Australian Broker Call *Extra* Edition – Jul 24, 2023

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

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

AGY   AKE   ALU   AZJ (2)   AZS   CAR   CNU   COE (2)   CSL   CXO   EDV   HUB (2)   IGO (2)   IPD   NIC   NST (2)   PLS   PPS (2)   RIO   RPM   RTR   SDR   SEK   SZL   TRJ   WDS   XRO  

AGY    ARGOSY MINERALS LIMITED

New Battery Elements – Overnight Price: $0.39

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

Canaccord Genuity updates its lithium pricing expectations to reflect the V-shaped recovery experienced since May. This has largely affected the broker's Chinese carbonate pricing, which is now 27% higher for 2023. Longer-term forecasts are largely unchanged.

The broker still expects producers to generate good cash flow in the June quarter with reported pricing generally reflecting a lagged effect compared with spot.

Speculative Buy rating is retained for Argosy Minerals. Target price edges down to $0.80 from $0.85.

This report was published on July 17, 2023.

Target price is $0.80 Current Price is $0.39 Difference: $0.415
If AGY meets the Canaccord Genuity target it will return approximately 108% (excluding dividends, fees and charges).

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

AKE    ALLKEM LIMITED

New Battery Elements – Overnight Price: $15.95

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

Canaccord Genuity updates its lithium pricing expectations to reflect the V-shaped recovery experienced since May. This has largely affected the broker's Chinese carbonate pricing, which is now 27% higher for 2023. Longer-term forecasts are largely unchanged.

The broker still expects producers to generate good cash flow in the June quarter with reported pricing generally reflecting a lagged effect compared with spot.

Canaccord Genuity retains a Buy rating for Allkem and raises the target to $20.00 from $19.50. Improving volumes from Naraha, James  Bay permits and the Livent merger are all expected in the update on the June quarter.

This report was published on July 17, 2023.

Target price is $20.00 Current Price is $15.95 Difference: $4.05
If AKE meets the Canaccord Genuity target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $17.93, suggesting upside of 17.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 156.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.3, implying annual growth of 14.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.7.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 210.18 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 112.4, implying annual growth of 38.3%.
Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 13.5.

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

ALU    ALTIUM

Hardware & Equipment – Overnight Price: $36.75

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

Jarden notes technology stocks have rallied over the past six months and are therefore increasingly reliant on a more positive outlook to justify valuations.

For Altium the broker focuses on churn, future price rises and any sign of a slowdown, or upturn, in the macro environment.

Underweight rating maintained. Target is reduced to $32.20 from $32.30.

This report was published on July 17, 2023.

Target price is $32.20 Current Price is $36.75 Difference: minus $4.55 (current price is over target).
If ALU meets the Jarden target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $40.52, suggesting upside of 9.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 63.65 cents and EPS of 78.23 cents.
At the last closing share price the estimated dividend yield is 1.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 46.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.8, implying annual growth of N/A.
Current consensus DPS estimate is 80.4, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 48.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 81.50 cents and EPS of 96.07 cents.
At the last closing share price the estimated dividend yield is 2.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.8, implying annual growth of 26.0%.
Current consensus DPS estimate is 92.9, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 38.1.

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

AZJ    AURIZON HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $3.74

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

Aurizon Holdings has flagged FY23 EBITDA is likely to be at the lower end of its former target range with expenditure guidance unchanged at $750-800m. FY24 EBITDA guidance is $1590-1680m, well above Goldman Sachs' prior estimates.

The broker revises FY23-25 estimates for EBIT by up to 5% to account for marginally higher network WACC, inflation and regulated asset base. Neutral maintained. Target rises to $4.05 from $3.95.

This report was published on July 18, 2023.

Target price is $4.05 Current Price is $3.74 Difference: $0.31
If AZJ meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.97, suggesting upside of 7.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 16.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 4.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.8, implying annual growth of -25.4%.
Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 17.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 19.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 5.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.5, implying annual growth of 27.4%.
Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 14.0.

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

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

Aurizon Holdings provided a strategy briefing, with Jarden observing an ambitious plan to move further into containerised freight haulage markets, which would involve controlling interstate trade flows over all of Australia.

The ambitions will require a ramp-up in growth expenditure, forecast to be $250-300m in FY24.

Following a number of positive catalysts being realised in the updating of the mid-term earnings outlook, Jarden downgrades to Neutral from Overweight and lowers the target to $3.70 from $3.80.

This report was published on July 19, 2023.

Target price is $3.70 Current Price is $3.74 Difference: minus $0.04 (current price is over target).
If AZJ meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.97, suggesting upside of 7.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 15.90 cents and EPS of 21.50 cents.
At the last closing share price the estimated dividend yield is 4.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.8, implying annual growth of -25.4%.
Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 17.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 19.70 cents and EPS of 26.30 cents.
At the last closing share price the estimated dividend yield is 5.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.5, implying annual growth of 27.4%.
Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 14.0.

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

AZS    AZURE MINERALS LIMITED

Mining – Overnight Price: $1.97

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

Azure Minerals continues to grow the Andover lithium discovery and has five more assays from diamond drill holes. Canaccord Genuity notes three of the assays extend the strike to 900m of the 2,220km zone, currently being assessed in this initial phase of drilling.

The broker remains comfortable about the scale potential of the project and reiterates a Speculative Buy rating and target of $2.25.

This report was published on July 14, 2023.

Target price is $2.25 Current Price is $1.97 Difference: $0.285
If AZS meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).

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

CAR    CARSALES.COM LIMITED

Automobiles & Components – Overnight Price: $23.36

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

Jarden notes technology stocks have rallied over the past six months and are therefore increasingly reliant on a more positive outlook to justify valuations.

In the broker's view, earnings from Carsales are likely to surprise to the upside, although the valuation remains stretched compared with global and domestic peers. International remains critical to earnings growth.

Underweight retained. Target is reduced to $20.90 from $ 21.00.

This report was published on July 17, 2023.

Target price is $20.90 Current Price is $23.36 Difference: minus $2.46 (current price is over target).
If CAR meets the Jarden target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $25.08, suggesting upside of 5.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 54.80 cents and EPS of 71.60 cents.
At the last closing share price the estimated dividend yield is 2.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.5, implying annual growth of 26.6%.
Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 33.1.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 79.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.7, implying annual growth of 17.1%.
Current consensus DPS estimate is 63.9, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 28.3.

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

CNU    CHORUS LIMITED

Telecommunication – Overnight Price: $7.67

Jarden rates ((CNU)) as Downgrade to Underweight from Neutral (4) –

Jarden reviews forecasts for Chorus, incorporating new capital expenditure of $600m, the rural fibre extension in RP2 and mass-market hyper-fibre in RP3.

The broker still envisages downward pressure on the regulated asset base and free cash flow.

Jarden believes the company needs to assess each investment carefully as inefficient investment will demand higher pricing for recovery. Rating is downgraded to Underweight from Neutral as limited upside is envisaged. Target is raised to NZ$7.66 from NZ$7.45.

This report was published on July 19, 2023.

Current Price is $7.67. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 38.97 cents and EPS of 5.78 cents.
At the last closing share price the estimated dividend yield is 5.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 132.77.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 43.56 cents and EPS of 9.72 cents.
At the last closing share price the estimated dividend yield is 5.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 78.91.

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

COE    COOPER ENERGY LIMITED

Crude Oil – Overnight Price: $0.14

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

Cooper Energy achieved revised FY23 guidance with production of 3.56 mmboe. Orbost delivered 4.2PJ during the June quarter, as expected. Abandonment work on BMG is scheduled to start in September.

The company has flagged the risk that the Helix Q7000 intervention vessel could arrive in the area later than September because of an option agreement with Chevron. Should this occur, Canaccord Genuity believes costs could increase by around $5m per month of delay.

Speculative Buy rating and $0.29 target maintained.

This report was published on July 19, 2023.

Target price is $0.29 Current Price is $0.14 Difference: $0.145
If COE meets the Canaccord Genuity target it will return approximately 100% (excluding dividends, fees and charges).
Current consensus price target is $0.20, suggesting upside of 40.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 36.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.1, 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 140.0.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 145.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.0, implying annual growth of 900.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.0.

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

Jarden assesses the focus is on the Orbost gas processing plant to unlock value within Cooper Energy's growth portfolio.

As the company continues to work through its current process improvement, the broker finds no reason to change its expectations for 50 TJ/d over the forecast period.

Progress also remains subject to the Otway joint venture partner support and substantial progress on the BMG abandonment program. Overweight maintained. Target is reduced to $0.22 from $0.24.

This report was published on July 19, 2023.

Target price is $0.22 Current Price is $0.14 Difference: $0.075
If COE meets the Jarden target it will return approximately 52% (excluding dividends, fees and charges).
Current consensus price target is $0.20, suggesting upside of 40.5%(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 24.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.1, 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 140.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.0, implying annual growth of 900.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.0.

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

CSL    CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $267.10

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

Argenx as published data from the Adhere study for efgartigimod in CIDP patients and the data appears compelling, Jarden notes.

Still, the broker believes the risk of patients switching away from immunoglobulin appears reduced compared with previous expectations because of the comparability of the reduction of relapse rates. Moreover, no timeline has been provided for submission to the US FDA.

The broker maintains an Overweight rating and $322.48 target for CSL.

This report was published on July 18, 2023.

Target price is $322.48 Current Price is $267.10 Difference: $55.38
If CSL meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $328.17, suggesting upside of 23.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 324.21 cents and EPS of 676.09 cents.
At the last closing share price the estimated dividend yield is 1.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 785.7, implying annual growth of N/A.
Current consensus DPS estimate is 352.5, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 33.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 342.06 cents and EPS of 895.90 cents.
At the last closing share price the estimated dividend yield is 1.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 935.9, implying annual growth of 19.1%.
Current consensus DPS estimate is 407.4, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 28.5.

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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.87

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

Canaccord Genuity updates its lithium pricing expectations to reflect the V-shaped recovery experienced since May. This has largely affected the broker's Chinese carbonate pricing, which is now 27% higher for 2023. Longer-term forecasts are largely unchanged.

The broker still expects producers to generate good cash flow in the June quarter with reported pricing generally reflecting a lagged effect compared with spot.

Canaccord Genuity retains a Buy rating for Core Lithium and reduces the target to $1.20 from $1.40 as it trims forward forecasts and updates capital expenditure for the BP33 underground mine.

This report was published on July 17, 2023.

Target price is $1.20 Current Price is $0.87 Difference: $0.33
If CXO meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $1.02, suggesting upside of 32.0%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 0.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 128.3.

Forecast for FY24:

Current consensus EPS estimate is 12.8, implying annual growth of 2033.3%.
Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 6.0.

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

EDV    ENDEAVOUR GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $6.05

Jarden rates ((EDV)) as Upgrade to Overweight from Underweight (2) –

Endeavour Group continues to face increased regulation regarding its electronic gaming network. Jarden believes the reforms announced by Victoria are significant albeit not material at a group level.

The broker maintains current forecasts although envisages three considerations going forward. These include the near-term risk to hotel margins in the second half of FY23, the regulatory impact across hotels from FY25 and the impact on the value customer.

The latter is expected to provide a benefit to the company via its EDLP position and loyalty program. Rating is upgraded to Overweight from Underweight as the risk/reward begins to look increasingly attractive. Target is steady at $6.40.

This report was published on July 18, 2023.

Target price is $6.40 Current Price is $6.05 Difference: $0.35
If EDV meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $6.20, suggesting upside of 3.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 20.30 cents and EPS of 29.20 cents.
At the last closing share price the estimated dividend yield is 3.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.0, implying annual growth of 8.5%.
Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 22.00 cents and EPS of 30.40 cents.
At the last closing share price the estimated dividend yield is 3.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.3, implying annual growth of 4.3%.
Current consensus DPS estimate is 21.9, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 19.1.

Market Sentiment: 0.1
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: $26.60

Jarden rates ((HUB)) as Neutral (3) –

Jarden observes a softer domestic equity market combined with elevated economic uncertainty is undermining investor sentiment and this resulted in a -15% decline in June quarter net flows for Hub24.

The company's greater superannuation skew, where flows remains strong, means it is best placed compared with Netwealth, heading into FY24.

As a result, while the broker's Neutral rating reflects a more challenging backdrop and moderate value upside, Hub24 is preferred. Target is reduced to $27.85 from $28.25.

This report was published on July 18, 2023.

Target price is $27.85 Current Price is $26.60 Difference: $1.25
If HUB meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $31.92, suggesting upside of 19.5%(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 65.60 cents.
At the last closing share price the estimated dividend yield is 1.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.55.

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 30.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 40.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 34.90 cents and EPS of 76.70 cents.
At the last closing share price the estimated dividend yield is 1.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.8, implying annual growth of 19.5%.
Current consensus DPS estimate is 36.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 33.5.

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

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

Wilsons updates FY23 forecast to include Hub24's quarterly update. The revenue margin is in line with what appears to be lower pooled cash holdings across the company's peers, relative to the broker's expectations.

Small increases are made in FY24 outflow rates to reflect current conditions, which are expected to normalise throughout the second half. The target is reduced to $28.99 from $29.25 and an Overweight rating is maintained.

This report was published on July 18, 2023.

Target price is $28.99 Current Price is $26.60 Difference: $2.39
If HUB meets the Wilsons target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $31.92, suggesting upside of 19.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 30.00 cents and EPS of 66.40 cents.
At the last closing share price the estimated dividend yield is 1.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.06.

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 30.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 40.0.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 38.00 cents and EPS of 80.40 cents.
At the last closing share price the estimated dividend yield is 1.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.8, implying annual growth of 19.5%.
Current consensus DPS estimate is 36.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 33.5.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $14.59

Canaccord Genuity rates ((IGO)) as Downgrade to Sell from Hold (5) –

Canaccord Genuity updates its lithium pricing expectations to reflect the V-shaped recovery experienced since May. This has largely affected the broker's Chinese carbonate pricing, which is now 27% higher for 2023. Longer-term forecasts are largely unchanged.

The broker still expects producers to generate good cash flow in the June quarter with reported pricing generally reflecting a lagged effect compared with spot.

Canaccord Genuity downgrades IGO to Sell from Hold and increases the target to $14.25 from $14.00.

The company has indicated it intends to record a non-cash impairment expense of -$880-980m from the purchase of Western Areas because of higher capital expenditure, mine scheduling issues and delays in the development of Cosmos. Cosmos guidance has also been withdrawn.

This report was published on July 17, 2023.

Target price is $14.25 Current Price is $14.59 Difference: minus $0.34 (current price is over target).
If IGO meets the Canaccord Genuity target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $16.24, suggesting upside of 14.0%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 195.3, implying annual growth of 346.9%.
Current consensus DPS estimate is 34.7, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 7.3.

Forecast for FY24:

Current consensus EPS estimate is 184.0, implying annual growth of -5.8%.
Current consensus DPS estimate is 55.9, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 7.7.

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

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

Jarden found the quantum of impairment to the Western Areas assets was well in excess of estimates in the June quarter, and it remains unclear what the final capital expenditure number will be until later this year.

Any escalation in expenditure is likely to relate to additional underground equipment to improve productivity. Softening the blow, Jarden notes the impact on FY23 financials should be limited and dividends should be unaffected.

The broker reduces the target to $16.22 from $16.90 and as a result downgrades the rating to Overweight from Buy.

This report was published on July 18, 2023.

Target price is $16.22 Current Price is $14.59 Difference: $1.63
If IGO meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $16.24, suggesting upside of 14.0%(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 2.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 195.3, implying annual growth of 346.9%.
Current consensus DPS estimate is 34.7, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 7.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 40.00 cents and EPS of 186.80 cents.
At the last closing share price the estimated dividend yield is 2.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 184.0, implying annual growth of -5.8%.
Current consensus DPS estimate is 55.9, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 7.7.

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

IPD    IMPEDIMED LIMITED

Medical Equipment & Devices – Overnight Price: $0.20

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

Ahead of ImpediMed's fourth quarter results Wilsons raises the target to $0.39 from $0.21, de-risking the opportunity in lymphoedema.

The broker highlights that now Cigna is on board the coverage from a national payor represents a key de-risking event to safeguard the commercial success of Sozo.

Overweight maintained. The broker remains interested in the broader implications once the Sozo product is placed in the hands of oncologists across the US.

This report was published on July 20, 2023.

Target price is $0.39 Current Price is $0.20 Difference: $0.19
If IPD meets the Wilsons target it will return approximately 95% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.00.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 25.00.

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

NIC    NICKEL INDUSTRIES LIMITED

Nickel – Overnight Price: $0.82

Canaccord Genuity rates ((NIC)) as Sell (5) –

Nickel Industries has produced a record 32,600t of nickel in nickel pig iron and matte at Oracle as the lines ramp up of production.

As Canaccord Genuity suspected, EBITDA margins deteriorated in the June quarter with the company guiding to EBITDA of US$53-56m, down -52% quarter on quarter.

The broker assesses the class 2 nickel market is adjusting to supply additions and margins are finding a new, lower steady state. The broker retains a Sell rating and $0.85 target.

This report was published on July 18, 2023.

Target price is $0.85 Current Price is $0.82 Difference: $0.03
If NIC meets the Canaccord Genuity target it will return approximately 4% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 5.95 cents and EPS of 4.46 cents.
At the last closing share price the estimated dividend yield is 7.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.38.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 5.95 cents and EPS of 5.95 cents.
At the last closing share price the estimated dividend yield is 7.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.78.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $11.67

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

Northern Star Resources is expected to post strong production in the June quarter which should in turn drive lower costs per ounce. Canaccord Genuity forecasts underlying free cash flow of $180m for the quarter.

The focus for FY24 is expected to be on costs where the broker envisages upside risk to current consensus estimates. KCGM capacity is expected to more than double to 27mtpa. The broker retains a Buy rating and raises the target to $15.05 from $14.95.

This report was published on July 17, 2023.

Target price is $15.05 Current Price is $11.67 Difference: $3.38
If NST meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $12.30, suggesting upside of 4.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 22.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 1.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.8, implying annual growth of -27.5%.
Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 43.8.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 25.00 cents and EPS of 69.00 cents.
At the last closing share price the estimated dividend yield is 2.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.0, implying annual growth of 94.0%.
Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 22.6.

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

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

Gold sales of 426,000 ounces from Northern Star Resources were slightly below expectations. Goldman Sachs notes cash generation across the three production centres supported a FY23 net cash position of $362m.

FY23 cash earnings are expected to be $1215-1240m and the broker expects a final dividend of $0.14, at the lower end of the target 20-30% payout given the upcoming capital expenditure profile.

In the FY24 outlook gold sales volume guidance is -3-7% below Goldman Sachs' prior expectations while costs are 6-10% above. Neutral maintained. Target edges down to $12.00 from $12.50.

This report was published on July 19, 2023.

Target price is $12.00 Current Price is $11.67 Difference: $0.33
If NST meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $12.30, suggesting upside of 4.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 24.90 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 2.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.8, implying annual growth of -27.5%.
Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 43.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 30.10 cents and EPS of 56.00 cents.
At the last closing share price the estimated dividend yield is 2.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.0, implying annual growth of 94.0%.
Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 22.6.

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

PLS    PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $4.87

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

Canaccord Genuity updates its lithium pricing expectations to reflect the V-shaped recovery experienced since May. This has largely affected the broker's Chinese carbonate pricing, which is now 27% higher for 2023. Longer-term forecasts are largely unchanged.

The broker still expects producers to generate good cash flow in the June quarter with reported pricing generally reflecting a lagged effect compared with spot.

Canaccord Genuity retains a Buy rating for Pilbara Minerals and raises the target to $5.70 from $5.50.

This report was published on July 17, 2023.

Target price is $5.70 Current Price is $4.87 Difference: $0.83
If PLS meets the Canaccord Genuity target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $5.41, suggesting upside of 15.1%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 76.3, implying annual growth of 302.0%.
Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 6.2.

Forecast for FY24:

Current consensus EPS estimate is 68.4, implying annual growth of -10.4%.
Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 6.9.

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

PPS    PRAEMIUM LIMITED

Wealth Management & Investments – Overnight Price: $0.60

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

Praemium reported funds under administration of $22.2bn in the June quarter. This was in line with Canaccord Genuity's estimates.

The broker notes the decline in net inflows as a percentage of gross inflows in the second half was consistent with peers, Hub24 and Netwealth, as challenging market is affected investor sentiment and higher interest rates drove money to fixed interest investment alternatives.

The broker retains a Buy rating and reduces the target to $1.15 from $1.25.

This report was published on July 19, 2023.

Target price is $1.15 Current Price is $0.60 Difference: $0.55
If PPS meets the Canaccord Genuity target it will return approximately 92% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.00.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 1.00 cents and EPS of 4.00 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 15.00.

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

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

Praemium has the lowest exposure to superannuation flows relative to Netwealth and Hub24, which Wilsons notes means a greater impact on short-term net flows.

The broker makes small downward adjustments to second half platform revenue margins after the update and expects broadly similar EBITDA margins in the second half.

Increased funds under management and scale benefits will largely be offset by lower pooled cash holdings. The broker retains an Overweight rating and reduces the target to $0.76 from $0.79.

This report was published on July 19, 2023.

Target price is $0.76 Current Price is $0.60 Difference: $0.16
If PPS meets the Wilsons target it will return approximately 27% (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 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.00.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.08.

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

RIO    RIO TINTO LIMITED

Bulks – Overnight Price: $116.78

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

Rio Tinto's iron ore shipments were ahead of estimates in the June quarter while copper and aluminium production were below. Unplanned maintenance, equipment reliability issues and delays to scheduled maintenance resulted in 2023 production guidance being downgraded.

As a result, Goldman Sachs reduces estimates for earnings per share by -5% for 2023 and raises 2024 estimates by 2% after lowering aluminium costs on falling input prices.

Despite the copper downgrade and weaker alumina and bauxite performance, the broker retains a Buy rating because of compelling relative valuation, attractive free cash flow and dividend yield. Target is reduced to $126.60 from $129.40.

This report was published on July 19, 2023.

Target price is $126.60 Current Price is $116.78 Difference: $9.82
If RIO meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $113.17, suggesting downside of -3.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 520.52 cents and EPS of 867.04 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 13.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 996.0, implying annual growth of N/A.
Current consensus DPS estimate is 609.4, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 594.88 cents and EPS of 957.76 cents.
At the last closing share price the estimated dividend yield is 5.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1111.4, implying annual growth of 11.6%.
Current consensus DPS estimate is 699.2, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 10.5.

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

RPM    RPM AUTOMOTIVE GROUP LIMITED

Overnight Price: $0.10

Moelis rates ((RPM)) as Buy (1) –

RPM Automotive has signalled FY23 operating EBITDA of $15m, ahead of prior guidance. Subscription annual recurring revenue ended June at $42m.

Moelis assesses a strong second half in recurring software sales revenue has laid the foundation for growth in FY24, accompanied by an incremental contribution from advisory.

The broker maintains a Buy rating and raises the target to $2.04 from $2.01.

This report was published on July 12, 2023.

Target price is $2.04 Current Price is $0.10 Difference: $1.94
If RPM meets the Moelis target it will return approximately 1940% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 EPS of 1.49 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.71.

Forecast for FY24:

Moelis forecasts a full year FY24 EPS of 3.73 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.68.

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

RTR    RUMBLE RESOURCES LIMITED

Mining – Overnight Price: $0.18

Wilsons rates ((RTR)) as Initiation of coverage with Overweight (1) –

Wilsons initiates coverage on Rumble Resources with an Overweight rating and $0.40 target. The company is focused on the early-stage Earaheedy zinc/lead project in Western Australia.

The maiden resource announced in April puts the project is one of the largest zinc sulphide discoveries globally in the past decade. The broker expects ongoing positive exploration news ahead of the start of a scoping study later in 2023.

This report was published on July 19, 2023.

Target price is $0.40 Current Price is $0.18 Difference: $0.22
If RTR meets the Wilsons target it will return approximately 122% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.00.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 45.00.

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

SDR    SITEMINDER LIMITED

Travel, Leisure & Tourism – Overnight Price: $3.55

Jarden rates ((SDR)) as Buy (1) –

Jarden notes technology stocks have rallied over the past six months and are therefore increasingly reliant on a more positive outlook to justify valuations.

SiteMinder's share price has been volatile, with the first potential catalyst being delivery of free cash flow at the quarterly update on July 28. Subsequently, subscriber growth, cost reductions and the outlook are critical.

Buy rating. Target is raised to $4.40 from $4.30.

This report was published on July 17, 2023.

Target price is $4.40 Current Price is $3.55 Difference: $0.85
If SDR meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $4.68, suggesting upside of 39.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 15.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -15.1, implying annual growth of N/A.
Current consensus DPS estimate is 1.2, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 8.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 43.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

SEK    SEEK LIMITED

Jobs & Skilled Labour Services – Overnight Price: $23.25

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

Amid uncertainty in the macro economic environment and sustained weakness in the Seek job index, Goldman Sachs believes FY24 consensus estimates for Australasian revenue remain too high, implying only four months of volume declines before flat-lining.

The broker envisages the balance of risks is to the downside, although acknowledges the risks appear somewhat captured within the share price. Sell rating maintained. Target is $23.50.

This report was published on July 19, 2023.

Target price is $23.50 Current Price is $23.25 Difference: $0.25
If SEK meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $27.92, suggesting upside of 19.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 45.00 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 1.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.5, implying annual growth of 49.9%.
Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 32.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 48.00 cents and EPS of 71.00 cents.
At the last closing share price the estimated dividend yield is 2.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.7, implying annual growth of 8.7%.
Current consensus DPS estimate is 51.5, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 30.1.

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

SZL    SEZZLE INC

Diversified Financials – Overnight Price: $20.00

Jarden rates ((SZL)) as Neutral (3) –

Jarden notes technology stocks have rallied over the past six months and are therefore increasingly reliant on a more positive outlook to justify valuations.

In the payment segment, the broker notes the competitive dynamics and funding costs have markedly changed along with regulation and this has coincided with material falls in the share prices.

The key issue going forward will be delivering cash flow targets. Neutral rating maintained for Sezzle with the target reduced to $22.70 from $22.90.

This report was published on July 17, 2023.

Target price is $22.70 Current Price is $20.00 Difference: $2.7
If SZL meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of minus 1.34 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1494.77.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 26.92 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 74.30.

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

TRJ    TRAJAN GROUP HOLDINGS LIMITED

Medical Equipment & Devices – Overnight Price: $1.80

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

After an investor briefing, Canaccord Genuity is "cautiously optimistic" around the growth prospects of Trajan Group, and its ability to maintain a market leading position in target segments.

The broker likes the long-term view given the business benefits from a high proportion of consumables sales, with a very sticky customer base. While organic growth is "healthy" the broker deduces an incremental uplift is likely to come from M&A.

The Buy rating and $2.50 target are unchanged.

This report was published on July 14, 2023.

Target price is $2.50 Current Price is $1.80 Difference: $0.7
If TRJ meets the Canaccord Genuity target it will return approximately 39% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.86.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 8.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.45.

Market Sentiment: 1.0
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: $36.40

Jarden rates ((WDS)) as Neutral (3) –

The Sangomar start up has been delayed by up to 6 months with construction costs up 7-13%. This means Woodside Energy has had to accept the remaining rectification works will be completed in Singapore instead of offshore West Africa.

Jarden believes the company's decision to backtrack on its first-oil timeline is appropriate and Singapore represents a lower risk solution.

Start-up for Sangomar has been shifted to the third quarter of 2024, from the first quarter, and capital expenditure estimates increased to US$5.1bn.

Jarden's key take away from the June quarter report was the better taxation expense guidance, driving a 6.6% increase to its 2023 estimates for EPS and 7.1% for DPS.

While the broker believes the business will have a positive second half, the share price currently looks fully valued and Neutral is maintained. Target is reduced to $32.85 from $33.85.

This report was published on July 18, 2023.

Target price is $32.85 Current Price is $36.40 Difference: minus $3.55 (current price is over target).
If WDS meets the Jarden target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $36.58, suggesting downside of -0.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 178.47 cents and EPS of 224.72 cents.
At the last closing share price the estimated dividend yield is 4.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 232.1, implying annual growth of N/A.
Current consensus DPS estimate is 172.5, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 179.95 cents and EPS of 226.50 cents.
At the last closing share price the estimated dividend yield is 4.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 240.6, implying annual growth of 3.7%.
Current consensus DPS estimate is 166.9, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 15.3.

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

XRO    XERO LIMITED

Accountancy – Overnight Price: $122.20

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

Jarden notes technology stocks have rallied over the past six months and are therefore increasingly reliant on a more positive outlook to justify valuations.

For Xero, which is hosting its first AGM under new leadership, the broker looks for any update on the outlook and whether layoffs have been a temporary incident.

Overweight rating. Target rises to $129 from $128.

This report was published on July 17, 2023.

Target price is $129.00 Current Price is $122.20 Difference: $6.8
If XRO meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $109.62, suggesting downside of -9.3%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 74.09 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 164.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.9, 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 140.6.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 107.29 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 113.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 149.3, implying annual growth of 73.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 80.9.

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

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