Australian Broker Call *Extra* Edition – Sep 11, 2023

This story features BOSS ENERGY LIMITED, and other companies. For more info SHARE ANALYSIS: BOE

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

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

One key difference is the *Extra* Edition will not be updated daily, but merely “regularly” depending on availabilityofsuitable 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 publicationmay not be up to date, or yet awaiting another update by FNArena’steam 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)

BOE DDH EDV LLL(2) LTR(2) MAY MIN NXS ORA PXA SKC STO SYA TIE VUL

BOE BOSS ENERGY LIMITED

Uranium – Overnight Price: $3.98

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

Boss Energy’s Honeymoon re-start remains on schedule for first production in the December quarter. Canaccord Genuity de-risks its valuation as the business gets closer to first production, and increases exploration valuation to $100m.

The entire2.45m lb/year production remains uncontracted, which the broker suggests may be opportune as utility inventories continue to fall in theUS and EU. Speculative Buy rating unchanged. Target is raised to $4.28 from $3.22.

This report was published on September 7, 2023.

Target price is $4.28 Current Price is $3.98 Difference: $0.3
If BOE meets the Canaccord Genuity target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.54, suggesting downside of -8.3%(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 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 497.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.0, 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 8.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 46.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.1, 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 54.4.

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

DDH DDH1 LIMITED

Mining Sector Contracting – Overnight Price: $0.86

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

DDH1 shareholders will vote on the acquisition proposal from Perenti ((PRN)) on September 18. Canaccord Genuity notes the business has stabilised and earnings have recovered after a difficult second half, and now forecasts underlying FY24 EBITDA growth of 11%.

The broker remains positive about the stock in its own right although would remainpositiveeven if rolled into Perenti, also rated Buy. The DDH1 target is $1.08.

This report was published on September 7, 2023.

Target price is $1.08 Current Price is $0.86 Difference: $0.215
If DDH meets the Canaccord Genuity target it will return approximately 25% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 5.20 cents and EPS of 10.80 cents.
At the last closing share price the estimated dividend yield is 6.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.01.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 5.90 cents and EPS of 12.30 cents.
At the last closing share price the estimated dividend yield is 6.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.03.

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

EDV ENDEAVOUR GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $5.26

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

Goldman Sachs factors in updated industry data for Endeavour Group, forecasting FY24/25EBIT growth will return to around 6.1%. Web traffic data from July/August signals strong growth for liquor sales.

The broker continues to assess the company’s retail business is defensive, withrelative market share of around 35%. Further margin expansion is expected from a positive mix and cost efficiencies and Goldman Sachs reiterates a Buy rating. Target slips to $6.60 from $6.90.

This report was published on September 4, 2023.

Target price is $6.60 Current Price is $5.26 Difference: $1.34
If EDV meets the Goldman Sachs target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $5.95, suggesting upside of 12.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 22.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 4.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.2, implying annual growth of -1.2%.
Current consensus DPS estimate is 20.9, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 18.1.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 24.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 4.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.0, implying annual growth of 6.2%.
Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 17.0.

Market Sentiment: 0.1
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: $0.56

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

On further analysisof the recent update on Leo Lithium’s Goulamina project, Canaccord Genuity notes the revised investment agreement with Ganfengplus existing funding will adequately cover modelledexpenditure of$305m.

First concentrate production remains scheduled for mid2024. The broker continues to assume the Mali government takes up its interest but excludes any further increase in that interest from its base case.

Management has confirmed it expects Goulamina will be grandfathered from increased government ownership provisions under thenew mining code. SpeculativeBuy rating unchanged. Target is reduced to $2.00 from $2.45.

This report was published on September 7, 2023.

Target price is $2.00 Current Price is $0.56 Difference: $1.44
If LLL meets the Canaccord Genuity target it will return approximately 257% (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 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.20.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 EPS of 39.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1.44.

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

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Jarden rates ((LLL)) as Downgrade to Neutral from Buy (3) –

As Leo Lithium emerges from suspension,correspondence with the Maligovernment has involved a review of the new Mining Code act, suspension of operations to produce and sell DSO as well as potential changes totaxes and duties.

Jarden considers the most significant news, and the basis of the severity of the reaction in the share price, is the Ganfeng investment and cooperation agreement.

Inreplacing the $106m equity placement by Ganfengin May the company has effectively provided an additional 5% of Goulamina to Ganfeng, taking its stake to 55%, allowing it to invest directly into the joint venture and solefundexpenditure on Goulamina.

Without any obvious premium for control, the broker considers this a major negative for Leo Lithium. Rating is downgraded to Neutral from Buy and the target reduced to $0.60 from $1.43.

This report was published on September 4, 2023.

Target price is $0.60 Current Price is $0.56 Difference: $0.04
If LLL meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
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 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 43.08.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 16.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.35.

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: $3.05

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

Liontown Resources has received an updated proposal from Albemarle at $3 cash per share. The board has now granted the opportunity for a limited period off exclusive due diligence.

At the last close, the broker points out the stock was pricing a long-term spodumene price of US$1470/t where the bid implies US$1630/t.

Goldman Sachs has recently benchmarked underground mining costs, noting a significant increase on the definitive feasibility study and with potential further upside risk. Neutral retained. Target is steady at $1.40.

This report was published on September 4, 2023.

Target price is $1.40 Current Price is $3.05 Difference: minus $1.65 (current price is over target).
If LTR meets the Goldman Sachs target it will return approximately minus 54% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.99, suggesting downside of -0.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 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 3050.00.

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:

Goldman Sachs 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 3050.00.

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.

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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Jarden rates ((LTR)) as Neutral (3) –

Liontown Resources has received a revised $3/share offer from Albemarle which Jarden calculates implies a $6.6bn equity value. The company has considered this fourth approach enough to grant limited due diligence.

Jarden continues to question Albemarle’s timing and implied offer price, noting Liontown Resources hasonly just started a notoriously difficult development phase after a 60% increase in capital expenditure estimates. Neutral maintained. Target rises to $3.00 from $2.50.

This report was published on September 4, 2023.

Target price is $3.00 Current Price is $3.05 Difference: minus $0.05 (current price is over target).
If LTR meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.99, suggesting downside of -0.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of minus 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 381.25.

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:

Jarden forecasts a full year FY24 EPS of minus 4.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 63.54.

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

MAY MELBANA ENERGY LIMITED

Overnight Price: $0.08

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

Petra Capital initiates coverage of MelbanaEnergy with a Buy rating and $0.20 target. The company operates block 9, a large 676mmbbl onshore oil discovery in Cuba.

The broker believes the fullpermit block, with access to key under-utiliised infrastructure and exceptional appraisal results, is well-positioned to supply the domestic market away fromunpredictable Venezuelan deliveries.

This report was published on September 6, 2023.

Target price is $0.20 Current Price is $0.08 Difference: $0.121
If MAY meets the Petra Capital target it will return approximately 153% (excluding dividends, fees and charges).

Forecast for FY23:

Petra Capital forecasts a full year FY23 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 79.00.

Forecast for FY24:

Petra Capital 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 79.00.

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: $69.08

Jarden rates ((MIN)) as Sell (5) –

Mineral Resources has confirmed it is trying to purchase the Bald Hill lithium mine from the administrators. Purchase price has not been revealed but the company expects to fund a potential acquisition from existing resources and does not plan to raise equity.

Jarden suspects success will ultimately be determined by court proceedings and, in assessing the increase in balance sheet leverage, which affects valuation, the potential acquisition would raise further questions.

The broker forecasts negative free cash flow in both FY24 and FY25. Sell rating and $45.90 target maintained.

This report was published on September 4, 2023.

Target price is $45.90 Current Price is $69.08 Difference: minus $23.18 (current price is over target).
If MIN meets the Jarden target it will return approximately minus 34% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $78.00, suggesting upside of 14.0%(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 2.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.89.

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 2.7%.
Current consensus EPS estimate suggests the PER is 15.3.

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 1.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 40.37.

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 5.5%.
Current consensus EPS estimate suggests the PER is 8.0.

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

NXS NEXT SCIENCE LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.47

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

Wilsons upgrades Next Science to Overweight from Market Weight, with the target edging up to $0.57 from $0.56, surprised by the early performance of the DME business in the first half while noting Xperiencetook a back seat although still grew well.

The company has announced an institutional placement, an offer to US shareholders and a domestic share purchase plan, raising up to $18.5m.

A convertible note issued in February has also been redeemed and resubscribed on the same terms. This places management in a debt-free position enabling it to execute on a direct sales strategy, the broker adds.

This report was published on September 11, 2023.

Target price is $0.57 Current Price is $0.47 Difference: $0.1
If NXS meets the Wilsons target it will return approximately 21% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 7.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.26.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 4.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.44.

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

ORA ORORA LIMITED

Paper & Packaging – Overnight Price: $2.69

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

Ororahas announced the acquisition of Saverglass, which designs and manufactures high-end bottles for the premium spirits market. Goldman Sachs considers this a substantial acquisition with the enterprise value of $2.2bn compared with Orora’s pre-deal enterprise value of $3.75bn.

Over the three years to 2022,Saverglass revenue grew by 14%, the broker adds. The acquisition will be funded by a $1.35bn equity raising. Buy rating retained. Target is $4.20.

This report was published on September 6, 2023.

Target price is $4.20 Current Price is $2.69 Difference: $1.51
If ORA meets the Goldman Sachs target it will return approximately 56% (excluding dividends, fees and charges).
Current consensus price target is $3.61, suggesting upside of 32.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 17.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 6.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.9, implying annual growth of 11.8%.
Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 11.9.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 18.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 6.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.0, implying annual growth of 9.2%.
Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 10.9.

Market Sentiment: 0.3
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: $11.57

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

NSW settlement data shows continuing signs of improvement with the first transfer activity growth in 18 months in August. In contrast Queensland volumes deteriorated.

Jarden is cautious about the volume outlook given the higher interest rate environment has driven a more than -30% reduction in borrowing capacity and could hamper demand.

The broker also retains concerns around PEXA Group’s expansion in the UK, including further cost andcapital expenditure creep,a material downgrade to UK assets under management of -30%, as well as management turnover.

Underweight rating and $11.40 target maintained.

This report was published on September 4, 2023.

Target price is $11.40 Current Price is $11.57 Difference: minus $0.17 (current price is over target).
If PXA meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.81, suggesting upside of 24.5%(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 32.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 35.71.

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 38.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 53.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.59.

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 27.5.

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

SKC SKYCITY ENTERTAINMENT GROUP LIMITED

Gaming – Overnight Price: $1.85

Jarden rates ((SKC)) as Buy (1) –

SkyCity Entertainment has been informed of an application to the NZ Gambling Commission to consider making an order to suspend its casino operator licence for around 10 days, covering the Auckland, Hamilton and Queenstown properties. This follows a complaint by a customer.

Jarden calculates, if the order is successful, closing the NZ casino operations would provide a one-off hit to EBITDA of -NZ$10-20m, assuming it was for around 10 days.

The larger issue is the public spotlight on heightened regulatory processes and compliance over a period when the companyis trying to manage the potential contagion risk from Australian industry reviews. Buy rating and NZ$3.10 target maintained.

This report was published on September 4, 2023.

Current Price is $1.85. Target price not assessed.
Current consensus price target is $3.20, suggesting upside of 72.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 12.88 cents and EPS of 16.56 cents.
At the last closing share price the estimated dividend yield is 6.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.9, implying annual growth of N/A.
Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY25:

Current consensus EPS estimate is 18.5, implying annual growth of 9.5%.
Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 10.1.

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

STO SANTOS LIMITED

NatGas – Overnight Price: $7.78

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

Santos has announced a reduced sale of PNG LNG and Jarden suspects this might be the “Goldilocks” outcome the market required.

Santos will retain a higher interest in what the broker considers is its bestand most important asset, as higher interest costsmade it challenging for PNG’s national oil company, Kumul Petroleum, to secure attractive financing.

Santos will sell a2.6% stake in PNG LNG for $576m and assume $160m in project finance debt to Kumul.

The broker believes equity sales arestill the most likely way the company could fund growth and maintain gearingbelow 25%. Selling more PNG LNG equity could help as would a sell down of Dorado, although the broker does not rule out further delays too Dorado.

Jarden retains an Overweight rating and raises the target to $8.05 from $7.95.

This report was published on September 1, 2023.

Target price is $8.05 Current Price is $7.78 Difference: $0.27
If STO meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $9.47, suggesting upside of 21.0%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 21.46 cents and EPS of 63.49 cents.
At the last closing share price the estimated dividend yield is 2.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.2, implying annual growth of N/A.
Current consensus DPS estimate is 32.0, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 27.02 cents and EPS of 52.98 cents.
At the last closing share price the estimated dividend yield is 3.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.3, implying annual growth of 0.1%.
Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 11.3.

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

SYA SAYONA MINING LIMITED

New Battery Elements – Overnight Price: $0.10

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

Sayona Mining has received first revenue from the cargo that sailed on August 1 and has reported a $46m increase in its cash balance. The payment is for 90% of the value of the cargo with the remainder expected by the end of September.

The company reports the average spodumene concentrate grade is 5.5%.

Petra Capital welcomes the news, noting after five months of ramp up production forecasts are now be realigned based on North American Lithium’s recent performance. Buy rating retained. Target eases back to $0.37 from $0.38.

This report was published on September 7, 2023.

Target price is $0.37 Current Price is $0.10 Difference: $0.265
If SYA meets the Petra Capital target it will return approximately 252% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 EPS of 2.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.77.

Forecast for FY25:

Petra Capital forecasts a full year FY25 EPS of 2.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.77.

Market Sentiment: 1.0
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: $0.37

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

Petra Capital was disappointed with theTietto Minerals production downgrade in August following commercial production being declared in early July. Following gradecontroldrilling, the company has revised second half production guidance down by -30%.

The broker adopts a conservative outlook and forecasts -10% lower 2024-30 production relative to the company’s revised 172,000 ozpa. Buy rating maintained. Target is reduced to $0.64 from $0.77.

This report was published on September 6, 2023.

Target price is $0.64 Current Price is $0.37 Difference: $0.27
If TIE meets the Petra Capital target it will return approximately 73% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY23:

Petra Capital forecasts a full year FY23 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 24.67.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 5.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.25.

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

VUL VULCAN ENERGY RESOURCES LIMITED

New Battery Elements – Overnight Price: $3.15

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

Vulcan Energy Resources has provided an update on the Zero Carbon lithium project. A highlight is the change from two production areas to just one which Canaccord Genuity believes has potential to reduce expenditure, although will need more detail onhow the field development plans have changed.

The company has a bridging study being completed with Hatch that aims to improve estimates and set final parameters for contract negotiations and FEED studies. The broker retains a Speculative Buy rating and $12.50 target.

This report was published on September 6, 2023.

Target price is $12.50 Current Price is $3.15 Difference: $9.35
If VUL meets the Canaccord Genuity target it will return approximately 297% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of minus 15.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 21.00.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of minus 21.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.00.

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

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