Australian Broker Call *Extra* Edition – Aug 25, 2023

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

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

ARB   ASG (2)   CTD   CWP   DTL   ECF   ESK   EVS   HUB   INA   MAH   MAQ   MND (2)   MVF   NAN   NSR   PNV   PPG   PPM   PWR   RDY   SCG   SDR   TLX   WDS  

ARB    ARB CORPORATION LIMITED

Automobiles & Components – Overnight Price: $34.28

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

Supply constraints, product cost inflation and negative operating leverage resulted in a slightlty softer FY23 result for ARB Corp than Wilsons was expecting.

Export sales declined by -9% on the previous corresponding period though Q4 sales were almost in line with Q4 of FY22.

The broker sees emerging signs supply constraints are easing, including skilled labour availability.

Management expects sales and profits will grow in FY24, with recent price increases now fully in effect and product costs moderating.

Wilsons target rises to $35.88 from $33.67. Overweight.

This report was published on August 23, 2023.

Target price is $35.88 Current Price is $34.28 Difference: $1.6
If ARB meets the Wilsons target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $29.55, suggesting downside of -11.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 71.00 cents and EPS of 123.20 cents.
At the last closing share price the estimated dividend yield is 2.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 119.3, implying annual growth of 10.5%.
Current consensus DPS estimate is 64.6, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 27.9.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 81.00 cents and EPS of 138.70 cents.
At the last closing share price the estimated dividend yield is 2.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 131.7, implying annual growth of 10.4%.
Current consensus DPS estimate is 72.1, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 25.3.

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

ASG    AUTOSPORTS GROUP LIMITED

Automobiles & Components – Overnight Price: $2.60

Moelis rates ((ASG)) as Buy (1) –

Moelis saw Autosports Group releasing a strong FY23 result, as expected. Market consensus was beaten by 2%. No quantified guidance was provided.

The broker notes management has called out a target of $250m in acquired revenue p.a., noting a number of well-priced acquisitions on the market at the moment.

It is the broker's view that luxury brands will be less impacted by the increasing popularity of (Chinese) EVs in Australia. Plus key brands such as Audi and BMW have themselves invested heavily in their own EVs.

Stronger supply and stronger margins have pushed up forecasts by 20-30%. Target price lifts to $3.30 from $2.70. Buy.

This report was published on August 24, 2023.

Target price is $3.30 Current Price is $2.60 Difference: $0.7
If ASG meets the Moelis target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $3.13, suggesting upside of 20.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 18.10 cents and EPS of 35.40 cents.
At the last closing share price the estimated dividend yield is 6.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.0, implying annual growth of 4.5%.
Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 7.6.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 14.50 cents and EPS of 28.30 cents.
At the last closing share price the estimated dividend yield is 5.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.3, implying annual growth of -10.9%.
Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 8.6.

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

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

Autosports Group's FY23 result outpaced Wilsons's forecasts, thanks to better new vehicle supply and the impact of solid cost control on margins.

The broker sharply upgrades earnings forecasts and speculates a re-rating may be on the cards as expectations of an earning fall fade.

Overweight rating retained. Target price rises to $3.78 from $3.31.

This report was published on August 24, 2023.

Target price is $3.78 Current Price is $2.60 Difference: $1.18
If ASG meets the Wilsons target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $3.13, suggesting upside of 20.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 21.00 cents and EPS of 41.30 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 6.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.0, implying annual growth of 4.5%.
Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 7.6.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 21.00 cents and EPS of 40.90 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 6.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.3, implying annual growth of -10.9%.
Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 8.6.

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

CTD    CORPORATE TRAVEL MANAGEMENT LIMITED

Travel, Leisure & Tourism – Overnight Price: $18.88

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

Wilsons initiates coverage of Corporate Travel Management with an Overweight rating and $21.31 target price.

The company's FY23 result met consensus and Wilsons' forecasts, thanks to strong revenue and earnings growth in all regions, particularly Europe.

Wilsons considers FY24 to be conservative given economic uncertainty. The broker observes the company is well placed to embark on M&A.

This report was published on August 24, 2023.

Target price is $21.31 Current Price is $18.88 Difference: $2.43
If CTD meets the Wilsons target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $23.40, suggesting upside of 26.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 85.50 cents and EPS of 74.90 cents.
At the last closing share price the estimated dividend yield is 4.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.4, implying annual growth of 102.4%.
Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 17.3.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 26.80 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 1.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 75.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 129.4, implying annual growth of 20.5%.
Current consensus DPS estimate is 62.3, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 14.3.

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

CWP    CEDAR WOODS PROPERTIES LIMITED

Infra & Property Developers – Overnight Price: $5.20

Moelis rates ((CWP)) as Downgrade to Hold from Buy (3) –

Even though Cedar Woods Properties' FY23 profit was slightly above Moelis' forecast, the broker does add it was simply in line with the company's own guidance provided in June.

Industry challenges were evident in softer gross margins and management has indicated margins will likely be similar in FY24. No quantified guidance was provided for FY24 (too many uncertainties).

The broker does highlight sales moderated somewhat in July and August but remain well above the Q1-Q3 average in FY23.

Downgrade to Hold from Buy. Target/valuation remains unchanged at $5.80.

This report was published on August 24, 2023.

Target price is $5.80 Current Price is $5.20 Difference: $0.6
If CWP meets the Moelis target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 25.00 cents and EPS of 58.90 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.83.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 30.00 cents and EPS of 51.60 cents.
At the last closing share price the estimated dividend yield is 5.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.08.

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

DTL    DATA#3 LIMITED.

IT & Support – Overnight Price: $7.06

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

While FY23 results for Data#3 showed strong customer demand, Goldman Sachs was negatively surprised by a lower gross profit margin in the Software and Infrastructure product segment.

When allowing for the progressive shift of vendor rebate incentives to Services from Product, the broker suggests a new normal will be a less than 6% gross profit margin in Products. The Services gross profit in FY23 was a 4% beat against Goldman's forecast.

The analysts see long-term structural tailwinds from cybersecurity and the shift to the cloud and retain a Buy rating.

Goldman's target falls to $7.95 from $9.20 on the lower Product gross margin and a lower multiple.

This report was published on August 23, 2023.

Target price is $7.95 Current Price is $7.06 Difference: $0.89
If DTL meets the Goldman Sachs target it will return approximately 13% (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 25.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.15.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 29.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 4.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.77.

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

ECF    ELANOR COMMERCIAL PROPERTY FUND

REITs – Overnight Price: $0.78

Moelis rates ((ECF)) as Buy (1) –

Both the FY23 dividend of 9.4cpu and the 11cpu funds from operations (FFO) metric for Eleanor Commercial Property Fund were in line with forecasts by Moelis.

Management's guidance for a reduced FY24 distribution of 8.5cpu is based on an around 85% payout ratio and reflects the impact of two upcoming asset sales in September.

Regarding leasing, the analyst notes negligible portfolio vacancy and FY24 expiries are down to around 6% of portfolio income.

Allowing for these asset sales in forecasts is largely responsible for the broker's lower target of 92c, down from $1.12. A write down of the carrying value of Harris St Adelaide also contributed. Buy retained.

This report was published on August 23, 2023.

Target price is $0.92 Current Price is $0.78 Difference: $0.145
If ECF meets the Moelis target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 8.50 cents and EPS of 9.40 cents.
At the last closing share price the estimated dividend yield is 10.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.24.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 7.50 cents and EPS of 8.10 cents.
At the last closing share price the estimated dividend yield is 9.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.57.

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

ESK    ETHERSTACK PLC

Telecommunication – Overnight Price: $0.30

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

Etherstack has provided a trading update and FY23 guidance two days ahead of its June-half result.

FY23 guidance is now -23% below the broker's forecast.

June-half revenue fell -40% on the previous June half, -47% below Wilson's forecasts, citing project delays "outside its control".

Overweight rating and 69c target price are under review.

This report was published on August 24, 2023.

Target price is $0.69 Current Price is $0.30 Difference: $0.39
If ESK meets the Wilsons target it will return approximately 130% (excluding dividends, fees and charges).

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

EVS    ENVIROSUITE LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.08

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

FY23 revenue and gross profit for EnviroSuite were both in line with forecasts by Wilsons and consensus, while annual reccuring revenue (ARR) was pre-released in July.

The Industrial segment, previously named Omnis, contributes the majority of the company's growth in ARR. This segment is benefiting from changing legislation in the US aimed at the way corporates monitor and mitigate their impact on communities.

The Aviation segment signed 16 new airports in FY23 and grew revenue by 6%. Growth of double that rate was thwarted by a one-off Deptartment of Defence churn event.

Management is targeting “a transition to Management EBITDA positive on a run-rate basis during FY24”.

The Overweight rating is maintained and the target slips to 16c from 17c.

This report was published on August 23, 2023.

Target price is $0.16 Current Price is $0.08 Difference: $0.081
If EVS meets the Wilsons target it will return approximately 103% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.29.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.75.

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

HUB    HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $31.25

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

A lower effective tax rate partially offest by 2H growth in Hub24's core Platform segment resulted in a 10% beat against Wilsons earnings forecast.

The FY24 Custodial funds under administration management target of $80-89bn was replaced with a FY25 target of $92-$100bn, which compares to the consensus expectation of $95-$96bn.

A more balanced reinvestment program should result in earnings margin expansion, and the broker upgrades its earnings across the forecast period by 12-21%.

The target rises to $34.81 from $28.99 on the broker's improving operating leverage forecasts. The Overweight rating is maintained.

This report was published on August 23, 2023.

Target price is $34.81 Current Price is $31.25 Difference: $3.56
If HUB meets the Wilsons target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $34.18, suggesting upside of 8.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 41.50 cents and EPS of 90.60 cents.
At the last closing share price the estimated dividend yield is 1.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.4, implying annual growth of 72.7%.
Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 38.1.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 54.00 cents and EPS of 119.40 cents.
At the last closing share price the estimated dividend yield is 1.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.8, implying annual growth of 24.8%.
Current consensus DPS estimate is 48.3, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 30.5.

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

INA    INGENIA COMMUNITIES GROUP

Aged Care & Seniors – Overnight Price: $4.03

Moelis rates ((INA)) as Downgrade to Hold from Buy (3) –

Ingenia Communities' FY23 underlying EPS proved well below management's own guidance. FY24 guidance consists of EBIT growth of 10-15% with underlying EPS of 20.8-22.3cpu (0-7% growth).

The JV arrangement with Sun Communities has been extended -a positive- though Moelis points out the new terms are less favourable for Ingenia Communities, as it will no longer be earning acquisition fees.

Taking a more conservative approach on settlements and tourism income, the broker has lowered forecasts. Target falls to $4.18 from $4.41.

Downgrade to Hold from Buy.

This report was published on August 24, 2023.

Target price is $4.18 Current Price is $4.03 Difference: $0.15
If INA meets the Moelis target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.54, suggesting upside of 15.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 11.00 cents and EPS of 21.30 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.7, implying annual growth of 37.4%.
Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 18.1.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 11.90 cents and EPS of 24.50 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.3, implying annual growth of 30.4%.
Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 13.9.

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

MAH    MACMAHON HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.17

Jarden rates ((MAH)) as Buy (1) –

Jarden describes the FY23 update by Macmahon as encouraging, with an improving outlook. The key financials proved roughly in line with forecasts with a 4% positive surprise on better margins.

The broker highlights the contractor has already secured $1.6bn of revenues for FY24. An increase in the dividend payout ratio is an incrementally positive, Jarden observes.

Top line strength and a better margin have pushed up forecasts. Target gains 1c to 24. Buy rating maintained.

This report was published on August 23, 2023.

Target price is $0.24 Current Price is $0.17 Difference: $0.075
If MAH meets the Jarden target it will return approximately 45% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 1.10 cents and EPS of 3.90 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 4.23.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 1.20 cents and EPS of 4.20 cents.
At the last closing share price the estimated dividend yield is 7.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.93.

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

MAQ    MACQUARIE TECHNOLOGY GROUP LIMITED

Telecommunication – Overnight Price: $65.21

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

Macquarie Technology's FY23 result met guidance but missed consensus and Wilsons' earnings (EBITDA) forecasts by -3%.

The broker suspects EBITDA guidance could trigger -5% cuts from consensus forecasts.

On the upside, news that IC3 SuperWest is about to be supersized to 45MW from 32MW more than offset the miss, observes Wilsons.

Overweight rating retained. Target price rises to $84.13 from $70.48 in June.

This report was published on August 24, 2023.

Target price is $84.13 Current Price is $65.21 Difference: $18.92
If MAQ meets the Wilsons target it will return approximately 29% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 103.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 62.76.

Forecast for FY25:

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

MND    MONADELPHOUS GROUP LIMITED

Mining Sector Contracting – Overnight Price: $14.63

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

FY23 revenue for Monadelphous Group was a slight beat against forecasts by Goldman Sachs and consensus, while earnings were a slight miss due to high inflation and input costs.

Engineering and Construction revenue was 12% stronger than the broker anticipated, though the larger Maintenance segment was a -1% miss.

Management expects ongoing skilled labour shortages, an escalating cost environment and maybe some ongoing supply chain risks. In short, the FY24 outlook is uncertain.

Goldman Sachs remains cautious around the labour shortages and retains its Sell rating. The target rises to $11.80 from $11.40 on minor earnings changes and a valuation roll forward.

This report was published on August 23, 2023.

Target price is $11.80 Current Price is $14.63 Difference: minus $2.83 (current price is over target).
If MND meets the Goldman Sachs target it will return approximately minus 19% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.15, suggesting downside of -1.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 53.00 cents and EPS of 58.00 cents.
At the last closing share price the estimated dividend yield is 3.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.9, implying annual growth of 23.4%.
Current consensus DPS estimate is 59.3, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 20.9.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 65.00 cents and EPS of 72.00 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 90.8, implying annual growth of 31.8%.
Current consensus DPS estimate is 72.7, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 15.8.

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

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Jarden rates ((MND)) as Neutral (3) –

Jarden describes Monadelphous Group's FY23 performance as in line, with an improving outlook. Labour pressures are to remain in the year ahead, tempering the broker's enthusiasm (holding back EBITDA in FY23).

Maintenance revenue is expected to slow in the year ahead with the company forced to re-allocate more labour towards higher-margin E&C work, explains the broker. Construction work is ramping up too.

The balance sheet remains healthy and the company retains a growth opportunity through the oil & gas sector. Jarden retains a Neutral rating with a slightly higher price target of $12.40 (was $12).

This report was published on August 23, 2023.

Target price is $12.40 Current Price is $14.63 Difference: minus $2.23 (current price is over target).
If MND meets the Jarden target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.15, suggesting downside of -1.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 57.70 cents and EPS of 65.90 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 22.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.9, implying annual growth of 23.4%.
Current consensus DPS estimate is 59.3, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 20.9.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 67.20 cents and EPS of 76.80 cents.
At the last closing share price the estimated dividend yield is 4.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 90.8, implying annual growth of 31.8%.
Current consensus DPS estimate is 72.7, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 15.8.

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

MVF    MONASH IVF GROUP LIMITED

Healthcare services – Overnight Price: $1.19

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

Monash IVF's FY23 revenue was in line with Wilsons forecast, while a 10% jump in revenue for Monash Australia confirmed the rebound to positive system growth. Reported earnings were a miss due to a slower-than-expected ramp-up in profitability at the Singapore clinic.

Management is bullish on the outlook for cycle growth and felt the 5.6% organic volume growth in the 2H of FY23 was genuine.

The first two months of FY24 have been buoyant and the company plans to benefit from MBS-funded carrier screening from November, expecting the introduction of a new three-gene test.

Wilsons retains its Overweight rating and lowers its target to $1.32 from $1.35.

This report was published on August 23, 2023.

Target price is $1.32 Current Price is $1.19 Difference: $0.13
If MVF meets the Wilsons target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $1.39, suggesting upside of 16.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 5.10 cents and EPS of 7.30 cents.
At the last closing share price the estimated dividend yield is 4.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.2, implying annual growth of 28.6%.
Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 5.50 cents and EPS of 7.90 cents.
At the last closing share price the estimated dividend yield is 4.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.9, implying annual growth of 9.7%.
Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 15.1.

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

NAN    NANOSONICS LIMITED

Medical Equipment & Devices – Overnight Price: $4.17

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

While there is limited revenue impact, Wilsons suggests it is becoming increasingly hard for investors to believe in the Coris product, following yet another delay for commercialisation. Revenue contributions from Coris are now expected in FY26.

FY23 results for Nanosonics produced a solid beat at an earnings level and the fundamentals of the company's Trophon business remain strong, as does the propsects for Coris, in the broker's view.

Management issued FY24 guidance targeting 15-20% revenue growth, a gross margin of 75-77%, compared to 78.7% in FY23, and an opex range of $133-$139m.

An Overweight rating is maintained and the target falls to $5.46 from $6.00.

This report was published on August 23, 2023.

Target price is $5.46 Current Price is $4.17 Difference: $1.29
If NAN meets the Wilsons target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $4.52, suggesting upside of 8.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 101.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.2, implying annual growth of -21.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 80.2.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 4.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 90.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, implying annual growth of 44.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 55.6.

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

NSR    NATIONAL STORAGE REIT

REITs – Overnight Price: $2.31

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

National Storage REIT's FY23 performance proved in line with expectations and FY24 guidance is for a minimum in funds from operations (FFO) of 11.3c, slightly below forecast.

Moelis believes circa 2% growth should be expected in FY24, clarifying guidance also assumes -$150m-$200m in acquisitions, and a similar amount again to be deployed into developments.

Target price remains unchanged at $2.41. The rating is upgraded to Buy from Hold. Moelis suggests the REIT has plenty of levers with balance sheet capacity, acquisitions and developments.

This report was published on August 24, 2023.

Target price is $2.41 Current Price is $2.31 Difference: $0.1
If NSR meets the Moelis target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.34, suggesting upside of 3.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 11.00 cents and EPS of 11.40 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.1, implying annual growth of -57.0%.
Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 20.5.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 11.10 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.8, implying annual growth of 6.3%.
Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 19.2.

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

PNV    POLYNOVO LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.51

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

PolyNovo's FY23 revenue and earnings outpaced Wilsons's forecasts thanks to strong sales across regions.

Operating expenditure proved a miss due to investment in market expansion.

Wilsons pegs long-term revenue margins at 91% but finds it hard to get excited, expecting the next two years will be marked by heavy investment.

Underweight rating retained. Target price rises by 21% to $1.08 from 90c.

This report was published on August 24, 2023.

Target price is $1.08 Current Price is $1.51 Difference: minus $0.435 (current price is over target).
If PNV meets the Wilsons target it will return approximately minus 29% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1515.00.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.25.

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

PPG    PRO-PAC PACKAGING LIMITED

Paper & Packaging – Overnight Price: $0.30

Moelis rates ((PPG)) as Buy (1) –

Pro-Pac Packaging's FY23 result has triggered downgrades to forecasts as Moelis has adopted a more conservative view on margin expansion given higher minimum wages.

The broker expects profitable growth to continue in FY24, also supported by the recent contract win from Arnotts. Moelis states it is willing to back management in its turnaround strategy and with operational momentum positive.

Target declines to 38c from 41c. Buy. Updated forecasts anticipate no dividends and two years of losses ahead.

This report was published on August 24, 2023.

Target price is $0.38 Current Price is $0.30 Difference: $0.08
If PPG meets the Moelis target it will return approximately 27% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.34.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 27.27.

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

PPM    PEPPER MONEY LIMITED

Business & Consumer Credit – Overnight Price: $1.31

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

Pepper Money's June-half result missed Wilsons's forecasts by -15.8% given the broker did not foresee the sharp shift to asset finance growth in the half.

Net interest margins and impairments were broadly in line.

The broker retains the faith observing the right controls are there for the company to maintain book quality until banks raise internal deposit rates and the TFF rolls off.

Overweight rating retained. Target price falls to $2.10 from $2.20.

This report was published on August 24, 2023.

Target price is $2.10 Current Price is $1.31 Difference: $0.79
If PPM meets the Wilsons target it will return approximately 60% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 7.10 cents and EPS of 21.80 cents.
At the last closing share price the estimated dividend yield is 5.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.01.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 8.20 cents and EPS of 25.20 cents.
At the last closing share price the estimated dividend yield is 6.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.20.

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

PWR    PETER WARREN AUTOMOTIVE HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $2.70

Jarden rates ((PWR)) as Buy (1) –

Peter Warren Automotive 's FY23 result met consensus forecasts.  An uptick in revenue and a small bump in the earnings (EBITDA) margin offset higher interest costs, reports Jarden. New and used car sales outpaced consensus forecasts by 4% to 6%.

The broker expects continued growth in like-for-like volumes in FY24 given the company's solid order book and acquisitions contributions. The broker also observes the company is trading at a -20% discount to peers.

EPS forecasts rise 10.2% in FY4 and 14.7% in FY25.

Buy rating reiterated. Target price eases to $3.55 from $3.60 to reflect the higher weighted average cost of capital assumptions relating to the T&VW acquisiiton.

This report was published on August 23, 2023.

Target price is $3.55 Current Price is $2.70 Difference: $0.85
If PWR meets the Jarden target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $3.35, suggesting upside of 28.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 21.40 cents and EPS of 35.60 cents.
At the last closing share price the estimated dividend yield is 7.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.0, implying annual growth of -14.6%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 21.50 cents and EPS of 34.20 cents.
At the last closing share price the estimated dividend yield is 7.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.9, implying annual growth of -0.4%.
Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 9.3.

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

RDY    READYTECH HOLDINGS LIMITED

Software & Services – Overnight Price: $3.27

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

ReadyTech's FY23 result fell -2% shy of Wilsons's forecasts due to de-scoping of lower-margin project work. On the upside, margins expanded 210 basis points half on half.

Guidance also fell shy.

EPS forecasts fall accordingly but the broker remains a fan, expecting strong organic and inorganic growth will yield double digit EPS growth.

Overweight rating retained. Target price steady at $4.04.

This report was published on August 24, 2023.

Target price is $4.04 Current Price is $3.27 Difference: $0.77
If RDY meets the Wilsons target it will return approximately 24% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 15.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.57.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 20.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.03.

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

SCG    SCENTRE GROUP

REITs – Overnight Price: $2.75

Jarden rates ((SCG)) as Buy (1) –

Jarden believes medium-term funds from operations for Scentre Group should surprise the market to the upside. The broker believes 2023 guidance is conservative and management of the weighted average cost of debt via hedging has been/will be nimble.

While sales growth is slowing, the impact has been mitigated by a shift to more daily needs retailers, lack of supply growth and a stronger focus on creating more reasons to visit and spend time at the malls.

The broker expects developments will drive medium-term net operating income growth after a time lag.

The Buy rating and $3.40 target are maintained.

This report was published on August 23, 2023.

Target price is $3.40 Current Price is $2.75 Difference: $0.65
If SCG meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $3.05, suggesting upside of 12.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 16.50 cents and EPS of 21.10 cents.
At the last closing share price the estimated dividend yield is 6.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.7, implying annual growth of 256.9%.
Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 13.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 16.90 cents and EPS of 21.60 cents.
At the last closing share price the estimated dividend yield is 6.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.2, implying annual growth of 2.4%.
Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 12.8.

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

SDR    SITEMINDER LIMITED

Travel, Leisure & Tourism – Overnight Price: $4.37

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

SiteMinder's FY23 preannounced in-line result appears to have pleased Wilsons, and management reiterated free cash flow positive guidance.

The broker appreciate's the platform's exposure to the travel recovery and its acceleration in customer adds and products.

Market weight rating retained. Target price edges up to $4.65 from $4.61.

This report was published on August 24, 2023.

Target price is $4.65 Current Price is $4.37 Difference: $0.28
If SDR meets the Wilsons target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $5.35, suggesting upside of 20.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 74.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4370.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.1, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 4430.0.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $10.14

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

At a glance, Telix Pharmaceuticals' first half result appears to have met Wilsons's forecasts with a beat at the earnings (EBITDA) level thanks to a strong performance in global ILLUCCIX sales.

The broker expects revised FY23 guidance will reflect that beat but suspects tax and net interest estimates could weigh on EPS forecasts.

The broker observes trials are proceeding apace. Overweight rating and $13.13 target price retained.

This report was published on August 24, 2023.

Target price is $13.13 Current Price is $10.14 Difference: $2.99
If TLX meets the Wilsons target it will return approximately 29% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 11.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 85.93.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 28.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.96.

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

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $38.18

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

Woodside Energy's first half net profit after tax just missed consensus forecasts but outpaced Jarden's forecast by 14%. Cash flow sharply disappointed consensus due to a higher than expected net debt of $3.2bn, although this was roughly in line with Jarden's expectation.

FY24 production guidance was steady, disappointing the broker's expectations.

The broker expects a resolution on a proposed strike at North West Shelf in the next few days.

Jarden appreciates the balance sheet and conservative 8.2% gearing but the broker suspects this could put its payout ratio at risk.

Underweight rating retained. Target price rises to $33.90 from $32.65.

This report was published on August 23, 2023.

Target price is $33.90 Current Price is $38.18 Difference: minus $4.28 (current price is over target).
If WDS meets the Jarden target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $36.75, suggesting downside of -2.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 212.45 cents and EPS of 227.56 cents.
At the last closing share price the estimated dividend yield is 5.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 258.5, implying annual growth of N/A.
Current consensus DPS estimate is 206.9, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 14.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 200.48 cents and EPS of 265.41 cents.
At the last closing share price the estimated dividend yield is 5.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 247.7, implying annual growth of -4.2%.
Current consensus DPS estimate is 198.1, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 15.2.

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

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