Australian Broker Call *Extra* Edition – Sep 27, 2023

This story features ANZ GROUP HOLDINGS LIMITED, and other companies. For more info SHARE ANALYSIS: ANZ

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)

ANZ   BEN   BMN   BOE   BOQ   CBA   CGF   LIN   LOT   NAB   PDN   PEN   PME (2)   QUB   SLX   WBC  

ANZ    ANZ GROUP HOLDINGS LIMITED

Banks – Overnight Price: $25.09

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

Goldman Sachs undertakes a full review of the banking sector, noting system housing credit growth is now likely to trough at 3.7%, compared with around 1% in its previous forecasts. The broker forecasts business credit growth to trough at less than 4%, roughly similar to previous forecasts.

While there has been some relief in mortgage competition, Goldman Sachs does not expect this to be sustained over the remainder of 2023 and into 2024 and with ongoing deposit pressures now forecasts FY24/25 net interest margins to be down -8/6 basis points.

Bad debts are expected to be more benign compared with previously. ANZ Bank is the preferred stock among the major banks and the broker reiterates a Buy rating. Target is reduced to $27.25 from $27.55.

This report was published on September 26, 2023.

Target price is $27.25 Current Price is $25.09 Difference: $2.16
If ANZ meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $26.47, suggesting upside of 5.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 162.00 cents and EPS of 246.70 cents.
At the last closing share price the estimated dividend yield is 6.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 236.9, implying annual growth of -5.2%.
Current consensus DPS estimate is 162.5, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 162.00 cents and EPS of 221.90 cents.
At the last closing share price the estimated dividend yield is 6.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 223.7, implying annual growth of -5.6%.
Current consensus DPS estimate is 163.0, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 11.2.

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

BEN    BENDIGO & ADELAIDE BANK LIMITED

Banks – Overnight Price: $8.86

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

Goldman Sachs undertakes a full review of the banking sector, noting system housing credit growth is now likely to trough at 3.7%, compared with around 1% in its previous forecasts. The broker forecasts business credit growth to trough at less than 4%, roughly similar to previous forecasts.

While there has been some relief in mortgage competition, Goldman Sachs does not expect this to be sustained over the remainder of 2023 and into 2024 and with ongoing deposit pressures now forecasts FY24/25 net interest margins to be down -8/6 basis points.

Bad debts are expected to be more benign compared with previously. Neutral rating retained for Bendigo & Adelaide Bank. Target is raised to $9.69 from $9.57.

This report was published on September 26, 2023.

Target price is $9.69 Current Price is $8.86 Difference: $0.83
If BEN meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $9.32, suggesting upside of 5.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 64.00 cents and EPS of 87.00 cents.
At the last closing share price the estimated dividend yield is 7.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.0, implying annual growth of -5.6%.
Current consensus DPS estimate is 63.0, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 64.00 cents and EPS of 86.00 cents.
At the last closing share price the estimated dividend yield is 7.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.8, implying annual growth of 1.0%.
Current consensus DPS estimate is 62.8, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 10.6.

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

BMN    BANNERMAN ENERGY LIMITED

Uranium – Overnight Price: $2.80

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

Canaccord Genuity remains "fundamentally bullish" on the uranium sector, noting the market is in structural deficit and secondary supplies are on the decline, while inventory levels are near recent lows.

Uranium equities are up 16% as price momentum continues with the spot price currently at US$70/lb, a 12-year high. The broker increases demand forecasts and envisages risks in bringing new supply on line at targeted rates given ongoing supply chain issues and labour constraints.

Speculative Buy rating retained for Bannerman Energy and the target is raised to $3.59 from $3.33.

This report was published on September 25, 2023.

Target price is $3.59 Current Price is $2.80 Difference: $0.79
If BMN meets the Canaccord Genuity target it will return approximately 28% (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 7.06 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 39.64.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 6.61 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 42.34.

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

BOE    BOSS ENERGY LIMITED

Uranium – Overnight Price: $4.75

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

Canaccord Genuity remains "fundamentally bullish" on the uranium sector, noting the market is in structural deficit and secondary supplies are on the decline, while inventory levels are near recent lows.

Uranium equities are up 16% as price momentum continues with the spot price currently at US$70/lb, a 12-year high. The broker increases demand forecasts and envisages risks in bringing new supply on line at targeted rates given ongoing supply chain issues and labour constraints.

Speculative Buy rating retained for Boss Energy and the target is raised to $4.73 from $4.28.

This report was published on September 25, 2023.

Target price is $4.73 Current Price is $4.75 Difference: minus $0.02 (current price is over target).
If BOE meets the Canaccord Genuity target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.60, suggesting downside of -23.1%(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 8.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.3, implying annual growth of 133.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 56.4.

Forecast for FY25:

Current consensus EPS estimate is 17.7, implying annual growth of 113.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 26.4.

Market Sentiment: 0.3
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

Goldman Sachs rates ((BOQ)) as Downgrade to Sell from Neutral (5) –

Goldman Sachs downgrades Bank of Queensland to Sell from Neutral, reducing the target to $5.60 from $6.09. The broker assesses, while the transformation program is the right strategy in order to deliver a stronger and simpler operation, it exposes the bank to inflation in non-staffing costs.

Management is prepared to announce details of productivity initiatives at the FY23 result, yet Goldman Sachs is concerned about the operating risks and cost pressures involved. Volume momentum remains weak.

This report was published on September 26, 2023.

Target price is $5.60 Current Price is $5.77 Difference: minus $0.17 (current price is over target).
If BOQ meets the Goldman Sachs target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.37, suggesting upside of 11.7%(ex-dividends)
The company's fiscal year ends in August.

Forecast for FY23:

Goldman Sachs 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 7.3%.
Current consensus EPS estimate suggests the PER is 9.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 40.00 cents and EPS of 51.50 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 11.20.

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 10.2.

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

CBA    COMMONWEALTH BANK OF AUSTRALIA

Banks – Overnight Price: $100.08

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

Goldman Sachs undertakes a full review of the banking sector, noting system housing credit growth is now likely to trough at 3.7%, compared with around 1% in its previous forecasts. The broker forecasts business credit growth to trough at less than 4%, roughly similar to previous forecasts.

While there has been some relief in mortgage competition, Goldman Sachs does not expect this to be sustained over the remainder of 2023 and into 2024 and with ongoing deposit pressures now forecasts FY24/25 net interest margins to be down -8/6 basis points.

Bad debts are expected to be more benign compared with previously. Sell rating retained for CommBank. Target is raised to $81.68 from $81.63.

This report was published on September 26, 2023.

Target price is $81.68 Current Price is $100.08 Difference: minus $18.4 (current price is over target).
If CBA meets the Goldman Sachs target it will return approximately minus 18% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $91.08, suggesting downside of -9.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 450.00 cents and EPS of 561.50 cents.
At the last closing share price the estimated dividend yield is 4.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 567.6, implying annual growth of -6.0%.
Current consensus DPS estimate is 457.7, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 17.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 450.00 cents and EPS of 550.10 cents.
At the last closing share price the estimated dividend yield is 4.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 586.1, implying annual growth of 3.3%.
Current consensus DPS estimate is 469.5, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 17.1.

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

CGF    CHALLENGER LIMITED

Wealth Management & Investments – Overnight Price: $6.44

Goldman Sachs rates ((CGF)) as Upgrade to Buy from Neutral (1) –

Goldman Sachs upgrades Challenger to Buy from Neutral, raising the target to $6.89 from $6.50. The broker expects meaningful book growth into FY24 as the company pushes to diversify sales and extend the tenor of the life book.

The capital position is also strong and the broker assesses a lower dividend payout ratio should also support growth alongside other sources of capital.

Normalised pre-tax returns on equity are expected to remain below target, yet Goldman Sachs believes this will improve, primarily stemming from yield/improved mix.

This report was published on September 27, 2023.

Target price is $6.89 Current Price is $6.44 Difference: $0.45
If CGF meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $6.77, suggesting upside of 3.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 23.00 cents and EPS of 58.00 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.0, implying annual growth of 21.0%.
Current consensus DPS estimate is 24.7, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 12.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 24.00 cents and EPS of 60.00 cents.
At the last closing share price the estimated dividend yield is 3.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.5, implying annual growth of 12.7%.
Current consensus DPS estimate is 26.8, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 11.4.

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

LIN    LINDIAN RESOURCES LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $0.23

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

Lindian Resources has a sale and purchase agreement with Gerald Group for the supply of 9000tpa of monazite concentrate over a five-year period. Canaccord Genuity notes this is Gerald Group's first foray into rare earths although it has experience in moving other commodities.

Additional offtake is expected for stage One as the company seeks to place the remaining 60% of uncommitted volumes. The broker maintains a Speculative Buy and $0.70 target.

This report was published on September 26, 2023.

Target price is $0.70 Current Price is $0.23 Difference: $0.47
If LIN meets the Canaccord Genuity target it will return approximately 204% (excluding dividends, fees and charges).

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

LOT    LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.26

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

Canaccord Genuity remains "fundamentally bullish" on the uranium sector, noting the market is in structural deficit and secondary supplies are on the decline, while inventory levels are near recent lows.

Uranium equities are up 16% as price momentum continues with the spot price currently at US$70/lb, a 12-year high. The broker increases demand forecasts and envisages risks in bringing new supply on line at targeted rates given ongoing supply chain issues and labour constraints.

Speculative Buy rating retained for Lotus Resources and the target is raised to $0.45 from $0.39.

This report was published on September 25, 2023.

Target price is $0.45 Current Price is $0.26 Difference: $0.195
If LOT meets the Canaccord Genuity target it will return approximately 76% (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 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.88.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 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 36.43.

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

NAB    NATIONAL AUSTRALIA BANK LIMITED

Banks – Overnight Price: $28.88

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

Goldman Sachs undertakes a full review of the banking sector, noting system housing credit growth is now likely to trough at 3.7%, compared with around 1% in its previous forecasts. The broker forecasts business credit growth to trough at less than 4%, roughly similar to previous forecasts.

While there has been some relief in mortgage competition, Goldman Sachs does not expect this to be sustained over the remainder of 2023 and into 2024 and with ongoing deposit pressures now forecasts FY24/25 net interest margins to be down -8/6 basis points.

Bad debts are expected to be more benign compared with previously. Buy rating retained for National Australia Bank. Target is reduced to $30.49 from $30.51.

This report was published on September 26, 2023.

Target price is $30.49 Current Price is $28.88 Difference: $1.61
If NAB meets the Goldman Sachs target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $27.40, suggesting downside of -5.2%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 166.00 cents and EPS of 242.00 cents.
At the last closing share price the estimated dividend yield is 5.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 238.0, implying annual growth of 11.2%.
Current consensus DPS estimate is 167.3, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 166.00 cents and EPS of 211.00 cents.
At the last closing share price the estimated dividend yield is 5.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 216.1, implying annual growth of -9.2%.
Current consensus DPS estimate is 168.7, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 13.4.

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

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $1.08

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

Canaccord Genuity remains "fundamentally bullish" on the uranium sector, noting the market is in structural deficit and secondary supplies are on the decline, while inventory levels are near recent lows.

Uranium equities are up 16% as price momentum continues with the spot price currently at US$70/lb, a 12-year high. The broker increases demand forecasts and envisages risks in bringing new supply on line at targeted rates given ongoing supply chain issues and labour constraints.

Buy rating retained for Paladin Energy and the target is raised to $1.23 from $1.15.

This report was published on September 25, 2023.

Target price is $1.23 Current Price is $1.08 Difference: $0.145
If PDN meets the Canaccord Genuity target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $1.12, suggesting upside of 5.0%(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 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 72.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, 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 118.9.

Forecast for FY25:

Current consensus EPS estimate is 5.1, implying annual growth of 466.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 21.0.

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

PEN    PENINSULA ENERGY LIMITED

Uranium – Overnight Price: $0.14

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

Canaccord Genuity remains "fundamentally bullish" on the uranium sector, noting the market is in structural deficit and secondary supplies are on the decline, while inventory levels are near recent lows.

Uranium equities are up 16% as price momentum continues with the spot price currently at US$70/lb, a 12-year high. The broker increases demand forecasts and envisages risks in bringing new supply on line at targeted rates given ongoing supply chain issues and labour constraints.

Speculative Buy rating retained for Peninsula Energy and the target is raised to $0.22 from $0.20.

This report was published on September 25, 2023.

Target price is $0.22 Current Price is $0.14 Difference: $0.085
If PEN meets the Canaccord Genuity target it will return approximately 63% (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 0.15 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 91.22.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.89 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.24.

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

PME    PRO MEDICUS LIMITED

Medical Equipment & Devices – Overnight Price: $80.01

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

Pro Medicus has signed its largest contract to date, worth a minimum of $14m per year, with Baylor Scott & White, the largest non-profit health network in Texas.

Goldman Sachs points out, despite appearing much larger in scale, the terms of the contract are comparable to previous announcements while, importantly, the size of the contract reflects longer-term drivers that have come together in one contract.

The contract contains no direct component from either AI or cardiology (beyond archiving revenue), which may present upside, the broker adds. Buy rating retained. Target is raised to $88 from $80.

This report was published on September 26, 2023.

Target price is $88.00 Current Price is $80.01 Difference: $7.99
If PME meets the Goldman Sachs target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $63.63, suggesting downside of -20.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 40.00 cents and EPS of 78.00 cents.
At the last closing share price the estimated dividend yield is 0.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 102.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.1, implying annual growth of 31.0%.
Current consensus DPS estimate is 38.6, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 104.5.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 53.00 cents and EPS of 102.00 cents.
At the last closing share price the estimated dividend yield is 0.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 78.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.2, implying annual growth of 30.4%.
Current consensus DPS estimate is 49.5, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 80.2.

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

Wilsons observes the latest contract win for Pro Medicus is significant as Texas is an important geography in terms of the US health system, being the second most populous state.

The broker asserts Baylor Scott & White Health will "grow and solidify Visage 7" and the contract should act as a referral base for other Texas contracts.

The brpoker also states the contract also highlights the company's ability to sign on customers for longer and longer periods, in this case now 10 years, demonstrating confidence in the product/service offering established within the US marketplace.

Wilsons remains positive on the growth and defensive aspects of this business over the long-term, but considers the stock now reflects fair value and downgrades to a Market Weight rating from Overweight.Target is raised to $81.20 from $79.73.

This report was published on September 27, 2023.

Target price is $81.20 Current Price is $80.01 Difference: $1.19
If PME meets the Wilsons target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $63.63, suggesting downside of -20.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 39.80 cents and EPS of 79.50 cents.
At the last closing share price the estimated dividend yield is 0.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 100.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.1, implying annual growth of 31.0%.
Current consensus DPS estimate is 38.6, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 104.5.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 51.40 cents and EPS of 102.80 cents.
At the last closing share price the estimated dividend yield is 0.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 77.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.2, implying annual growth of 30.4%.
Current consensus DPS estimate is 49.5, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 80.2.

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

QUB    QUBE HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $2.85

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

Now Qube Holdings has provided further disclosure regarding its valuation of the 50% shareholding in Patrick, there is a clearer basis to assess the valuation of the balance of its operating division, Jarden asserts.

The broker reminds investors of the value inherent in the stock, as it is trading below its long-run relative valuation and at a PE discount of -14% for the operating division relative to global logistics peers.

Jarden encourages investors to look beyond the "noise" of monthly port movement statistics and focus on relative value and diversity, maintaining an Overweight rating and $3.15 target.

This report was published on September 26, 2023.

Target price is $3.15 Current Price is $2.85 Difference: $0.3
If QUB meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.44, suggesting upside of 22.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 8.20 cents and EPS of 13.10 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.7, implying annual growth of 37.4%.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 20.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 8.30 cents and EPS of 14.90 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of 5.1%.
Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 19.6.

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

SLX    SILEX SYSTEMS LIMITED

Uranium – Overnight Price: $3.40

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

Canaccord Genuity remains "fundamentally bullish" on the uranium sector, noting the market is in structural deficit and secondary supplies are on the decline, while inventory levels are near recent lows.

Uranium equities are up 16% as price momentum continues with the spot price currently at US$70/lb, a 12-year high. The broker increases demand forecasts and envisages risks in bringing new supply on line at targeted rates given ongoing supply chain issues and labour constraints.

Speculative Buy rating retained for Silex Systems and the target is raised to $5.42 from $5.00.

This report was published on September 25, 2023.

Target price is $5.42 Current Price is $3.40 Difference: $2.02
If SLX meets the Canaccord Genuity target it will return approximately 59% (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

WBC    WESTPAC BANKING CORPORATION

Banks – Overnight Price: $21.05

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

Goldman Sachs undertakes a full review of the banking sector, noting system housing credit growth is now likely to trough at 3.7%, compared with around 1% in its previous forecasts. The broker forecasts business credit growth to trough at less than 4%, roughly similar to previous forecasts.

While there has been some relief in mortgage competition, Goldman Sachs does not expect this to be sustained over the remainder of 2023 and into 2024 and with ongoing deposit pressures now forecasts FY24/25 net interest margins to be down -8/6 basis points.

Bad debts are expected to be more benign compared with previously. Neutral rating retained for Westpac. Target is raised to $22.59 from $22.57.

This report was published on September 26, 2023.

Target price is $22.59 Current Price is $21.05 Difference: $1.54
If WBC meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $22.45, suggesting upside of 6.3%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 140.00 cents and EPS of 194.00 cents.
At the last closing share price the estimated dividend yield is 6.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 205.3, implying annual growth of 28.4%.
Current consensus DPS estimate is 140.0, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 140.00 cents and EPS of 182.00 cents.
At the last closing share price the estimated dividend yield is 6.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 183.8, implying annual growth of -10.5%.
Current consensus DPS estimate is 141.0, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 11.5.

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

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