Australian Broker Call *Extra* Edition – Sep 26, 2023

This story features BANK OF QUEENSLAND LIMITED, and other companies. For more info SHARE ANALYSIS: BOQ

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)

AKE   BOQ   DLI   FPH   NHC   PMT   PNV   QAN (2)   RMD   RWC   SM1  

AKE    ALLKEM LIMITED

New Battery Elements – Overnight Price: $11.62

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

Allkem has updated on its projects, which support its plans to deliver 179,000tpa of capacity by FY28. Goldman Sachs observes the update highlights the company's broad asset base, already the largest lithium resource listed on ASX.

Capital expenditure increases were in line with the broker's expectations although inflationary pressures on operating costs continue.

Olaroz stage 2 is on track while the broker notes the revised study at Cauchari demonstrates its value on a stand-alone basis. Buy rating retained. Target is reduced by -2% to $16.80.

This report was published on September 25, 2023.

Target price is $16.80 Current Price is $11.62 Difference: $5.18
If AKE meets the Goldman Sachs target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $17.35, suggesting upside of 50.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 76.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.4, implying annual growth of -4.5%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 10.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 109.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 113.3, implying annual growth of 15.1%.
Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 10.2.

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

BOQ    BANK OF QUEENSLAND LIMITED

Banks – Overnight Price: $5.77

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

Jarden expects Bank of Queensland's second half will be affected by a sharp erosion of margins, negative mortgage growth and rising costs. On the positive side the capital position should be solid and support dividends.

The FY23 result will be reported on October 11 and Jarden expects $461m in cash profit. The focus will also be on an update to legacy risk issues and the new multi-year cost reduction program. Overweight rating retained. Target is $6.20.

This report was published on September 22, 2023.

Target price is $6.20 Current Price is $5.77 Difference: $0.43
If BOQ meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $6.37, suggesting upside of 11.1%(ex-dividends)
The company's fiscal year ends in August.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 40.00 cents and EPS of 64.00 cents.
At the last closing share price the estimated dividend yield is 6.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.0, implying annual growth of -4.9%.
Current consensus DPS estimate is 41.4, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 9.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 40.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 6.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.9, implying annual growth of -11.3%.
Current consensus DPS estimate is 42.4, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 10.3.

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

DLI    DELTA LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.77

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

There has been corporate interest in Delta Lithium from several parties in recent months, Canaccord Genuity notes and Mineral Resources ((MIN)) has emerged with a 17.7% stake.

The broker speculates about the move. Is it just an investment? Or does the company want Delta Lithium for the Mt Ida project, which is 300km north of its Mt Marion mine? Or is there standalone potential in Yinnetharra, located in the Gascoyne?

Canaccord Genuity suspects all of the above may be under consideration and updates its modelling to now include a valuation for Yinnetharra. Speculative Buy rating retained. Target is reduced to $1.20 from $1.25.

This report was published on September 26, 2023.

Target price is $1.20 Current Price is $0.77 Difference: $0.43
If DLI meets the Canaccord Genuity target it will return approximately 56% (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

FPH    FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices – Overnight Price: $20.19

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

Goldman Sachs assesses the GLP-1 drugs that initially targeted Type II diabetes and have demonstrated efficacy in weight management and cardiovascular indications have potentially significant implications for the Obstructive Sleep Apnoea market in which Fisher & Paykel Healthcare engages.

The broker expects continued adoption and success of this class of drug will reduce the OSA population addressable by CPAP therapy. OSA directly contributes just 30% of Fisher & Paykel Healthcare's revenue. Buy rating retained. Target is reduced by -4% to $24.

This report was published on September 26, 2023.

Target price is $24.00 Current Price is $20.19 Difference: $3.81
If FPH meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $21.00, suggesting upside of 3.6%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 42.39 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.2, implying annual growth of N/A.
Current consensus DPS estimate is 35.0, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 50.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 52.53 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.9, implying annual growth of 26.6%.
Current consensus DPS estimate is 37.5, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 39.8.

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

NHC    NEW HOPE CORPORATION LIMITED

Coal – Overnight Price: $6.20

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

The FY23 result from New Hope was in line with Goldman Sachs' estimates. The final dividend of $0.30, including a 9c special, was above expectations. Coal production guidance for the three coal mines implies a 90% increase to 14mt by FY28.

The broker raises FY24 estimates for EPS by 18% after lowering Bengalla cash costs as the second half was better than expected. The broker also incorporates the company's updated thermal coal hedge book.

Target is raised to $3.70 from $3.30 and a Sell rating is maintained based on valuation and a view that the thermal coal market will move into a larger surplus.

This report was published on September 25, 2023.

Target price is $3.70 Current Price is $6.20 Difference: minus $2.5 (current price is over target).
If NHC meets the Goldman Sachs target it will return approximately minus 40% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.33, suggesting downside of -13.7%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 38.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 6.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.7, implying annual growth of -43.9%.
Current consensus DPS estimate is 37.1, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 8.7.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 39.00 cents and EPS of 56.00 cents.
At the last closing share price the estimated dividend yield is 6.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.7, implying annual growth of 4.2%.
Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 8.4.

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

PMT    PATRIOT BATTERY METALS INC

Mining – Overnight Price: $1.29

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

Patriot Battery Metals has updated on its drilling program at Corvette, confirming an extension of the CV5 pegmatite strike to a total length of 4.35km. Canaccord Genuity assesses this validates the potential upside from the project that is not yet contained in the initial resource estimate.

Drilling has been completed over the western extension that indicates the principal pegmatite is bifurcating into two significantly thick spodumene pegmatite lenses. At CV13 drilling is focused on the existing 2.3km trend identified through drilling in 2022.

The broker retains a Speculative Buy rating and $1.95 target.

This report was published on September 25, 2023.

Target price is $1.95 Current Price is $1.29 Difference: $0.66
If PMT meets the Canaccord Genuity target it will return approximately 51% (excluding dividends, fees and charges).

This company reports in CAD. 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

PNV    POLYNOVO LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.26

Wilsons rates ((PNV)) as Underweight (5) –

Wilsons notes PolyNovo stock is in a trading halt ahead of an update. The broker observes "reasonably strong" BTM product sales in the US in the first two months of FY24, concluding BTM is clearly resonating with surgeons across all markets.

The broker awaits further updates throughout the year before altering forecasts, aware that the company's monthly results are lumpy. Underweight rating and $1.08 target.

[Note: the company has since updated via an announcement to the ASX.]

This report was published on September 25, 2023.

Target price is $1.08 Current Price is $1.26 Difference: minus $0.18 (current price is over target).
If PNV meets the Wilsons target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.19, suggesting upside of 64.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1260.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.1, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 1330.0.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.4, implying annual growth of 1300.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 95.0.

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

QAN    QANTAS AIRWAYS LIMITED

Transportation & Logistics – Overnight Price: $5.23

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

Qantas Airways has outlined an incremental investment in customer initiatives of -$80m and also expects its fuel bill for the first half will be -$200m ahead of prior guidance, now stated at -$2.8bn.

Goldman Sachs reduces FY24 estimates by -12% to reflect the customer investments and an incremental -$400m in fuel expenses.

The broker assumes around 70% of the incremental fuel expenses will be recovered by higher unit revenue, which is counter to the company's commentary in August that incremental fuel expenses would be offset by RASK (revenue per available seat kilometre).

The broker retains a Buy rating and reduces the target to $8.25 from $8.75.

This report was published on September 25, 2023.

Target price is $8.25 Current Price is $5.23 Difference: $3.02
If QAN meets the Goldman Sachs target it will return approximately 58% (excluding dividends, fees and charges).
Current consensus price target is $7.60, suggesting upside of 47.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 95.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.2, implying annual growth of -7.1%.
Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 5.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 30.00 cents and EPS of 98.00 cents.
At the last closing share price the estimated dividend yield is 5.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.7, implying annual growth of 5.0%.
Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 5.5.

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

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

Qantas Airways has guided to a further $80m increase in customer initiatives, the bulk of the investment isolated to FY24, and higher fuel costs in the first half.

Jarden observes what is more complex is the likely inability to pass through higher fuel costs, given the governance and operating scrutiny the airline is facing. This increases the earnings exposure to higher costs beyond the usual transfer mechanisms.

Accordingly, the broker lowers FY24 estimates by -12%, the outer year forecasts remain largely unchanged.

Given the drop in the share price since the results and following modest changes to long-term earnings estimates, the target is reduced to $6.90 from $7.00. Overweight maintained.

This report was published on September 25, 2023.

Target price is $6.90 Current Price is $5.23 Difference: $1.67
If QAN meets the Jarden target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $7.60, suggesting upside of 47.0%(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 85.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.2, implying annual growth of -7.1%.
Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 5.8.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 49.30 cents and EPS of 95.10 cents.
At the last closing share price the estimated dividend yield is 9.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.7, implying annual growth of 5.0%.
Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 5.5.

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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $21.44

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

Goldman Sachs assesses the GLP-1 drugs that initially targeted Type II diabetes and have demonstrated efficacy in weight management and cardiovascular indications have potentially significant implications for the Obstructive Sleep Apnoea market in which ResMed engages.

The broker expects continued adoption and success of this class of drug will reduce the OSA population addressable by CPAP therapy yet believes the perceived downside risk has been "over capitalised" in the current valuation of ResMed.

The broker reiterates a Buy rating while reducing the target to $33.00 from $38.40.

This report was published on September 26, 2023.

Target price is $33.00 Current Price is $21.44 Difference: $11.56
If RMD meets the Goldman Sachs target it will return approximately 54% (excluding dividends, fees and charges).
Current consensus price target is $35.05, suggesting upside of 61.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 107.97 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 113.6, implying annual growth of N/A.
Current consensus DPS estimate is 30.6, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 19.1.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 117.44 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 127.4, implying annual growth of 12.1%.
Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 17.0.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

RWC    RELIANCE WORLDWIDE CORP. LIMITED

Building Products & Services – Overnight Price: $3.72

Jarden rates ((RWC)) as Neutral (3) –

Reliance Worldwide has reiterated its previous FY24 qualitative guidance for a low single-digit decline in revenue at a briefing and tour of its recently expanded plant in Cullman, Alabama.

North America represented 58% of FY23 EBITDA and Jarden assesses further growth is likely, given the market opportunity and a greater manufacturing presence.

The business is focused on innovation in the plumbing industry through creating products that make installation smoother, quicker and long lasting, and the broker is impressed with the operating knowledge and engaged workforce despite a challenging macro environment. Neutral retained. Target is $4.38.

This report was published on September 25, 2023.

Target price is $4.38 Current Price is $3.72 Difference: $0.66
If RWC meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $4.17, suggesting upside of 12.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 12.78 cents and EPS of 25.71 cents.
At the last closing share price the estimated dividend yield is 3.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.9, implying annual growth of N/A.
Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 13.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 14.89 cents and EPS of 29.77 cents.
At the last closing share price the estimated dividend yield is 4.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.7, implying annual growth of 13.6%.
Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 11.6.

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

SM1    SYNLAIT MILK LIMITED

Dairy – Overnight Price: $1.19

Jarden rates ((SM1)) as Overweight (2) –

Synlait Milk posted an FY23 net profit outcome that was at the lower end of recent guidance. Jarden notes the year was marked by multiple large downgrades, implementation issues and the cancellation notice of its English label exclusivity with a2 Milk ((A2M)).

The broker notes Advanced Nutrition gross profit remains very weak at NZ$57m, well down on the peak years. Cost inflation is also an issue.

The Dairyworks divestments is in train with the company engaged with several parties and the business has been reclassified as discontinued.

Overweight retained on valuation grounds, with capital structure the main overhang for the near term in the broker's view. Target is reduced to NZ$2.05 from NZ$2.35.

This report was published on September 25, 2023.

Current Price is $1.19. Target price not assessed.
Current consensus price target is $1.50, suggesting upside of 26.1%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 6.45 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 11.89 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.6, implying annual growth of 81.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.8.

This company reports in NZD. 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

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