Daily Market Reports | Aug 21 2023
This story features BEACH ENERGY LIMITED, and other companies. For more info SHARE ANALYSIS: BPT
An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
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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)
BPT CDA CGF COH CPU CQR CSL CVN CXO DHG DXS EDV EVN FBU GOZ GQG IPH LIC (2) LNW MGH MGR NAB NWH NWL (2) ORA PLS REG RGN RIC SDF (2) SEK SGM SHL STO SUL SVW SWM TCL (2) TLS TPW TWE VCX
BPT BEACH ENERGY LIMITED
Crude Oil – Overnight Price: $1.52
Wilsons rates ((BPT)) as Overweight (1) –
Following Beach Energy's FY23 results (in line with expectations, disappointing FY24 guidance) Wilsons had placed its Overweight rating and $2.01 target under review.
Upon return, the Overweight rating has remained in place, but the price target has been reduced to $1.84.
Project delays and lower production volumes weigh down forecasts, but Wilsons has decided it's still best to be optimistic about the company's growth opportunity medium term.
This report was published on August 16, 2023.
Target price is $1.84 Current Price is $1.52 Difference: $0.315
If BPT meets the Wilsons target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $1.80, suggesting upside of 18.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Wilsons forecasts a full year FY24 dividend of 4.00 cents and EPS of 16.80 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.08.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.8, implying annual growth of 1.3%.
Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 8.6.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 5.00 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 3.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.87.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 25.2, implying annual growth of 41.6%.
Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 6.1.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CDA CODAN LIMITED
Hardware & Equipment – Overnight Price: $7.79
Moelis rates ((CDA)) as Hold (3) –
Codan has pre-guided its FY23 result, including a trading update, and Moelis, in response, has added 6% to its net profit forecast, predominantly reflecting a better contribution from the Metal division which performed strongly in H2.
One of the outperformers is the 'Manticore', which the broker recals was once described by management as the "best coin & treasure detector on the market".
Hold rating retained. Target $8.22.
This report was published on August 17, 2023.
Target price is $8.22 Current Price is $7.79 Difference: $0.43
If CDA meets the Moelis target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Moelis forecasts a full year FY23 dividend of 21.90 cents and EPS of 41.80 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.64.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 25.30 cents and EPS of 48.20 cents.
At the last closing share price the estimated dividend yield is 3.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.16.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CGF CHALLENGER LIMITED
Wealth Management & Investments – Overnight Price: $6.73
Jarden rates ((CGF)) as Overweight (2) –
The FY23 results from Challenger were ahead of expectations.
Jarden observes driving higher annuity sales off record FY23 levels is increasingly reliant on capitalising institutional opportunities, although a longer-duration mix of sales should mean annuity net book growth accelerates as maturity rates slow.
The broker believes the company is well-placed to deliver double-digit EPS growth over both FY24 and FY25. Overweight retained. Target is $7.35.
This report was published on August 16, 2023.
Target price is $7.35 Current Price is $6.73 Difference: $0.62
If CGF meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $6.77, suggesting upside of 0.6%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 23.30 cents and EPS of 54.70 cents.
At the last closing share price the estimated dividend yield is 3.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.30.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 51.0, implying annual growth of 21.0%.
Current consensus DPS estimate is 24.7, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 13.2.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 25.50 cents and EPS of 60.10 cents.
At the last closing share price the estimated dividend yield is 3.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.20.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 57.5, implying annual growth of 12.7%.
Current consensus DPS estimate is 26.8, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 11.7.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
COH COCHLEAR LIMITED
Medical Equipment & Devices – Overnight Price: $261.70
Jarden rates ((COH)) as Neutral (3) –
FY23 results from Cochlear were at the top end of guidance and revenue was stronger than Jarden estimated.
The broker observes the N8 upgrades have started strongly with second half revenue growth of 32%, augmented by the recognition of around $15-20m in deferred processor revenue.
Momentum is expected to continue into FY24 and the broker expects 20% growth in services. Neutral rating retained. Target is raised to $229.20 from $218.09.
This report was published on August 16, 2023.
Target price is $229.20 Current Price is $261.70 Difference: minus $32.5 (current price is over target).
If COH 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 $235.73, suggesting downside of -9.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 375.60 cents and EPS of 573.90 cents.
At the last closing share price the estimated dividend yield is 1.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.60.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 551.3, implying annual growth of 20.6%.
Current consensus DPS estimate is 386.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 47.5.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 478.70 cents and EPS of 691.40 cents.
At the last closing share price the estimated dividend yield is 1.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.85.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 622.1, implying annual growth of 12.8%.
Current consensus DPS estimate is 436.1, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 42.1.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CPU COMPUTERSHARE LIMITED
Diversified Financials – Overnight Price: $24.72
Jarden rates ((CPU)) as Overweight (2) –
FY23 management net profit from Computershare was in line with expectations. Jarden observes a lower margin income balance is partially reflecting weaker capital markets activity and this has resulted in FY24 guidance being weaker than expected.
The broker envisages scope for more resilient margin income with increasing signs balances have stabilised.
As the stock is at an undemanding 14x PE and there are further options for the balance sheet ahead, the broker retains an Overweight rating. Target rises to $27.00 from $26.35.
This report was published on August 16, 2023.
Target price is $27.00 Current Price is $24.72 Difference: $2.28
If CPU meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $26.07, suggesting upside of 5.4%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 124.96 cents and EPS of 177.13 cents.
At the last closing share price the estimated dividend yield is 5.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.96.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 177.9, implying annual growth of N/A.
Current consensus DPS estimate is 123.1, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 13.9.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 133.48 cents and EPS of 190.28 cents.
At the last closing share price the estimated dividend yield is 5.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.99.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 193.4, implying annual growth of 8.7%.
Current consensus DPS estimate is 121.7, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 12.8.
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
CQR CHARTER HALL RETAIL REIT
REITs – Overnight Price: $3.45
Jarden rates ((CQR)) as Overweight (2) –
Jarden observes, combined with ongoing asset recycling, Charter Hall Retail REIT has achieved above-average EBIT growth of 7.1% in FY23. The broker suspects assumptions could prove conservative beyond FY24 and downside risk to net tangible assets is low.
The broker believes the stock offers an attractive risk/reward in a tough environment for A-REITs and retains an Overweight rating, reducing the target to $4.25 from $4.40.
This report was published on August 15, 2023.
Target price is $4.25 Current Price is $3.45 Difference: $0.8
If CQR meets the Jarden target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $3.93, suggesting upside of 14.0%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 25.40 cents and EPS of 27.50 cents.
At the last closing share price the estimated dividend yield is 7.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.55.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 27.4, implying annual growth of 321.5%.
Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 12.6.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 25.30 cents and EPS of 27.40 cents.
At the last closing share price the estimated dividend yield is 7.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.59.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 28.4, implying annual growth of 3.6%.
Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 7.6%.
Current consensus EPS estimate suggests the PER is 12.1.
Market Sentiment: 0.3
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: $270.57
Jarden rates ((CSL)) as Overweight (2) –
Jarden observes the official FY23 results and FY24 guidance dispelled residual fears that quality may be lacking. CSL Behring's top line showed good momentum and the gross profit for Vifor beat estimates.
CSL has also flagged expectations for operating leverage and a -30% reduction in capital expenditure. The broker retains an Overweight rating and reduces the target to $322.25 from $322.48.
This report was published on August 16, 2023.
Target price is $322.25 Current Price is $270.57 Difference: $51.68
If CSL meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $330.53, suggesting upside of 22.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 343.80 cents and EPS of 823.17 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 32.87.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 973.9, implying annual growth of N/A.
Current consensus DPS estimate is 425.1, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 27.8.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 407.62 cents and EPS of 1018.39 cents.
At the last closing share price the estimated dividend yield is 1.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.57.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 1239.0, implying annual growth of 27.2%.
Current consensus DPS estimate is 543.7, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 21.8.
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
CVN CARNARVON ENERGY LIMITED
Crude Oil – Overnight Price: $0.14
Jarden rates ((CVN)) as Buy (1) –
Carnarvon Energy has completed the sell-down, with attention now on the final investment decision for Dorado. The company now holds $181m in cash reserves.
Jarden awaits the update from the operator, Santos ((STO)), regarding the timing of an FID and plans for further exploration in the Bedout Basin. Buy rating and $0.25 target maintained.
This report was published on August 16, 2023.
Target price is $0.25 Current Price is $0.14 Difference: $0.115
If CVN meets the Jarden target it will return approximately 85% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 45.00.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 27.00.
Market Sentiment: 0.0
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: $0.41
Goldman Sachs rates ((CXO)) as Sell (5) –
Core Lithium has announced a fresh capital raising of up to $120m at $0.40, a -27% discount to the last closing share price and a whopping -61% discount to the $100m raising in September/October last year.
Goldman Sachs doesn't offer any deeper insights or even coloured opinion on the announcement, but does highlight management stating there is currently no material litigation taking place, even though some friction with Tesla seems apparent.
The broker's Net Asset Valuation is 63c, but its twelve months out price target is set at 75c. Rating is Sell.
This report was published on August 16, 2023.
Target price is $0.75 Current Price is $0.41 Difference: $0.335
If CXO meets the Goldman Sachs target it will return approximately 81% (excluding dividends, fees and charges).
Current consensus price target is $0.67, suggesting upside of 62.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.58.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 0.9, 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 46.1.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 9.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.19.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 8.5, implying annual growth of 844.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 4.9.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DHG DOMAIN HOLDINGS AUSTRALIA LIMITED
Real Estate – Overnight Price: $3.61
Goldman Sachs rates ((DHG)) as Neutral (3) –
FY23 sales and earnings were below Goldman Sachs' estimates. The miss to EBITDA was driven by greater cyclicality across both residential and adjacencies.
The broker continues to envisage Domain Holdings Australia is set up for earnings growth in FY24 amid positive listings momentum in the first quarter to date.
The base of FY23 earnings is now much lower amid weaker revenue and the broker revises FY24-26 EBITDA estimates down by -7-8%. Neutral retained. Target is reduced -10% to $3.60.
This report was published on August 17, 2023.
Target price is $3.60 Current Price is $3.61 Difference: minus $0.01 (current price is over target).
If DHG meets the Goldman Sachs target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.41, suggesting downside of -5.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 5.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 1.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.13.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 9.5, implying annual growth of 129.5%.
Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 38.0.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 6.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 1.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.10.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 9.8, implying annual growth of 3.2%.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 36.8.
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DXS DEXUS
REITs – Overnight Price: $7.74
Jarden rates ((DXS)) as Underweight (4) –
Jarden observes the desire by Dexus to transition to a real asset fund manager from an office landlord could eventually be the right strategy but at present creates more confusion and a messy earnings trajectory.
The broker observes FY23 was a transition year as the growing contribution from the fund management platform and performance of logistics was offset by the rising cost of debt, significant asset disposals and a lack of trading profits.
The shares are not expensive but a significant re-rating is considered unlikely. Underweight maintained. Target is reduced to $8.10 from $8.20.
This report was published on August 17, 2023.
Target price is $8.10 Current Price is $7.74 Difference: $0.36
If DXS meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $8.93, suggesting upside of 15.4%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 48.00 cents and EPS of 64.10 cents.
At the last closing share price the estimated dividend yield is 6.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.07.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 60.5, implying annual growth of N/A.
Current consensus DPS estimate is 48.5, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 12.8.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 46.90 cents and EPS of 63.20 cents.
At the last closing share price the estimated dividend yield is 6.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.25.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 62.5, implying annual growth of 3.3%.
Current consensus DPS estimate is 49.7, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 12.4.
Market Sentiment: 0.1
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: $5.57
Jarden rates ((EDV)) as Overweight (2) –
Endeavour Group provided a "good" FY23 result, in Jarden's opinion, although weaker cash flow and higher net debt were a negative surprise.
Pinnacle is now $1.7bn of turnover and expected to grow further into FY24, driving a 20-30 basis points gross margin benefit on the broker's estimates.
While more confident of the company's ability to expand margins, the main uncertainty, the broker contends, is the ability to gain share in retail. Overweight retained. Target is reduced to $6.30 from $6.40.
This report was published on August 16, 2023.
Target price is $6.30 Current Price is $5.57 Difference: $0.73
If EDV meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $5.95, suggesting upside of 6.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 22.00 cents and EPS of 29.30 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.01.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 29.2, implying annual growth of -1.2%.
Current consensus DPS estimate is 20.9, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 19.1.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 21.00 cents and EPS of 32.60 cents.
At the last closing share price the estimated dividend yield is 3.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.09.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 31.0, implying annual growth of 6.2%.
Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 18.0.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
EVN EVOLUTION MINING LIMITED
Gold & Silver – Overnight Price: $3.36
Goldman Sachs rates ((EVN)) as Buy (1) –
Evolution Mining's FY23 results were largely in line and FY24 guidance is unchanged. Goldman Sachs expects returns will improve as cash flow improves into FY24, and the company indicated de-leveraging will be a priority, with no debt payments due until FY25.
The updated mineral resource for Ernest Henry supports a planned extension to 2040 and the feasibility study for the mine extension footprint has now commenced.
Goldman Sachs retains a Buy rating, noting that with debt repayments longer dated the free cash flow yield is attractive compared with peers. Target is reduced to $3.70 from $3.80.
This report was published on August 17, 2023.
Target price is $3.70 Current Price is $3.36 Difference: $0.34
If EVN meets the Goldman Sachs target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $3.43, suggesting upside of 1.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 6.00 cents and EPS of 35.50 cents.
At the last closing share price the estimated dividend yield is 1.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.46.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 27.5, implying annual growth of 208.6%.
Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 12.2.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 8.00 cents and EPS of 41.70 cents.
At the last closing share price the estimated dividend yield is 2.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.06.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 19.4, implying annual growth of -29.5%.
Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 17.3.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FBU FLETCHER BUILDING LIMITED
Building Products & Services – Overnight Price: $4.54
Jarden rates ((FBU)) as Buy (1) –
Fletcher Building posted a FY23 result that was in line with expectations. Jarden notes the FY24 earnings outlook is little changed from the investor briefing back in June.
The broker modestly increases its EBIT forecasts and reduces the dividend estimate while increasing capital expenditure forecasts.
Management tried to quell concerns about another write-down, associated this time with Iplex in Australia, but the broker notes the market is wary of any further risks that may eventuate. Buy rating retained. Target is reduced to NZ$6.30 from NZ$6.40.
This report was published on August 16, 2023.
Current Price is $4.54. Target price not assessed.
Current consensus price target is $5.30, suggesting upside of 16.6%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 29.40 cents and EPS of 40.61 cents.
At the last closing share price the estimated dividend yield is 6.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.18.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 43.8, implying annual growth of N/A.
Current consensus DPS estimate is 28.9, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 10.4.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 29.40 cents and EPS of 40.06 cents.
At the last closing share price the estimated dividend yield is 6.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.33.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 40.5, implying annual growth of -7.5%.
Current consensus DPS estimate is 28.7, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 11.2.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GOZ GROWTHPOINT PROPERTIES AUSTRALIA
Infra & Property Developers – Overnight Price: $2.39
Moelis rates ((GOZ)) as Buy (1) –
Moelis explains Growthpoint Properties Australia's FY23 performance beat its forecast but this was due some ex machina one-offs that blur the true picture.
Management's guidance for FY24 has put FFO and dividend firmly below expectations, by -6.7% and -9.8% respectively.
While gearing at June 2023 increased to 37.2%, the broker points out this remains at the lower end of management's target range of 35% – 45%, though it looks relatively elevated versus peers. No problems with covenants are expected.
The broker retains its Buy rating but the target price declines to $3.69 from $3.80. Nothing much is expected from funds management at this stage. Estimates have been lowered.
This report was published on August 18, 2023.
Target price is $3.69 Current Price is $2.39 Difference: $1.3
If GOZ meets the Moelis target it will return approximately 54% (excluding dividends, fees and charges).
Current consensus price target is $3.29, suggesting upside of 37.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 19.30 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 8.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.39.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 22.6, implying annual growth of N/A.
Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 8.4%.
Current consensus EPS estimate suggests the PER is 10.6.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 19.90 cents and EPS of 23.50 cents.
At the last closing share price the estimated dividend yield is 8.33%.
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 21.8, implying annual growth of -3.5%.
Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 8.6%.
Current consensus EPS estimate suggests the PER is 11.0.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GQG GQG PARTNERS INC
Wealth Management & Investments – Overnight Price: $1.52
Goldman Sachs rates ((GQG)) as No Rating (-1) –
First half net profit was ahead of Goldman Sachs' estimates, mostly driven by higher management fee income and a higher performance fee.
While GQG Partners' longer-term investment performance compared with benchmarks remains strong, the broker points out the one-year performance to June 2023 is weak and there is increasing concentration risk to Adani investments.
No rating or target was provided.
This report was published on August 17, 2023.
Current Price is $1.52. Target price not assessed.
Current consensus price target is $2.10, suggesting upside of 37.7%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 13.02 cents and EPS of 13.45 cents.
At the last closing share price the estimated dividend yield is 8.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.34.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 14.2, implying annual growth of N/A.
Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 9.0%.
Current consensus EPS estimate suggests the PER is 10.7.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 14.34 cents and EPS of 14.95 cents.
At the last closing share price the estimated dividend yield is 9.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.20.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 16.0, implying annual growth of 12.7%.
Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 9.8%.
Current consensus EPS estimate suggests the PER is 9.5.
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
IPH IPH LIMITED
Legal – Overnight Price: $7.85
Goldman Sachs rates ((IPH)) as Neutral (3) –
The IPH Ltd EBITDA and net profit in FY23 were ahead of expectations.
The result included a marginally better performance of Smart & Biggar while Australasian filing market share declined to 32.4% although, Goldman Sachs observes, filing volumes and share began to stabilise in the second half and this may allow for modest volume growth in FY24.
The company will acquire Canadian IP services firm Ridout and Maybee which will be combined with Smart & Biggar and operate as one brand.
The broker does not expect consensus estimates for FY24 will be revised materially higher following the result and retains a Neutral rating. Target is $9.25.
This report was published on August 17, 2023.
Target price is $9.25 Current Price is $7.85 Difference: $1.4
If IPH meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $10.51, suggesting upside of 33.9%(ex-dividends)
The company's fiscal year ends in June.
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 4.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.70.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 44.1, implying annual growth of 54.1%.
Current consensus DPS estimate is 34.2, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 17.8.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 EPS of 48.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.35.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 46.6, implying annual growth of 5.7%.
Current consensus DPS estimate is 36.5, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 16.8.
Market Sentiment: 0.8
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: $16.39
Goldman Sachs rates ((LIC)) as Buy (1) –
Goldman Sachs had earlier cut Lifestyle Communities' target price to $25.25 a share from $27.95, having decreased FY24 settlements forecasts.
The move proved quite prescient as the outlook for home settlements has sparked a debate among analysts post the release of FY23 financials, the broker reports.
While Lifestyle Communities's FY23 performance proved broadly in line with forecasts, the company's outlook and pipeline guidance was not to everybody's liking.
The broker states categorically the company can reach the top-end of guidance on the current build base, and potential for upside surprise remains.
Goldman Sachs retains this stock on its Conviction Buy list, hereby reiterated. Target has lost -10c to $25.15.
This report was published on August 16, 2023.
Target price is $25.15 Current Price is $16.39 Difference: $8.76
If LIC meets the Goldman Sachs target it will return approximately 53% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 16.10 cents and EPS of 95.20 cents.
At the last closing share price the estimated dividend yield is 0.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.22.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 20.50 cents and EPS of 119.50 cents.
At the last closing share price the estimated dividend yield is 1.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.72.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((LIC)) as Buy (1) –
Jarden continues to believe Lifestyle Communities will benefit from the structural growth in demand. The company commenced construction of seven new projects in FY23 and subsequently a significant increase in construction activity is expected, with higher settlement numbers to follow in FY24 and beyond.
Evidence of the development pipeline driving accelerated cash profits should support the shares over time, the broker adds, and a Buy rating is maintained. Target rises to $19.70 from $19.40.
This report was published on August 16, 2023.
Target price is $19.70 Current Price is $16.39 Difference: $3.31
If LIC meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 13.30 cents and EPS of 74.50 cents.
At the last closing share price the estimated dividend yield is 0.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.00.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 17.10 cents and EPS of 104.50 cents.
At the last closing share price the estimated dividend yield is 1.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.68.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LNW LIGHT & WONDER INC
Overnight Price: $116.00
Jarden rates ((LNW)) as Buy (1) –
After an investor briefing, Jarden is even more confident in Light & Wonder achieving its financial targets. The broker envisages the stock is a smaller, more leveraged, Aristocrat Leisure ((ALL)).
Strong replacement demand and the potential opening of new adjacencies should further assist the business and a Buy rating and $136 target are maintained.
This report was published on August 17, 2023.
Target price is $136.00 Current Price is $116.00 Difference: $20
If LNW meets the Jarden target it will return approximately 17% (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 129.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 89.71.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 359.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.23.
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: $3.25
Goldman Sachs rates ((MGH)) as Neutral (3) –
Maas Group's results were ahead of Goldman Sachs estimates in FY23 with operating cash flow better than expected and construction materials revenue up 90%.
FY24 trading is expected to be broadly consistent with the second half, which implies EBITDA of around $190-200m.
Infrastructure and renewable projects continue to drive strong demand for construction materials and the civil construction & higher segments. Neutral maintained. Target is $2.90.
This report was published on August 17, 2023.
Target price is $2.90 Current Price is $3.25 Difference: minus $0.35 (current price is over target).
If MGH meets the Goldman Sachs target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 5.30 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 1.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.13.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 EPS of 29.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.21.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MGR MIRVAC GROUP
Infra & Property Developers – Overnight Price: $2.37
Jarden rates ((MGR)) as Underweight (4) –
Jarden observes a recovery has materialised in FY23 results and, with residential development the key driver of sentiment for Mirvac Group, if the rebound is followed by an underlying recovery in residential markets, this should mean a re-rating for the shares.
Sales momentum, while stronger, still remains well below the expected settlements for FY24 so Jarden believes this will need to ramp up significantly to avoid more volatility to earnings in FY25.
A clear earnings growth trajectory is required to justify the valuation premium and the broker retains an Underweight rating with a $2.30 target.
This report was published on August 17, 2023.
Target price is $2.30 Current Price is $2.37 Difference: minus $0.07 (current price is over target).
If MGR 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 $2.67, suggesting upside of 12.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 10.20 cents and EPS of 13.90 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 17.05.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.4, implying annual growth of N/A.
Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 17.7.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 10.70 cents and EPS of 14.50 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.34.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.4, implying annual growth of -7.5%.
Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 19.1.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NAB NATIONAL AUSTRALIA BANK LIMITED
Banks – Overnight Price: $27.68
Jarden rates ((NAB)) as Overweight (2) –
Jarden found the update on the third quarter from National Australia Bank Bank "solid" with a larger and earlier-than-expected buyback of $1.5bn. The results were driven by a combination of strong markets income, better cost control and lower bad debts.
Margin pressure for the sector appears to have eased while the broker notes credit quality remains benign. This is confirmation of a more constructive view for the sector.
The bank remains the preferred exposure and the broker retains an Overweight rating with the target edging up to $29.40 from $29.00.
This report was published on August 15, 2023.
Target price is $29.40 Current Price is $27.68 Difference: $1.72
If NAB meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $27.23, suggesting downside of -1.6%(ex-dividends)
The company's fiscal year ends in September.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 167.00 cents and EPS of 238.00 cents.
At the last closing share price the estimated dividend yield is 6.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.63.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 236.5, implying annual growth of 10.5%.
Current consensus DPS estimate is 167.3, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 11.7.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 167.00 cents and EPS of 218.00 cents.
At the last closing share price the estimated dividend yield is 6.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.70.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 215.4, implying annual growth of -8.9%.
Current consensus DPS estimate is 167.5, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 12.9.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NWH NRW HOLDINGS LIMITED
Mining Sector Contracting – Overnight Price: $2.64
Moelis rates ((NWH)) as Buy (1) –
NRW Holdings' FY23 result proved in line with forecasts by Moelis and market consensus. The broker is pleased revenues are increasing with minor growth in EBITA and net profits.
More positives came with much improved cash conversion and reduced net debt. Gearing fell to 14% from 28% in December 2022.
The broker highlights guided FY24 revenue is almost entirely covered by the order book. Some $2.5bn of work has already been secured for FY25.
Franking credits have returned sooner-than-expected. Modest adjustments have been made to forecasts. Buy. Target lifts to $3.40 from $3.29.
This report was published on August 18, 2023.
Target price is $3.40 Current Price is $2.64 Difference: $0.76
If NWH meets the Moelis target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $2.92, suggesting upside of 10.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 20.00 cents and EPS of 25.10 cents.
At the last closing share price the estimated dividend yield is 7.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.52.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 26.3, implying annual growth of 38.3%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 10.0.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 22.00 cents and EPS of 26.20 cents.
At the last closing share price the estimated dividend yield is 8.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.08.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 27.8, implying annual growth of 5.7%.
Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 9.5.
Market Sentiment: 0.7
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: $15.33
Jarden rates ((NWL)) as Underweight (4) –
Netwealth Group's FY23 result was largely in line while the revenue backdrop carries lingering uncertainty, Jarden asserts, as elevated deposit rates pose an ongoing risk to net flow prospects.
While costs were more tightly managed in the second half, the broker believes the value headroom is more constrained amid lingering revenue risk and this supports an Underweight rating. Target edges down to $14.00 from $14.10.
This report was published on August 16, 2023.
Target price is $14.00 Current Price is $15.33 Difference: minus $1.33 (current price is over target).
If NWL meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.98, suggesting downside of -2.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 30.40 cents and EPS of 35.70 cents.
At the last closing share price the estimated dividend yield is 1.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.94.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 33.7, implying annual growth of 22.4%.
Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 45.5.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 36.10 cents and EPS of 42.50 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 36.07.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 40.7, implying annual growth of 20.8%.
Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 37.7.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Wilsons rates ((NWL)) as Overweight (1) –
The FY23 release from Netwealth Group in itself contained few surprises given key metrics had been pre-guided, but Wilsons is confident margin expansion remains likely in H1 FY24.
In early October, Netwealth will launch a new Cash Product.
In the absence of poor markets generally, or of significant delays to funds inflows, Netwealth's EBITDA margin should expand towards 50%, forecasts the broker.
In line with market expectations that margin improved to 48.7% in 2H FY23. Price target declines slightly to $16.29 (from $16.37 in July). Overweight rating retained.
This report was published on August 16, 2023.
Target price is $16.29 Current Price is $15.33 Difference: $0.96
If NWL meets the Wilsons target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $14.98, suggesting downside of -2.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Wilsons forecasts a full year FY24 dividend of 30.60 cents and EPS of 36.00 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 42.58.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 33.7, implying annual growth of 22.4%.
Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 45.5.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 38.40 cents and EPS of 45.20 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 33.92.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 40.7, implying annual growth of 20.8%.
Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 37.7.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ORA ORORA LIMITED
Paper & Packaging – Overnight Price: $3.63
Goldman Sachs rates ((ORA)) as Buy (1) –
FY23 results from Orora were slightly ahead of Goldman Sachs' estimates. A challenging US macro backdrop was evident in the second half with revenue down -13% in US dollar terms.
Margins improved over the period which suggests the focus on price discipline and account profitability is now embedded, and Goldman Sachs expects further incremental margin improvement going forward.
In Australasia investments are expected to drive growth with management reiterating guidance for $30m in incremental earnings by FY28. Goldman Sachs retains a Buy rating and the target edges up 5% to $4.20.
This report was published on August 17, 2023.
Target price is $4.20 Current Price is $3.63 Difference: $0.57
If ORA meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $3.78, suggesting upside of 4.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 17.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 4.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.13.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 23.3, implying annual growth of 6.3%.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 15.6.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 18.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.52.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 19.1, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.8.
Market Sentiment: 0.6
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: $4.73
Jarden rates ((PLS)) as Underweight (4) –
Pilbara Minerals has updated its mineral resource estimate, increasing to 414mt at 1.15% that implies a potential mine life of over 60 years.
Jarden upgrades forecasts for the final dividend to $0.19 which in turn lifts the dividend for FY23 to $0.30, representing a pay-out of 35% of the estimated free cash flow.
The broker justifies this view because of the substantial cash balance, ongoing positive lithium market conditions and disclosures from the investor briefing that diversification via acquisition is "a distant fourth priority".
The company will report its results on August 25 and Jarden retains an Underweight rating and $4.10 target.
This report was published on August 15, 2023.
Target price is $4.10 Current Price is $4.73 Difference: minus $0.63 (current price is over target).
If PLS meets the Jarden target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.56, suggesting upside of 17.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 30.00 cents and EPS of 76.20 cents.
At the last closing share price the estimated dividend yield is 6.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.21.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 74.9, implying annual growth of 294.6%.
Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 6.3.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 10.00 cents and EPS of 48.00 cents.
At the last closing share price the estimated dividend yield is 2.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.85.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 64.8, implying annual growth of -13.5%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 7.3.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
REG REGIS HEALTHCARE LIMITED
Aged Care & Seniors – Overnight Price: $2.33
Jarden rates ((REG)) as Downgrade to Overweight from Buy (2) –
Jarden transfers coverage of Regis Healthcare to Seb Clemens and Steve Wheen, reducing the rating to Overweight from Buy and lowering the target to $2.84 from $3.40, given the share price is up 64% since the March 2023 low.
Emerging from the pandemic with greater clarity on funding changes and a market that is "supply starved" the broker is positive on the stock because of an improved balance sheet and upward pressure on occupancy. There is also valuation support amidst heightened sector corporate activity.
This report was published on August 16, 2023.
Target price is $2.84 Current Price is $2.33 Difference: $0.51
If REG meets the Jarden target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 4.00 cents and EPS of 6.10 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.20.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 4.00 cents and EPS of 7.40 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.49.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RGN REGION GROUP
REITs – Overnight Price: $2.20
Jarden rates ((RGN)) as Overweight (2) –
Jarden observes strong sales and leasing momentum were offset by significant operating cost inflation in the FY23 results for Region Group.
The broker believes the sluggish operating performance and need for reinvestment in the core portfolio could become a positive story if addressed, although it is unclear how long this could take.
After a -23% fall in the share price over the past 12 months the broker believes the risk/reward is attractive, particularly as the medium-term investment case has not changed. Overweight retained. Target is reduced to $2.65 from $2.75.
This report was published on August 15, 2023.
Target price is $2.65 Current Price is $2.20 Difference: $0.45
If RGN meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $2.50, suggesting upside of 13.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 13.70 cents and EPS of 15.60 cents.
At the last closing share price the estimated dividend yield is 6.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.10.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.7, implying annual growth of N/A.
Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 14.0.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 13.60 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 6.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.29.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.6, implying annual growth of -0.6%.
Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 14.1.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RIC RIDLEY CORPORATION LIMITED
Agriculture – Overnight Price: $2.13
Moelis rates ((RIC)) as Buy (1) –
It looks like Ridley Corp's FY23 key financial achievements were all in line with Moelis's forecasts. The final dividend of 4.25c was higher than the 3.9c forecast.
Moelis highlights a strong balance sheet. Estimates are moving marginally higher as lower D&A expenses are offset through higher interest costs.
The broker labels FY23 as a "strong result" and foresees FY24 growth from both Bulk Stockfeed and Packaged Feeds & Ingredients.
Target price lifts to $2.64 from $2.58. Moelis considers Ridley Corp well positioned for further growth, both organically and through acquisitions.
This report was published on August 18, 2023.
Target price is $2.64 Current Price is $2.13 Difference: $0.51
If RIC meets the Moelis target it will return approximately 24% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 8.40 cents and EPS of 13.50 cents.
At the last closing share price the estimated dividend yield is 3.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.78.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 9.10 cents and EPS of 14.60 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.59.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SDF STEADFAST GROUP LIMITED
Insurance – Overnight Price: $5.72
Goldman Sachs rates ((SDF)) as Neutral (3) –
Goldman Sachs reports Steadfast Group's FY23 revealed key numbers that were either slightly above or slightly below forecasts by itself and market consensus.
Management will be providing more colour around its international expansion plans, but is of the intent to spend -$280m on acquisitions, to be funded by debt and free cash flow.
FY24 guidance equally looks in line with forecasts already in place. Goldman Sachs implements minor upgrades to forecasts. Neutral. Target $5.90 (unchanged).
This report was published on August 16, 2023.
Target price is $5.90 Current Price is $5.72 Difference: $0.18
If SDF meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $6.38, suggesting upside of 11.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 17.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 2.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.87.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 26.3, implying annual growth of 42.5%.
Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 21.7.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 18.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 3.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.83.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 28.2, implying annual growth of 7.2%.
Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 20.3.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((SDF)) as Neutral (3) –
Underlying net profit in FY23 from Steadfast Group was in line with Jarden's estimates.
The broker expects the operating backdrop will remain strong in the first half of FY24 yet, with commercial industry combined operating ratios now at more attractive levels, pricing is expected to moderate from here on.
Neutral rating maintained. Target is reduced to $6.05 from $6.10.
This report was published on August 16, 2023.
Target price is $6.05 Current Price is $5.72 Difference: $0.33
If SDF meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $6.38, suggesting upside of 11.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 17.40 cents and EPS of 27.30 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 20.95.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 26.3, implying annual growth of 42.5%.
Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 21.7.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 18.50 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 3.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.72.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 28.2, implying annual growth of 7.2%.
Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 20.3.
Market Sentiment: 0.3
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: $23.51
Jarden rates ((SEK)) as Overweight (2) –
The FY23 results missed estimates, with Jarden noting this is the third result where Seek has disappointed on guidance and the share price has fallen.
The broker would have expected more of a benefit to materialise from investment in unification and, combined with cost reductions, provide early signs of operating leverage.
The latter is considered an important driver of forecasts and Jarden gives the company the benefit of the doubt on delivering earnings, although is watching the job markets closely across Australasia and Asia. Overweight retained. Target is reduced to $26.70 from $29.60.
This report was published on August 15, 2023.
Target price is $26.70 Current Price is $23.51 Difference: $3.19
If SEK meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $26.22, suggesting upside of 11.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 EPS of 72.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.47.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 63.6, implying annual growth of -77.9%.
Current consensus DPS estimate is 43.8, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 37.0.
Forecast for FY25:
Jarden forecasts a full year FY25 EPS of 78.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.99.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 77.4, implying annual growth of 21.7%.
Current consensus DPS estimate is 58.7, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 30.4.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SGM SIMS LIMITED
Steel & Scrap – Overnight Price: $15.25
Jarden rates ((SGM)) as Neutral (3) –
Sims' FY23 result showed a material decline on the prior year, but broadly in line with Jarden's estimates. All key financial metrics exhibited significant, albeit predicted, declines.
The expansion in North America continues and the company will acquire Baltimore Scrap, a strategically sensible and complimentary operation in Jarden's view. The internally funded deal is expected to be completed in October.
No quantitative guidance was provided, understandable, the broker asserts given subdued global steel demand, a lack of available scrap volumes and delays in the post-earthquake rebuild in Turkey.
Jarden considers the business well-placed in the long-term to participate in global trends of decarbonisation amid further industry consolidation and maintains a Neutral rating, raising the target to $17.67 from $16.60.
This report was published on August 16, 2023.
Target price is $17.67 Current Price is $15.25 Difference: $2.42
If SGM meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $15.05, suggesting downside of -1.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 26.30 cents and EPS of 87.80 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.37.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 97.8, implying annual growth of 4.4%.
Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 15.6.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 35.70 cents and EPS of 119.00 cents.
At the last closing share price the estimated dividend yield is 2.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.82.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 129.4, implying annual growth of 32.3%.
Current consensus DPS estimate is 51.5, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 11.8.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SHL SONIC HEALTHCARE LIMITED
Healthcare services – Overnight Price: $32.57
Goldman Sachs rates ((SHL)) as Sell (5) –
Sonic Healthcare's base business improved over FY23 although Goldman Sachs notes this was somewhat flattered by favourable comparables and the implied growth rate of 3% is still well below historical levels.
Revenue remains driven by average fee compared with volume and while the broker expects demand will be strong in specific new diagnostic tests, these will continue to be of minor proportion for several years to come.
Revenue forecasts are upgraded by 5-6% and while further margin pressure is likely to manifest in FY24, the broker models a stabilisation from FY25. Sell rating reiterated while the target is reduced to $29 from $30.
This report was published on August 17, 2023.
Target price is $29.00 Current Price is $32.57 Difference: minus $3.57 (current price is over target).
If SHL meets the Goldman Sachs target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $35.80, suggesting upside of 9.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 101.00 cents and EPS of 144.00 cents.
At the last closing share price the estimated dividend yield is 3.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.62.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 144.3, implying annual growth of -1.0%.
Current consensus DPS estimate is 103.7, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 22.6.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 107.00 cents and EPS of 152.00 cents.
At the last closing share price the estimated dividend yield is 3.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.43.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 158.8, implying annual growth of 10.0%.
Current consensus DPS estimate is 112.4, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 20.5.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
STO SANTOS LIMITED
NatGas – Overnight Price: $7.77
Jarden rates ((STO)) as Overweight (2) –
Jarden assesses the potential for strike action at Western Australian LNG projects has lifted spot gas/LNG prices.
While there is a low probability of a material revenue impact on Woodside Energy, Jarden expects Santos will benefit from higher spot LNG prices without any strike threat, with an estimated 22% of PNG LNG output now sold into the spot market.
Overweight rating and $7.75 target.
This report was published on August 16, 2023.
Target price is $7.75 Current Price is $7.77 Difference: minus $0.02 (current price is over target).
If STO 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 $9.36, suggesting upside of 20.4%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 37.22 cents and EPS of 58.30 cents.
At the last closing share price the estimated dividend yield is 4.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.33.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 70.7, implying annual growth of N/A.
Current consensus DPS estimate is 31.9, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 11.0.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 29.30 cents and EPS of 50.37 cents.
At the last closing share price the estimated dividend yield is 3.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.42.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 72.5, implying annual growth of 2.5%.
Current consensus DPS estimate is 34.2, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 10.7.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SUL SUPER RETAIL GROUP LIMITED
Automobiles & Components – Overnight Price: $12.78
Goldman Sachs rates ((SUL)) as Buy (1) –
FY23 results from Super Retail were ahead of Goldman Sachs' estimates. Despite the challenging retail backdrop, the broker believes the top line will be more resilient compared with discretionary peers, because of investment in loyalty and upgrades to format.
The broker also points out while inventory at Rebel increased, it has normalised versus a low base and, hence, discounting pressures are low.
Goldman Sachs reiterates a Buy rating and raises the target to $14.40 from $13.60.
This report was published on August 17, 2023.
Target price is $14.40 Current Price is $12.78 Difference: $1.62
If SUL meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $12.34, suggesting downside of -3.4%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 62.00 cents and EPS of 95.00 cents.
At the last closing share price the estimated dividend yield is 4.85%.
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 92.9, implying annual growth of -20.2%.
Current consensus DPS estimate is 69.8, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 13.8.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 64.00 cents and EPS of 98.00 cents.
At the last closing share price the estimated dividend yield is 5.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.04.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 102.8, implying annual growth of 10.7%.
Current consensus DPS estimate is 70.4, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 12.4.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SVW SEVEN GROUP HOLDINGS LIMITED
Mining Sector Contracting – Overnight Price: $26.64
Goldman Sachs rates ((SVW)) as Buy (1) –
FY23 results beat estimates while Goldman Sachs notes FY24 guidance is "solid". For WesTrac, lower-margin capital sales grew 25% although a moderation in FY24 is expected, which should support margins.
Coates is expected to benefit from a strong infrastructure cycle and margins, which beat estimates, appear sustainable. Goldman Sachs retains a Buy rating, raising the target to $31.00 from $27.90.
This report was published on August 17, 2023.
Target price is $31.00 Current Price is $26.64 Difference: $4.36
If SVW meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $30.55, suggesting upside of 14.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 55.00 cents and EPS of 220.00 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 12.11.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 199.3, implying annual growth of 21.4%.
Current consensus DPS estimate is 50.1, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 13.4.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 79.00 cents and EPS of 265.00 cents.
At the last closing share price the estimated dividend yield is 2.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.05.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 235.7, implying annual growth of 18.3%.
Current consensus DPS estimate is 53.1, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 11.3.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SWM SEVEN WEST MEDIA LIMITED
Print, Radio & TV – Overnight Price: $0.34
Goldman Sachs rates ((SWM)) as Sell (5) –
On Goldman Sachs's assessment, FY23 financials from Seven West Media proved broadly in line with expectations. One key observation remains that the TV market, overall, remains weak into Q1.
The company anticipates weaker comps should drive a stabilisation into Q2 FY24. The broker comments this understates the real pressure on the industry.
Management is of the intent to spend heavily ("invest") in order to increase market share and Goldman Sachs sees this as a key negative.
Earnings estimates have been culled. Price target falls by -8% to 35c in response. Sell rating retained.
This report was published on August 16, 2023.
Target price is $0.35 Current Price is $0.34 Difference: $0.005
If SWM meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $0.43, suggesting upside of 23.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.93.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 7.5, implying annual growth of -20.3%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 4.6.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 4.00 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 11.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.93.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 7.9, implying annual growth of 5.3%.
Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 4.4.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TCL TRANSURBAN GROUP LIMITED
Infrastructure & Utilities – Overnight Price: $13.17
Goldman Sachs rates ((TCL)) as Sell (5) –
Transurban Group has announced CFO Michelle Jablko will be its new CEO. Plus the international toll road operator released FY23 financials that were, on balance, slightly softer than anticipated, comments Goldman Sachs.
FY24 distribution guidance of 62c was equally slightly below its 63c forecast. The broker thinks 10% distribution growth should be expected, hence labels the guidance as "conservative".
Transurban shares seem fully valued and this is keeping Goldman Sachs's rating on Sell. Price target remains unchanged at $13.50.
This report was published on August 16, 2023.
Target price is $13.50 Current Price is $13.17 Difference: $0.33
If TCL meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $14.60, suggesting upside of 10.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 63.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 4.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 62.71.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 26.3, implying annual growth of 1164.4%.
Current consensus DPS estimate is 63.1, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 50.1.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 67.00 cents and EPS of 20.00 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 65.85.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 32.0, implying annual growth of 21.7%.
Current consensus DPS estimate is 65.7, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 41.2.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((TCL)) as Underweight (4) –
Transurban's FY23 results slightly missed Jarden's forecasts. While believing the stock is high-quality, the broker retains an Underweight rating on valuation grounds.
Proportional EBITDA forecasts are revised down by an average of -3.7% over the forecast period (FY24-26), driven by delayed recovery in Melbourne traffic to pre-pandemic levels and an adverse toll mix in the FY23 base. Target is $12.90.
This report was published on August 17, 2023.
Target price is $12.90 Current Price is $13.17 Difference: minus $0.27 (current price is over target).
If TCL meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.60, suggesting upside of 10.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 62.00 cents and EPS of 20.50 cents.
At the last closing share price the estimated dividend yield is 4.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 64.24.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 26.3, implying annual growth of 1164.4%.
Current consensus DPS estimate is 63.1, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 50.1.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 64.20 cents and EPS of 26.70 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 49.33.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 32.0, implying annual growth of 21.7%.
Current consensus DPS estimate is 65.7, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 41.2.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TLS TELSTRA GROUP LIMITED
Telecommunication – Overnight Price: $4.00
Goldman Sachs rates ((TLS)) as Buy (1) –
FY23 earnings for Telstra Group were in line or slightly ahead of Goldman Sachs estimates. The main positives were the stellar mobile result, with second half margins near record highs, and the reiteration of T25 targets.
On the negative side, the broker is concerned about subscriber trends in postpaid with increasing churn in the second half that has persisted into the first quarter of FY24 as price rises come into effect. Buy rating retained. Target is reduced by -2% to $4.70.
This report was published on August 18, 2023.
Target price is $4.70 Current Price is $4.00 Difference: $0.7
If TLS meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $4.50, suggesting upside of 12.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 18.00 cents and EPS of 18.40 cents.
At the last closing share price the estimated dividend yield is 4.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.74.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.0, implying annual growth of 7.8%.
Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 22.2.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 20.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 19.5, implying annual growth of 8.3%.
Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 20.5.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TPW TEMPLE & WEBSTER GROUP LIMITED
Furniture & Renovation – Overnight Price: $6.25
Jarden rates ((TPW)) as Neutral (3) –
Jarden observes the second half was "solid" for Temple & Webster amid strong cash flow and an EBITDA margin that rose to 4.0% compared with 2.2% in the first half.
While the trading update was strong, this was overshadowed by the decision to lift marketing investment materially. This is the right decision, in the broker's view, as it puts the company in the best position to achieve its 3-5 year sales target of $1bn.
Jarden transfers coverage of the stock to Ed Woodgate and keeps a Neutral rating. Target is lifted to $6.50 from $3.88.
This report was published on August 16, 2023.
Target price is $6.50 Current Price is $6.25 Difference: $0.25
If TPW meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $6.58, suggesting upside of 5.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 164.47.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 4.2, implying annual growth of -38.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 148.8.
Forecast for FY25:
Jarden forecasts a full year FY25 EPS of 6.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 96.15.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 7.3, 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 85.6.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TWE TREASURY WINE ESTATES LIMITED
Food, Beverages & Tobacco – Overnight Price: $11.80
Jarden rates ((TWE)) as Overweight (2) –
Jarden was underwhelmed by the quality of the FY23 results from Treasury Wine Estates as cash conversion was poor and margin expectations for the Americas were lowered for the near term.
Penfolds was the main positive with FY24 guidance more positive and similar EBITS growth expected.
At the group level the broker expects the business will achieve high single-digit EBITS growth in FY24, with a skew to the second half. Overweight rating retained. Target rises to $13.50 from $13.30.
This report was published on August 15, 2023.
Target price is $13.50 Current Price is $11.80 Difference: $1.7
If TWE meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $12.79, suggesting upside of 8.4%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 43.00 cents and EPS of 55.80 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 21.15.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 53.9, implying annual growth of 52.9%.
Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 21.9.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 48.00 cents and EPS of 62.20 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.97.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 61.0, implying annual growth of 13.2%.
Current consensus DPS estimate is 40.8, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 19.3.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
VCX VICINITY CENTRES
REITs – Overnight Price: $1.84
Jarden rates ((VCX)) as Buy (1) –
FY23 results from Vicinity Centres highlighted ongoing strength in the leasing environment and Jarden expects the company will comfortably deliver growth in distributions of 3.6% over the next five years, despite a slowing consumer and rising rates.
Jarden welcomes the smaller development projects which are ramping up and this should drive additional growth in FFO over time, especially if funded through asset sales or partnerships.
Evidence of capital partnerships and de-risked developments would be a catalyst for a re-rating. The broker retains a Buy rating and $2.25 target.
This report was published on August 16, 2023.
Target price is $2.25 Current Price is $1.84 Difference: $0.405
If VCX meets the Jarden target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $2.00, suggesting upside of 8.4%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 11.60 cents and EPS of 14.50 cents.
At the last closing share price the estimated dividend yield is 6.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.72.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.5, implying annual growth of 126.5%.
Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 13.7.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 12.30 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 6.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.98.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 14.3, implying annual growth of 5.9%.
Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 12.9.
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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