Australian Broker Call *Extra* Edition – Aug 30, 2023

This story features ARN MEDIA LIMITED, and other companies. For more info SHARE ANALYSIS: A1N

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)

A1N   ABB   AOF   APE   AX1   BVS   CAJ   CDA   CWY   EQT   ESK   JDO   JIN   KAR   LGL   LOV   MAQ   MPL   MVF   NEC   NSR   NST   OPT   PPE   PPM (2)   PSQ   PTM (2)   QAN   RFF   RHC (2)   RRL   S32   SDR   STO   TLC   TLX   TPG   UNI   WHC   WOW   WPR   WTC  

A1N    ARN MEDIA LIMITED

Overnight Price: $0.88

Wilsons rates ((A1N)) as Overweight (1) –

Wilsons was disappointed with the first half result as a soft start was compounded by the second quarter impact of lower government expenditure on advertising relative to the prior corresponding half.

The foundation of a new base in earnings is now set and the broker expects growth should accelerate over FY24 as market conditions normalise.

Wilsons continues to envisage upside to the shares despite downward revisions to its model. Overweight retained. Target is $1.24, lowered from $1.67.

This report was published on August 25, 2023.

Target price is $1.24 Current Price is $0.88 Difference: $0.365
If A1N meets the Wilsons target it will return approximately 42% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 7.40 cents and EPS of 9.90 cents.
At the last closing share price the estimated dividend yield is 8.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.84.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 8.80 cents and EPS of 11.90 cents.
At the last closing share price the estimated dividend yield is 10.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.35.

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

ABB    AUSSIE BROADBAND LIMITED

Telecommunication – Overnight Price: $3.60

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

The Aussie Broadband result was in line with guidance and Wilsons notes the good visibility on both the revenue and cost base. The company is able to continue expanding its share of the core NBN connections market while looking to leverage its fibre investments in business.

FY24 EBITDA guidance of $100-110m is in line with the broker's forecasts and although there may be some shift in mix following the details from the results no changes are generally expected to expectations.

Market Weight rating retained. Target is raised to $3.75 from $2.91.

This report was published on August 28, 2023.

Target price is $3.75 Current Price is $3.60 Difference: $0.15
If ABB meets the Wilsons target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $3.91, suggesting upside of 8.7%(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 14.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.4, implying annual growth of 101.3%.
Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 19.6.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 22.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of 19.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.4.

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

AOF    AUSTRALIAN UNITY OFFICE FUND

REITs – Overnight Price: $1.28

Moelis rates ((AOF)) as Hold (3) –

Australian Unity Office Fund reported FY23 earnings per unit of 11.7c, versus 18.8c in FY22 and weaker than expected. The main reason for the soft outcome was the -40% divestment of the portfolio, while the largest remaining asset was almost completely vacant.

Works are underway and the broker does not expect much if any rental income in FY24. Estimates are downgraded because of the substantial nature of the refurbishment, as previously Moelis had assumed some occupancy could be retained.

The stock is one of the cheapest ASX A-REITs, trading at a -32% discount to NTA  and the portfolio is expected to be under-earning for the next three years with a gradual return to a dividend yield of 6.5% by FY28. Hold maintained.  Target is reduced to $1.43 from $1.59.

This report was published on August 29, 2023.

Target price is $1.43 Current Price is $1.28 Difference: $0.145
If AOF meets the Moelis target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 5.20 cents and EPS of 5.90 cents.
At the last closing share price the estimated dividend yield is 4.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.78.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 3.00 cents and EPS of 3.30 cents.
At the last closing share price the estimated dividend yield is 2.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.94.

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

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $14.95

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

First half sales were ahead of estimates and Wilsons notes continued improvement in new vehicle supply amid strong order books has supported new vehicle sales growth of 20%.

Eagers Automotive provided no explicit earnings guidance although remains confident of achieving revenue of $9.5-10bn. The broker expects higher margins in 2024 as it defers the assumed timing of margin normalisation to 2025.

Wilsons remains attracted to the strategic growth drivers and retains a Market Weight rating, believing the share price broadly represents fair value. Target rises to $14.72 from $12.99.

This report was published on August 25, 2023.

Target price is $14.72 Current Price is $14.95 Difference: minus $0.23 (current price is over target).
If APE meets the Wilsons target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.88, suggesting downside of -0.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 73.00 cents and EPS of 115.50 cents.
At the last closing share price the estimated dividend yield is 4.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 114.4, implying annual growth of -5.7%.
Current consensus DPS estimate is 71.3, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 13.1.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 77.10 cents and EPS of 116.60 cents.
At the last closing share price the estimated dividend yield is 5.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.6, implying annual growth of -8.6%.
Current consensus DPS estimate is 68.1, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 14.3.

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

AX1    ACCENT GROUP LIMITED

Apparel & Footwear – Overnight Price: $2.10

Wilsons rates ((AX1)) as Upgrade to Overweight from Market Weight (1) –

FY23 earnings beat estimates and Wilsons notes the quality was strong with cash flow up 82.8%. Going forward like-for-like sales are being written on strong margins and the broker assesses Accent Group has delivered a leaner, more nimble company.

Macro headwinds continue but the category has been resilient, the broker adds, and an exit PE of 11.4x reflects value. Rating is upgraded to Overweight from Market Weight and the target lifted to $2.20 from $2.10.

This report was published on August 25, 2023.

Target price is $2.20 Current Price is $2.10 Difference: $0.1
If AX1 meets the Wilsons target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.16, suggesting upside of 3.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 12.30 cents and EPS of 15.30 cents.
At the last closing share price the estimated dividend yield is 5.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.1, implying annual growth of -12.7%.
Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 15.70 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 7.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.2, implying annual growth of 22.0%.
Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 12.2.

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

BVS    BRAVURA SOLUTIONS LIMITED

Wealth Management & Investments – Overnight Price: $0.69

Wilsons rates ((BVS)) as Upgrade to Market Weight from Underweight (3) –

Bravura Solutions was expected to disappoint in FY23 and this was confirmed although it met its key guidance metrics. Revenue was down -6% and corporate costs up 20%.

Wilsons considers the situation unsustainable, although notes the company has already procured $25m in gross annualised savings, primarily from staffing.

The broker observes the next catalyst will be in late October when the company will present its three-year strategic review and provide FY24 guidance.

Following the latest disclosures, Wilsons upgrades to Market Weight from Underweight and lifts the target to $0.69 from $0.46.

This report was published on August 28, 2023.

Target price is $0.69 Current Price is $0.69 Difference: $0
If BVS meets the Wilsons target it will return approximately 0% (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 3.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.91.

Forecast for FY25:

Wilsons forecasts a full year FY25 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 138.00.

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

CAJ    CAPITOL HEALTH LIMITED

Healthcare services – Overnight Price: $0.22

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

Following a slide in underlying profitability in FY23, Wilsons notes Capitol Health has pulled back its aspirational EBITDA margin targets of 23-24%.

The broker highlights the escalation in labour and occupancy costs in the second half and has reduced confidence that its margin forecast of 21.5% will necessarily be reached in the near term. Market Weight rating maintained. Target is reduced to $0.25 from $0.27.

This report was published on August 25, 2023.

Target price is $0.27 Current Price is $0.22 Difference: $0.05
If CAJ meets the Wilsons target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $0.32, suggesting upside of 44.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 1.00 cents and EPS of 1.00 cents.
At the last closing share price the estimated dividend yield is 4.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.2, implying annual growth of N/A.
Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 18.3.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 1.10 cents and EPS of 1.40 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 15.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.3, implying annual growth of 8.3%.
Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 16.9.

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

CDA    CODAN LIMITED

Hardware & Equipment – Overnight Price: $7.78

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

Codan delivered communication sales of $276m, up 14%, at a 25% EBIT margin, up from 21%. Metal sales were at a 32% EBIT margin, down from 45% previously.

Moelis estimates sales growth of 8% for metals in FY24, which reflects a slowing from the second half run rate to allow for seasonality and pulling forward of demand.

In radio communications the broker expects EBIT will grow 19% across FY24, supported by a step change in the contribution from the recent Eagle acquisition.

Rating is upgraded to Buy from Hold and the target reduced to $8.10 from $8.22.

This report was published on August 28, 2023.

Target price is $8.10 Current Price is $7.78 Difference: $0.32
If CDA meets the Moelis target it will return approximately 4% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 22.00 cents and EPS of 41.90 cents.
At the last closing share price the estimated dividend yield is 2.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.57.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 25.60 cents and EPS of 48.70 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 15.98.

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

CWY    CLEANAWAY WASTE MANAGEMENT LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.60

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

Cleanaway Waste Management's FY23 result was in line with expectations by Goldman Sachs. Revenue and earnings were a 4% beat and in line, respectively, compared to consensus forecasts.

Management expects positive momentum from FY23 to carry forward, though capex guidance of -$430-450m in FY24 exceeded consensus estimates by around -$100m.

Interest expense guidance for FY24 also surprised to the upside, with the run-rate of -$9.1m in June 2023 implying an annualised expense of around -$110m compared to the consenus forecast for -$80m.

The broker's target falls to $2.80 from $3.05 based on FY23 results and a higher forecast interest expense. Neutral.

This report was published on August 25, 2023.

Target price is $2.80 Current Price is $2.60 Difference: $0.2
If CWY meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.74, suggesting upside of 5.3%(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 7.00 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.5, implying annual growth of 767.3%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 30.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 6.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 2.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.3, implying annual growth of 21.2%.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 25.2.

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

EQT    EQT HOLDINGS LIMITED

Diversified Financials – Overnight Price: $26.16

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

FY23 net profit was in line with expectations and EQT Holdings is confident it can grow services in its core markets and achieve strong cash generation.

Wilsons downgrades estimates for net profit by -6.5% in FY24 and -7.9% in FY25, respectively, driven by the reset in the FUMAS base which was negatively affected by mandate losses.

The broker notes a major technology investment had been implemented across the company in the previous year and more detail was provided on the operational benefits. The financial benefits are yet to be clarified although in aggregate Wilsons expects some minor employee synergies.

Overweight rating retained. Target is reduced to $31.40 from $33.90.

This report was published on August 28, 2023.

Target price is $31.40 Current Price is $26.16 Difference: $5.24
If EQT meets the Wilsons target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 117.20 cents and EPS of 152.90 cents.
At the last closing share price the estimated dividend yield is 4.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.11.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 131.70 cents and EPS of 171.00 cents.
At the last closing share price the estimated dividend yield is 5.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.30.

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

ESK    ETHERSTACK PLC

Telecommunication – Overnight Price: $0.29

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

Etherstack delivered a first half result that was slightly below forecasts. While no major contracts were awarded, the company has indicated a large number of opportunities across its customer base, particularly within traditional land mobile radio.

The company is confident its partner relationships will continue to evolve and result in material contract gains over the medium term.

Wilsons remains positive on the stock although remains aware of the vagaries of closing off large contracts in a timely manner. Overweight retained. Target is reduced to $0.58 from $0.69.

This report was published on August 28, 2023.

Target price is $0.58 Current Price is $0.29 Difference: $0.285
If ESK meets the Wilsons target it will return approximately 97% (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 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.14.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.83.

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

JDO    JUDO CAPITAL HOLDINGS LIMITED

Business & Consumer Credit – Overnight Price: $0.92

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

Judo Capital's FY23 cash earnings were in line with Goldman Sachs forecast, while the June 2023 CET1 ratio of 16.7% was lower than the expected 18.8%.

Management guidance highlighted the funding transition away from the Term Funding Facility (TFF) will be more costly than the analysts had expected. The target is accordingly lowered to $1.57 from $1.79 on lower net interest margin forecasts.

The broker's Buy rating is maintained on ongoing strong fundamentals and strong volume growth which should result in growth for net interest income, despite net interest margin (NIM) pressures.

This report was published on August 25, 2023.

Target price is $1.57 Current Price is $0.92 Difference: $0.65
If JDO meets the Goldman Sachs target it will return approximately 71% (excluding dividends, fees and charges).
Current consensus price target is $1.23, suggesting upside of 34.1%(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 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.3, implying annual growth of -20.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, implying annual growth of 41.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.3.

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

JIN    JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $15.46

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

Wilsons was impressed with the FY23 result from Jumbo Interactive as EBITDA margins of 51% were well ahead of revised guidance.

This was driven by the contribution from higher game prices but also disciplined cost management, the broker adds, which reflects on management's credibility.

Portfolio-wide price increases are having the desired effect and Wilsons retains an Overweight rating, raising the target to $17.54 from $16.27.

This report was published on August 28, 2023.

Target price is $17.54 Current Price is $15.46 Difference: $2.08
If JIN meets the Wilsons target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $18.32, suggesting upside of 18.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 60.30 cents and EPS of 71.00 cents.
At the last closing share price the estimated dividend yield is 3.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.6, implying annual growth of 44.7%.
Current consensus DPS estimate is 57.7, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 21.3.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 68.60 cents and EPS of 80.70 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 19.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.9, implying annual growth of 18.3%.
Current consensus DPS estimate is 68.6, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 18.0.

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

KAR    KAROON ENERGY LIMITED

Crude Oil – Overnight Price: $2.34

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

Karoon Energy released FY23 financials in line with forecasts, comments Jarden while fresh guidance for the six months ahead proved in line as well.

The broker does highlight oil production rates are at their peak and will decline from here onwards, with the market likely keeping the fingers crossed for a slow rate of decline.

Overweight rating retained. Target gains 10c to $2.50 on revised currency input (lower AUD).

This report was published on August 24, 2023.

Target price is $2.50 Current Price is $2.34 Difference: $0.16
If KAR meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $2.87, suggesting upside of 22.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 8.00 cents and EPS of 38.00 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 3.1.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 29.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.9, implying annual growth of -21.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 3.9.

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

LGL    LYNCH GROUP HOLDING LIMITED

Agriculture – Overnight Price: $2.30

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

Jarden saw a solid FY23 performance by Lynch Group, with cash flows strong but the trading update regarding China weaker.

The outlook for FY24 is pretty much a tale of two different markets, argues the broker, with Australia looking good but China is dominated by slowing demand and weakening prices.

Until the dynamics in China change for the better, Jarden does not see a catalyst on the horizon for the share price. FY24 net profit forecast is cut by -45%, estimates for FY25 went down by -13-18%.

Target $2.60. Overweight. The broker preaches patience, until a more normal business cycle arrives for the company.

This report was published on August 24, 2023.

Target price is $2.60 Current Price is $2.30 Difference: $0.3
If LGL meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 11.98 cents and EPS of 37.59 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.12.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 19.47 cents and EPS of 43.43 cents.
At the last closing share price the estimated dividend yield is 8.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.30.

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

LOV    LOVISA HOLDINGS LIMITED

Retailing – Overnight Price: $21.44

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

FY23 net profit was weaker than Wilsons expected. The broker notes the quality was good, with cash flow up 8.1% and cash conversion high. No quantitative guidance was provided although Lovisa Holdings reiterated the focus on expanding its store network.

The broker notes in the first seven weeks of the first half, sales increased 13.1%, better than several other listed peers. Overweight rating retained. Target edges down to $23.60 from $24.00.

This report was published on August 25, 2023.

Target price is $23.60 Current Price is $21.44 Difference: $2.16
If LOV meets the Wilsons target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $24.70, suggesting upside of 15.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 66.40 cents and EPS of 84.70 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 25.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.9, implying annual growth of 23.2%.
Current consensus DPS estimate is 66.2, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 27.5.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 85.20 cents and EPS of 108.80 cents.
At the last closing share price the estimated dividend yield is 3.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.9, implying annual growth of 29.5%.
Current consensus DPS estimate is 87.1, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 21.2.

Market Sentiment: 0.6
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: $64.50

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

In a solid outcome, according to Goldman Sachs, Macquarie Technology's FY23  earnings (EBITDA) were in line with guidance. The Telecom and Data Centres segments beat earnings expectations by 6% and 1%, respectively, while CS&G was a -5% miss.

Management expects earnings will grow in FY24, though the 1H is expected to be flat versus the 2H of FY23. The broker notes management gave similar guidance in FY21/22 before delivering 9% and 8% sequential EBITDA growth in respective first halves.

The analysts believe material acceleration in data centre growth will outweigh other shorter-term negatives. It's thought the proposed increase in IC3W capacity (by up to 41%) is timely due to a strong demand outlook supported by hyperscale AI investments.

The target rises to $77.70 from $77.20. The Buy rating is retained given Goldman Sachs believes the company is building a vertically integrated, high returning and profitable cloud franchise for the long term, aided by ongoing tailwinds for cloud and AI.

This report was published on August 25, 2023.

Target price is $77.70 Current Price is $64.50 Difference: $13.2
If MAQ meets the Goldman Sachs target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 125.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.60.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 166.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.86.

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

MPL    MEDIBANK PRIVATE LIMITED

Insurance – Overnight Price: $3.51

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

Medibank Private's FY23 operating profit was in line with Goldman Sachs forecast while higher-than-expected investment income drove a beat for net profit after tax. The 14.6cps dividend edged out the consensus forecast for 14.3cps.

Underlying gross margins across health insurance were in line with the analysts' expectations for FY23 with underlying resident and underlying health insurance gross margins of 15.6% and 16.1%, respectively.

The broker suggests margins remain well protected into FY24, while claims are still running below expectations of 2.6% inflation. It's thought the company's equity reserve into FY24 offers a cushion against any bounce back in claims.

The target slips to $3.56 from $3.69. Neutral.

This report was published on August 25, 2023.

Target price is $3.56 Current Price is $3.51 Difference: $0.05
If MPL meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.77, suggesting upside of 7.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 16.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 4.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.9, implying annual growth of 7.2%.
Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 17.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 17.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 4.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.2, implying annual growth of 1.5%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: 0.2
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) –

Wilsons maintains an Overweight rating and $1.32 target for Monash IVF amid the latest Medicare data that shows more than 4400 stimulated cycles in Australia for July.

The broker assesses a residual reluctance from investors on the basis of a mixed margin outlook and because the niPGT-A class action was not resolved in August. The stock remains the broker's preferred small healthcare services exposure.

This report was published on August 28, 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

NEC    NINE ENTERTAINMENT CO. HOLDINGS LIMITED

Print, Radio & TV – Overnight Price: $2.03

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

Despite Nine Entertainment's in-line FY23 earnings result, Goldman Sachs lowers its FY24-26 earnings (EBITDA) forecasts by -7% to -6%, to reflect broadly unchanged TV earnings, but weaker earnings from Domain Holdings Australia ((DHG)) and Metro.

The broker believes advertising markets may be at or near trough levels, given management can see early signs of improvement.

The target eases to $2.40 from $2.45.

The brokerage's Buy rating is maintained given Domain and the streaming service Stan should support earnings into FY24, with publishing improving into FY25. Significant margin compression is expected across FY24, before stabilisation into FY25.

This report was published on August 25, 2023.

Target price is $2.40 Current Price is $2.03 Difference: $0.37
If NEC meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $2.45, suggesting upside of 20.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 10.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 4.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.1, implying annual growth of 38.8%.
Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 11.00 cents and EPS of 15.00 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 13.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of -3.3%.
Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 13.9.

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

NSR    NATIONAL STORAGE REIT

REITs – Overnight Price: $2.29

Jarden rates ((NSR)) as Buy (1) –

National Storage REIT's FY23 result broadly met guidance but it was a touch softer than Jarden expected, while the dividend outpaced consensus but disappointed the broker.

Net tangible assets rose to $2.48 from $2.34 in FY22.

Jarden observes the company is trading at an -11% discount to net tangible assets; gearing has fallen to 20% from 23% in FY22; strong FFO growth; and perceives cap rates to be conservative.

Management signalled a shift to development-led growth from acquisitions, and while this will require upfront investment, the broker believes the completed developments should offset the increase in interest expense.

The broker believes EPS growth is set to accelerate and the broker updates its four-year EPS compound annual growth rate forecasts to 5%.

Near-term EPS forecasts fall to reflect the acceleration of development completions.

Buy rating retained, the broker perceiving possible 20% upside in the target price. For now, the target price eases 10c to $2.70 from $2.80 to reflect higher interest expenses related to completions.

This report was published on August 23, 2023.

Target price is $2.70 Current Price is $2.29 Difference: $0.41
If NSR meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $2.34, suggesting upside of 2.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 10.80 cents and EPS of 11.30 cents.
At the last closing share price the estimated dividend yield is 4.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.27.

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 4.6%.
Current consensus EPS estimate suggests the PER is 20.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 11.50 cents and EPS of 12.10 cents.
At the last closing share price the estimated dividend yield is 5.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.93.

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 4.9%.
Current consensus EPS estimate suggests the PER is 19.4.

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $11.63

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

Underlying earnings (EBITDA) for Northern Star Resources were broadly in line with forecasts by Goldman Sachs and consensus.

Statutory profit rose by 29% year-on-year driven largely by a $437m write back of inventory stockpiles at the Kalgoorlie Consolidated Gold Mines (KCGM) operations.

Over FY23, payments to suppliers were -17% more onerous due to inflationary impacts on key inputs, labour and accommodation/camp sites. Management believes having broadly stabilised, yet still sees cost pressures across labour and grid power.

FY24 guidance was unchanged. The target falls to $11.80 from $12. Neutral.

This report was published on August 25, 2023.

Target price is $11.80 Current Price is $11.63 Difference: $0.17
If NST meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $12.10, suggesting upside of 4.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 30.40 cents and EPS of 54.00 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.5, implying annual growth of -2.5%.
Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 23.5.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 29.60 cents and EPS of 71.00 cents.
At the last closing share price the estimated dividend yield is 2.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.3, implying annual growth of 19.8%.
Current consensus DPS estimate is 29.2, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 19.6.

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

OPT    OPTHEA LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.44

Wilsons rates ((OPT)) as Downgrade to Underweight from Overweight (5) –

Opthea has raised $80m in an institutional placement and accelerated not renounceable entitlement offer. Wilsons acknowledges it "pulled the trigger" too early last year in anticipation of top-line data from the company's pivotal studies for OPT-302 in nAMD.

Further delays in trial recruitment have also occurred while the broker's prior view was also based on funding risk being removed.

Going forward, the next year is devoid of any clear catalysts and with further dilution risk Wilsons downgrades to Underweight from Overweight. Target is reduced to $0.30 from $1.50. That said the broker remains positive on OPT-302 as a drug asset.

This report was published on August 28, 2023.

Target price is $0.30 Current Price is $0.44 Difference: minus $0.14 (current price is over target).
If OPT meets the Wilsons target it will return approximately minus 32% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 30.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.42.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 19.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.29.

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

PPE    PEOPLEIN LIMITED

Jobs & Skilled Labour Services – Overnight Price: $2.00

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

PeopleIN delivered an FY23 result that disappointed Wilsons as estimates were missed across all lines. The EBITDA guidance at the end of May of $62-66m was still undercut at $61.1m, suggesting a weak and unforeseen end to the financial year.

No guidance is provided for FY24, which the broker considers sensible given the dynamics across core sectors and with trust needing to be rebuilt.

Wilsons opts for a conservative view on FY24, assuming broad continuation of margins into the first half and a modest improvement in the second half of FY24.

Despite the challenging outlook, the broker considers the stock oversold and retains an Overweight rating. Target is reduced to $2.80 from $3.53.

This report was published on August 28, 2023.

Target price is $2.80 Current Price is $2.00 Difference: $0.8
If PPE meets the Wilsons target it will return approximately 40% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 11.40 cents and EPS of 19.50 cents.
At the last closing share price the estimated dividend yield is 5.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.26.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 13.40 cents and EPS of 26.10 cents.
At the last closing share price the estimated dividend yield is 6.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.66.

Market Sentiment: 1.0
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: $1.30

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

Pepper Money's 1H earnings from continuing operations were a miss against forecasts by Goldman Sachs and consensus of -14% and -22%, respectively. 

Net interest margins (NIMs) were lower-than-expected and expenses higher, offset by higher servicing and net lending fees and lower loan losses, explain the analysts.

The broker lowers its FY23-25 EPS forecasts by -19.7%, -23.7% and -12.9%, respectively, and its target falls to $1.57 from $1.79.

Goldman Sachs believes macroeconomic conditions are starting to improve and notes the exit NIMs for Pepper Money appear to have stabilised. The Buy rating is maintained.

This report was published on August 24, 2023.

Target price is $1.57 Current Price is $1.30 Difference: $0.265
If PPM meets the Goldman Sachs target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 7.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 5.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.93.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 7.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 5.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.87.

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

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

Pepper Money's June first-half result disappointed consensus's and Jarden's forecasts due to higher costs, which resulted in worse than expected margin erosion (and a fair-value loss of -$4m). Net interest margins proved a miss and mortgage arrears rose sharply but remained below historical averages.

Jarden finds little joy in its December-half forecast. While margin stress is likely to ease and new mortgage flows start to stabilise (after falling sharply half on half), the broker observes 97% of mortgage refinancing is heading towards the major banks and it expects a "severe earnings reset" awaits Pepper Money before regaining its stride in FY25.

EPS forecasts fall -19% in FY23 and FY24; and -11% in FY25. Dividend forecasts fall to 7c from 9c in FY23 and FY24.

Overweight rating retained, the broker spying "through the cycle appeal". Target price falls to $1.55 from $1.65.

This report was published on August 23, 2023.

Target price is $1.55 Current Price is $1.30 Difference: $0.245
If PPM meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 7.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 5.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.21.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 7.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 5.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.83.

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

PSQ    PACIFIC SMILES GROUP LIMITED

Healthcare services – Overnight Price: $1.38

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

Pacific Smiles pre-released FY23 revenue, while underlying EBITDA met guidance. Wilsons upgrades earnings estimates, noting the detail in the results demonstrates good cost control and the ability to return to a net cash, self-funding state.

No guidance for FY24 was provided although the trading update aligns with the broker's expectations for the first half. Wilsons can envisage operating leverage returning, with profitability aided by a slowdown in store roll-outs. Overweight maintained. Target edges up to $1.65 from $1.55.

This report was published on August 25, 2023.

Target price is $1.65 Current Price is $1.38 Difference: $0.275
If PSQ meets the Wilsons target it will return approximately 20% (excluding dividends, fees and charges).
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 6.30 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.83.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 6.00 cents and EPS of 7.70 cents.
At the last closing share price the estimated dividend yield is 4.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.86.

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

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments – Overnight Price: $1.50

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

Platinum Asset Management's FY23 underlying profit of $76.5m came in short of forecasts by Goldman Sachs and consensus for $79.2m and $79.4m, respectively. Ex other income (which includes gains and losses), the result was in line, highlight the analysts.

Management noted subdued retail demand in FY23, which drove lower gross inflows, and announced a long standing institutional client will redeem -$0.65bn in August, which the broker considers material.

A 2H dividend of 7cps was declared. Andrew Clifford will stay as Co-CIO but step aside as CEO.

Goldman Sachs remains with its Sell rating and sets a $1.50 target.

This report was published on August 24, 2023.

Target price is $1.50 Current Price is $1.50 Difference: minus $0.005 (current price is over target).
If PTM 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 $1.58, suggesting upside of 4.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 13.00 cents and EPS of 192.60 cents.
At the last closing share price the estimated dividend yield is 8.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 0.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.9, implying annual growth of -8.5%.
Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 8.8%.
Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 11.00 cents and EPS of 184.50 cents.
At the last closing share price the estimated dividend yield is 7.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 0.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.8, implying annual growth of -8.5%.
Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 7.9%.
Current consensus EPS estimate suggests the PER is 12.8.

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

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

Platinum Asset Management's FY23 result outpaced consensus and Jarden's forecasts due to input from other revenues, and good cost control.

A new CEO search is due to start, which should imply a new strategy and Jarden considers capital management and tighter cost control to be likely targets.

But the broker retains its Underweight rating given outflows persist and CTI expansion continues. Target price eases to $1.50 from $1.55.

This report was published on August 23, 2023.

Target price is $1.50 Current Price is $1.50 Difference: minus $0.005 (current price is over target).
If PTM 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 $1.58, suggesting upside of 4.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 11.20 cents and EPS of 13.10 cents.
At the last closing share price the estimated dividend yield is 7.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.9, implying annual growth of -8.5%.
Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 8.8%.
Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 9.80 cents and EPS of 11.40 cents.
At the last closing share price the estimated dividend yield is 6.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.8, implying annual growth of -8.5%.
Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 7.9%.
Current consensus EPS estimate suggests the PER is 12.8.

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

QAN    QANTAS AIRWAYS LIMITED

Transportation & Logistics – Overnight Price: $6.03

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

FY23 profit (PBT) for Qantas Airways landed within the guidance range and 1% ahead of Goldman Sachs forecast. Net debt of $2.89bn was -4% worse than expected, but well below the $3.7-4.6bn target range.

The broker raises its FY24m profit forecast by 9% on stronger unit revenue and after incorporating D&A/Fuel guidance. First half fuel expense guidance was a miss, though guidance for depreciation and amortisation was lower and interest was in line.

Demand indicators remain resilient, according to the analysts.

The target rises by 3% to $8.75. Buy.

This report was published on August 25, 2023.

Target price is $8.75 Current Price is $6.03 Difference: $2.72
If QAN meets the Goldman Sachs target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $7.78, suggesting upside of 29.1%(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 108.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.4, implying annual growth of 11.8%.
Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 5.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 30.00 cents and EPS of 104.00 cents.
At the last closing share price the estimated dividend yield is 4.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 110.2, implying annual growth of 2.6%.
Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 5.5.

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

RFF    RURAL FUNDS GROUP

REITs – Overnight Price: $2.04

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

FY23 results from Rural Funds were in line with revised guidance and Wilsons is encouraged by the efforts to accelerate leasing activity on directly-operated assets while considering non-core asset sales.

FY24 guidance is for FFO of 11.2c per unit and a distribution of 11.73c. Material progress is expected on several transactions to improve gearing, operating exposure and earnings.

Going forward, the broker is attracted to the fundamental value proposition and retains an Overweight rating. Target is reduced to $2.45 from $2.79.

This report was published on August 25, 2023.

Target price is $2.45 Current Price is $2.04 Difference: $0.41
If RFF meets the Wilsons target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 11.70 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 5.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.21.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 12.20 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 5.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.00.

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

RHC    RAMSAY HEALTH CARE LIMITED

Healthcare services – Overnight Price: $51.22

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

After examining FY23 results, Goldman Sachs notes 2H earnings (EBIT) were -2% lower than the 1H, and the outlook for FY24 leads to a -27% downgrade to the broker's FY24 profit forecast. It's also thought the consensus estimate will need to be downgraded by -32%.

Despite this outcome, the broker points to improving momentum with an earnings margin expansion to 7.1% in Q4 from 5.1% in Q3. Admissions per work day increased across most procedure categories in the APAC region and admmissions growth was positive in the UK.

FY24 guidance is for mid-single digit revenue growth, including any indexation/pricing relief, compared to the broker's 9% forecast.
Margin commentary tempered expectations for a meaningful recovery in FY24.

The recovery in non-surgical work was described as ‘gradual’ while the broker notes obstetrics/psychiatric volumes are still tracking well below pre-covid levels.

The target falls by -20% to $43. Sell.

This report was published on August 25, 2023.

Target price is $43.00 Current Price is $51.22 Difference: minus $8.22 (current price is over target).
If RHC meets the Goldman Sachs target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $57.57, suggesting upside of 12.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 94.00 cents and EPS of 139.00 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 154.5, implying annual growth of 23.5%.
Current consensus DPS estimate is 96.5, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 33.2.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 117.00 cents and EPS of 172.00 cents.
At the last closing share price the estimated dividend yield is 2.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 220.5, implying annual growth of 42.7%.
Current consensus DPS estimate is 136.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 23.2.

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

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

FY23 results beat Wilsons' estimates as the European trading/subsidy "black box" offset persistent margin pressure in Australia and the UK. The broker highlights the fact the "beat" was derived from Europe underwhelmed investors.

A soft margin outlook and "shocking exposure to interest costs" means a downgrade to net profit estimates of -25-40% and Wilsons believes Ramsay Health Care needs to contemplate either delivering services at a lower price point or venturing into out-of-hospital adjacencies.

On valuation, the broker is not convinced the stock will de-rate further and retains a Market Weight rating. Target is reduced to $50.00 from $65.88.

This report was published on August 25, 2023.

Target price is $50.00 Current Price is $51.22 Difference: minus $1.22 (current price is over target).
If RHC meets the Wilsons target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $57.57, suggesting upside of 12.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 93.40 cents and EPS of 148.90 cents.
At the last closing share price the estimated dividend yield is 1.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 154.5, implying annual growth of 23.5%.
Current consensus DPS estimate is 96.5, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 33.2.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 121.70 cents and EPS of 194.30 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 26.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 220.5, implying annual growth of 42.7%.
Current consensus DPS estimate is 136.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 23.2.

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

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.58

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

FY23 for Regis Resources was operationally in line with expectations by Goldman Sachs, while statutory earnings (EBITDA) were a miss.

Management expects capex at McPhillamys will be -$500m (the broker already sits at -$600m) and reiterated a project feed capacity of around 6.5-7Mtpa. Gold production in the back end of mine life is expected to improve as grades increase with depth.

FY24 guidance remains unchanged. No final dividend was declared, in line with Goldman's expectation.

The target falls to $1.90 from $2.00 and the Buy rating is unchanged given the broker's valuation suggests zero value is being ascribed by the market to the McPhillamys gold project.

This report was published on August 25, 2023.

Target price is $1.90 Current Price is $1.58 Difference: $0.32
If RRL meets the Goldman Sachs target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $1.85, suggesting upside of 17.1%(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 minus 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 56.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.2, implying annual growth of N/A.
Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 49.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 2.00 cents and EPS of 20.10 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 7.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of 403.1%.
Current consensus DPS estimate is 0.2, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 9.8.

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

S32    SOUTH32 LIMITED

Mining – Overnight Price: $3.41

Goldman Sachs rates ((S32)) as Buy (1) –

Over FY23, most of South32's assets performed in line with expectations held by Goldman Sachs, though FY24 cost guidance was a slight miss.

The balance sheet remains strong, according to the analysts, despite net debt of -US$483m compared to the -US$328m forecast.

While FY24 production guidance was mostly unchanged, FY25 production guidance was a slight miss compared to the broker's forecasts at Brazil aluminium, Cerro Matoso and the Sierra Gorda operations.

Goldman's target falls to $3.50 from $3.70 after adjusting for adjusting for new production and cost guidance. Buy.

This report was published on August 25, 2023.

Target price is $3.50 Current Price is $3.41 Difference: $0.09
If S32 meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.19, suggesting upside of 22.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 17.82 cents and EPS of 44.48 cents.
At the last closing share price the estimated dividend yield is 5.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.9, implying annual growth of N/A.
Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 22.77 cents and EPS of 56.76 cents.
At the last closing share price the estimated dividend yield is 6.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.2, implying annual growth of 76.6%.
Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 8.1.

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

SDR    SITEMINDER LIMITED

Travel, Leisure & Tourism – Overnight Price: $4.56

Jarden rates ((SDR)) as Buy (1) –

SiteMinder's pre-guided result was largely in line but Jarden observes softness in some metrics.

Management reiterated guidance.

While unimpressed with the result (EPS forecasts fall) Jarden considers the long-term outlook to be positive.

Buy rating retained. Target price rises 6% to $5 from $4.70.

This report was published on August 24, 2023.

Target price is $5.00 Current Price is $4.56 Difference: $0.44
If SDR meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $5.35, suggesting upside of 17.2%(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 minus 8.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 54.94.

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:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 228.00.

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 4560.0.

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

STO    SANTOS LIMITED

NatGas – Overnight Price: $7.61

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

Santos' June first-half result was largely as expected save for a shock cut in the dividend payout ratio, as part of a revised capital management policy, observes Jarden.

The broker says this could pave the way for a buyback announcement at the FY23 results in February.

Gearing also rose sharply to 21.9% from 18.9%. 

Jarden says the PNG selldown should relieve pressure on the balance sheet but is cautious in the near term should Barossa LNG face delays or the PNG selldown not proceed.

Overweight rating retained. Target price falls to $7.75 from $7.95.

This report was published on August 24, 2023.

Target price is $7.75 Current Price is $7.61 Difference: $0.14
If STO meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $9.48, suggesting upside of 24.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 37.29 cents and EPS of 63.35 cents.
At the last closing share price the estimated dividend yield is 4.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.3, implying annual growth of N/A.
Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 28.61 cents and EPS of 54.67 cents.
At the last closing share price the estimated dividend yield is 3.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.7, implying annual growth of -0.9%.
Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 11.2.

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

TLC    LOTTERY CORPORATION LIMITED

Gaming – Overnight Price: $5.02

Jarden rates ((TLC)) as Upgrade to Neutral from Sell (3) –

Jarden has transferred coverage of Lottery Corp to a new analyst and the new guy in charge has upgraded to Neutral from Sell with a price target of $5.46, up from $4.17 prior.

The broker observes the FY23 performance, the first one post demerger from Tabcorp Holdings, proved a bit underwhelming, also because Oz Lotto did not perform to theoretical maths models.

Jarden is unperturbed, considering Lottery Corp a high quality, well managed, cash generative business that should be able to drive best practices to generate value for shareholders.

This report was published on August 24, 2023.

Target price is $5.46 Current Price is $5.02 Difference: $0.44
If TLC meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $5.48, suggesting upside of 9.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 17.30 cents and EPS of 17.30 cents.
At the last closing share price the estimated dividend yield is 3.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.8, implying annual growth of 49.6%.
Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 28.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 19.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 3.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.4, implying annual growth of 9.0%.
Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 25.9.

Market Sentiment: 0.5
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: $10.75

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

On further analysis Wilsons notes first half results from Telix Pharmaceuticals reflected development of market share for Illuccix and execution in the PSMA PET/CT category.

Weakness in the stock has been unrelenting since the second quarter update, the broker notes, as the market comes to terms with some of the complexities that lay beneath Illuccix sales.

Wilsons expects the future will become more stable owing to a combination of product life-cycle management, the CMS proposed rule, potential passage of the FIND act and market share gains. Overweight rating and $13.13 target price retained.

This report was published on August 25, 2023.

Target price is $13.13 Current Price is $10.75 Difference: $2.38
If TLX meets the Wilsons target it will return approximately 22% (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 10.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 103.37.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 25.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.99.

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

TPG    TPG TELECOM LIMITED

Telecommunication – Overnight Price: $5.42

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

TPG Telecom's earnings (EBITDA) beat Goldman Sachs forecast by 2%. The cash performance was considered soft but an improvement, while the interim dividend was in line.

In a key positive, according to the analysts, FY23 earnings (EBITDA) guidance was raised to $1,925-1950m from $1,850-1,950m. The guidance reflects a stronger mobile performance and is thought to be very achievable.

The target rises to $5.70 from $5.50 on higher earnings forecasts. Neutral.

This report was published on August 25, 2023.

Target price is $5.70 Current Price is $5.42 Difference: $0.28
If TPG meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $6.18, suggesting upside of 13.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 18.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 3.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of -41.0%.
Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 33.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 18.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 3.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of 17.8%.
Current consensus DPS estimate is 20.9, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 28.2.

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

UNI    UNIVERSAL STORE HOLDINGS LIMITED

Apparel & Footwear – Overnight Price: $3.69

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

Universal Store earnings in FY23 were in line with guidance. Wilsons found the quality "good", with cash flow and cash conversion well ahead of expectations.

Going forward, while no quantitative guidance was provided, signs from the first seven weeks of trading in the first half are comfortably ahead of forecasts.

Wilsons believes a premium is warranted because of the growth profile and retains an Overweight rating. Target rises to $4.80 from $4.20.

This report was published on August 25, 2023.

Target price is $4.80 Current Price is $3.69 Difference: $1.11
If UNI meets the Wilsons target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $3.75, suggesting upside of 1.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 20.80 cents and EPS of 34.70 cents.
At the last closing share price the estimated dividend yield is 5.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.5, implying annual growth of -3.0%.
Current consensus DPS estimate is 20.8, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 27.80 cents and EPS of 46.30 cents.
At the last closing share price the estimated dividend yield is 7.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.9, implying annual growth of 20.3%.
Current consensus DPS estimate is 24.7, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 9.7.

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

WHC    WHITEHAVEN COAL LIMITED

Coal – Overnight Price: $6.62

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

Whitehaven Coal's underlying earnings (EBITDA) and profit were slight beats when compared to estimates by Goldman Sachs. The final dividend of 42cps made the total for the year 74cps, well above the expected 61cps.

Run-of-Mine (ROM) coal production guidance of 18.7-20.7mt was around -10% below the broker's forecast and unit costs of $103-113/t were a circa -7% miss (i.e. greater than expected).

Compared to the analysts' forecast for -$405m of capex in FY24, management guided to -$460-570m.

This miss was largely due to increased capex associated with the Narrabri underground mine expansion, timing of spend on the Vickery greenfield project and higher sustaining capex, explains Goldman Sachs.

The broker's target falls by -11% to $7.10 on lower cash flow and also higher capex for FY24, along with a higher capex estimate at the Narrabri operations. Neutral.

This report was published on August 25, 2023.

Target price is $7.10 Current Price is $6.62 Difference: $0.48
If WHC meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $7.19, suggesting upside of 8.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 28.00 cents and EPS of 100.00 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.9, implying annual growth of -72.7%.
Current consensus DPS estimate is 33.1, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 7.9.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 35.00 cents and EPS of 71.00 cents.
At the last closing share price the estimated dividend yield is 5.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.8, implying annual growth of -4.9%.
Current consensus DPS estimate is 32.3, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 8.3.

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

WOW    WOOLWORTHS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $38.15

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

It is Jarden's view that Woolworths Group delivered a quality FY23 result, in line with expectations. The surprise was that the burden of higher costs and weaker margins that depressed the performance of competitor Coles Group ((COL)) remained absent.

With margins forecast to remain resilient, Jarden's confidence in the outlook has grown. Big W underperformed in the period.

Jarden sees scope for the shares to re-rate as earnings prove resilient and the market's focus shifts to the higher growth, higher ROIC alternative revenue streams.

Small changes have been made to forecasts. Target price lifts to $43.10 from $41.10. Overweight.

This report was published on August 24, 2023.

Target price is $43.10 Current Price is $38.15 Difference: $4.95
If WOW meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $37.42, suggesting downside of -1.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 115.00 cents and EPS of 154.50 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 149.2, implying annual growth of 12.0%.
Current consensus DPS estimate is 110.2, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 25.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 127.00 cents and EPS of 170.00 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 159.9, implying annual growth of 7.2%.
Current consensus DPS estimate is 121.5, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 23.9.

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

WPR    WAYPOINT REIT LIMITED

REITs – Overnight Price: $2.47

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

First half earnings and distribution were in line with expectations and Moelis assesses Waypoint REIT is on track to meet 2023 guidance, of 16.48c per unit.

Management has indicated the possibility of accretive refurbishment of a large number of Viva Energy sites following the latter's potential acquisition of On The Run. The opportunity remains contingent on the successful acquisition and Waypoint being able to negotiate agreed terms.

Moelis makes few earnings changes and upgrades the stock to Buy from Hold on valuation grounds. Target is unchanged at $2.84.

This report was published on August 28, 2023.

Target price is $2.84 Current Price is $2.47 Difference: $0.37
If WPR meets the Moelis target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $2.72, suggesting upside of 10.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 16.50 cents and EPS of 16.50 cents.
At the last closing share price the estimated dividend yield is 6.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.7, implying annual growth of -12.1%.
Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 16.80 cents and EPS of 16.80 cents.
At the last closing share price the estimated dividend yield is 6.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.9, implying annual growth of 1.2%.
Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 14.6.

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

WTC    WISETECH GLOBAL LIMITED

Cloud services – Overnight Price: $70.20

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

FY23 financials released by WiseTech Global proved in line with forecasts, but management's guidance for the year ahead forced estimates down, triggering a share price sell-off, points out Jarden.

The broker has, in line with the above, lowered its projections for FY24, while reminding investors it did warn prior to the release margin contributions from acquisitions did pose the risk of disappointment.

As the business generates plenty of cash, and with $400m available from cash and undrawn debt facilities, the broker suspects more acquisitions will follow, though none have been incorporated in forecasts as yet.

Target declines by -9.5% to $76. Overweight rating retained.

This report was published on August 24, 2023.

Target price is $76.00 Current Price is $70.20 Difference: $5.8
If WTC meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $77.03, suggesting upside of 9.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 15.60 cents and EPS of 78.00 cents.
At the last closing share price the estimated dividend yield is 0.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 90.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.9, implying annual growth of 31.0%.
Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 82.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 20.20 cents and EPS of 105.60 cents.
At the last closing share price the estimated dividend yield is 0.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 66.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.4, implying annual growth of 20.6%.
Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 68.6.

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

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