Australian Broker Call *Extra* Edition – Sep 07, 2023

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

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

ABC   BXB   COE   CTD   CUP   DDR   FLT (2)   FPH   HLS   MIN   MTO   PXA   QOR   RMC   THL   ZIP  

ABC    ADBRI LIMITED

Building Products & Services – Overnight Price: $2.13

Jarden rates ((ABC)) as Neutral (3) –

First half results were in line with expectations. Jarden is mostly concerned about the softening residential outlook coinciding with a period of significant capital expenditure. This will put further pressure on Adbri's already-stretched balance sheet.

Hence, the broker was not surprised there was no interim dividend. Neutral rating retained and, given the inflation cost pressures on capital expenditure projects, prefers Boral ((BLD)) among the domestic heavy-construction plays. Target is raised to $2.26 from $1.71.

This report was published on August 29, 2023.

Target price is $2.26 Current Price is $2.13 Difference: $0.13
If ABC meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $2.17, suggesting upside of 1.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of 2.4%.
Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 13.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 17.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.6, implying annual growth of -3.1%.
Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 13.7.

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

BXB    BRAMBLES LIMITED

Transportation & Logistics – Overnight Price: $15.12

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

FY23 results were slightly ahead of Goldman Sachs' estimates. Brambles has guided to sales growth of 6-8% in FY24, which the broker observes is largely driven by price as volume growth remains subdued.

While cash generation has improved, Goldman Sachs asserts this is factored into the share price and retains a Sell rating. FY24 EBIT estimates are lifted by 8% and the target increases 12% to $13.95.

This report was published on August 30, 2023.

Target price is $13.95 Current Price is $15.12 Difference: minus $1.17 (current price is over target).
If BXB meets the Goldman Sachs target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $15.52, suggesting upside of 2.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 40.49 cents and EPS of 79.48 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 91.4, implying annual growth of N/A.
Current consensus DPS estimate is 49.5, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 43.49 cents and EPS of 85.48 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.3, implying annual growth of 11.9%.
Current consensus DPS estimate is 55.8, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 14.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

COE    COOPER ENERGY LIMITED

Crude Oil – Overnight Price: $0.12

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

Jarden observes Cooper Energy is entering a key period as it seeks to increase average output at Orbost by at least 15%, undertake BMG decommissioning and await the outcome of the Otway JV partner's planned exit.

The issues create uncertainty, although Jarden believes much of the upside is not factored into the current share price. Hence, an Overweight rating is maintained with the target lowered to 21c from 22c.

This report was published on August 29, 2023.

Target price is $0.21 Current Price is $0.12 Difference: $0.085
If COE meets the Jarden target it will return approximately 68% (excluding dividends, fees and charges).
Current consensus price target is $0.18, suggesting upside of 46.7%(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 minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.6, 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 20.8.

Forecast for FY25:

Jarden forecasts a full year FY25 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 62.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.7, implying annual growth of 16.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.9.

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

CTD    CORPORATE TRAVEL MANAGEMENT LIMITED

Travel, Leisure & Tourism – Overnight Price: $17.87

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

Reflecting the FY23 result and the latest industry trends, Goldman Sachs revises transaction value forecasts up by 7-11% for FY24-26. The broker continues to believe there is significant opportunity for Corporate Travel Management in the SME market given industry consolidation.

Corporate transaction volumes have recovered and a further recovery is expected in FY24 with the broker noting 89% of revenue is on a transaction basis and this will drive growth. Buy rating reiterated. Target is reduced to $21.60 from $22.40.

This report was published on August 31, 2023.

Target price is $21.60 Current Price is $17.87 Difference: $3.73
If CTD meets the Goldman Sachs target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $23.40, suggesting upside of 30.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 55.00 cents and EPS of 109.60 cents.
At the last closing share price the estimated dividend yield is 3.08%.
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 107.4, implying annual growth of 102.4%.
Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 65.00 cents and EPS of 129.20 cents.
At the last closing share price the estimated dividend yield is 3.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 129.4, implying annual growth of 20.5%.
Current consensus DPS estimate is 62.3, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 13.8.

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

CUP    COUNT LIMITED

Commercial Services & Supplies – Overnight Price: $0.55

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

Count's FY23 earnings were ahead of Wilsons' estimates and the quality was considered better, with net cash well ahead. No quantitative guidance was provided and the focus remains on M&A.

Going forward, the broker expects wealth should continue to build organic growth while accounting will benefit from recent acquisitions. Wilsons retains an Overweight rating and raises the target to $1.05 from $0.90.

This report was published on August 31, 2023.

Target price is $1.05 Current Price is $0.55 Difference: $0.5
If CUP meets the Wilsons target it will return approximately 91% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 3.40 cents and EPS of 4.30 cents.
At the last closing share price the estimated dividend yield is 6.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.79.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 3.90 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 7.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.00.

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

DDR    DICKER DATA LIMITED

Hardware & Equipment – Overnight Price: $9.70

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

Goldman Sachs makes few estimate changes following the trading update and first half result. Net working capital levels are expected to remain relatively elevated, reflecting Dicker Data's confidence in the demand outlook rather than the supply chain constraints experienced in FY21/22.

The main focus going forward is the demand for hardware, particularly PCs. Goldman Sachs believes the industry is at, or close to, a  cyclical bottom in terms of PC demand, although is less convinced of a 2024 refresh super cycle. Just a return to growth off a lower post-pandemic base. Neutral retained. Target is unchanged at $9.35.

This report was published on August 30, 2023.

Target price is $9.35 Current Price is $9.70 Difference: minus $0.35 (current price is over target).
If DDR meets the Goldman Sachs target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 43.40 cents and EPS of 44.60 cents.
At the last closing share price the estimated dividend yield is 4.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.75.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 47.50 cents and EPS of 48.80 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 19.88.

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

FLT    FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $19.96

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

Flight Centre Travel's FY23 results were largely in line with prior guidance and Goldman Sachs notes corporate travel industry volumes have recovered to 70-75% of FY19 levels.

The broker increases FY24-26 revenue estimates by 3-10% but net profit by only 4-7% because of slightly higher pre-tax margins that are offset by higher taxes.

The broker highlights Flight Centre will allocate 50-60% oof net profit for dividends or buybacks from FY24. Neutral rating retained. Target is $22.50.

This report was published on August 31, 2023.

Target price is $22.50 Current Price is $19.96 Difference: $2.54
If FLT meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $25.25, suggesting upside of 26.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 27.00 cents and EPS of 101.00 cents.
At the last closing share price the estimated dividend yield is 1.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.6, implying annual growth of 326.3%.
Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 20.2.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 31.00 cents and EPS of 124.00 cents.
At the last closing share price the estimated dividend yield is 1.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 139.4, implying annual growth of 41.4%.
Current consensus DPS estimate is 58.5, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 14.3.

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

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

Flight Centre Travel's FY23 results were largely in line with expectations and this represents a major turnaround, Wilsons asserts. The 2% pre-tax profit margin target for FY25 remains a priority, although the broker notes this is still not firmed up in guidance.

Dividends have resumed sooner than expected and Flight Centre is targeting paying out 50-60% of net profit via either dividends or buybacks. Overweight retained. Target is reduced to $23.80 from $26.19.

This report was published on August 31, 2023.

Target price is $23.80 Current Price is $19.96 Difference: $3.84
If FLT meets the Wilsons target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $25.25, suggesting upside of 26.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 44.80 cents and EPS of 89.70 cents.
At the last closing share price the estimated dividend yield is 2.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.6, implying annual growth of 326.3%.
Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 20.2.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 61.50 cents and EPS of 123.20 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 139.4, implying annual growth of 41.4%.
Current consensus DPS estimate is 58.5, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 14.3.

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

FPH    FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices – Overnight Price: $20.33

Jarden rates ((FPH)) as Neutral (3) –

Jarden updates forecasts to include the latest trading update and first half guidance from Fisher & Paykel Healthcare. Management has indicated that, over the first four months of the first half, revenue from OSA masks was stronger and hospital hardware marginally lower than previously assumed.

No material change was made to the NZ$1.7bn revenue guidance provided in May although this comes at slightly improved FX rates.

Jarden retains a Neutral rating and, while acknowledging the attractive growth outlook, notes next few years will require strong execution to rebuild towards long-term target margins. Target is reduced to NZ$23.00 from NZ$24.50.

This report was published on August 29, 2023.

Current Price is $20.33. Target price not assessed.
Current consensus price target is $21.00, suggesting upside of 3.3%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 38.18 cents and EPS of 40.02 cents.
At the last closing share price the estimated dividend yield is 1.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.8, implying annual growth of N/A.
Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 51.1.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 39.10 cents and EPS of 53.82 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 37.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.4, implying annual growth of 26.6%.
Current consensus DPS estimate is 37.1, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 40.3.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

HLS    HEALIUS LIMITED

Healthcare services – Overnight Price: $2.69

Goldman Sachs rates ((HLS)) as No Rating (-1) –

In FY23, Goldman Sachs notes Healius was challenged, given the "super-normal profit" generated through the periods of peak covid testing.

Pathology revenue was broadly in line with expectations and while the business envisages signs of reversion towards long-term averages the shortage of GPs/referrals remains a challenge, the broker adds.

Diagnostic imaging appears to be recovering at a faster rate with Lumus imaging growth of 7.3%. Goldman Sachs has no rating or target at present.

This report was published on August 30, 2023.

Current Price is $2.69. Target price not assessed.
Current consensus price target is $3.07, suggesting upside of 14.1%(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 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.7, implying annual growth of N/A.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 34.9.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 8.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 2.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.0, implying annual growth of 68.8%.
Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 20.7.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $73.35

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

Jarden found the Mineral Resources' FY23 result robust although notes the quality deteriorated. The broker accepts management understands the market's concerns about increasing financial leverage to iron ore and lithium prices yet it has provided little to ameliorate these concerns.

While waiting for solutions to emerge Jarden advises caution, downgrading to Sell from Underweight. Target is reduced to $45.90 from $49.60.

This report was published on August 30, 2023.

Target price is $45.90 Current Price is $73.35 Difference: minus $27.45 (current price is over target).
If MIN meets the Jarden target it will return approximately minus 37% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $78.00, suggesting upside of 6.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 144.00 cents and EPS of 289.20 cents.
At the last closing share price the estimated dividend yield is 1.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 445.9, implying annual growth of 250.1%.
Current consensus DPS estimate is 188.1, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 86.00 cents and EPS of 171.10 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 850.3, implying annual growth of 90.7%.
Current consensus DPS estimate is 378.7, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 8.6.

Market Sentiment: 0.4
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: $2.18

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

On further analysis Wilsons found Motorcycle Holdings' FY23 results mixed. New bike sales outperformed the market by significant margin. While acquisitions contributed this was offset by margin contraction on new and used bikes and higher like-for-like operating costs.

No explicit guidance was provided and the broker notes strong demand for new bikes in recent months is somewhat at odds with broad expectations for subdued demand to continue.

Amid uncertainty over the short term the broker retains a Market Weight rating and lifts the target price to $2.06 from $1.91.

This report was published on August 31, 2023.

Target price is $2.06 Current Price is $2.18 Difference: minus $0.12 (current price is over target).
If MTO meets the Wilsons target it will return approximately minus 6% (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 21.00 cents and EPS of 37.20 cents.
At the last closing share price the estimated dividend yield is 9.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.86.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 22.00 cents and EPS of 38.70 cents.
At the last closing share price the estimated dividend yield is 10.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.63.

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: $11.04

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

Jarden suspects IPART's full review on industry pricing will conclude that Pexa Group's current pricing structure is either reasonable or recommend prices be lowered.

The broker observes the latest report highlighted a potential downside risk to Australian industry pricing and estimates a -5% reduction in Australian pricing would result in EPS downgrades of -6-7% for FY27-28. Underweight rating and $11.40 target maintained.

This report was published on August 29, 2023.

Target price is $11.40 Current Price is $11.04 Difference: $0.36
If PXA meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $14.81, suggesting upside of 34.2%(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 32.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.07.

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 35.5.

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 20.60.

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 25.5.

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

QOR    QORIA LIMITED

Software & Services – Overnight Price: $0.26

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

Qoria's FY23 result provided no surprises for Wilsons, given cash flow and recurring revenue was already disclosed. The broker remains a supporter of the stock and considers the Texas opportunity pivotal.

Overweight retained. Target rises to $0.36 fromm $0.33. The next catalysts are the quarterly cash flow report in October, the seasonally strongest quarter, and any update on the traction in Texas.

This report was published on August 31, 2023.

Target price is $0.36 Current Price is $0.26 Difference: $0.105
If QOR meets the Wilsons target it will return approximately 41% (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 7.73.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.59.

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

RMC    RESIMAC GROUP LIMITED

Banks – Overnight Price: $1.09

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

FY23 results from Resimac Group were better than Jarden expected. Margins appear more resilient than peers although the broker wonders whether this could be be somewhat temporary.

Going forward, first half margins should fully benefit from repricing but further ahead erosion is likely because of the flow-through of higher average funding costs and a greater appetite for lending growth.

The business appears to have turned the corner but with an earnings recovery some time away and 95% exposed to a competitive mortgage market, Jarden envisages better relative value elsewhere. Underweight rating. Target edges up to $1.05 from $1.00.

This report was published on August 29, 2023.

Target price is $1.05 Current Price is $1.09 Difference: minus $0.045 (current price is over target).
If RMC meets the Jarden target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.07, suggesting downside of -2.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 7.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 6.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.82.

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 5.5%.
Current consensus EPS estimate suggests the PER is 8.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 7.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 6.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.30.

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 5.8%.
Current consensus EPS estimate suggests the PER is 8.2.

Market Sentiment: 0.0
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: $3.51

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

Tourism Holdings Rentals provided a record result in FY23 and slightly beat Jarden's estimates. Revenue growth was driven primarily by strong rental yields and vehicle resale margins. A return to dividends was flagged with a final NZ$0.15 declared.

The broker lifts underlying net profit estimates by 18-20% for FY24-25 on the back of continued strength and confidence in the outlook. Overweight maintained. Target edges down to NZ$4.60 from NZ$4.61.

This report was published on August 30, 2023.

Current Price is $3.51. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 16.83 cents and EPS of 33.58 cents.
At the last closing share price the estimated dividend yield is 4.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.45.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 18.49 cents and EPS of 36.89 cents.
At the last closing share price the estimated dividend yield is 5.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.51.

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

ZIP    ZIP CO LIMITED

Business & Consumer Credit – Overnight Price: $0.31

Jarden rates ((ZIP)) as Neutral (3) –

While the FY23 result was largely pre-guided the losses were greater than Jarden estimated, although a path to break even has been reiterated.

The broker welcomes the swift action taken to close loss-making businesses and the challenge now becomes the rising interest rates and potential economic headwinds.

Based on the broker's estimates, Zip Co needs to achieve total transaction value that is 18-77% higher over the medium term compared with the TTV achieved in FY23.  Neutral maintained. Target is reduced to $0.46 from $0.50.

This report was published on August 30, 2023.

Target price is $0.46 Current Price is $0.31 Difference: $0.15
If ZIP meets the Jarden target it will return approximately 48% (excluding dividends, fees and charges).
Current consensus price target is $0.79, suggesting upside of 153.5%(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 16.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -12.7, 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 EPS of minus 11.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is N/A, 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: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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