Australian Broker Call *Extra* Edition – Oct 24, 2023

This story features AUCKLAND INTERNATIONAL AIRPORT LIMITED, and other companies. For more info SHARE ANALYSIS: AIA

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)

AIA   CGF (2)   CSL   FMG   HUB (2)   IMM   JAN   JHX   LTR   MAQ   MFG (2)   QAN   RIO   SDR (3)   SGF   SMR   SPR   TIE   TWE (2)  

AIA    AUCKLAND INTERNATIONAL AIRPORT LIMITED

Infrastructure & Utilities – Overnight Price: $6.99

Jarden rates ((AIA)) as Neutral (3) –

After reviewing Auckland International Airport's operating statistics and published seat-scheduling data against pre-covid seat capacity and load factors, Jarden estimates the company's volume trajectory for FY24.

The broker spies downside risk of -1.5% to -3% to volumes compared to the company's forecasts provided with guidance, and the broker envisages accelerated maintenance on A320/321neo engines after the manufacturer announced issues.

EPS forecasts fall -2.4% in FY24; -5.3% in FY25; and -2.4% in FY26.

Neutral rating retained. Target price inches up to NZ$7.90 from $NZ7.87, as lower forecast volumes are offset by roll-forward valuations.

This report was published on October 18, 2023.

Current Price is $6.99. Target price not assessed.
Current consensus price target is $7.85, suggesting upside of 13.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 13.13 cents and EPS of 16.46 cents.
At the last closing share price the estimated dividend yield is 1.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of N/A.
Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 38.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 14.79 cents and EPS of 18.49 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.7, implying annual growth of 15.6%.
Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 33.4.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
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: $5.88

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

Challenger's September-quarter update revealed strong growth in its annuity book, observes Goldman Sachs, thanks to the Aware lifetime annuity sales, and a shift to higher margin longer term productions. Funds Management FUM was steady over the quarter.

The company's capital position deteriorated more than the broker expected as the company raised its investment portfolio risk, shifting from cash and liquids into other options in a bid to drive higher margins and return on equity.

Goldman Sachs notes guidance was not raised.

Buy rating retained. Target pice rises 10% to $7.05 from $6.89.

This report was published on October 17, 2023.

Target price is $7.05 Current Price is $5.88 Difference: $1.17
If CGF meets the Goldman Sachs target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $6.73, suggesting upside of 15.3%(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 3.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.3, implying annual growth of 19.3%.
Current consensus DPS estimate is 24.9, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 11.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 25.00 cents and EPS of 62.00 cents.
At the last closing share price the estimated dividend yield is 4.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.1, implying annual growth of 13.5%.
Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 10.2.

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

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

Challenger's September-quarter annuity sales outpaced Jarden's forecasts by 24%, hitting a record $2.15bn, thanks largely to $407m of one-year institutional annuity sales, observes the broker. Retail annuities eased -4%.

The mix in both retail and situation moved to long-term over short-term sales. The broker calculates that the "lifetime" value of sales over the September quarter could be 80% above the previous corresponding period.

Jarden expects the good times to continue given forecasts of stronger-for-longer interest rates and forecasts a 7% compound annual growth rate for the annuity book over the medium-term, and stronger margins.

The broker believes the company is positioned to deliver double-digit EPS growth over FY24 and FY25 and observes the company's price-earnings multiple is undemanding.

Overweight rating and $7.25 target price retained. 

This report was published on October 17, 2023.

Target price is $7.25 Current Price is $5.88 Difference: $1.37
If CGF meets the Jarden target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $6.73, suggesting upside of 15.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 23.30 cents and EPS of 54.10 cents.
At the last closing share price the estimated dividend yield is 3.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.3, implying annual growth of 19.3%.
Current consensus DPS estimate is 24.9, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 11.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 25.80 cents and EPS of 60.60 cents.
At the last closing share price the estimated dividend yield is 4.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.1, implying annual growth of 13.5%.
Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 10.2.

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

CSL    CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $236.80

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

CSL reiterated all FY24 targets and mid-term guidance at the company's capital markets day and Goldman Sachs feels near-term margin risk is skewed to the upside.

Management expects further modest return on invested capital (ROIC) dilution in FY24 before ongoing improvement towards 20% by FY30. The company noted plasma collections are back on track and reiterated confidence in the trajectory of underlying patient demand.

Despite numerous references to vaccine fatigue, management suggested the drop in demand should normalise over a three-year-period, based on similar fatigue following the H1N1 (swine flu) pandemic in 2009.

The broker feels near-term performance for Vifor may track below expectations, only because the company's compound annual growth rate (CAGR) target was not explicitly reiterated.

The $296 target and Neutral rating are unchanged.

This report was published on October 17, 2023.

Target price is $296.00 Current Price is $236.80 Difference: $59.2
If CSL meets the Goldman Sachs target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $329.70, suggesting upside of 39.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 424.51 cents and EPS of 871.59 cents.
At the last closing share price the estimated dividend yield is 1.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 980.9, implying annual growth of N/A.
Current consensus DPS estimate is 428.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 24.0.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 478.70 cents and EPS of 979.98 cents.
At the last closing share price the estimated dividend yield is 2.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1258.6, implying annual growth of 28.3%.
Current consensus DPS estimate is 552.2, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 18.7.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

FMG    FORTESCUE METALS GROUP LIMITED

Iron Ore – Overnight Price: $20.81

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

Key takeaways for Goldman Sachs from the recent investor tour hosted by Fortescue Metals included unchanged FY24 iron ore production guidance of 192-197mt.

This target remains in place, despite -2mt less iron ore from the Iron Bridge magnetite project, due partly to plant rectification works in the September quarter, explain the analysts.

Execution and ramp-up risks at this project over FY24, and now Gabon iron ore in FY24 and FY25, are partly responsible for the broker's Sell rating.

From FY24 onwards, the analysts assume a reduction in dividend payout ratio to around 50%, from circa 65% in the 2H of FY23, and the broker increases its gross gearing forecast to more than 30% by FY27.

The target falls to $16.20 from $16.50.

This report was published on October 17, 2023.

Target price is $16.20 Current Price is $20.81 Difference: minus $4.61 (current price is over target).
If FMG meets the Goldman Sachs target it will return approximately minus 22% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $17.65, suggesting downside of -16.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 106.88 cents and EPS of 192.68 cents.
At the last closing share price the estimated dividend yield is 5.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 231.2, implying annual growth of N/A.
Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 7.6%.
Current consensus EPS estimate suggests the PER is 9.1.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 69.25 cents and EPS of 140.00 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 188.7, implying annual growth of -18.4%.
Current consensus DPS estimate is 137.3, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 11.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

HUB    HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $31.19

Jarden rates ((HUB)) as Neutral (3) –

Hub24's September-quarter flows recovered from a weak June half, observes Jarden, adding the company's pipeline is solid,

Given improving retail trends and the company's $4bn transition into Equity Holdings ((EQT)) institutional (now expected a touch later in the March quarter), Jarden considers the company's net fund flow to be supported for FY24.

EPS forecasts ease -1% to reflect the timing changes on Equity Holdings.

Despite a strong earnings outlook, the broker considers the company's share price to be toppy.

Neutral rating and $31.90 target retained.

This report was published on October 17, 2023.

Target price is $31.90 Current Price is $31.19 Difference: $0.71
If HUB meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $35.77, 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 35.30 cents and EPS of 78.10 cents.
At the last closing share price the estimated dividend yield is 1.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.8, implying annual growth of 73.6%.
Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 37.9.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 45.50 cents and EPS of 100.70 cents.
At the last closing share price the estimated dividend yield is 1.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.9, implying annual growth of 26.7%.
Current consensus DPS estimate is 43.4, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 29.9.

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 ((HUB)) as Downgrade to Market Weight from Overweight (3) –

From a quarterly update from Hub24, the company's core net fund flows exceeded Wilsons' expectations at $2.8bn compared to an expected $2.3bn, while a record number of new distribution agreements were also signed in the period. 

Despite positives, the $4bn Equity Holdings ((EQT)) transition is expected to commence in the third quarter, with a majority to impact on the second half. 

With the share price having lifted 40% since Wilsons' initiation, the broker's enthusiasm is tempered driving a rating downgrade. The rating is downgraded to Market Weight from Overweight and the target price decreases to $33.66 from $34.81.

This report was published on October 18, 2023.

Target price is $33.66 Current Price is $31.19 Difference: $2.47
If HUB meets the Wilsons target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $35.77, suggesting upside of 14.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 41.50 cents and EPS of 88.90 cents.
At the last closing share price the estimated dividend yield is 1.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.8, implying annual growth of 73.6%.
Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 37.9.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 54.00 cents and EPS of 118.10 cents.
At the last closing share price the estimated dividend yield is 1.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.9, implying annual growth of 26.7%.
Current consensus DPS estimate is 43.4, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 29.9.

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

IMM    IMMUTEP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.33

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

Wilsons believes the high PD-L1 expressers were the standout for Immutep's new updated data for TACTI-002 and Insight-003 trials in first line non-small cell lung cancer. 

Median overall survival (OS) of 38.8 months almost doubled current treatment alternatives, explains Wilsons.

This increased survival superiority, should it be replicated in the upcoming Phase III program (TACTI-004), would support the emergence of Efti as a revolutionary new immuno-oncology (IO) combination therapy option for current anti-PD-1 blockbusters, in the broker's opinion.

Efti is a soluble LAG-3 protein being tested in combination with Merck & Co's anti-PD-1 therapy Keytruda (pembrolizumab).

No changes are made to the analyst's forecasts and the Overweight rating and 90c target are unchanged.

Note: at the time of writing on October 23, shares of Immutep are up over 20% on a further announcement on overall survival rates.

This report was published on October 17, 2023.

Target price is $0.90 Current Price is $0.33 Difference: $0.57
If IMM meets the Wilsons target it will return approximately 173% (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

JAN    JANISON EDUCATION GROUP LIMITED

Education & Tuition – Overnight Price: $0.24

Wilsons rates ((JAN)) as Downgrade to Market Weight from Overweight (3) –

Poor results in ICAS and PBTS assessments continue to weigh on Janison Education's growth outlook, says Wilsons.

With the annual ICAS period largely concluded, the broker is left disappointed by lower margin testing despite school conditions largely normalising. 

 While more encouraged by performance in the core assessment platform, Wilsons feels these results have been dragged down by legacy contracts. 

The rating is downgraded to Market Weight from Overweight and the target price decreases to 30 cents from 61 cents.

This report was published on October 18, 2023.

Target price is $0.30 Current Price is $0.24 Difference: $0.06
If JAN meets the Wilsons target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.60.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.67.

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

JHX    JAMES HARDIE INDUSTRIES PLC

Building Products & Services – Overnight Price: $39.31

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

Goldman Sachs downgrades its earnings estimates for James Hardie Industries to reflect forecasts from the broker's US Builders' team and changes to its Australian housing model.

Forecasts for US starts  are cut -8% for 2023 and -2% for 2024, while Australian starts are revised down -3% and -8%.

Buy rating retained. Target price eases to $50.90 from $51.70.

This report was published on October 17, 2023.

Target price is $51.70 Current Price is $39.31 Difference: $12.39
If JHX meets the Goldman Sachs target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $50.74, suggesting upside of 28.7%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 210.75 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 230.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.1.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 237.84 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 260.7, implying annual growth of 13.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.1.

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

LTR    LIONTOWN RESOURCES LIMITED

New Battery Elements – Overnight Price: $1.80

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

While Albemarle has confirmed to Liontown Resources its favourable view of the Kathleen Valley project and Liontown’s management, the proposal to acquire the company has been withdrawn.

Wilsons feels the 19.9% stake accumulated by Hancock Prospecting contributed to the ‘growing complexities’ cited by Albemarle.

The broker makes no changes to earnings forecasts at present and the $2.90 target and Market Weight rating are unchanged. 

[It should be noted Wilsons research was penned prior to a subsequent capital raise and the securing of additional debt facilities by Liontown Resources].

This report was published on October 17, 2023.

Target price is $2.90 Current Price is $1.80 Difference: $1.1
If LTR meets the Wilsons target it will return approximately 61% (excluding dividends, fees and charges).
Current consensus price target is $2.50, suggesting upside of 39.4%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is -1.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY25:

Current consensus EPS estimate is 7.8, 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 22.9.

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

MAQ    MACQUARIE TECHNOLOGY GROUP LIMITED

Telecommunication – Overnight Price: $62.86

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

Petra Capital sees Macquarie Technology's Macquarie Park as already being "well advanced as a global destination for data centre traffic", while the IC3 Super West facilty, expected to gain development approval later this year, could provide a material earnings lift from FY27.

The broker considers Macquarie Technology a multi-year growth story, expecting the company will benefit from ongoing structural tailwinds that include a move to digitilisation and increasing data usage. 

The broker initiates with a Buy rating and a target price of $77.50.

This report was published on October 18, 2023.

Target price is $77.50 Current Price is $62.86 Difference: $14.64
If MAQ meets the Petra Capital target it will return approximately 23% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 108.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 58.04.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 124.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.45.

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

MFG    MAGELLAN FINANCIAL GROUP LIMITED

Wealth Management & Investments – Overnight Price: $6.40

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

Magellan Financial's 100%-owned Magellan Global Fund is aiming for a unit holder meeting in the 1H of 2024.

Management's objective is to push for a conversion of closed class units to open class in the hope of addressing a trading discount to net asset value (NAV).

The broker believes the discount is around -8% at present, and while this potential move would be positive for unit holders, it could also be a catalyst for further outflows at the more attractive price.

The Neutral rating and $7.55 target for Magellan Financial remains.

This report was published on October 17, 2023.

Target price is $7.55 Current Price is $6.40 Difference: $1.15
If MFG meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $8.99, suggesting upside of 38.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 52.00 cents and EPS of 75.00 cents.
At the last closing share price the estimated dividend yield is 8.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.8, implying annual growth of -22.2%.
Current consensus DPS estimate is 59.9, implying a prospective dividend yield of 9.2%.
Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 35.80 cents and EPS of 58.10 cents.
At the last closing share price the estimated dividend yield is 5.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.0, implying annual growth of -7.5%.
Current consensus DPS estimate is 54.2, implying a prospective dividend yield of 8.3%.
Current consensus EPS estimate suggests the PER is 9.0.

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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Jarden rates ((MFG)) as Neutral (3) –

After Magellan Financial's disappointing September-quarter result, Jarden conducts a deep dive and advises the company still has a way to go before stabilising.

The broker considers Australian Equities Funds Under Management will be safe over the next one to two years, but says Global Equities remains a challenge and spies risk in Infrastructure, despite recent support.

Outflow assumptions deteriorate by -4% to -6% to -20% for FY24; and -11% for FY25. EPS forecasts fall -2% in FY24; and -12% in FY25.

Neutral rating retained. Target price falls to $7.45 from $8.90.

This report was published on October 18, 2023.

Target price is $7.45 Current Price is $6.40 Difference: $1.05
If MFG meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $8.99, suggesting upside of 38.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 57.70 cents and EPS of 78.20 cents.
At the last closing share price the estimated dividend yield is 9.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.8, implying annual growth of -22.2%.
Current consensus DPS estimate is 59.9, implying a prospective dividend yield of 9.2%.
Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 44.90 cents and EPS of 76.10 cents.
At the last closing share price the estimated dividend yield is 7.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.0, implying annual growth of -7.5%.
Current consensus DPS estimate is 54.2, implying a prospective dividend yield of 8.3%.
Current consensus EPS estimate suggests the PER is 9.0.

Market Sentiment: 0.1
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: $4.79

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

Jarden observes Australia's airlines were able to lower their break-even load factors during covid by -31%, making them more sustainably competitive.

The broker notes Qantas Airways' share price has fallen -20% since its FY23 results, despite Australian domestic capacity having nearly recovered to pre-covid levels and load factors remaining strong.

Jarden considers earnings concerns over the environment and operating costs to be overblown.

Overweight rating and $6.90 target price retained.

This report was published on October 17, 2023.

Target price is $6.90 Current Price is $4.79 Difference: $2.11
If QAN meets the Jarden target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $7.38, suggesting upside of 55.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 85.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 101.1, implying annual growth of 5.3%.
Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 4.7.

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 10.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.1, implying annual growth of 4.9%.
Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 4.5.

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

RIO    RIO TINTO LIMITED

Bulks – Overnight Price: $111.85

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

From a recent visit to Rio Tinto's Pilbara iron ore operations, Goldman Sachs has determined the division's turnaround continues and ongoing improvement in mining rates looks to lift shipments slightly in 2024.

For the broker, the trip highlighted the opportunity in Rio Tinto's 7bn tonne high grade deposit Rhodes Ridge project. The broker expects the more than 80m tonne per annum development of the site could be significant for the company, lifting system capacity.

The broker further feels the Rhodes Ridge project could help Rio Tinto close the free cash flow per tonne gap with competitor BHP Group ((BHP)). 

The Buy rating is retained and the target price decreases to $126.20 from $126.90.

In a subsequent follow-up report, Rio Tinto's September-quarter result met Goldman Sachs' forecasts thanks to a recovery at the Kennecott mine and increased mill throughput at Escondida and a strong performance from the aluminium business.

Management expects the ramp-up for the Kennecott smelter and refinery to be finished by year-end and advises Oyu Tolgoi is on track. No update was provided on the Arizona Resolution Copper project with the court case with the Apache Stronghold continuing.

Buy rating retained. Target price inches up to $126.5 from $126.2.

This latest report was published on October 17, 2023.

This report was published on October 17, 2023.

Target price is $126.50 Current Price is $111.85 Difference: $14.65
If RIO meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $119.75, suggesting upside of 6.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 587.08 cents and EPS of 981.48 cents.
At the last closing share price the estimated dividend yield is 5.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1101.0, implying annual growth of N/A.
Current consensus DPS estimate is 639.3, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 10.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 556.98 cents and EPS of 862.56 cents.
At the last closing share price the estimated dividend yield is 4.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1179.0, implying annual growth of 7.1%.
Current consensus DPS estimate is 712.4, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 9.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SDR    SITEMINDER LIMITED

Travel, Leisure & Tourism – Overnight Price: $4.00

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

A recent investor day hosted by SiteMinder focused on the opportunities within the company's new Smart Platform strategy. With hotel industry revenue management lagging other industries, Goldman Sachs finds SiteMinder well-placed to benefit as the industry evolves.

Of note, according to Goldman Sachs, is Dynamic Renenue Plus (DR+), which looks to launch from mid-2024 and conservatively claims to improve hotelier revenue outcomes by more than 15%.

With the company likely pricing this at a 1% take, Goldman Sachs calculates a $600m revenue opportunity in the existing customer base. 

The Neutral rating and target price of $4.60 are retained.

This report was published on October 16, 2023.

Target price is $4.60 Current Price is $4.00 Difference: $0.6
If SDR meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $5.39, suggesting upside of 36.7%(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 minus 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 36.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.9, 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 N/A.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 100.00.

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 N/A.

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

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Jarden rates ((SDR)) as Buy (1) –

At SiteMinder's investor day, management announced two new products: Dynamic Revenue Management (DR+) and Channel Management (CM+).

DR+ is for hoteliers and provides a greater level of delivery of dynamic pricing, rate plans, channels and inventory options, while CM+ enables hotels to access a multiple of channels with one easy click of a button, explains Jarden.

As yet, the broker doesn't include in forecasts any upside from these products and retains a $5.00 target and Buy rating.

This report was published on October 17, 2023.

Target price is $5.00 Current Price is $4.00 Difference: $1
If SDR meets the Jarden target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $5.39, suggesting upside of 36.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 8.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 48.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.9, 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 N/A.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 200.00.

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 N/A.

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

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

Key updates at SiteMinder's investor day supported Wilsons forecasts.

Management announced the launch of Dynamic Revenue Plus (DR+), which utilises the Platform’s data to provide automated recommendations with a simplified workflow across both desktop and mobile.

Wilsons is excited by the potential of DR+, which is expected to garner a percentage of gross booking value (GBV), similar to Demand Plus.

Also, the company aims for a percentage share of online travel agents' (OTAs) commissions via Channels Plus. This initiative will simplify the adoption of non-Tier 1 OTAs (online travel agents) by independent properties via Siteminder, explain the analysts.

The Market Weight rating and $4.65 target are unchanged.

This report was published on October 17, 2023.

Target price is $4.65 Current Price is $4.00 Difference: $0.65
If SDR meets the Wilsons target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $5.39, suggesting upside of 36.7%(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 5.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 67.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.9, 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 N/A.

Forecast for FY25:

Wilsons forecasts a full year FY25 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 4000.00.

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 N/A.

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

SGF    SG FLEET GROUP LIMITED

Vehicle Leasing & Salary Packaging – Overnight Price: $2.29

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

SG Fleet's AGM commentary was upbeat, reports Canaccord Genuity, management observing positive June-quarter trends continued in early FY24 and that the company's order bank is stable despite an uptick in supply.

Both corporate and novated demand have returned good performances to date; EV demand was elevated, advises the company.

Higher disposal volumes were struck on fairly stable prices and Australian new vehicle sales are tracking 16% above the previous corresponding period, observes the broker – all up good news all round.

Buy rating retained. Target price steady at $3.43.

This report was published on October 17, 2023.

Target price is $3.43 Current Price is $2.29 Difference: $1.14
If SGF meets the Canaccord Genuity target it will return approximately 50% (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

SMR    STANMORE RESOURCES LIMITED

Coal – Overnight Price: $3.63

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

Petra Capital spotted another strong operating performance from Stanmore Resources in its September quarter, with saleable coal production exceeding the broker's expectations by 7%. Petra Capital expects the upper end of guidance is easily achieveable.

Given strengthening coking coal prices and lower operating costs, the broker expects cash will continue to build and allow Stanmore Resources flexibility to either pursue accretive merger and acquisitoin opportunities, or pay out higher dividends.

The Buy rating is retained and the target price increases to $5.15 from $4.56.

This report was published on October 18, 2023.

Target price is $5.15 Current Price is $3.63 Difference: $1.52
If SMR meets the Petra Capital target it will return approximately 42% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 23.33 cents and EPS of 102.51 cents.
At the last closing share price the estimated dividend yield is 6.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.54.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 28.90 cents and EPS of 105.37 cents.
At the last closing share price the estimated dividend yield is 7.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.44.

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

SPR    SPARTAN RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.41

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

Spartan Resources has reported on a number of targets at its Dalgaranga gold project, including further solid results from Never Never and a new high grade discovery north of Never Never. 

Canaccord Genuity expects Spartan Resources is adequately funded to complete its exploration program, with the company announcing an expansion to its multi-rig drill program to 32,000 metres from 25,000 metres. 

The Speculative Buy rating and target price of 60 cents are retained.

This report was published on October 17, 2023.

Target price is $0.60 Current Price is $0.41 Difference: $0.19
If SPR meets the Canaccord Genuity target it will return approximately 46% (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 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.56.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 41.00.

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: $0.41

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

With an improved operating environment emerging for Tietto Minerals, Petra Capital feels the company is positioned for an upturn.

The broker finds Tietto Minerals to have a strong balance sheet, alongside cash and bullion of $45.3m, while producing at positive free cash flow.

While year-to-date production has disappointed, Petra Capital is expecting additional diggers now on site to see contractor tonnage increase, and for stockpiles to be built up over the dry season. 

The Buy rating is retained and the target price increases to 73 cents from 66 cents. 

This report was published on October 18, 2023.

Target price is $0.73 Current Price is $0.41 Difference: $0.32
If TIE meets the Petra Capital target it will return approximately 78% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.27.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.13.

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

TWE    TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco – Overnight Price: $11.93

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

Treasury Wine Estates has warned of a 55% second half earnings weighting due to the phasing of Penfolds sales to retain flexibility in the face of reviews on China's tariffs on Australian wine, on the back of gradual improvement in Australian-Chinese relations. 

With guidance remaining on track for high single digit earnings growth over the full year, Goldman Sachs is positioned for 5.8% revenue growth to $2,564m. 

The Buy rating and target price of $13.40 are retained.

This report was published on October 16, 2023.

Target price is $13.40 Current Price is $11.93 Difference: $1.47
If TWE meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $12.79, suggesting upside of 6.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 38.00 cents and EPS of 54.00 cents.
At the last closing share price the estimated dividend yield is 3.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.9, implying annual growth of 52.9%.
Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 22.2.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 44.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 3.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.0, implying annual growth of 13.2%.
Current consensus DPS estimate is 40.8, implying a prospective dividend yield of 3.4%.
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

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

While FY24 earnings (EBIT) guidance was reaffirmed at the Treasury Wine Estates' AGM, management apllied a greater 2H skew, resulting from phased Penfolds shipments. Delays provide flexibility before any potential change in the China tariffs, explains Jarden.

The broker highlights management's guidance does not assume any benefit from a potential easing of tarrifs.

Outside of Penfolds, the analyst notes the company continues to be rewarded for its premiumisation strategy (price rises from Q2) and the re-launch of 19 Crimes in the Americas.

The Overweight rating and $13.50 target are unchanged.

This report was published on October 17, 2023.

Target price is $13.50 Current Price is $11.93 Difference: $1.57
If TWE meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $12.79, suggesting upside of 6.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 43.00 cents and EPS of 55.40 cents.
At the last closing share price the estimated dividend yield is 3.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.9, implying annual growth of 52.9%.
Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 22.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 48.00 cents and EPS of 62.30 cents.
At the last closing share price the estimated dividend yield is 4.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.0, implying annual growth of 13.2%.
Current consensus DPS estimate is 40.8, implying a prospective dividend yield of 3.4%.
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

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The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.

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