Australian Broker Call *Extra* Edition – Sep 08, 2023

This story features ARGOSY MINERALS LIMITED, and other companies. For more info SHARE ANALYSIS: AGY

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)

AGY   BKT   BXB   CCX   CGC   CUV   EBR   EVO   EVT   FLT   FWD   GDG   GMD   HLS   HVN (2)   IGO (2)   LLL (2)   LTR (2)   MCP   MDR   MOZ   MTO   MYX   PBH   PEX   RSG   SFR (3)   SYM   TIE   TUL   WEB (2)   WGX   WR1  

AGY    ARGOSY MINERALS LIMITED

New Battery Elements – Overnight Price: $0.23

Canaccord Genuity rates ((AGY)) as Speculative Buy (1) –

Argosy Minerals has updated on the Rincon lithium project, Argentina, which produced 10t of battery quality lithium carbonate in August.

Canaccord Genuity notes a number of mechanical improvements have been made and, importantly, the company has validated its process technology.

A mineral resource upgrade is targeted for the end of 2023. Speculative Buy rating. Target is $0.80.

This report was published on September 5, 2023.

Target price is $0.80 Current Price is $0.23 Difference: $0.565
If AGY meets the Canaccord Genuity target it will return approximately 240% (excluding dividends, fees and charges).

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

BKT    BLACK ROCK MINING LIMITED

New Battery Elements – Overnight Price: $0.08

Petra Capital rates ((BKT)) as Buy (1) –

Black Rock Mining has signed another MoU with POSCO this time for the graphite fines offtake from phase 2 of the Mahenge project, with up to US$50m in equity being injected into the company as a result.

Petra Capital assesses the increased offtake helps secure the long-delayed binding term sheets for financing the mine, expected to now be completed in the next quarter. Buy rating maintained. Target is reduced to 39c from 61c.

This report was published on September 5, 2023.

Target price is $0.39 Current Price is $0.08 Difference: $0.306
If BKT meets the Petra Capital target it will return approximately 364% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 84.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.00.

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

BXB    BRAMBLES LIMITED

Transportation & Logistics – Overnight Price: $15.11

Jarden rates ((BXB)) as Upgrade to Overweight from Neutral (2) –

FY23 results from Brambles were in line with expectations. Jarden notes the strong positive reaction in the stock, possibly reflecting increased confidence that the company can deliver operating leverage alongside improved cash flow.

Confidence in the margin appears centred on two items, including the normalisation of group costs after a sustained period of acceleration and the ongoing benefits of price increases.

The broker lifts the target to $16.00 from $14.30, underpinned by FX and movements in peer valuation multiples. Brambles has also guided to lower capital intensity and as a result the rating is raised to Overweight from Neutral.

This report was published on August 31, 2023.

Target price is $16.00 Current Price is $15.11 Difference: $0.89
If BXB meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
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:

Jarden forecasts a full year FY24 dividend of 69.90 cents and EPS of 78.45 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 19.26.

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:

Jarden forecasts a full year FY25 dividend of 76.05 cents and EPS of 85.20 cents.
At the last closing share price the estimated dividend yield is 5.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.74.

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

CCX    CITY CHIC COLLECTIVE LIMITED

Apparel & Footwear – Overnight Price: $0.41

Jarden rates ((CCX)) as Neutral (3) –

City Chic Collective's FY23 result missed consensus forecasts, (EBITDA) loss falling -93% short, observes Jarden, and gross profit markings lumped as the company cleared inventory for EMEA markets (which it exited during the half).

The company's trading update also disappointed, sales for the first eight weeks of FY24 falling -34% in A&NZ, and -31% in the US. Consensus had been forecasting December-half growth of -15%.

The broker shaves EPS forecasts and doesn't see the metric returning to the black until FY26.

The broker observes the balance sheet is in better shape following the sale of its EMEA business and considers the remaining business to be better quality.

Neutral rating retained. Target price rises to 47c from 39c.

This report was published on August 31, 2023.

Target price is $0.47 Current Price is $0.41 Difference: $0.06
If CCX meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $0.53, suggesting upside of 28.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 8.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.06.

How do these forecasts compare to market consensus projections?

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

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 58.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.7, implying annual growth of N/A.
Current consensus DPS estimate is 0.8, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 11.1.

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

CGC    COSTA GROUP HOLDINGS LIMITED

Agriculture – Overnight Price: $2.92

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

Costa Group delivered weak results for its first half, as expected. Jarden notes the quality of the underlying assets has not changed and the growth engine is strong while cash flow is positive. Therefore there is no reason why the medium-term fundamentals will have changed.

Guidance for 2023 earnings growth is also unchanged although the broker notes there was no detail on the quantum of growth expected. Overweight retained. Target edges down to $3.08 from $3.11.

This report was published on August 31, 2023.

Target price is $3.08 Current Price is $2.92 Difference: $0.16
If CGC meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.08, suggesting upside of 6.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 3.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 81.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.5, implying annual growth of -24.0%.
Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 52.5.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 7.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.6, implying annual growth of 110.9%.
Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 24.9.

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

CUV    CLINUVEL PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $17.18

Moelis rates ((CUV)) as Buy (1) –

Moelis retains its Buy rating and $22.05 target following FY25 results for Clinuvel Pharmaceuticals which came in slightly softer than expected.

No FY24 guidance was provided though management pointed to additional erythropoietic protoporphyria (EPP) treatment centres in the US, which the broker expects to drive volumes.

The company also expects further progress in FY24 on the clinical studies for vitiligo, variegate porphyria and XP.

A final and only dividend for FY23 of 5cps was declared, a rise of 25% on FY22.

This report was published on September 1, 2023.

Target price is $22.05 Current Price is $17.18 Difference: $4.87
If CUV meets the Moelis target it will return approximately 28% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 4.50 cents and EPS of 65.30 cents.
At the last closing share price the estimated dividend yield is 0.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.31.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 6.50 cents and EPS of 73.40 cents.
At the last closing share price the estimated dividend yield is 0.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.41.

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

EBR    EBR SYSTEMS INC

Medical Equipment & Devices – Overnight Price: $0.83

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

New data from EBR Systems from first 108 patients enrolled in a randomised controlled study provides supportive evidence of the feasibility, safety and efficacy of WiSE in treating heart failure patients.

Wilsons believes the latest data provides compelling support for the company's claims in two of its most important initial target populations. Overweight rating with a $1.65 target.

This report was published on September 5, 2023.

Target price is $1.65 Current Price is $0.83 Difference: $0.815
If EBR meets the Wilsons target it will return approximately 98% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Wilsons forecasts a full year FY23 EPS of minus 17.55 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.76.

Forecast for FY24:

Wilsons forecasts a full year FY24 EPS of minus 21.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.92.

This company reports in USD. 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

EVO    EMBARK EARLY EDUCATION LIMITED

Education & Tuition – Overnight Price: $0.73

Canaccord Genuity rates ((EVO)) as Buy (1) –

First half results from Embark Early Education were ahead of estimates. Canaccord Genuity notes the organic growth and finds the stock attractively valued. Occupancy was strong and margins expanded at the EBITDA level by 280 basis points.

While no acquisitions were made in the first half the company has indicated there are plans for acquisitions in the second half.

No 2023 guidance was provided although the broker notes there is usually a weighting of 60-65% to the second half. The industry drivers are considered supportive with demand growth outpacing supply. Buy rating retained. Target rises to $0.96 from $0.82.

This report was published on September 5, 2023.

Target price is $0.96 Current Price is $0.73 Difference: $0.225
If EVO meets the Canaccord Genuity target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 2.76 cents and EPS of 4.97 cents.
At the last closing share price the estimated dividend yield is 3.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.79.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 3.77 cents and EPS of 6.72 cents.
At the last closing share price the estimated dividend yield is 5.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.94.

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

EVT    EVT LIMITED

Travel, Leisure & Tourism – Overnight Price: $11.76

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

EVT Ltd's FY23 result outpaced consensus by 5% and guidance appears to have satisfied Jarden, the broker observing the company's premiumisation strategy appears to be working and management advises that it can maintain these rates into FY24.

Development costs and asset purchases drove a $53m increase in net debt to $263m.

Despite positive guidance, Jarden observes the company has a three-fold exposure to inflation and rising interest rates: rising interest payments; slower consumer demand; and pressure on property values.

EPS forecasts fall -53.2% in FY24; -38.8% in FY25; and 16.9% in FY26.

Overweight rating retained. Target price falls to $12.54 from $17.61, but the broker spies risk to the upside should rates peak.

This report was published on August 31, 2023.

Target price is $12.54 Current Price is $11.76 Difference: $0.78
If EVT meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 33.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.10.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 48.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.05.

Market Sentiment: 0.5
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: $19.73

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

Flight Centre Travel's FY23 result met guidance and the dividend was reinstated.

Cash conversion softened as corporate debtors rebuilt – a good sign of corporate travel – the broker observing a strong FY23 exit rate. 

Jarden notes costs were well managed and margins are forecast to rise, with FY25 margin guidance outpacing consensus.

EPS forecasts fall across FY24 to FY26 to reflect a forecast higher tax rate.

Overweight rating retained. Target price eases to $23.60 from $23.70.

This report was published on August 31, 2023.

Target price is $23.60 Current Price is $19.73 Difference: $3.87
If FLT meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $25.25, suggesting upside of 27.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 62.00 cents and EPS of 106.50 cents.
At the last closing share price the estimated dividend yield is 3.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.53.

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 20.1.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 92.00 cents and EPS of 160.00 cents.
At the last closing share price the estimated dividend yield is 4.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.33.

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 3.0%.
Current consensus EPS estimate suggests the PER is 14.2.

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

FWD    FLEETWOOD LIMITED

Infra & Property Developers – Overnight Price: $1.99

Moelis rates ((FWD)) as Buy (1) –

Fleetwood's FY23 earnings (EBITDA) were an 8% beat compared to the forecast by Moelis largely due to the Community Solutions segment and an improving Buildings Solutions division, with a partial offset via a softer Recreation Vehicle business.

Following a return to profitability, a 2.1cps fully franked dividend was declared.

In June the company announced a second agreement with Rio Tinto ((RIO)), a $100-120m of accommodation contract at Searipple out to April 2027. Moelis still sees significant upside potential from Searipple, housed within Community Solutions.

The target rises to $2.40 from $1.97. Buy.

This report was published on September 1, 2023.

Target price is $2.40 Current Price is $1.99 Difference: $0.41
If FWD meets the Moelis target it will return approximately 21% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 11.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 5.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.09.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 25.20 cents and EPS of 25.20 cents.
At the last closing share price the estimated dividend yield is 12.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.90.

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

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $1.40

Moelis rates ((GDG)) as Buy (1) –

Generation Development's FY23 net profit after tax appear to have outpaced Moelis's forecasts, thanks to a stronger than expected performance from investment bonds and lower than expected costs.

Assets under management rose 22% year on year, buoyed by an increase in the recently acquired stake in Lonsec (the latter's assets rose $3.6bn in the year).

Gross inflows fell -20% year on year and the number of active financial advisers rose 10%, pointing to growing momentum, says the broker.

Moelis expects the company will benefit from Superannuation changes slated for FY26 and assumes a gentle increase in Annuities inflows over FY24.

The broker appreciates the company's market-leading position in investment bonds (it has secured more than 50% of industry flows); regulated barriers to entry; and growing financial yield.

Buy rating retained. Target price rises to $1.88 from $1.81.

This report was published on August 31, 2023.

Target price is $1.88 Current Price is $1.40 Difference: $0.48
If GDG meets the Moelis target it will return approximately 34% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 2.20 cents and EPS of 5.50 cents.
At the last closing share price the estimated dividend yield is 1.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.45.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 2.70 cents and EPS of 6.60 cents.
At the last closing share price the estimated dividend yield is 1.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.21.

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

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $1.55

Canaccord Genuity rates ((GMD)) as Resume Coverage with Buy (1) –

Genesis Minerals is now the owner of the Leonora assets, formerly belonging to St.Barbara ((SBM)) which affords the prospect of becoming a 300,000ozpa producer, that Canaccord Genuity believes can be achieved by FY27.

The company will outline its strategy in more detail in the March quarter of 2024, including a 5-year production outlook and growth capital requirements.

Canaccord Genuity asserts the "real story" for FY24 is about a new mine plan for Gwalia and expediting development of the Admiral open pit and Ulysses underground mine to fill the under-utilised 1.5mtpa processing facility.

After a review the broker resumes coverage with a Buy rating and $2.30 target.

This report was published on September 5, 2023.

Target price is $2.30 Current Price is $1.55 Difference: $0.75
If GMD meets the Canaccord Genuity target it will return approximately 48% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.50.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.67.

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

HLS    HEALIUS LIMITED

Healthcare services – Overnight Price: $2.61

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

Healius managed to deliver an in line FY23 result thanks to some corporate cost cutting.

But Pathology's net profit after tax disappointed both the broker and consensus by -10% due to rising interest expense and lower revenue. 

Diagnostic imaging gross revenue accelerated and management guides to continued margin gains in the business.

Jarden observed growing momentum in the June half  but expects overall margins to remain under pressure, and the broker slows growth estimates.

EPS forecasts fall -24.8% in FY24; -27.2% in FY25; and -19.3% in FY26.

Underweight rating retained. Target price falls to $2.48 from $2.62.

This report was published on August 30, 2023.

Target price is $2.48 Current Price is $2.61 Difference: minus $0.13 (current price is over target).
If HLS meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.07, suggesting upside of 17.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 2.00 cents and EPS of 10.40 cents.
At the last closing share price the estimated dividend yield is 0.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.10.

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 34.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 7.50 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 2.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.17.

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 20.2.

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

HVN    HARVEY NORMAN HOLDINGS LIMITED

Consumer Electronics – Overnight Price: $4.02

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

FY23 revenue was ahead of Goldman Sachs estimates while EBIT was slightly below. The broker observes Harvey Norman's Australian franchisee segment is challenged while international retail was mixed.

Management has noted higher stocking of seasonal products ahead of an expected strong summer and the broker points out November's extended Black Friday/Cyber Monday sales will be critical. Neutral retained. Target rises to $3.80 from $3.60.

This report was published on September 1, 2023.

Target price is $3.80 Current Price is $4.02 Difference: minus $0.22 (current price is over target).
If HVN meets the Goldman Sachs target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.95, suggesting downside of -2.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 25.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 6.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.8, implying annual growth of -28.9%.
Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 13.1.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 28.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 6.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.4, implying annual growth of 11.7%.
Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 11.7.

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

Jarden rates ((HVN)) as Neutral (3) –

FY23 results were in line with guidance and quality was better, Jarden observes. The fall in July sales of -12% in Australia was weak yet the broker notes there should be benefits coming from the cycling of market share loss and a higher cash rate on franchisee working capital.

Jarden forecasts a -32% decline in FY24 franchisee pre-tax profit as margins normalise further but is becoming less negative on Harvey Norman because of emerging tailwinds and low expectations, retaining a Neutral rating and raising the target to $3.70 from $3.40.

This report was published on August 31, 2023.

Target price is $3.70 Current Price is $4.02 Difference: minus $0.32 (current price is over target).
If HVN meets the Jarden target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.95, suggesting downside of -2.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 22.00 cents and EPS of 31.40 cents.
At the last closing share price the estimated dividend yield is 5.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.8, implying annual growth of -28.9%.
Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 13.1.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 25.00 cents and EPS of 34.10 cents.
At the last closing share price the estimated dividend yield is 6.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.4, implying annual growth of 11.7%.
Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 11.7.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $14.56

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

FY23 results were broadly in line with expectations, being largely pre-reported. Goldman Sachs observes the main focus was on capital management, with IGO declaring a final dividend of $0.44, at the top end of the revised payout ratio. The special dividend of $0.16 took the total to $0.74, nearly double expectations.

The broker forecasts liquidity remaining at more than $1bn over FY24 based on its lithium price forecasts. The company has reiterated FY24 guidance with planned capacity for Greenbushes in FY27 of 2.5mtpa. Buy rating retained. Target is reduced to $14.80 from $15.00.

This report was published on August 31, 2023.

Target price is $14.80 Current Price is $14.56 Difference: $0.24
If IGO meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $15.45, suggesting upside of 7.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 49.00 cents and EPS of 159.00 cents.
At the last closing share price the estimated dividend yield is 3.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 171.2, implying annual growth of 136.1%.
Current consensus DPS estimate is 52.8, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 6.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 0.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 164.5, implying annual growth of -3.9%.
Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 8.7.

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

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

Jarden welcomes IGO's new capital management framework as the FY23 final dividend of $0.44 and a $0.16 special emphasised just how much free cash flow is being  generated by Greenbushes.

The current program of extension and infill drilling should result in a material upgrade to total inventory, the broker adds.

Jarden is not suggesting IGO is a yield play but, allowing for potential capital expenditure-heavy growth, high margins at Greenbushes underwrite expansion through any pricing cycle. Overweight retained. Target edges down to $15.53 from $15.58.

This report was published on August 31, 2023.

Target price is $15.53 Current Price is $14.56 Difference: $0.97
If IGO meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $15.45, suggesting upside of 7.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 38.00 cents and EPS of 161.90 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 171.2, implying annual growth of 136.1%.
Current consensus DPS estimate is 52.8, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 44.00 cents and EPS of 132.30 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 164.5, implying annual growth of -3.9%.
Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 8.7.

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

LLL    LEO LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.57

Canaccord Genuity rates ((LLL)) as Speculative Buy (1) –

Leo Lithium has confirmed DSO activities have been suspended along with trading since mid July following receipt of correspondence from the government of Mali.

Canaccord Genuity speculates this is because of incomplete discussions regarding the imposition of taxes/duties from which the project was previously considered exempt.

The company has reaffirmed its mid 2024 timeline for first concentrate yet the broker suspects the prevailing uncertainty will overhang the stock until confirmation of the Goulamina mind status is confirmed. Speculative Buy rating retained. Target is $2.45.

This report was published on September 4, 2023.

Target price is $2.45 Current Price is $0.57 Difference: $1.875
If LLL meets the Canaccord Genuity target it will return approximately 326% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.21.

Forecast for FY25:

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

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

Leo Lithium has revealed details of its recent correspondence with the Mali government. Trading has recommenced for the first time since July 18, with the share price dropping -50%, as Wilsons suspected.

Yet the broker believes the market has significantly oversold and reiterates an Overweight rating, with the target easing to $1.70 from $1.75.

The broker acknowledges the market may be pricing in additional risk as it appears the authorities are acting somewhat inconsistently but still assesses Mali is keen to encourage sustainable investment in the minerals sector.

This report was published on September 5, 2023.

Target price is $1.70 Current Price is $0.57 Difference: $1.125
If LLL meets the Wilsons target it will return approximately 196% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 8.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.61.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 20.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.86.

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

LTR    LIONTOWN RESOURCES LIMITED

New Battery Elements – Overnight Price: $3.02

Canaccord Genuity rates ((LTR)) as Speculative Buy (1) –

Liontown Resources has received a revised proposal from Albemarle to acquire all shares at $3.00, improving on the previously rejected bid of $2.50 a share. The company will now grant limited due diligence.

Canaccord Genuity observes lithium equities have drifted recently on the back of lower pricing and evidence of a slowing Chinese economy but the bid provides information on what a large-scale lithium business might be assessing in terms of long-term pricing.

If the bid is successful, this could have positive implications for other lithium peers given the implied deal value of $6.6bn. Speculative Buy rating maintained along with a $2.85 target.

This report was published on September 4, 2023.

Target price is $2.85 Current Price is $3.02 Difference: minus $0.17 (current price is over target).
If LTR meets the Canaccord Genuity target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.99, suggesting downside of -1.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 302.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.5, 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.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 37.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.5, 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: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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

Liontown Resources has received an indicative proposal from Albemarle to acquire all shares for $3 cash. The board has granted a period of exclusive due diligence.

Wilsons had always maintained this company would make an attractive target and considers the offer broadly in line with its valuation.

With the board now signalling its intention to support the bid the likelihood off the deal succeeding has materially increased. The $2.90 target and Market Weight rating are unchanged.

This report was published on September 4, 2023.

Target price is $2.90 Current Price is $3.02 Difference: minus $0.12 (current price is over target).
If LTR meets the Wilsons target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.99, suggesting downside of -1.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 755.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.5, 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.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 503.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.5, 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: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

MCP    MCPHERSON'S LIMITED

Health & Nutrition – Overnight Price: $0.46

Moelis rates ((MCP)) as Hold (3) –

McPherson's FY23 results, while weak, were in line with expectations and guidance provided in May. No quantified guidance was provided although Moelis points to the comment from the new CEO, Brett Charlton, who said that there was no time to lose in improving the performance of McPherson's.

The portfolio has "decent brands", the broker observes, yet the business has been challenged over recent years. Moelis anticipates there will be an increased focus on streamlining key brands as well as investment in brand and technology. Hold rating retained. Target slips to $0.51 from $0.64.

This report was published on September 1, 2023.

Target price is $0.51 Current Price is $0.46 Difference: $0.05
If MCP meets the Moelis target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 4.00 cents and EPS of 4.60 cents.
At the last closing share price the estimated dividend yield is 8.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 4.90 cents and EPS of 5.60 cents.
At the last closing share price the estimated dividend yield is 10.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.21.

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

MDR    MEDADVISOR LIMITED

Healthcare services – Overnight Price: $0.22

Moelis rates ((MDR)) as Buy (1) –

MedAdvisor's largely pre-released FY23 result met Moelis' forecasts.

Gross profit jumped 70% (on a revenue increase of 45%), yielding a sharp rise in gross profit margins.

The company closed the year with net cash of $2.2m and $14.2m cash on hand.

No specific guidance was offered other than: sustainable revenue growth, positive EBITDA and enhanced cash flow; management point to a stronger pipeline.

Buy rating retained. Target price falls to 38c from 40c.

This report was published on August 30, 2023.

Target price is $0.38 Current Price is $0.22 Difference: $0.16
If MDR meets the Moelis target it will return approximately 73% (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 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 220.00.

Forecast for FY25:

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

MOZ    MOSAIC BRANDS LIMITED

Apparel & Footwear – Overnight Price: $0.16

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

Mosaic Brands' FY23 EBITDA was in line with guidance. Wilsons notes gross profit and gross margins all declined while a material improvement in operating expenditure resulted from a focus on costs.

May and June have been challenging for trading but going forward cost initiatives should provide a good foundation and the broker points out the Mega store strategy is gaining momentum. Market Weight rating retained. Target is reduced to $0.18 from $0.30.

This report was published on September 5, 2023.

Target price is $0.18 Current Price is $0.16 Difference: $0.02
If MOZ meets the Wilsons target it will return approximately 12% (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 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.55.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 6.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.39.

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: $2.20

Moelis rates ((MTO)) as Buy (1) –

Cost reductions for Motorcycle Holdings in FY23 were better than Moelis forecast, despite the challenging operating backdrop.

Growth largely owed to the eight-month contribution from the Mojo acquisition, which offset those difficult trading conditions in the core motorcycle retailing business.

Management noted Mojo is performing ahead of expectations with revenue run-rating around 20% in advance of FY22 levels.

The gross profit margin fell to 27% from 29% in FY22 due to cost pressures.

The broker's target slips to $2.80 from $2.90. Buy.

This report was published on September 1, 2023.

Target price is $2.80 Current Price is $2.20 Difference: $0.6
If MTO meets the Moelis target it will return approximately 27% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 12.40 cents and EPS of 22.60 cents.
At the last closing share price the estimated dividend yield is 5.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.73.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 13.20 cents and EPS of 24.20 cents.
At the last closing share price the estimated dividend yield is 6.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.09.

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

MYX    MAYNE PHARMA GROUP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $3.48

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

FY23 revenue and EBITDA were below forecasts. Wilsons acknowledges this was a messy year for Mayne Pharma, commencing with a management transition and delivering promises//partial withdrawals of capital returns as well as acquisitions and divestments.

In FY24 the broker is cautious about the outlook given the underperformance in key segments pivotal to growth in the US business.

Having upgraded back in May based on a trading update that signalled a more positive outlook the broker now believes the call was wrong and downgrades to Underweight from Overweight. Target is reduced to $2.68 from $4.43.

This report was published on September 5, 2023.

Target price is $2.68 Current Price is $3.48 Difference: minus $0.8 (current price is over target).
If MYX meets the Wilsons target it will return approximately minus 23% (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 96.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.60.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 66.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.27.

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

PBH    POINTSBET HOLDINGS LIMITED

Gaming – Overnight Price: $0.77

Jarden rates ((PBH)) as Buy (1) –

FY23 losses were consistent with the guidance provided in the July update and consequently Jarden found few surprises in the financial results.

PointsBet Holdings reiterated plans to return capital of between $1.39 and $1.44 a share while signalling a pathway to positive EBITDA by FY25.

Most of the market's attention was on the sale of the US business and the broker does not expect any regulatory concerns. Jarden raises the target to $1.90 from $1.79 implying a valuation for the residual business of $0.50/share. Buy rating retained.

This report was published on September 1, 2023.

Target price is $1.90 Current Price is $0.77 Difference: $1.135
If PBH meets the Jarden target it will return approximately 148% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 8.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.69.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of minus 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 85.00.

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

PEX    PEEL MINING LIMITED

Mining – Overnight Price: $0.14

Canaccord Genuity rates ((PEX)) as Buy (1) –

Peel Mining has received environmental approval for the Mallee Bull exploration decline, South Cobar, NSW. Canaccord Genuity expects a decline to 500mbs could cost around $30m and awaits further details regarding commencement.

A standalone central processing plant for Mallee Bull and Wirlong forms the base case but the broker does not rule out the use of third party milling facilities. The company is expected to weigh up the options in 2024 in the lead up to FID.

Buy rating retained. Target is reduced to 40c from 50c.

This report was published on September 5, 2023.

Target price is $0.40 Current Price is $0.14 Difference: $0.26
If PEX meets the Canaccord Genuity target it will return approximately 186% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.00 cents.

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

RSG    RESOLUTE MINING LIMITED

Gold & Silver – Overnight Price: $0.34

Canaccord Genuity rates ((RSG)) as Buy (1) –

Resolute Mining has posted a 47% increase in measured and indicated resources at Syama North as a result of infill extensions. Total resources have increased 11% to 3.53m ozs at 2.9g/t. The deposit remains open down dip over 6km strike.

The updated resource will feed into the phase 1 expansion pre-feasibility study which is expected in the current quarter, and firms up the development potential Canaccord Genuity asserts. Buy rating and $1 target maintained.

This report was published on September 4, 2023.

Target price is $1.00 Current Price is $0.34 Difference: $0.66
If RSG meets the Canaccord Genuity target it will return approximately 194% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.56.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.78.

This company reports in USD. 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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $6.39

Canaccord Genuity rates ((SFR)) as Downgrade to Hold from Buy (3) –

FY23 results beat Canaccord Genuity's estimates at the EBITDA line. Sandfire Resources has provided further guidance on operating costs and expenditure at Matsa and Motheo.

Underlying mine operating costs at Matsa were -12% below the broker's estimates while Motheo operating costs were -26% below. The broker's valuation of Motheo has fallen -4% on higher stripping rates at the start of the mine life which is partially offset by extending the Matsa mine life to 2040.

Canaccord Genuity downgrades to Hold from Buy as the stock is trading at valuation. Target is $7.

This report was published on September 1, 2023.

Target price is $7.00 Current Price is $6.39 Difference: $0.61
If SFR meets the Canaccord Genuity target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $6.80, suggesting upside of 6.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.8, implying annual growth of N/A.
Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 228.2.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 7.50 cents and EPS of 18.00 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 35.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of 1264.3%.
Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 16.7.

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

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

Sandfire Resources' FY23 underlying earnings were ahead of pre-reported figures and above Goldman Sachs estimates. Cost and expenditure guidance for FY24 was provided for the first time with costs at Matsa below estimates and Motheo above.

The difference at Matsa reflects the broker's lower zinc price estimates. The expansion in Motheo's mine to 5.2mtpa has progressed and is on track to completion at the end of the second quarter.

Goldman Sachs continues to rate Sandfire a Sell based on a stretched valuation while the target is unchanged at $5.40.

This report was published on August 31, 2023.

Target price is $5.40 Current Price is $6.39 Difference: minus $0.99 (current price is over target).
If SFR meets the Goldman Sachs target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.80, suggesting upside of 6.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 2.80 cents and EPS of 9.00 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 71.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.8, implying annual growth of N/A.
Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 228.2.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 19.05 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 2.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of 1264.3%.
Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 16.7.

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

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

Jarden observes, while still early in the piece, the ramp up of Motheo has exceeded even its bullish expectations. Delivery has been on schedule and budget during a difficult and inflationary period.

Sandfire Resources continues to offer a well-defined growth trajectory, the broker adds, and options inherent inn the portfolio are underestimated by the market.

The broker retains the stock as a top sector preference and maintains an Overweight rating, with the target edging down to $6.50 from $6.53.

This report was published on August 31, 2023.

Target price is $6.50 Current Price is $6.39 Difference: $0.11
If SFR meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $6.80, suggesting upside of 6.4%(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 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 426.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.8, implying annual growth of N/A.
Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 228.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 7.50 cents and EPS of 60.30 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 10.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of 1264.3%.
Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 16.7.

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

SYM    SYMBIO HOLDINGS LIMITED

Telecommunication – Overnight Price: $2.45

Moelis rates ((SYM)) as No Rating (-1) –

Symbio Holdings has recived a non-binding indicative proposal from Superloop ((SLC)) to buy all of the company's shares through a scheme of arrangement.

Under the deal, Symbio shareholders will receive $1.425 cash and 2.14 Superloop shares for each Symbio share.

The company's FY23 result fell at the top end of guidance and FY24 guidance for 17% growth appeared to satisfy the broker. The company closed the year with $35.8m in cash.

Moelis is on rating restriction.

This report was published on August 30, 2023.

Current Price is $2.45. Target price not assessed.

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

TIE    TIETTO MINERALS LIMITED

Gold & Silver – Overnight Price: $0.36

Canaccord Genuity rates ((TIE)) as Speculative Buy (1) –

Tietto Minerals has downgraded production guidance for the second half by -29% and increased cost estimates by 27% for the Abujar gold mine in Côte d'Ivoire.

While Canaccord Genuity's prior estimates were conservative and below original guidance, grade control drilling has meant lower grades were reconciled which in turn means fewer ounces will be produced in coming months.

In light of the downgrade, the broker's estimates, $0.85 target and Speculative Buy rating are under review.

This report was published on September 5, 2023.

Target price is $0.85 Current Price is $0.36 Difference: $0.49
If TIE meets the Canaccord Genuity target it will return approximately 136% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

TUL    TULLA RESOURCES PLC

Gold & Silver – Overnight Price: $0.35

Canaccord Genuity rates ((TUL)) as No Rating (-1) –

Canaccord Genuity is ceasing coverage of Tulla Resources because of its merger with Pantoro ((PNR)) and subsequent de-listing.

This report was published on September 1, 2023.

Current Price is $0.35. Target price not assessed.
The company's fiscal year ends in June.

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

WEB    WEBJET LIMITED

Travel, Leisure & Tourism – Overnight Price: $6.95

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

Jarden found Webjet's AGM update solid as momentum continues across WebBeds and Webjet.com.au. GoSee slowed but this is a small part of earnings. The broker expects WebBeds will account for more than 85% of group EBITDA by FY26.

Consumer headwinds may be building yet Jarden is positive about travel and considers the business well-positioned in the face of any headwinds. Overweight retained. Target is steady at  $8.15.

This report was published on August 31, 2023.

Target price is $8.15 Current Price is $6.95 Difference: $1.2
If WEB meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $8.65, suggesting upside of 24.3%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 29.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 771.1%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 37.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.4, implying annual growth of 28.1%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 16.4.

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

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

Wilsons assesses a positive update by Webjet at its AGM, showing retention of much of the early momentum seen in 1H of FY24.

Based on the first five months of FY24 WebBeds' total transaction value (TTV) is up more than 40% in Australian dollar terms, while bookings are up by more than 30%.

The TTV for WebOTA (online travel agent) is up more than 20% and bookings are up by greater than 5%, while motorhome rental business GoSee TTV is flat and bookings up more than 10%.

Target 9.02. Overweight.

This report was published on September 1, 2023.

Target price is $9.02 Current Price is $6.95 Difference: $2.07
If WEB meets the Wilsons target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $8.65, suggesting upside of 24.3%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 33.1, implying annual growth of 771.1%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY25:

Current consensus EPS estimate is 42.4, implying annual growth of 28.1%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 16.4.

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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.67

Petra Capital rates ((WGX)) as Initiation of coverage with Buy (1) –

Petra Capital initiates coverage on Westgold Resources with a Buy rating and $2 target. The Western Australian gold producer has a dominant position in the Murchison district and new leadership has reset the operating base to four shallow underground mines.

Output is expected to increase to more than 300,000 ozpa within two years or so as two new mines ramp up.

The broker observes the stock is currently trading at a -50% discount to peers and this should unwind as cash flow emerges from a reinvigorated asset base that is exposed to a buoyant gold price.

This report was published on September 6, 2023.

Target price is $2.00 Current Price is $1.67 Difference: $0.33
If WGX meets the Petra Capital target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 8.00 cents and EPS of 21.10 cents.
At the last closing share price the estimated dividend yield is 4.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.91.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 8.00 cents and EPS of 22.10 cents.
At the last closing share price the estimated dividend yield is 4.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.56.

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

WR1    WINSOME RESOURCES LIMITED

Overnight Price: $1.56

Canaccord Genuity rates ((WR1)) as Speculative Buy (1) –

Winsome Resources as extended Adina with its recent drilling update, confirming the footwall zone continues towards the surface and adding over 100m of mineralisation to the north-south extent. New drilling is planned to step out on strike, infill the main zone and test additional targets.

Canaccord Genuity expects a maiden resource estimate early in 2024 and values the stock on its conceptual resource for Adina and an average peer group resource multiple of US$10/t. Speculative Buy rating and $3.55 target.

This report was published on September 4, 2023.

Target price is $3.55 Current Price is $1.56 Difference: $1.99
If WR1 meets the Canaccord Genuity target it will return approximately 128% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

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