Australian Broker Call *Extra* Edition - Aug 03, 2023

Daily Market Reports | Aug 03 2023

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

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)

ABC ADH (2) ARX (2) AUB BBN BLD CBA CGF CPU CSL CSR HSN HUB IAG IEL IGO ING IPH JHG JHX LIC LNW MFG MGH NHF NWL OCL OFX PME PXA QOR RDY RWC SDF SLC SUN TPG XRO

ABC ADBRI LIMITED

Building Products & Services – Overnight Price: $2.47

Jarden rates ((ABC)) as Neutral (3) –

Heading into the results, Jarden expects stocks exposed to Australian housing should deliver a "reasonably solid" performance. This stems from some significant price hikes and the pipeline of work being completed.

Adbri is rated Neutral while the target edges down to $1.71 from $1.73.

This report was published on August 2, 2023.

Target price is $1.71 Current Price is $2.47 Difference: minus $0.76 (current price is over target).
If ABC meets the Jarden target it will return approximately minus 31% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.05, suggesting downside of -17.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 17.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.0, implying annual growth of 1.8%.
Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 9.10 cents and EPS of 20.60 cents.
At the last closing share price the estimated dividend yield is 3.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.5, implying annual growth of -3.1%.
Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 15.9.

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

ADH ADAIRS LIMITED

Furniture & Renovation – Overnight Price: $1.78

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

Adairs is taking control of its distribution centre from DHL. Management expects a four-year payback after significant costs involving $18m in capital and $2m in operating expenditure. The company expects a tangible benefit to sales, dispatch and customer experience.

Still, Jarden notes the move is not without risk as it will add a further $20m in debt to the balance sheet. There is also risk to the dividend in the short term in order to preserve capital amid an uncertain retail trading backdrop.

Overweight rating retained. Target is reduced to $2.00 from $2.05.

This report was published on August 1, 2023.

Target price is $2.00 Current Price is $1.78 Difference: $0.22
If ADH meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $1.77, suggesting downside of -0.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 15.00 cents and EPS of 24.10 cents.
At the last closing share price the estimated dividend yield is 8.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.2, implying annual growth of -15.8%.
Current consensus DPS estimate is 13.5, implying a prospective dividend yield of 7.6%.
Current consensus EPS estimate suggests the PER is 8.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 15.00 cents and EPS of 22.70 cents.
At the last closing share price the estimated dividend yield is 8.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.5, implying annual growth of -16.7%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 9.6.

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

Wilsons rates ((ADH)) as Underweight (5) –

Adairs is taking control of its distribution centre from DHL in September at a total outlay of $20m. This follows attempts to restructure the platform since the first half of 2020 that has constrained its online business and negatively affected delivery.

Wilsons updates forecasts to account for the new strategy but given the track record of investment conservatively factors in only 50% of the savings that are expected.

The broker remains concerned about the core customer, which is tied to housing and economic activity, as well as the potential goodwill impairment for Mocka. Underweight maintained. Target is reduced $1.10 from $1.20.

This report was published on August 1, 2023.

Target price is $1.10 Current Price is $1.78 Difference: minus $0.68 (current price is over target).
If ADH meets the Wilsons target it will return approximately minus 38% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.77, suggesting downside of -0.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 14.00 cents and EPS of 22.40 cents.
At the last closing share price the estimated dividend yield is 7.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.2, implying annual growth of -15.8%.
Current consensus DPS estimate is 13.5, implying a prospective dividend yield of 7.6%.
Current consensus EPS estimate suggests the PER is 8.0.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 3.00 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 1.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.5, implying annual growth of -16.7%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 9.6.

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

ARX AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.91

Jarden rates ((ARX)) as Buy (1) –

Jarden found few surprises in the quarterly update as Aroa Biosurgery maintained guidance across key items. Operating cash flow, while weaker, was driven by seasonal impact.

The broker considers guidance is conservative, with product revenue at NZ$72-75m and EBITDA of NZ$1-2m, and likely stemming from the current NZD:USD rate of US65c.

The broker retains a Buy rating and $1.34 target.

This report was published on July 31, 2023.

Target price is $1.34 Current Price is $0.91 Difference: $0.43
If ARX meets the Jarden target it will return approximately 47% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.18 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 497.27.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.38 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.25.

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

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

Aroa Biosurgery's first quarter results were largely in line with expectations. Wilsons notes cash outflows were higher, as management had flagged, because of an inventory build.

OviTex sales are tracking slightly stronger than expected and forecasts remain above guidance, the broker expecting a rebound in re-ordering of OviTex to commence in the third quarter of FY24. Overweight rating and $1.69 target maintained.

This report was published on July 31, 2023.

Target price is $1.69 Current Price is $0.91 Difference: $0.78
If ARX meets the Wilsons target it will return approximately 86% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.37 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 248.63.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.01 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.21.

AUB AUB GROUP LIMITED

Insurance – Overnight Price: $27.25

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

Jarden makes small revisions to earnings across its insurance and diversified financials coverage. AUB Group is downgraded to Overweight from Buy with the business outperforming the market by around 22% in the year to date.

Target is lowered to $31.85 from $32.00. The broker expects the company will report at the top end of FY23 underlying net profit guidance of $120-124m.

This report was published on August 2, 2023.

Target price is $31.85 Current Price is $27.25 Difference: $4.6
If AUB meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $31.45, suggesting upside of 15.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 62.00 cents and EPS of 123.90 cents.
At the last closing share price the estimated dividend yield is 2.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.1, implying annual growth of 2.4%.
Current consensus DPS estimate is 64.0, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 25.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 99.00 cents and EPS of 156.80 cents.
At the last closing share price the estimated dividend yield is 3.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 138.8, implying annual growth of 28.4%.
Current consensus DPS estimate is 79.9, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 19.6.

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

BBN BABY BUNTING GROUP LIMITED

Apparel & Footwear – Overnight Price: $1.96

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

In preliminary FY23 results, Baby Bunting's trading update revealed net profit of $14.5m, at the top end of guidance, driven by an improvement in like-for-like sales. The recovery in sales was anticipated from competitor/supplier channel checks.

Wilsons is also pleased with the material cost reduction program that results in meaningful upgrade to its EPS forecasts and valuation. Overweight maintained. Target rises to $2.10 from $1.60.

This report was published on August 1, 2023.

Target price is $2.10 Current Price is $1.96 Difference: $0.14
If BBN meets the Wilsons target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $1.67, suggesting downside of -14.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 7.60 cents and EPS of 11.90 cents.
At the last closing share price the estimated dividend yield is 3.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.6, implying annual growth of -28.7%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 18.5.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 7.60 cents and EPS of 11.70 cents.
At the last closing share price the estimated dividend yield is 3.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.9, implying annual growth of 12.3%.
Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 16.5.

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

BLD BORAL LIMITED

Building Products & Services – Overnight Price: $4.37

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

Boral is rated Overweight and the target slips to $4.08 from $4.10.

This report was published on August 2, 2023.

Target price is $4.08 Current Price is $4.37 Difference: minus $0.29 (current price is over target).
If BLD meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.75, suggesting downside of -14.2%(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 11.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.0, implying annual growth of N/A.
Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 43.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 15.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of 46.0%.
Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 29.9.

Market Sentiment: -0.2
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: $103.46

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

Goldman Sachs adjusts its modelling of operating expenses for CommBank to include the announcement of $212m in pre-tax provisions relating to costs associated with the BankWest transaction and a one-off levy for the compensation scheme of last resort.

As a result FY23 EPS estimates are reduced by -1.2% and FY24 raised by 0.5%. Sell rating maintained. Target is unchanged at $83.42.

This report was published on August 1, 2023.

Target price is $83.42 Current Price is $103.46 Difference: minus $20.04 (current price is over target).
If CBA meets the Goldman Sachs target it will return approximately minus 19% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $89.68, suggesting downside of -13.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 445.00 cents and EPS of 578.40 cents.
At the last closing share price the estimated dividend yield is 4.30%.
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 592.0, implying annual growth of -5.4%.
Current consensus DPS estimate is 431.3, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 17.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 445.00 cents and EPS of 564.00 cents.
At the last closing share price the estimated dividend yield is 4.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 570.0, implying annual growth of -3.7%.
Current consensus DPS estimate is 435.2, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 18.2.

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

CGF CHALLENGER LIMITED

Wealth Management & Investments – Overnight Price: $6.92

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

Jarden makes small revisions to earnings across its insurance and diversified financials coverage. The Overweight rating is maintained for Challenger and the target is raised to $7.35 from $7.30.

This report was published on August 2, 2023.

Target price is $7.35 Current Price is $6.92 Difference: $0.43
If CGF meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $7.01, suggesting upside of 1.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 24.60 cents and EPS of 46.80 cents.
At the last closing share price the estimated dividend yield is 3.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.3, implying annual growth of 15.3%.
Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 16.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 27.10 cents and EPS of 54.80 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 12.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.5, implying annual growth of 25.9%.
Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 12.7.

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

CPU COMPUTERSHARE LIMITED

Diversified Financials – Overnight Price: $25.11

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

Jarden makes small revisions to earnings across its insurance and diversified financials coverage. Computershare's Overweight rating is maintained while the target is raised to $26.35 from $25.80.

This report was published on August 2, 2023.

Target price is $26.35 Current Price is $25.11 Difference: $1.24
If CPU meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $25.63, suggesting upside of 2.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 108.99 cents and EPS of 161.70 cents.
At the last closing share price the estimated dividend yield is 4.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 159.8, implying annual growth of N/A.
Current consensus DPS estimate is 119.7, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 119.86 cents and EPS of 180.32 cents.
At the last closing share price the estimated dividend yield is 4.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 185.4, implying annual growth of 16.0%.
Current consensus DPS estimate is 137.0, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 13.5.

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

CSL CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $268.09

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

Ahead of the FY23 result on August 15, Jarden believes the focus will be on the quality of earnings and the underlying momentum of the CSL Behring business, in light of a rebound in plasma collection.

The main uncertainty is Vifor, yet the broker suspects this will not make a large dent on sentiment as expectations were recently reset.

The market is expected to respond to greater transparency over the recovery for CSL Behring to pre-pandemic margins in the medium term and a strong rebound in immunoglobulin volumes, particularly in Europe.

The broker maintains an Overweight rating and $322.48 target.

This report was published on July 31, 2023.

Target price is $322.48 Current Price is $268.09 Difference: $54.39
If CSL meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $328.17, suggesting upside of 22.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 324.60 cents and EPS of 676.89 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 39.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 808.3, implying annual growth of N/A.
Current consensus DPS estimate is 362.6, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 33.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 342.47 cents and EPS of 896.96 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 29.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 962.8, implying annual growth of 19.1%.
Current consensus DPS estimate is 419.2, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 27.8.

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

CSR CSR LIMITED

Building Products & Services – Overnight Price: $5.72

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

CSR is rated Overweight and the target is reduced to $5.70 from $5.74.

This report was published on August 2, 2023.

Target price is $5.70 Current Price is $5.72 Difference: minus $0.02 (current price is over target).
If CSR meets the Jarden target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.51, suggesting downside of -3.7%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 27.90 cents and EPS of 39.90 cents.
At the last closing share price the estimated dividend yield is 4.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.9, implying annual growth of -19.0%.
Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 15.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 28.10 cents and EPS of 40.20 cents.
At the last closing share price the estimated dividend yield is 4.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.4, implying annual growth of -4.1%.
Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 16.2.

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

HSN HANSEN TECHNOLOGIES LIMITED

IT & Support – Overnight Price: $5.18

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

Goldman Sachs tinkers with Hansen Technologies' EPS forecasts heading into the FY23 results.

EPS forecasts are steady for FY23; and rise 1% for FY24 and FY25.

Neutral rating and $5.20 target price retained.

This report was published on July 19, 2023.

Target price is $5.20 Current Price is $5.18 Difference: $0.02
If HSN meets the Goldman Sachs target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $6.04, suggesting upside of 16.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 12.00 cents and EPS of 24.90 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.3, implying annual growth of 11.4%.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 22.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 11.00 cents and EPS of 26.60 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.5, implying annual growth of 5.2%.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 21.1.

Market Sentiment: 1.0
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: $27.50

Jarden rates ((HUB)) as Neutral (3) –

Jarden makes small revisions to earnings across its insurance and diversified financials coverage. The Neutral rating is maintained for Hub24 and the target is lifted to $28.20 from $27.85.

This report was published on August 2, 2023.

Target price is $28.20 Current Price is $27.50 Difference: $0.7
If HUB meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $32.02, suggesting upside of 16.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 30.90 cents and EPS of 65.50 cents.
At the last closing share price the estimated dividend yield is 1.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.7, implying annual growth of 230.5%.
Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 41.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 34.90 cents and EPS of 76.60 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.9, implying annual growth of 19.8%.
Current consensus DPS estimate is 36.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 34.4.

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

IAG INSURANCE AUSTRALIA GROUP LIMITED

Insurance – Overnight Price: $5.88

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

Jarden makes small revisions to earnings across its insurance and diversified financials coverage. Insurance Australia Group continues to rate Overweight while the target is raised to $5.95 from $5.80.

This report was published on August 2, 2023.

Target price is $5.95 Current Price is $5.88 Difference: $0.07
If IAG meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $5.54, suggesting downside of -5.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 16.00 cents and EPS of 20.70 cents.
At the last closing share price the estimated dividend yield is 2.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.5, implying annual growth of 81.0%.
Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 23.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 27.00 cents and EPS of 36.70 cents.
At the last closing share price the estimated dividend yield is 4.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.7, implying annual growth of 40.0%.
Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 16.5.

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

IEL IDP EDUCATION LIMITED

Education & Tuition – Overnight Price: $24.39

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

Following 1H results from competitor Pearson, Goldman Sachs is still comfortable with its FY24/25 IELTS estimates and awaits commentary as part of IDP Education's FY23 results on August 23.

Pearson's volume result was broadly in line with the broker's expectations for continued IELTS market share losses, which has resulted in IELTS volumes roughly flat in FY23.

The analyst expects testing industry growth of around 7% to be more than offset by market share losses in FY24, resulting in -1% IELTS volume growth.

Mitigation is at hand, given Student Placement is more than 80% of Goldman Sachs earnings growth across FY23-25 and represents the company's most compelling long-term growth opportunity.

The Buy rating and $28.90 target are retained.

This report was published on August 1, 2023.

Target price is $28.90 Current Price is $24.39 Difference: $4.51
If IEL meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $26.83, suggesting upside of 10.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 38.00 cents and EPS of 54.30 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.0, implying annual growth of 49.2%.
Current consensus DPS estimate is 39.9, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 44.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 44.50 cents and EPS of 63.50 cents.
At the last closing share price the estimated dividend yield is 1.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.3, implying annual growth of 16.9%.
Current consensus DPS estimate is 45.8, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 37.9.

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

IGO IGO LIMITED

Nickel – Overnight Price: $13.99

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

Jarden notes the Greenbushes operations were strong in the June quarter while the Nova nickel mine recovered. As a result, along with robust spodumene concentrate pricing, free cash flow increased, with IGO finishing the quarter with net cash of $415m.

The broker highlights the write-down of the Western Areas business, specifically Odysseus, has probably subdued investor appetite for the other underperforming asset in the Kwinana hydroxide plant. The ramp up of both trains has been pushed out as a result.

Jarden retains an Overweight rating and reduces the target to $15.58 from $16.22.

This report was published on July 31, 2023.

Target price is $15.58 Current Price is $13.99 Difference: $1.59
If IGO meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $15.72, suggesting upside of 12.4%(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 198.30 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.7, implying annual growth of 359.3%.
Current consensus DPS estimate is 39.3, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 7.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 40.00 cents and EPS of 180.80 cents.
At the last closing share price the estimated dividend yield is 2.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 168.5, implying annual growth of -16.0%.
Current consensus DPS estimate is 56.5, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 8.3.

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

ING INGHAMS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $2.77

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

Goldman Sachs tweaks EPS forecasts for Inghams Group heading into the FY23 result.

EPS forecasts rise 0.7% in FY23; 3.2% in FY24; and 0.5% in FY25.

Sell rating and $2.55 target price is unchanged.

This report was published on July 31, 2023.

Target price is $2.55 Current Price is $2.77 Difference: minus $0.22 (current price is over target).
If ING meets the Goldman Sachs target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.08, suggesting upside of 11.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 10.00 cents and EPS of 15.60 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 17.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of 90.5%.
Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 13.50 cents and EPS of 20.60 cents.
At the last closing share price the estimated dividend yield is 4.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.9, implying annual growth of 21.7%.
Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 12.6.

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

IPH IPH LIMITED

Legal – Overnight Price: $7.80

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

Goldman Sachs cuts IPH's target price -11.5% to $9.25 from $10.45 heading into the FY23 reporting season to reflect subdued A&NZ volumes, high net debt associated with the Smart & Biggar purchase, and higher interest rates.

The broker is less upbeat about the accretive potential for M&A given the rate backdrop, and also unimpressed by the company's M&A track record.

Neutral rating retained.

This report was published on July 31, 2023.

Target price is $9.25 Current Price is $7.80 Difference: $1.45
If IPH meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $10.74, suggesting upside of 37.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 30.50 cents and EPS of 41.60 cents.
At the last closing share price the estimated dividend yield is 3.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.75.

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 31.8, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 18.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 34.50 cents and EPS of 47.00 cents.
At the last closing share price the estimated dividend yield is 4.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.60.

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 33.5, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 17.4.

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

JHG JANUS HENDERSON GROUP PLC

Wealth Management & Investments – Overnight Price: $43.75

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

Jarden makes small revisions to earnings across its insurance and diversified financials coverage. The Underweight rating is retained for Janus Henderson and the target is raised to $36.40 from $35.90.

This report was published on August 2, 2023.

Target price is $36.40 Current Price is $43.75 Difference: minus $7.35 (current price is over target).
If JHG meets the Jarden target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $40.02, suggesting downside of -8.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 232.28 cents and EPS of 317.45 cents.
At the last closing share price the estimated dividend yield is 5.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 340.0, implying annual growth of N/A.
Current consensus DPS estimate is 238.4, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 238.24 cents and EPS of 338.59 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 358.0, implying annual growth of 5.3%.
Current consensus DPS estimate is 244.5, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 12.2.

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

JHX JAMES HARDIE INDUSTRIES PLC

Building Products & Services – Overnight Price: $42.54

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

James Hardie Industries is rated Overweight while the target edges down to $39.70 from $40.00.

This report was published on August 2, 2023.

Target price is $39.70 Current Price is $42.54 Difference: minus $2.84 (current price is over target).
If JHX meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $43.70, suggesting upside of 2.7%(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 189.55 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 193.0, 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 22.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 213.52 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 219.7, implying annual growth of 13.8%.
Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 19.4.

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

LIC LIFESTYLE COMMUNITIES LIMITED

Aged Care & Seniors – Overnight Price: $16.86

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

Goldman Sachs cuts Lifestyle Communities' target price to $25.25 a share from $27.95 heading into the FY23 result, after decreasing its FY24 settlements forecasts to 450 from 500.

EPS forecasts in FY24 fall -10.6% but rise 3.2% in FY25 when higher settlements are expected to kick in.

Buy rating retained.

This report was published on July 31, 2023.

Target price is $25.25 Current Price is $16.86 Difference: $8.39
If LIC meets the Goldman Sachs target it will return approximately 50% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 12.50 cents and EPS of 59.10 cents.
At the last closing share price the estimated dividend yield is 0.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.53.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 6.80 cents and EPS of 75.60 cents.
At the last closing share price the estimated dividend yield is 0.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.30.

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

LNW LIGHT & WONDER INC

Overnight Price: $106.50

Jarden rates ((LNW)) as Initiation of coverage with Buy (1) –

Jarden initiates coverage of Light & Wonder with a Buy rating and $130 target. The broker expects 17.6% compound growth in FY22-25 given the well-structured and resilient market.

The company is now a stable, gaming-based presence across land markets, social casino free to play and iGaming.

The omnichannel approach, while improving defensive and recurring revenue, should also deliver more consistent cash flow and better utilise the balance sheet, in the broker's view.

First half results are due August 8.

This report was published on July 31, 2023.

Target price is $130.00 Current Price is $106.50 Difference: $23.5
If LNW meets the Jarden target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 171.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 62.06.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 337.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.55.

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

MFG MAGELLAN FINANCIAL GROUP LIMITED

Wealth Management & Investments – Overnight Price: $9.39

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

Jarden makes small revisions to earnings across its insurance and diversified financials coverage. The Underweight rating is retained for Magellan Financial and the target is raised to $8.45 from $8.35.

This report was published on August 2, 2023.

Target price is $8.45 Current Price is $9.39 Difference: minus $0.94 (current price is over target).
If MFG 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 $8.84, suggesting downside of -5.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 84.90 cents and EPS of 100.20 cents.
At the last closing share price the estimated dividend yield is 9.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.5, implying annual growth of -52.4%.
Current consensus DPS estimate is 82.4, implying a prospective dividend yield of 8.8%.
Current consensus EPS estimate suggests the PER is 9.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 56.80 cents and EPS of 77.70 cents.
At the last closing share price the estimated dividend yield is 6.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.7, implying annual growth of -25.2%.
Current consensus DPS estimate is 54.1, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 12.7.

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

MGH MAAS GROUP HOLDINGS LIMITED

Building Products & Services – Overnight Price: $2.75

Goldman Sachs rates ((MGH)) as Downgrade to Neutral from Buy (3) –

Goldman Sachs downgrades Maas Group to Neutral from Buy and cuts the target price to $2.90 for three main reasons, one being valuation.

But the major reasons for the downgrades is the broker's pessimism about the residential construction market's prospects in FY24 and resulting risk to real estate settlements and earnings.

Goldman Sachs expects that Maas Group's high gearing and interest rates will magnify earnings issues. The broker takes a positive view on the real-estate division's long-term prospects.

The broker expects Maas Group's Civil Contruction & HIre and Construction Materials businesses should continue to benefit from investment in green transition infrastructure.

EPS forecasts fall -2.6% in FY23; -12.5% in FY24; and -10.6% in FY25.

This report was published on July 31, 2023.

Target price is $2.90 Current Price is $2.75 Difference: $0.15
If MGH meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 5.50 cents and EPS of 21.20 cents.
At the last closing share price the estimated dividend yield is 2.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.97.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 5.30 cents and EPS of 21.40 cents.
At the last closing share price the estimated dividend yield is 1.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.85.

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

NHF NIB HOLDINGS LIMITED

Insurance – Overnight Price: $8.12

Jarden rates ((NHF)) as Neutral (3) –

Jarden makes small revisions to earnings across its insurance and diversified financials coverage. The Neutral rating for nib Holdings is maintained while the target increases to $8.10 from $8.00.

This report was published on August 2, 2023.

Target price is $8.10 Current Price is $8.12 Difference: minus $0.02 (current price is over target).
If NHF meets the Jarden target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.26, suggesting upside of 1.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 29.00 cents and EPS of 43.10 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.8, implying annual growth of 41.2%.
Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 19.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 31.00 cents and EPS of 45.90 cents.
At the last closing share price the estimated dividend yield is 3.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.2, implying annual growth of 8.1%.
Current consensus DPS estimate is 29.8, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 18.0.

Market Sentiment: 0.2
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: $14.55

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

Jarden makes small revisions to earnings across its insurance and diversified financials coverage. Following a strong share price performance after the fourth quarter update, Netwealth Group's rating is moved to Underweight from Neutral while the target is raised to $14.10 from $13.85.

This report was published on August 2, 2023.

Target price is $14.10 Current Price is $14.55 Difference: minus $0.45 (current price is over target).
If NWL 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 $15.01, suggesting upside of 3.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 23.80 cents and EPS of 27.60 cents.
At the last closing share price the estimated dividend yield is 1.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.72.

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 1.6%.
Current consensus EPS estimate suggests the PER is 52.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 30.90 cents and EPS of 36.40 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.97.

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 2.1%.
Current consensus EPS estimate suggests the PER is 40.3.

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

OCL OBJECTIVE CORPORATION LIMITED

IT & Support – Overnight Price: $13.25

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

Goldman Sachs raises Objective Corp's target price heading into the company's FY23 result, following a peer rerating.

Target price rises to $15.95 from $14.90. Buy rating retained.

This report was published on July 31, 2023.

Target price is $15.95 Current Price is $13.25 Difference: $2.7
If OCL meets the Goldman Sachs target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 11.00 cents and EPS of 20.10 cents.
At the last closing share price the estimated dividend yield is 0.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 65.92.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 13.50 cents and EPS of 24.60 cents.
At the last closing share price the estimated dividend yield is 1.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 53.86.

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

OFX OFX GROUP LIMITED

Diversified Financials – Overnight Price: $2.09

Wilsons rates ((OFX)) as Market Weight (3) –

Ahead of OFX Group's quarterly update at the AGM, Wilsons notes offshore peer commentary continues to highlight stabilising conditions across both corporate and consumer. Yet, the broker suspects high-value consumer use will still be under pressure.

A weaker Australian dollar is also likely to weigh on M&A, particularly in continental Europe. OFX Group is forecasts to report net operating income for the first quarter of $53.9m with net operating margins broadly consistent with the prior quarter at 57 basis points.

Wilsons retains a Market Weight rating and $2 target.

This report was published on August 1, 2023.

Target price is $2.00 Current Price is $2.09 Difference: minus $0.09 (current price is over target).
If OFX meets the Wilsons target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in March.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 13.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.26.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 15.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.66.

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

PME PRO MEDICUS LIMITED

Medical Equipment & Devices – Overnight Price: $71.08

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

While Pro Medicus is starting FY24 strongly with new large customers coming online, Wilsons asserts existing customers are important source of consistent growth and leverage as they expand their networks and take on new products.

The latter may be brought forward in some cases as more hospitals make the decision to use cloud-based platforms. The broker calculates Visage has capacity to expand revenue by at least 30% within the existing customer base.

Rating is upgraded to Overweight from Market Weight and the target lifted to $76.04 from $71.00.

This report was published on August 2, 2023.

Target price is $76.04 Current Price is $71.08 Difference: $4.96
If PME meets the Wilsons target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $52.84, suggesting downside of -25.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 28.30 cents and EPS of 56.60 cents.
At the last closing share price the estimated dividend yield is 0.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 125.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.8, implying annual growth of 28.6%.
Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 129.7.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 35.90 cents and EPS of 71.90 cents.
At the last closing share price the estimated dividend yield is 0.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 98.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.8, implying annual growth of 27.4%.
Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 101.8.

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

PXA PEXA GROUP LIMITED

Real Estate – Overnight Price: $13.03

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

Jarden makes small revisions to earnings across its insurance and diversified financials coverage. The Underweight rating is retained for Pexa Group and the target is lifted to $12.35 from $12.25.

This report was published on August 2, 2023.

Target price is $12.35 Current Price is $13.03 Difference: minus $0.68 (current price is over target).
If PXA 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 $16.02, suggesting upside of 22.9%(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 23.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 56.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.6, implying annual growth of 107.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 50.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 33.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.5, implying annual growth of 30.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 38.9.

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

QOR QORIA LIMITED

Software & Services – Overnight Price: $0.26

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

Qoria has announced it is one of two technology providers that will deliver student safety and well-being capabilities in Texas. The contract at this stage is for San Antonio, which Wilsons notes is a fourth-largest education service centre in Texas.

Hence, it bodes well for future growth and there should be "more to come", the company asserts. Overweight rating and $0.33 target retained.

This report was published on August 1, 2023.

Target price is $0.33 Current Price is $0.26 Difference: $0.07
If QOR 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 minus 3.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.03.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.40.

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

RDY READYTECH HOLDINGS LIMITED

Software & Services – Overnight Price: $3.25

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

Goldman Sachs cuts Readytech's target price heading into the FY23 reporting season, on the expectation the company will be investing more in product development than previously thought, prompting a cut in margin assumptions.

Buy rating retained. Target price falls to $4.25 from $4.40.

This report was published on July 31, 2023.

Target price is $4.25 Current Price is $3.25 Difference: $1
If RDY meets the Goldman Sachs target it will return approximately 31% (excluding dividends, fees and charges).
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 14.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.89.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 16.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.19.

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

RWC RELIANCE WORLDWIDE CORP. LIMITED

Building Products & Services – Overnight Price: $4.22

Jarden rates ((RWC)) as Neutral (3) –

Reliance Worldwide is rated Neutral and the target is reduced to $4.34 from $4.40.

This report was published on August 2, 2023.

Target price is $4.34 Current Price is $4.22 Difference: $0.12
If RWC meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.17, suggesting downside of -1.1%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 27.8, implying annual growth of N/A.
Current consensus DPS estimate is 41.6, implying a prospective dividend yield of 9.9%.
Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY24:

Current consensus EPS estimate is 29.8, implying annual growth of 7.2%.
Current consensus DPS estimate is 14.7, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 14.2.

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

SDF STEADFAST GROUP LIMITED

Insurance – Overnight Price: $5.82

Jarden rates ((SDF)) as Neutral (3) –

Jarden makes small revisions to earnings across its insurance and diversified financials coverage. The Neutral rating for Steadfast Group is maintained while the target increases to $6.10 from $6.05.

This report was published on August 2, 2023.

Target price is $6.10 Current Price is $5.82 Difference: $0.28
If SDF meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $6.30, suggesting upside of 8.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 15.10 cents and EPS of 24.70 cents.
At the last closing share price the estimated dividend yield is 2.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.9, implying annual growth of 33.6%.
Current consensus DPS estimate is 15.2, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 17.70 cents and EPS of 27.70 cents.
At the last closing share price the estimated dividend yield is 3.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of 8.4%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 22.5.

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

SLC SUPERLOOP LIMITED

Telecommunication – Overnight Price: $0.67

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

Superloop has flagged a non-binding indicative bid to acquire Symbio Holdings ((SYM)) via a scheme of arrangement. Wilsons notes the bid values Symbio at $2.85 a share with the consideration being an equal split of cash and Superloop shares.

If completed the company believes the transaction would create a telecommunications company that has a compelling range of services and strengthened customer proposition.

At the same time, Superloop has upgraded underlying EBITDA guidance to "around $37m" from $33-36m. Wilsons suspects the upgrade could be stemming from better operating performance. Overweight rating and 81c target under review.

This report was published on August 2, 2023.

Target price is $0.81 Current Price is $0.67 Difference: $0.145
If SLC meets the Wilsons target it will return approximately 22% (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 6.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.23.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.09.

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

SUN SUNCORP GROUP LIMITED

Insurance – Overnight Price: $13.95

Jarden rates ((SUN)) as Buy (1) –

Jarden makes small revisions to earnings across its insurance and diversified financials coverage. Suncorp Group continues to rate Buy while the target is raised to $14.95 from $14.70.

This report was published on August 2, 2023.

Target price is $14.95 Current Price is $13.95 Difference: $1
If SUN meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $14.82, suggesting upside of 6.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 72.00 cents and EPS of 95.90 cents.
At the last closing share price the estimated dividend yield is 5.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.6, implying annual growth of 79.6%.
Current consensus DPS estimate is 73.7, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 97.70 cents and EPS of 106.00 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 13.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.4, implying annual growth of 3.9%.
Current consensus DPS estimate is 78.2, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 13.9.

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

TPG TPG TELECOM LIMITED

Telecommunication – Overnight Price: $5.45

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

Goldman Sachs notes TPG Telecom has received an indicative and highly conditional proposal for its Enterprise, Government and Wholesale business/infrastructure from Vocus Group, worth around $6.3bn.

The company has not made any decision on the offer and the broker points out there is no certainty a transaction will take place.

Goldman Sachs observes Vocus has the greatest business overlap with TPG Telecom's EG&W and has strengthened its recent investment in intercity/international fibre. The broker retains a Neutral rating and $5.50 target.

This report was published on August 1, 2023.

Target price is $5.50 Current Price is $5.45 Difference: $0.05
If TPG meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $5.93, suggesting upside of 8.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 18.00 cents and EPS of 12.80 cents.
At the last closing share price the estimated dividend yield is 3.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.9, implying annual growth of -46.0%.
Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 36.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 18.00 cents and EPS of 15.70 cents.
At the last closing share price the estimated dividend yield is 3.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.8, implying annual growth of 26.2%.
Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 29.0.

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: $123.73

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

Goldman Sachs reviews forecasts following high-frequency data and Australasian pricing changes.

The pricing increases show "meaningful levers" for price lead growth in mature markets, the broker notes, consistent with the commentary from Xero that it will balance price and volume across its geography.

Goldman Sachs retains a Buy rating and increases the target by 13% to $147.

This report was published on August 1, 2023.

Target price is $147.00 Current Price is $123.73 Difference: $23.27
If XRO meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $113.27, suggesting downside of -8.5%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 93.61 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 132.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.3, 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 134.1.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 140.42 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 88.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 154.7, implying annual growth of 67.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 80.0.

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

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

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

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

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QOR QORIA LIMITED

RDY READYTECH HOLDINGS LIMITED

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TPG TPG TELECOM LIMITED

XRO XERO LIMITED

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