Australian Broker Call *Extra* Edition – Sep 04, 2023

This story features CLINUVEL PHARMACEUTICALS LIMITED, and other companies. For more info SHARE ANALYSIS: CUV

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)

CUV   CWY   EML   IAG   JIN   JLG   LAU   LOV   LRK   MHJ   MTO   NEU   NXT   PLS   PPS   PXA   QAN   REG   RHC   RMC   RUL   SLC   TAH   THL   TLX   TYR   VGL   WES   WSP   WZR  

CUV    CLINUVEL PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $18.38

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

Having flagged downside risk to Clinuvel Pharmaceuticals heading into the reporting season owing to lofty expectations, Clinuvel Pharmaceuticals' results largely met Wilsons' forecasts although the initial over-the-counter launch revenue from Cyacelle has potentially disappointed some investors.

Scenesse delivered solid growth albeit slightly below expectations. Wilsons expects 2025 should present a diversified earnings base with a larger OTC portfolio and potential for expansion in indications for Scenesse as well as the additional US revenue from Neuracthel.

Overweight. Target is reduced to $28.13 from $30.07.

This report was published on August 30, 2023.

Target price is $28.13 Current Price is $18.38 Difference: $9.75
If CUV meets the Wilsons target it will return approximately 53% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 8.00 cents and EPS of 66.70 cents.
At the last closing share price the estimated dividend yield is 0.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.56.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 11.80 cents and EPS of 78.40 cents.
At the last closing share price the estimated dividend yield is 0.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.44.

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: $2.64

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

FY23 results from Cleanaway Waste Management were in line with estimates. The lack of guidance for FY24 caught Jarden by surprise along with the higher capital expenditure.

As a result the broker reconsiders free cash flow and leverage forecasts, raising net interest costs estimates for FY24-25.

Following changes to net debt forecasts and movements in earnings forecasts as well as the share price, the broker downgrades to Neutral from Overweight and lowers the target to $2.60 from $2.70.

This report was published on August 25, 2023.

Target price is $2.60 Current Price is $2.64 Difference: minus $0.04 (current price is over target).
If CWY meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.74, suggesting upside of 3.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 4.70 cents and EPS of 7.80 cents.
At the last closing share price the estimated dividend yield is 1.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.85.

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 2.1%.
Current consensus EPS estimate suggests the PER is 31.1.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 5.70 cents and EPS of 9.50 cents.
At the last closing share price the estimated dividend yield is 2.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.79.

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 25.6.

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

EML    EML PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $1.11

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

EML Payments is showing signs of stabilisation with both revenue and underlying EBITDA beating downgraded guidance and ahead of expectations.

While regulatory issues remain unresolved, Wilsons welcomes the further $10m in cost reductions slated for FY24 and the legal & operational separation of the UK and Ireland businesses, pointing out the latter has the hallmarks of possible subsequent divestment.

In the wake of the results, the broker upgrades to Market Weight from Underweight and raises the target to $0.98 from $0.42.

This report was published on August 30, 2023.

Target price is $0.98 Current Price is $1.11 Difference: minus $0.13 (current price is over target).
If EML meets the Wilsons target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 7.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.63.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 9.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.44.

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

IAG    INSURANCE AUSTRALIA GROUP LIMITED

Insurance – Overnight Price: $5.83

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

ASIC has launched new Federal Court action alleging misleading pricing practices on loyalty discounts. Jarden observes, unlike previous incidents where Insurance Australia Group brought mispricing to the regulator's attention, the company disagrees on this one and will defend proceedings.

Given the uncertainty about potential for higher reinsurance retention at the end-of-year renewal, the broker expects the company will take a conservative stance on capital. Overweight retained. Target is $6.

This report was published on August 25, 2023.

Target price is $6.00 Current Price is $5.83 Difference: $0.17
If IAG meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $5.85, suggesting upside of 1.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 27.00 cents and EPS of 36.70 cents.
At the last closing share price the estimated dividend yield is 4.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.9, implying annual growth of 2.9%.
Current consensus DPS estimate is 26.8, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 31.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 5.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.3, implying annual growth of 12.6%.
Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 14.7.

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

JIN    JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $15.52

Jarden rates ((JIN)) as Neutral (3) –

Jumbo Interactive's FY23 results exceeded expectations and the dividend payout of 85% was at the high end of the range. Jarden assesses this reflects the confidence Jumbo Interactive has in its earnings outlook and financial strength.

The broker observes the business has sufficient capacity to fund future growth while reinvesting in digital capabilities. A Neutral rating is maintained and any share price weakness is envisaged as an attractive entry opportunity. Target is raised to $16.17 from $15.16.

This report was published on August 26, 2023.

Target price is $16.17 Current Price is $15.52 Difference: $0.65
If JIN meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $18.32, suggesting upside of 18.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 48.00 cents and EPS of 73.90 cents.
At the last closing share price the estimated dividend yield is 3.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.00.

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 21.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 52.00 cents and EPS of 81.70 cents.
At the last closing share price the estimated dividend yield is 3.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.00.

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 4.5%.
Current consensus EPS estimate suggests the PER is 17.9.

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

JLG    JOHNS LYNG GROUP LIMITED

Building Products & Services – Overnight Price: $6.45

Moelis rates ((JLG)) as Buy (1) –

FY23 earnings (EBITDA) for Johns Lyng demonstrated strong growth in the business as usual and catastrophe divisions, offset by a -$19m loss in Commercial Construction, explains Moelis.

The broker notes BAU is the group's core valuation and earnings driver. Management is guiding to 12% organic growth for the segment in FY24, supported by new contract wins and extensions with insurers, along with growth in strata and broker assist.

The BAU growth will be complemented by another year of elevated CAT, suggest the analysts, with FY24 revenue guidance of $138m.

The Buy rating is unchanged and the target rises  to $7.42 from $7.30.

This report was published on August 30, 2023.

Target price is $7.42 Current Price is $6.45 Difference: $0.97
If JLG meets the Moelis target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $7.05, suggesting upside of 9.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 11.80 cents and EPS of 23.90 cents.
At the last closing share price the estimated dividend yield is 1.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.4, implying annual growth of 19.3%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 30.1.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 12.50 cents and EPS of 24.80 cents.
At the last closing share price the estimated dividend yield is 1.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.4, implying annual growth of 9.3%.
Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 27.6.

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

LAU    LINDSAY AUSTRALIA LIMITED

Transportation & Logistics – Overnight Price: $1.17

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

Lindsay Australia's FY23 earnings (EBITDA) nosed out its own guidance, and outpaced Wilsons by nearly 4% following a beat from Transport and Rural, the segments delivering a 6.9% margin. Sales fell -4.2% shy of the broker's forecast.

The broker observes the company benefited from the demise of Scott's Logistics, buying Scott's fleet at attractive prices. 

Management advises momentum is continuing in the December half and the outlook is positive, the company being well positioned for industry consolidation in FY24 to FY26. The broker suspects guidance may be conservative.

The broker forecasts 12% to 18% EPS growth across FY24 to FY26.

Overweight rating and $1.70 target price retained.

This report was published on August 29, 2023.

Target price is $1.70 Current Price is $1.17 Difference: $0.53
If LAU meets the Wilsons target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $1.55, suggesting upside of 30.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 7.10 cents and EPS of 14.20 cents.
At the last closing share price the estimated dividend yield is 6.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.2, implying annual growth of 15.8%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 9.0.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 8.10 cents and EPS of 16.10 cents.
At the last closing share price the estimated dividend yield is 6.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.8, implying annual growth of 12.1%.
Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 8.0.

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

LOV    LOVISA HOLDINGS LIMITED

Retailing – Overnight Price: $22.36

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

FY23 EBIT was in line with expectations although Jarden notes cash flow was weaker because of payables being drawn down. The main concern is Lovisa Holdings' drop in same-store sales for the first seven weeks of FY24 of -5.8%.

The business will increasingly cycle easier comparables yet Jarden does not expect positive same-store sales growth in the current half-year.

The product range is somewhat insulated from the deteriorating environment because it appeals to the value conscious and young, yet Jarden, transferring coverage to another analyst, needs more evidence of an inflection point before lifting its conviction and retains an Overweight rating. Target is reduced to $21.60 from $26.59.

This report was published on August 25, 2023.

Target price is $21.60 Current Price is $22.36 Difference: minus $0.76 (current price is over target).
If LOV meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $24.49, suggesting upside of 10.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 61.00 cents and EPS of 71.50 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.1, implying annual growth of 21.9%.
Current consensus DPS estimate is 66.4, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 28.9.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 75.00 cents and EPS of 87.60 cents.
At the last closing share price the estimated dividend yield is 3.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.0, implying annual growth of 29.7%.
Current consensus DPS estimate is 84.8, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 22.3.

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

LRK    LARK DISTILLING CO. LIMITED

Food, Beverages & Tobacco – Overnight Price: $1.50

Moelis rates ((LRK)) as Hold (3) –

Lark Distilling Co grew FY23 organic net sales by 15% compared to FY22, despite cycling one-off sales, which caused FY23 net sales revenue to decline by -16%.

For the 1H of FY24, the broker points out the company will still be cycling discontinued limited edition releases, as well as trying to turn around slowing organic net sales growth evident in the Q4 of FY23, caused by a weakening consumer.

Despite these headwinds, the Moelis target price rises to $1.70 from $1.66 as the assumed multiple is moved out to FY25.

The broker maintains its Hold rating while awaiting a resumption of profitable growth and attempting to better understand the medium-to long-term growth strategy.

This report was published on August 30, 2023.

Target price is $1.70 Current Price is $1.50 Difference: $0.2
If LRK meets the Moelis target it will return approximately 13% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 28.85.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 5.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 25.86.

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

MHJ    MICHAEL HILL INTERNATIONAL LIMITED

Luxury – Overnight Price: $0.95

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

Michael Hill delivered a strong FY23 result that was in line with recently updated guidance. Underlying sales growth remains negative, Jarden points out, although the run rate is improving.

The broker is impressed by the gross margin retention, even though it contracted -50 basis points to 64.2%, particularly given cost inflation and sector discounting.

This is supportive of the view that the business continues to improve its brand positioning. While anticipating further gross margin contraction, Jarden now considers the risk is weighted to the upside. Overweight. Target edges down to NZ$1.25 from NZ$1.35.

This report was published on August 27, 2023.

Current Price is $0.95. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 7.50 cents and EPS of 10.70 cents.
At the last closing share price the estimated dividend yield is 7.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.88.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 8.00 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 8.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.05.

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

MTO    MOTORCYCLE HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $2.21

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

In an initial view, FY23 results from Motorcycle Holdings were ahead of forecasts. No explicit guidance was provided. Rising interest rates and pressures on the cost of living are expected to continue affecting trading.

Wilsons anticipates acquisitions, including a full year contribution from Mojo Group, will likely insulate the business from more challenging trading conditions. Market Weight retained. Target is $1.91.

This report was published on August 30, 2023.

Target price is $1.91 Current Price is $2.21 Difference: minus $0.3 (current price is over target).
If MTO meets the Wilsons target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 33.30 cents and EPS of 33.60 cents.
At the last closing share price the estimated dividend yield is 15.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.58.

Forecast for FY25:

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

NEU    NEUREN PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $11.76

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

Neuren Pharmaceuticals's June first-half result met Wilsons' revenue forecast as expected. Earnings (EBITDA) disappointed by -4% due to higher corporation and administration costs.

The company sharply beat consensus and the broker on net profit after tax due to lower tax expense on carry forward losses. Arcadia, which announced exceptionally strong maiden sales of DABUE on August 2, reports its third quarter results in November. 

No formal 2023 guidance was provided, the broker assuming the management is cautious after its June miss, but Arcadia revenue revenue is expected to roughly double on the previous quarter. The broker's FY24 EPS forecasts fall sharply.

Overweight rating and $22.21 target price retained.

This report was published on August 29, 2023.

Target price is $22.21 Current Price is $11.76 Difference: $10.45
If NEU meets the Wilsons target it will return approximately 89% (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 116.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.12.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 27.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.76.

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

NXT    NEXTDC LIMITED

Cloud services – Overnight Price: $13.44

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

NextDC's FY23 revenue outpaced consensus and Wilsons' forecasts but underlying earnings (EBITDA) met consensus and missed the broker by -2%. Capital expenditure disappointed, rising -4% above consensus forecasts.

FY24 guidance also disappointed consensus by -3% and the broker by -6% and FY24 capital expenditure guidance was a much greater disappointment.

Wilsons highlights NextDC's strong forward order book is most likely the driving the capex.

Overweight weighting retained. Target price rises 15% to $15.19.

This report was published on August 29, 2023.

Target price is $15.19 Current Price is $13.44 Difference: $1.75
If NXT meets the Wilsons target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $14.81, suggesting upside of 10.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 10.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 126.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -10.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 7.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 181.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -14.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

PLS    PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $4.70

Jarden rates ((PLS)) as Downgrade to Sell from Underweight (5) –

Pilbara Minerals has disclosed additional capital expenditure within its FY24 guidance and Jarden now expects negative free cash flow in FY24.

Capital expenditure guidance is now $875-975m with the inclusion of projects and enhancements such as new village and access roads.

This is more representative of perpetual sustaining capital in the broker's opinion so assumptions are increased and EBITDA forecast are downgraded by -4.8% for FY24 and -0.5% for FY25.

The stock is trading at a large premium to valuation and Jarden believes it will be difficult for it to outperform, downgrading to Sell from Underweight. Target is reduced to $3.50 from $4.10.

This report was published on August 26, 2023.

Target price is $3.50 Current Price is $4.70 Difference: minus $1.2 (current price is over target).
If PLS meets the Jarden target it will return approximately minus 26% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.24, suggesting upside of 9.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 10.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 2.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.8, implying annual growth of -22.7%.
Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 7.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 10.00 cents and EPS of 33.90 cents.
At the last closing share price the estimated dividend yield is 2.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.1, implying annual growth of -1.1%.
Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 7.8.

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

PPS    PRAEMIUM LIMITED

Wealth Management & Investments – Overnight Price: $0.70

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

FY23 results from Praemium beat expectations. While no guidance was provided, Wilsons has picked up signs that flow activity has improved in recent weeks, probably stemming from a moderation of term deposit yields.

While not calling the "end of the trend" in outflows, the broker continues to believe a conclusion of the tightening cycle and increase in risk will re-accelerate net flows and earnings.  Overweight retained. Target is raised to $0.89 from $0.76.

This report was published on August 30, 2023.

Target price is $0.89 Current Price is $0.70 Difference: $0.19
If PPS meets the Wilsons target it will return approximately 27% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.17.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.87.

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

PXA    PEXA GROUP LIMITED

Real Estate – Overnight Price: $11.52

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

Pexa Group's earnings missed Jarden's estimates significantly, largely stemming from one-off tax and non-operating items. The broker lifts forecasts for depreciation over FY24-26 which drives the majority of a downgrade to FY24 EPS estimates of -2.8%.

England/Wales revenue estimates are lowered by -25% over FY25-26. While remaining optimistic about the long-term prospects in the UK the broker suspects cost and expenditure delays could weigh. Underweight. Target is reduced to $11.40 from $12.35.

This report was published on August 25, 2023.

Target price is $11.40 Current Price is $11.52 Difference: minus $0.12 (current price is over target).
If PXA meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.81, suggesting upside of 27.8%(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 32.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.1, 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 37.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 53.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.3, implying annual growth of 39.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 26.8.

Market Sentiment: 1.0
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: $5.82

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

FY23 results were strong with Jarden observing a strong performance in loyalty, international and freight amid sound cost management and favourable demand. The outlook is strong with Qantas Airways emphasising no evidence of weakness in travel intentions.

In domestic, capacity is being shaped at the margin to lower levels than originally projected and the broker believes this is exactly what the market needs to see at this point of the cycle if the concerns about weaker demand through FY24 materialise.

The broker retains an Overweight rating and $7 target.

This report was published on August 25, 2023.

Target price is $7.00 Current Price is $5.82 Difference: $1.18
If QAN meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $7.78, suggesting upside of 34.7%(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 96.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.02.

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 5.4.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 49.70 cents and EPS of 96.00 cents.
At the last closing share price the estimated dividend yield is 8.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.06.

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 4.5%.
Current consensus EPS estimate suggests the PER is 5.2.

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

REG    REGIS HEALTHCARE LIMITED

Aged Care & Seniors – Overnight Price: $2.50

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

Regis Healthcare's underlying EBITDA in FY23 was largely in line with expectations. Jarden observes the operations delivered positive results with occupancy as of August 18 of 93.5% ahead of the average in the second half.

Regis Healthcare now has around $400m in available capital following recent asset sales and appears ready to take advantage of acquisition opportunities and capitalise on favourable supply/demand, although this is not yet factored into forecasts. Overweight retained. Target rises to $2.95 from $2.84.

This report was published on August 26, 2023.

Target price is $2.95 Current Price is $2.50 Difference: $0.45
If REG meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 4.00 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 1.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.41.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 4.00 cents and EPS of 10.40 cents.
At the last closing share price the estimated dividend yield is 1.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.04.

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: $51.24

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

FY23 results from Ramsay Health Care missed estimates. Jarden was surprised by the FY24 guidance which implies modest single-digit growth at the top line, a further delay in margins and a hefty 23% rise in interest costs at the mid point.

The broker cuts EPS forecast by -34% in FY24 and by -15.8% in FY25. Despite valuation upside being apparent, Jarden downgrades to Neutral from Overweight in recognition of minimal net profit growth into FY24 and a lack of conviction on the cost base. Target is lowered to $62.08 from $68.68.

This report was published on August 25, 2023.

Target price is $62.08 Current Price is $51.24 Difference: $10.84
If RHC meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $57.57, suggesting upside of 11.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 76.50 cents and EPS of 127.20 cents.
At the last closing share price the estimated dividend yield is 1.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.28.

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 33.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 132.10 cents and EPS of 219.60 cents.
At the last closing share price the estimated dividend yield is 2.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.33.

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 2.6%.
Current consensus EPS estimate suggests the PER is 23.4.

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

RMC    RESIMAC GROUP LIMITED

Banks – Overnight Price: $1.05

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

Resimac Group posted a net profit that, while down -29.4% year-on-year, was ahead of expectations. Loan losses were better than Wilsons expected and lower broker fees and operating expenditure helped drive the beat at the net profit line.

Going forward, the broker finds the qualitative guidance encouraging. The company expects less aggressive competition from ADIs and the likelihood the cash rate will peak in the first half of FY24.

Wilsons retains a Market Weight rating on valuation and the target is reduced to $0.90 from $1.00.

This report was published on August 30, 2023.

Target price is $0.90 Current Price is $1.05 Difference: minus $0.15 (current price is over target).
If RMC meets the Wilsons target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.07, 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 5.20 cents and EPS of 13.10 cents.
At the last closing share price the estimated dividend yield is 4.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.7, implying annual growth of -23.1%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 8.3.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 7.00 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 6.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.3, implying annual growth of 4.7%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 7.9.

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

RUL    RPMGLOBAL HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $1.61

Moelis rates ((RUL)) as Buy (1) –

RPMGlobal recorded $15m in FY23 earnings, before management incentives of around -$3m, and FY24 guidance is for an around 23% lift when taking the midpoint of the new range. Moelis assumes in its forecast the upper end of the range will be achieved.

The analysts highlight an operating leverage inflection was reached in FY23, given earnings rose from around $2m in FY22. It's assumed FY24 earnings growth will largely emanate from incremental software sales and a growing contribution from Advisory.

The target falls to $2.01 from $2.04 and the Buy rating is unchanged.

This report was published on August 30, 2023.

Target price is $2.01 Current Price is $1.61 Difference: $0.4
If RUL meets the Moelis target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 46.00.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.96.

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

SLC    SUPERLOOP LIMITED

Telecommunication – Overnight Price: $0.71

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

Wilsons highlights the FY23 result has marked the end of the "3 in 3" strategy to triple the business that Superloop outlined in FY20.  Customer growth was more than 10x, revenue 3x and operating cash flow around 3.4x FY20 in FY23.

The company is now looking to consolidate this and Wilsons expects growth will be both organic and via acquisitions. Forecasts for FY24 and FY25 EBITDA are increased by 14% and 8%, respectively, and the target rises to $0.95 from $0.81. Overweight.

This report was published on August 30, 2023.

Target price is $0.95 Current Price is $0.71 Difference: $0.235
If SLC meets the Wilsons target it will return approximately 33% (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 4.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.54.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 79.44.

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

TAH    TABCORP HOLDINGS LIMITED

Gaming – Overnight Price: $1.10

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

Tabcorp Holdings revealed better-than-expected cost management in FY23 which drove margin expansion and delivered EBITDA that was ahead of expectations. Going forward, Jarden expects continued investment in digital/data capabilities and brand as advertising restrictions come into play.

While the company is intent on driving profitable growth over the next three years the broker asserts this is complex, given the softening conditions, competition and the changing regulatory environment. Results are likely to only be achieved by digitising and better optimising the brand. Overweight. Target rises to $1.28 from $1.18.

This report was published on August 25, 2023.

Target price is $1.28 Current Price is $1.10 Difference: $0.175
If TAH meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $1.17, suggesting upside of 5.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 2.80 cents and EPS of 3.90 cents.
At the last closing share price the estimated dividend yield is 2.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.7, implying annual growth of 26.3%.
Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 30.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 3.80 cents and EPS of 5.40 cents.
At the last closing share price the estimated dividend yield is 3.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.6, implying annual growth of 51.4%.
Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 19.8.

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

THL    TOURISM HOLDINGS LIMITED

Travel, Leisure & Tourism – Overnight Price: $3.45

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

Tourism Holdings Rentals posted a strong FY23 result, ahead of guidance and Wilsons. At the segment level New Zealand and the tourism business were well ahead of forecasts while the remainder were in line.

The broker also flags a "bullish update" from the company regarding rental yields, with FY24 yields showing growth on FY23 in New Zealand, Australia and Canada.

The resolution of the US sales issue remains key and further clarity is anticipated at the AGM. Overweight retained. Target is raised to $5.29 from $5.06.

This report was published on August 30, 2023.

Target price is $5.29 Current Price is $3.45 Difference: $1.84
If THL meets the Wilsons target it will return approximately 53% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 15.73 cents and EPS of 35.04 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 9.85.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 18.30 cents and EPS of 40.74 cents.
At the last closing share price the estimated dividend yield is 5.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.47.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $10.80

Jarden rates ((TLX)) as Buy (1) –

Telix Pharmaceuticals' first half results, largely pre-released, were ahead of estimates at the adjusted EBITDA line amid higher gross margins.

Jarden upgrades EBITDA forecast by 6-9% for 2023-25 to reflect favourable FX movements and small revisions to gross margin forecasts with minimal changes to underlying product assumptions. Buy rating retained. Target rises to $12.99 from $12.26.

This report was published on August 25, 2023.

Target price is $12.99 Current Price is $10.80 Difference: $2.19
If TLX meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 9.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 117.39.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 31.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.84.

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

TYR    TYRO PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $1.44

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

Tyro Payments posted an FY23 result that was in line with upgraded guidance from May although a surprise tax benefit drove a beat to Wilsons' forecasts.

Early first quarter trading appears to have moderated despite merchant growth and the benefits of inflation on transaction value. Tight cost controls and the annualisation of benefits deployed in FY23 are expected to  drive EBITDA growth of 23-37%.

Wilsons believes the company's pricing power has meaningfully increased and, with this in mind, upgrades to Market Weight from Underweight. Target rises to $1.37 from $1.33.

This report was published on August 30, 2023.

Target price is $1.37 Current Price is $1.44 Difference: minus $0.07 (current price is over target).
If TYR meets the Wilsons target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.94, suggesting upside of 36.6%(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 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 68.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.5, implying annual growth of 29.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 94.7.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.5, implying annual growth of 133.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 40.6.

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

VGL    VISTA GROUP INTERNATIONAL LIMITED

Software & Services – Overnight Price: $1.45

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

Vista International reported first half revenue that was slightly ahead of expectations. FX movements plus higher R&D and sales costs meant earnings at the EBITDA level missed Jarden's forecasts.

Revenue guidance for 2023 is reiterated at NZ$142-147m and a larger second half will be required, consistent with historical a box office seasonality.

The broker notes the balance sheet is robust and positive cash flow is expected in the fourth quarter. Overweight rating retained. Target is NZ$2.

This report was published on August 27, 2023.

Current Price is $1.45. Target price not assessed.
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 45.31.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 725.00.

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

WES    WESFARMERS LIMITED

Consumer Products & Services – Overnight Price: $53.85

Jarden rates ((WES)) as Neutral (3) –

Jarden welcomed the quality of the Wesfarmers result in FY23 which was strong against a deteriorating macro backdrop and rising costs. Commentary suggests the run rate in FY24 in the year to date is ahead of expectations with Bunnings up more than 2%, Kmart higher and Officeworks up 6%. 

Jarden lifts FY24 and FY25 estimates by 4-6%, and assesses the evolution of the company over the next 5-10 years could mean it turns into a dominant customer-facing business in Australia. In the short term, a Neutral rating is maintained because of macro headwinds and valuation. Target rises to $48.60 from $45.00.

This report was published on August 26, 2023.

Target price is $48.60 Current Price is $53.85 Difference: minus $5.25 (current price is over target).
If WES meets the Jarden target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $49.94, suggesting downside of -7.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 190.00 cents and EPS of 215.40 cents.
At the last closing share price the estimated dividend yield is 3.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 221.3, implying annual growth of 1.6%.
Current consensus DPS estimate is 191.3, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 24.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 202.00 cents and EPS of 227.90 cents.
At the last closing share price the estimated dividend yield is 3.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 246.7, implying annual growth of 11.5%.
Current consensus DPS estimate is 212.1, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 21.9.

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

WSP    WHISPIR LIMITED

Cloud services – Overnight Price: $0.40

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

Whispir's FY23 result met guidance as signalled in July.

No FY24 guidance was provided but management advised growth would likely be sourced from existing customer and gross margins were forecast to expand thanks to better wholesale pricing from Telco carriers. Costs are forecast to be steady or lower. 

Management expects the company will be generating free cash flow sometime this half, and from there onwards, and the broker expects operating leverage will rise as revenue growth resumes. On the downside, the company's cost cutting has reduced its ability to aggressively grow.

The broker also observes the company's decision not to disclose quarterly ARR has hurt investor confidence. The broker believes Whispir could be an M&A target. FY24 EPS forecasts are downgraded.

Market-weight rating retained. Target price edges up 2c to 37c.

This report was published on August 29, 2023.

Target price is $0.37 Current Price is $0.40 Difference: minus $0.03 (current price is over target).
If WSP meets the Wilsons target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.52.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.00.

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

WZR    WISR LIMITED

Business & Consumer Credit – Overnight Price: $0.04

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

Wisr's FY23 cash earnings (EBITDA) loss met Wilsons's forecast and net profit after tax proved a small beat.

The broker observes net interest margins took a big hit, triggering a 146.1% year on year increases in funding costs, but margins were showing signs of recovery in June.

Loan losses ex provision rose 68.5 basis points to $14.5m. Including provisions, loan losses rose to $22.5m.

The broker says it is hard to say when originations will meaningfully improve, expecting the focus to remain on reining in operating costs and focusing on net interest margins.

Overweight rating retained on valuation. Target price falls to 17c from 19c.

This report was published on August 29, 2023.

Target price is $0.17 Current Price is $0.04 Difference: $0.134
If WZR meets the Wilsons target it will return approximately 372% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 36.00.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.60.

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

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

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

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

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