2023.

Target price is $29.00 Current Price is $26.92 Difference: $2.08
If NAB meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $27.30, suggesting upside of 1.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 167.00 cents and EPS of 233.00 cents.
At the last closing share price the estimated dividend yield is 6.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 236.9, implying annual growth of 10.7%.
Current consensus DPS estimate is 167.3, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 167.00 cents and EPS of 215.00 cents.
At the last closing share price the estimated dividend yield is 6.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 220.9, implying annual growth of -6.8%.
Current consensus DPS estimate is 168.0, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 12.2.

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

NEU    NEUREN PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $13.59

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

Neuren Pharmaceuticals will receive US$100m from Acadia Pharmaceuticals for the ex-North American rights to trofinetide. The company has also given Acadia global rights in Rett syndrome and Fragile X syndrome for its second asset, NNZ-2591.

Acadia now is the sole owner of global rights to trofinetide, marketed as Daybue in the US.

Wilsons describes the decision to carve out the latter two indications as "interesting", given this creates value from an asset that was previously not able to be recognised by Neuren Pharmaceuticals.

Yet the broker appreciates a material synergies in the agreement and the outstanding financial terms struck by Neuren.

Overweight rating maintained. Target is raised to $22.32 from $18.29.

This report was published on July 17, 2023.

Target price is $22.32 Current Price is $13.59 Difference: $8.73
If NEU meets the Wilsons target it will return approximately 64% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 106.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.77.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 74.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.22.

Market Sentiment: 1.0
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: $13.68

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

Wilsons observes the company's fourth quarter update beat expectations for inflows, driven by strong seasonality, conversions and a large $1.2bn institutional transition.

Outflows were significantly higher quarter on quarter, reflecting high net wealth withdrawals and a migration of funds off platform given the relative attractiveness versus equities.

The broker expects outflows will moderate over the coming quarters but this will also be subject to perceived risk-on/risk-off. Overweight rating and $16.37 target are under review.

This report was published on July 13, 2023.

Target price is $16.37 Current Price is $13.68 Difference: $2.69
If NWL meets the Wilsons target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $15.01, suggesting upside of 9.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 23.50 cents and EPS of 27.20 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.8, implying annual growth of 22.0%.
Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 49.2.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 30.80 cents and EPS of 36.20 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.1, implying annual growth of 29.9%.
Current consensus DPS estimate is 30.4, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 37.9.

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

PFP    PROPEL FUNERAL PARTNERS LIMITED

Consumer Products & Services – Overnight Price: $4.11

Moelis rates ((PFP)) as Upgrade to Buy from Hold (1) –

Moelis upgrades Propel Funeral Partners to Buy from Hold, highlighting the high-quality portfolio of defensive assets. The company has acquired two NZ funeral service businesses for $38m, in Wellington and Hawkes Bay.

The acquisitions facilitate the company's expansion into new markets via well-established local businesses. The broker believes the outlook is supported by long-term drivers including demographic tailwinds and accretive acquisitions. Target is $4.94.

This report was published on July 12, 2023.

Target price is $4.94 Current Price is $4.11 Difference: $0.83
If PFP meets the Moelis target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 12.90 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 3.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.49.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 12.60 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 3.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.83.

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

PSQ    PACIFIC SMILES GROUP LIMITED

Healthcare services – Overnight Price: $1.54

Wilsons rates ((PSQ)) as Upgrade to Overweight from Market Weight (1) –

Wilsons upgrades Pacific Smiles to Overweight from Market Weight, with the target rising to $1.55 from $1.25. The company's pre-release of FY23 revenue and underlying EBITDA has met guidance and beat expectations for the latter.

Taking out the start-up cost and payroll tax provisioning, the broker assesses an encouraging turnaround in profitability.

As a result, with improved profitability and FY24 positioned as a performance year Wilsons considers the current multiple is too cheap at 6.4x EV/EBITDA, given the healthcare services sector median is 9.0x.

This report was published on July 12, 2023.

Target price is $1.55 Current Price is $1.54 Difference: $0.01
If PSQ meets the Wilsons target it will return approximately 1% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 1.40 cents and EPS of 2.50 cents.
At the last closing share price the estimated dividend yield is 0.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 61.60.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 4.00 cents and EPS of 5.80 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 26.55.

Market Sentiment: 1.0
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: $1.60

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

Jarden was disappointed with Platinum Asset Management's quarterly update, suspecting outflows will persist. While the flagship fund performance has materially improved a recovery in net flows is considered less likely.

The broker lifts the target to $1.55 from $1.50 to reflect slight upward revisions to EPS following stronger funds under management. The potential upside risks include improved underlying fund performance, bullish markets and better-than-expected cost management. Underweight.

This report was published on July 11, 2023.

Target price is $1.55 Current Price is $1.60 Difference: minus $0.05 (current price is over target).
If PTM meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.75, 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 13.30 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 11.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of -19.0%.
Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 9.0%.
Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 11.20 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 7.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of -4.9%.
Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 8.3%.
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: $119.02

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

Goldman Sachs attended the investor tour of Oyu Tolgoi in Mongolia, one of Rio Tinto's most important growth projects, estimated to generate US$1bn in free cash flow in 2025 and increasing to more than US$2.5bn by 2026.

Around 86% of the project has been completed with US$1.2bn of growth capital remaining to be spent and around US$500m of commitments remaining for award.

Oyu Tolgoi will take Rio Tinto's copper production to over 1mtpa. The broker tweaks NAV and EPS numbers and as a result the target edges up to $129.40 from $128.40 while a Buy rating is maintained.

This report was published on July 13, 2023.

Target price is $129.40 Current Price is $119.02 Difference: $10.38
If RIO meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $113.17, suggesting downside of -4.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 570.92 cents and EPS of 909.90 cents.
At the last closing share price the estimated dividend yield is 4.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 986.8, implying annual growth of N/A.
Current consensus DPS estimate is 617.2, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 640.80 cents and EPS of 938.15 cents.
At the last closing share price the estimated dividend yield is 5.38%.
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 1110.5, implying annual growth of 12.5%.
Current consensus DPS estimate is 699.4, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 10.7.

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

RUL    RPMGLOBAL HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $1.61

Moelis rates ((RUL)) as Buy (1) –

RPMGlobal has updated on FY23, with the operating EBITDA of $50m ahead of guidance. Subscription annual recurring revenue ended June at $42m while the advisory performance EBITDA of $6.3m was also ahead of guidance.

Moelis believes an operating inflection has been reached and the outlook for EBITDA growth into FY24 remains well supported. Buy rating retained. Target edges up to $2.04 from $2.01.

This report was published on July 12, 2023.

Target price is $2.04 Current Price is $1.61 Difference: $0.425
If RUL meets the Moelis target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 107.67.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.50.

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

SHV    SELECT HARVESTS LIMITED

Agriculture – Overnight Price: $4.22

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

Wilsons notes the forecast from the US Department of Agriculture for an almond crop of 2.6bn lbs surprised the market, given the extent of the unfavourable seasonal conditions during pollination. The forecast is 4% above the estimate provided in May and 1% above 2022.

The broker points out a crop forecast ahead of the prior corresponding period and above market estimates is bearish for short-term almond pricing. Californian shipments were down -33%, somewhat offset by stronger sales with buyers responding to the pullback in almond prices.

In this setting, Select Harvests achieving on its earnings and cash flow objectives is increasingly important, the broker adds. Overweight rating and $5.53 target under review.

This report was published on July 13, 2023.

Target price is $5.53 Current Price is $4.22 Difference: $1.31
If SHV meets the Wilsons target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in September.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 78.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.37.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 15.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.54.

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

STO    SANTOS LIMITED

NatGas – Overnight Price: $7.70

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

Jarden cuts its 2H Brent oil price forecast to US$80/bbl from US$85/bbl but retains its 2024 and 2025 forecasts of US$80/bbl and US$75/bbl, respectively.

Only modest valuation changes are made for stocks under the broker's coverage.

The target for Santos eases to $7.80 from $7.85 and the Overweight rating is maintained. The broker sees a risk of management
downgrading its 2023 production guidance.

This report was published on July 11, 2023.

Target price is $7.80 Current Price is $7.70 Difference: $0.1
If STO meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $9.37, suggesting upside of 21.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 39.55 cents and EPS of 65.57 cents.
At the last closing share price the estimated dividend yield is 5.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.5, implying annual growth of N/A.
Current consensus DPS estimate is 42.2, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 27.80 cents and EPS of 57.69 cents.
At the last closing share price the estimated dividend yield is 3.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.3, implying annual growth of -12.9%.
Current consensus DPS estimate is 30.6, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 10.2.

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

SYA    SAYONA MINING LIMITED

New Battery Elements – Overnight Price: $0.19

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

Petra Capital is excited by the latest results from the drilling program at Moblan by Sayona Mining. Lithium intersections range from 20-70m in width with depths from surface to 200m.

Moblan is a large project and the closest to infrastructure and customers compared with all the other James Bay lithium projects in Quebec.

The broker believes the stock is undervalued versus its global peer group and as production and sales ramp up it should be in line for a re-rating. Buy rating maintained. Target is $0.36.

This report was published on July 12, 2023.

Target price is $0.36 Current Price is $0.19 Difference: $0.17
If SYA meets the Petra Capital target it will return approximately 89% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Petra Capital forecasts a full year FY23 EPS of 0.00 cents.

Forecast for FY24:

Petra Capital forecasts a full year FY24 EPS of 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.33.

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

WBC    WESTPAC BANKING CORPORATION

Banks – Overnight Price: $21.46

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

Jarden wonders whether it is time to be less bearish on banks. While the sector is facing numerous operating headwinds the broker suspects investors will be looking for confirmation these are now easing and sufficiently reflected in forecasts.

Specifically, signs that margin pressures are moderating and credit stress is manageable will be sought. If confirmed in quarterly updates, the broker expects investor expectations will shift to a more constructive/neutral stance.

The broker reduces the target for Westpac to $22.10 from $22.40, noting that while becoming more positive in recent months because of improving mortgage momentum caution prevails ahead of any updates given the impact of the large deposit re-pricing in May. Underweight rating.

This report was published on July 10, 2023.

Target price is $22.10 Current Price is $21.46 Difference: $0.64
If WBC meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $23.45, suggesting upside of 9.3%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 141.00 cents and EPS of 204.00 cents.
At the last closing share price the estimated dividend yield is 6.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 207.3, implying annual growth of 29.6%.
Current consensus DPS estimate is 141.7, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 10.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 141.00 cents and EPS of 188.00 cents.
At the last closing share price the estimated dividend yield is 6.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 192.2, implying annual growth of -7.3%.
Current consensus DPS estimate is 143.7, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 11.2.

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

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $36.28

Jarden rates ((WDS)) as Neutral (3) –

Jarden cuts its 2H Brent oil price forecast to US$80/bbl from US$85/bbl but retains its 2024 and 2025 forecasts of US$80/bbl and US$75/bbl, respectively.

Only modest valuation changes are made for stocks under the broker's coverage.

The target for Woodside Energy eases to $34.30 from $34.55 and the Neutral rating is unchanged.

For upcoming 2Q reporting, the analyst forecasts production of 43.8mmboe, down -6% on the prior quarter.

This report was published on July 12, 2023.

Target price is $34.30 Current Price is $36.28 Difference: minus $1.98 (current price is over target).
If WDS meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $36.67, suggesting upside of 1.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 159.08 cents and EPS of 200.12 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 241.0, implying annual growth of N/A.
Current consensus DPS estimate is 170.9, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 15.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 194.77 cents and EPS of 245.76 cents.
At the last closing share price the estimated dividend yield is 5.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 256.7, implying annual growth of 6.5%.
Current consensus DPS estimate is 180.6, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 14.1.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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