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

This story features LIFE360 INC, and other companies. For more info SHARE ANALYSIS: 360

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)

360   A11   ALG   BSL (2)   CAI   CIP   COE   CWY   EVT   EXP   GDG (2)   ILU   IMM   KLS   LTR (2)   LYC (2)   NST   NXS   ORA   PME   PNI   QBE   QOR   S32   SYA   TCL   TWE   WSP  

360    LIFE360 INC

Software & Services – Overnight Price: $7.47

Goldman Sachs rates ((360)) as Buy (1) –

Goldman Sachs reiterates its Buy rating on Life360 heading into the company's September-quarter report, believing pre-reported metrics this month have derisked the result.

Under the broker's calculation, the company should hits roughly 100,000 net adds even if conversion rates remain stable, given the company's broadening funnel.

Target price steady at $10.50.

This report was published on October 22, 2023.

Target price is $10.50 Current Price is $7.47 Difference: $3.03
If 360 meets the Goldman Sachs target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.01 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 248.09.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 16.56 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.11.

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

A11    ATLANTIC LITHIUM LIMITED.

New Battery Elements – Overnight Price: $0.41

Wilsons rates ((A11)) as Overweight (1) –

Despite a very modest funding gap, Wilsons considers Atlantic Lithium's Ewoyaa project in Ghana is largely "construction-ready".

This view follows the announcement by management of the Mining License being awarded and finalisation of the fiscal terms for the project.

The Ghanian government's free-carry interest in the project will increase marginally, in the broker's view, to 13% from 10%, and Ewoyaa will be subject to a 10% royalty.

The target falls to 95c from $1.10 and the broker's Overweight rating is unchanged.

This report was published on October 23, 2023.

Target price is $0.95 Current Price is $0.41 Difference: $0.54
If A11 meets the Wilsons target it will return approximately 132% (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 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 102.50.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.

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

ALG    ARDENT LEISURE GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $0.47

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

Canaccord Genuity is banking on a return of international travelers to offset any weakness in domestic leisure spend, which has been already impacted over 2023 by Australians' desire to travel offshore.

Inbound flight capacity continues to improve, notes the analyst, especially from the Chinese mainland, while industry body forecasts suggest solid global travel volume conditions leading into 2024.

One beneficiary could be Ardent Leisure, in the broker's opinion, not only from international visitors but also via new Theme Park attractions.

The company's shares are currently trading below net tangible asset (NTA) backing, according to Canaccord, and management is conducting a buyback. 

The Buy rating and 65c target are maintained.

This report was published on October 24, 2023.

Target price is $0.65 Current Price is $0.47 Difference: $0.175
If ALG meets the Canaccord Genuity target it will return approximately 37% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 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 47.50.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.

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

BSL    BLUESCOPE STEEL LIMITED

Steel & Scrap – Overnight Price: $18.81

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

BlueScope Steel has downgraded December-half earnings (EBIT) guidance, a miss on Goldman Sachs's forecasts.

The culprit: an expected fall in US mini-mill spreads to US$370/t from US$465/t; and the delay of the sale of BlueScope Properties Group to the June half.

Australian EBIT guidance held despite a fall in Port Kembla spot steel spreads to US$100/t, management citing stronger realised pricing and favourable raw materials mix.

The company will provide further information at the AGM on November 21.

Goldman views any retreat in the share price as an opportunity for entry, observing the company is undervalued relative to US peers and believing US and East Asia steel prices have bottomed.

EPS forecasts fall -3% in FY24; are steady in FY25; and fall -1% in FY26. Buy rating retained. Target price falls to $21.6 from $23.70.

This report was published on October 20, 2023.

Target price is $21.60 Current Price is $18.81 Difference: $2.79
If BSL meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $18.80, suggesting downside of -0.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 50.00 cents and EPS of 191.00 cents.
At the last closing share price the estimated dividend yield is 2.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 172.6, implying annual growth of -20.6%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 10.9.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 50.00 cents and EPS of 200.00 cents.
At the last closing share price the estimated dividend yield is 2.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 195.9, implying annual growth of 13.5%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 9.6.

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 ((BSL)) as Overweight (2) –

BlueScope Steel has issued a downgrade to its first half earnings guidance, now expecting to report between $620-670m compared to a previous $700-770m.  At the midpoints, points out Jarden, this reflects a -12.5% decrease.

The downgrade comes amid softer steel spreads in both Asia and the US. In the latter, highlights Jarden, automotive dispatch volumes are being impacted by ongoing strikes, and the company is having to sell production from a fully utilised North Star at lower margins. 

The broker expects there will be no relief in US steel spreads until resolution is reached on automotive strikes. The Overweight rating is retained and the target price decreases to $24.50 from $25.30.

This report was published on October 21, 2023.

Target price is $24.50 Current Price is $18.81 Difference: $5.69
If BSL meets the Jarden target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $18.80, suggesting downside of -0.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 50.00 cents and EPS of 180.80 cents.
At the last closing share price the estimated dividend yield is 2.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 172.6, implying annual growth of -20.6%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 10.9.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 50.00 cents and EPS of 191.20 cents.
At the last closing share price the estimated dividend yield is 2.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 195.9, implying annual growth of 13.5%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 9.6.

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

CAI    CALIDUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.16

Canaccord Genuity rates ((CAI)) as Hold (3) –

Global lithium producer Sociedad Química y Minera de Chile S.A (SQM) will acquire a 40% interest in the Calidus Resources and Haoma Mining joint venture, Pirra Lithium Limited. Calidus Resources will retain a 40% stake in the joint venture, with Haoma Mining's interest reducing to 20%. 

Canaccord Genuity points out SQM will acquire an initial 30% interest from Haoma Mining, with the additional 10% to come from funding exploration to the tune of $3m. 

The Hold rating and target price of 15 cents are retained.

This report was published on October 23, 2023.

Target price is $0.15 Current Price is $0.16 Difference: minus $0.01 (current price is over target).
If CAI meets the Canaccord Genuity target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.67.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.33.

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

CIP    CENTURIA INDUSTRIAL REIT

REITs – Overnight Price: $2.83

Moelis rates ((CIP)) as Buy (1) –

In line with June 2023 book values, -$70m of assets were divested by Centuria Industrial REIT during the September quarter, leaving gearing at around 32%, according to Moelis.

Releasing spreads increased to 48% in the quarter, while occupancy rose by 60bps to 98.6%. Ongoing market rental growth continues to limit downside risk to the REIT's net tangible assets (NTA), in the analyst's view.

Management reaffirmed FY24 guidance for funds from operations (FFO) and dividends of 17cpu and 16cpu, respectively.

Moelis makes only minor changes to its earnings forecasts. The target falls to $3.52 from $3.62. Buy. 

This report was published on October 24, 2023.

Target price is $3.52 Current Price is $2.83 Difference: $0.69
If CIP meets the Moelis target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $3.38, suggesting upside of 19.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 16.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 5.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.1, implying annual growth of N/A.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 16.20 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 5.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.2, implying annual growth of 0.6%.
Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 16.5.

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

COE    COOPER ENERGY LIMITED

Crude Oil – Overnight Price: $0.10

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

Cooper Energy's 1Q production was a slight beat compared to Canaccord Genuity's forecast. While Orbost remains challenging, flat quarter-on-quarter production was achieved, with Otway performance taking a step up.

The average realised gas price of $8.30/GJ was a significant miss versus the broker's $8.80/GJ forecast.

The Speculative Buy rating is maintained and the target slips to 25c from 26c due to potentially higher costs at the discontinued Basker Manta Gummy (BMG) operation, explains Canaccord.

This report was published on October 24, 2023.

Target price is $0.25 Current Price is $0.10 Difference: $0.15
If COE meets the Canaccord Genuity target it will return approximately 150% (excluding dividends, fees and charges).
Current consensus price target is $0.18, suggesting upside of 76.7%(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 minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 50.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.6, 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 16.7.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.1, implying annual growth of 83.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.1.

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

CWY    CLEANAWAY WASTE MANAGEMENT LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.29

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

Goldman Sachs incorporates Cleanaway Waste Management's FY24 earnings guidance into its model, resulting in downward revisions to EPS.

While the broker observes the company is well placed to take advantage of the waste-to-energy trend long-term, margins continue to suffer near term given the tight labour market and cost inflation.

Neutral rating retained. Target price falls -4% to $2.70.

This report was published on October 20, 2023.

Target price is $2.70 Current Price is $2.29 Difference: $0.41
If CWY meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $2.64, suggesting upside of 15.1%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 8.4, implying annual growth of 757.1%.
Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 27.3.

Forecast for FY25:

Current consensus EPS estimate is 10.2, implying annual growth of 21.4%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 22.5.

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

EVT    EVT LIMITED

Travel, Leisure & Tourism – Overnight Price: $10.44

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

EVT Ltd has demonstrated the benefit of diversification at its annual general, says Jarden, with strength in its cinema and hotel businesses able to offset a poor snow season at Thredbo. 

The company reported a record quarter for entertainment earnings driven by the 'Barbenheimer' phenomenon, up 190.6% year-on-year, while hotel earnings lifted 3.3% year-on-year. 

Jarden understands some investors continue to see cinema as a liability, but the broker expects a period of unconstrained earnings is ahead, once production in the US is able to continue. 

The Overweight rating and target price of $12.46 are retained.

This report was published on October 22, 2023.

Target price is $12.46 Current Price is $10.44 Difference: $2.02
If EVT meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 43.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.94.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 52.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.92.

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

EXP    EXPERIENCE CO LIMITED

Travel, Leisure & Tourism – Overnight Price: $0.20

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

Canaccord Genuity is banking on a return of international travelers to offset any weakness in domestic leisure spend, which has been already impacted over 2023 by Australians' desire to travel offshore.

Inbound flight capacity continues to improve, notes the analyst, especially from the Chinese mainland, while industry body forecasts suggest solid global travel volume conditions leading into 2024.

The broker anticipates significant earnings capacity within Experience Co's asset base and scope for material inorganic (M&A) growth.

Buy and 33c target retained.

This report was published on October 24, 2023.

Target price is $0.33 Current Price is $0.20 Difference: $0.125
If EXP meets the Canaccord Genuity target it will return approximately 61% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.55 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.27.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.01 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.20.

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

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $1.55

Moelis rates ((GDG)) as Buy (1) –

Moelis assesses strong 1Q investment bond flows for Generation Development, with superannuation changes expected to provide a further tailwind from the 2H. 

Momentum may be building from recent investments in product and distribution, suggests the broker. A 10% increase in active financial advisers was announced at recent FY23 results.

Lonsec recorded around $100m per month net funds under management (FUM) growth across the 1Q, down from the around $200m per month in the 4Q of FY23.

The analyst attributes the fall in FUM to both absolute market performance and investor preference shifting to cash-like exposures. 

Investment bond flows should remain strong across FY24, according to management, supported by growing inbound interest related to the proposed tax changes to superannuation.

Moelis retains a Buy rating and $1.97 target, after increasing the FY24 profit forecast by only 1% due to the stronger bond inflows.

This report was published on October 24, 2023.

Target price is $1.97 Current Price is $1.55 Difference: $0.42
If GDG meets the Moelis target it will return approximately 27% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 2.30 cents and EPS of 5.60 cents.
At the last closing share price the estimated dividend yield is 1.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.68.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 2.80 cents and EPS of 6.90 cents.
At the last closing share price the estimated dividend yield is 1.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.46.

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

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Petra Capital rates ((GDG)) as No Rating (-1) –

Generation Development's Q1 release revealed investment bonds remain in favour with sales increasing 10% to $149m. Petra Capital explains the sales run-rate is above expectations.

The company continues to educate investors on how investment bonds can be used as an alternative to superannuation, points out the broker.

Petra Capital highlights Lonsec Investment Solutions continues to perform well, whereas the Lifeincome annuities is still regarded as an option value, given only $1m-2m in monthly inflows.

Price target remains at $2.18. Buy. Forecasts adjusted for volatile markets, with ongoing strong interest for investment bonds.

This report was published on October 24, 2023.

Current Price is $1.55. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 2.40 cents and EPS of 5.70 cents.
At the last closing share price the estimated dividend yield is 1.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.19.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 2.60 cents and EPS of 8.70 cents.
At the last closing share price the estimated dividend yield is 1.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.82.

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

ILU    ILUKA RESOURCES LIMITED

Mineral Sands – Overnight Price: $7.21

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

Iluka Resources' September-quarter missed consensus forecasts by -29% and Goldman Sachs by -24% after logging a -50% fall in revenue as both zircon sales and TiO2 feedstock sales disappointed as Chinese demand evaporated.

Achieved prices proved a beat and the broker observes the company's net cash position edged up to $372m. Cash costs were in line with guidance.

Looking forward, the broker expects a doubling in Synthetic Rutile sales and spies resilience in Indian and US markets and holds its positive medium term view that zircon supply shortages will eventually force prices higher.

As such, it believes the sales retreat will be short-lived and expects a recovery in the June half. EPS forecasts fall -12% in 2023 and -5% in 2024; and rise 21% in 2025.

Buy rating retained. Target price falls -4% to $10.80 from $11.30.

This report was published on October 19, 2023.

Target price is $10.80 Current Price is $7.21 Difference: $3.59
If ILU meets the Goldman Sachs target it will return approximately 50% (excluding dividends, fees and charges).
Current consensus price target is $8.88, suggesting upside of 23.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 10.00 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 1.39%.
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 70.8, implying annual growth of -50.8%.
Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 10.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 47.00 cents and EPS of 91.00 cents.
At the last closing share price the estimated dividend yield is 6.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.8, implying annual growth of 16.9%.
Current consensus DPS estimate is 15.6, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 8.7.

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: $0.31

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

New data from Immutep’s Phase II TACTI-002 trial continues to stun, in Wilsons view, showing marked increases in tumour response and survival when the Efti (soluble LAG-3), is added to Merck and Co's top selling Keytruda.

Data showed a more than 18-month benefit over Keytruda alone, which generates more than US$4bn in annual sales. This is in the greatest demonstrated benefit over current standard of care the broker has witnessed, in the absence of added toxicity. 

It's felt Immutep is now well set-up for Phase 111 progression.

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

Only days prior to the current announcement, the broker noted:

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).

This report was published on October 23, 2023.

Target price is $0.90 Current Price is $0.31 Difference: $0.59
If IMM meets the Wilsons target it will return approximately 190% (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

KLS    KELSIAN GROUP LIMITED

Transportation & Logistics – Overnight Price: $6.15

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

Canaccord Genuity is banking on a return of international travelers to offset any weakness in domestic leisure spend, which has been already impacted over 2023 by Australians' desire to travel offshore.

Inbound flight capacity continues to improve, notes the analyst, especially from the Chinese mainland, while industry body forecasts suggest solid global travel volume conditions leading into 2024.

Kelsian Group looks set to benefit from increased international visitors via its Marine & Tourism business, suggests the broker.

Shares have retreated to below $6.00, providing an attractive entry point for investors, believes Canaccord. The Buy rating and $7.60 target are retained.

This report was published on October 23, 2023.

Target price is $7.60 Current Price is $6.15 Difference: $1.45
If KLS meets the Canaccord Genuity target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $7.29, suggesting upside of 18.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 21.00 cents and EPS of 39.00 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.5, implying annual growth of 335.5%.
Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 24.00 cents and EPS of 44.00 cents.
At the last closing share price the estimated dividend yield is 3.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.8, implying annual growth of 10.9%.
Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 14.0.

Market Sentiment: 0.7
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: $1.71

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

Liontown Resources has announced an equity raising of $376m at $1.80 and a $45m share purchase plan.

The company also announced debt facilities commitment of $760m to replace the existing shorter term $300m facility with Ford.

Goldman Sachs considers the company's $350m liquidity buffer prior to the share purchase plan to be prudent for a company of its size and necessary to build the company.

The broker says the capital could be used to accelerate other potential works such as ore sorting, exploration, or increasing mid/downstream capabilities, but remains cautious on upfront mining costs depending on the pace of the ramp-up.

Sell rating and $1.85 target price retained, the broker having already incorporated the prospects of capital raisings in its valuation, and the broker stresses the company's sensitivity to the lithium price.

This report was published on October 19, 2023.

Target price is $1.35 Current Price is $1.71 Difference: minus $0.36 (current price is over target).
If LTR meets the Goldman Sachs target it will return approximately minus 21% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.50, suggesting upside of 45.9%(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 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 570.00.

How do these forecasts compare to market consensus projections?

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:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 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 21.9.

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 ((LTR)) as Upgrade to Overweight from Market Weight (1) –

After Albemarle dropped its $3.00 per share bid, and Liontown Resources raised $376m equity at $1.80 per share, Wilsons responds by lowering its target to $2.30 from $2.90 and upgrades its rating to Overweight from Underweight.

The company also announced a $760m committed debt facility, which included the refinancing of a pre-existing $300m debt facility.

While the equity raise was greater than the analysts had anticipated, it provides an around $350m liquidity and cost overrun buffer. Only eight months away from commissioning, the Kathleen Valley project is now considered heavily de-risked.

This report was published on October 24, 2023.

Target price is $2.30 Current Price is $1.71 Difference: $0.59
If LTR meets the Wilsons target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $2.50, suggesting upside of 45.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 142.50.

How do these forecasts compare to market consensus projections?

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:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 15.40 cents.
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 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 21.9.

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

LYC    LYNAS RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $7.11

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

Lynas Rare Earths reported September quarter production of 1,500 tonnes of NdPr, a miss to Canaccord Genuity's forecasts, and 3,600 tonnes of total rare earth oxide.

Sales of 2,800 tonnes allowed inventory build to continue, which will allow the company to manage sales contracts in coming months as the Kalgoorlie site ramps up and Malaysia undergoes a series of maintenance shutdowns. 

Given the upcoming ramp up and maintenance, the broker lowers its full year NdPr and total rare earth oxide production forecasts by -16% and -18% respectively.

The Buy rating is retained and the target price decreases to $8.50 from $8.80. 

This report was published on October 23, 2023.

Target price is $8.50 Current Price is $7.11 Difference: $1.39
If LYC meets the Canaccord Genuity target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $8.18, suggesting upside of 15.0%(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 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 101.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.4, implying annual growth of -37.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 33.2.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 142.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.0, implying annual growth of 157.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.9.

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

Lynas Rare Earths September-quarter result disappointed Goldman Sachs and consensus forecasts due to lower than expected sales and maintenance at its Advanced Materials Plant in Malaysia.

The company is stockpiling lithium and heavy rare earths given poor demand and weak pricing in a bid to smooth supply.

Lynas closed the quarter with $900m in cash, down -$100m, operating cash flow being offset by development capital expenditure, observes Goldman Sachs.

The broker predicts a ramp-up of the Kalgoorlie Cracking & Leaching project will be finished at the end of FY24 at the earliest. The company has also raised its capex forecast for the Mt Weld expansion to $570m from $500m but the latter is still within the broker's expectations.

EPS forecasts fall. No dividends are forecast.

Buy rating retained. Target price is $7.10, which compares with $6.50 on September 6.

This report was published on October 20, 2023.

Target price is $7.10 Current Price is $7.11 Difference: minus $0.01 (current price is over target).
If LYC meets the Goldman Sachs target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.18, suggesting upside of 15.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.4, implying annual growth of -37.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 33.2.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 47.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.0, implying annual growth of 157.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.9.

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $12.00

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

It is Goldman Sachs's assessment that Northern Star Resources' Q1 report missed forecasts, albeit only "slightly". Maintenance can be held partially responsible, but costs proved slightly higher than expected.

KCGM performed below expectations due to higher waste movements, with the broker explaining lower grades keep the outlook for this operation subdued.

Thunderbox outperformed forecasts. On the combination of all of the above, Goldman Sachs has only made minor adjustments to forecasts. Neutral rating retained on valuation. The broker uses a long term gold price input of US$1700/oz.

Target $11.60.

This report was published on October 20, 2023.

Target price is $11.60 Current Price is $12.00 Difference: minus $0.4 (current price is over target).
If NST 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 $12.60, 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 29.10 cents and EPS of 50.70 cents.
At the last closing share price the estimated dividend yield is 2.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.5, implying annual growth of -0.6%.
Current consensus DPS estimate is 31.8, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 23.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 29.30 cents and EPS of 65.40 cents.
At the last closing share price the estimated dividend yield is 2.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.5, implying annual growth of 33.7%.
Current consensus DPS estimate is 35.6, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 17.8.

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

NXS    NEXT SCIENCE LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.22

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

Two months after providing guidance and raising capital, notes Wilsons, Next Science has slashed 2H revenue expectations by -25%, while presenting 3Q results. Underperformance by the durable medical equipment (DME) business was the culprit.

Revenue of US$5m in the quarter missed the analysts' expectation by -US$2.1m. The company expects positive earnings (EBITDA) in the 2H of FY24.

The analysts feel the market is incorporating the need for a capital raise (at some point) into the current share price.

In reaction to this overall results disappointment, the broker downgrades its rating to Market Weight from Overweight and halves the target price to 29c.

This report was published on October 24, 2023.

Target price is $0.29 Current Price is $0.22 Difference: $0.07
If NXS meets the Wilsons target it will return approximately 32% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 7.53 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.92.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.27 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.18.

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

ORA    ORORA LIMITED

Paper & Packaging – Overnight Price: $2.48

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

Orora management has reiterated FY24 earning guidance; further margin expansion in North America; and cans volume growth in Australasia.

Management acknowledged softness in the glass business.

The Saverglass acquisition is proceeding as planned and Orora expects the deal will be finished by year end and for earnings to start accruing from January.

Buy rating retained. Target price is $3.92, down from $4.20 on September 11.

This report was published on October 19, 2023.

Target price is $3.92 Current Price is $2.48 Difference: $1.44
If ORA meets the Goldman Sachs target it will return approximately 58% (excluding dividends, fees and charges).
Current consensus price target is $3.57, suggesting upside of 44.0%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 22.6, implying annual growth of 10.4%.
Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY25:

Current consensus EPS estimate is 25.0, implying annual growth of 10.6%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 7.7%.
Current consensus EPS estimate suggests the PER is 9.9.

Market Sentiment: 0.4
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: $75.86

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

Pro Medicus has signed a $16m, 8-year contract with South Shore Health, a not-for-profit, and largest independent health system in Southeastern Massachusetts, USA.

Goldman Sachs explains as is typical, the contract is based on a transactional licensing model for Visage 7 (including Workflow and Archive), and the contract is expected to go live in the first half of 2024.

The broker reminds investors South Shore Health's is the third new contract in FY24, and the sixth in 2023. It is considered indicative of Visage finding its way inside smaller institutions.

Pro Medicus is seen as the "clear incumbent technology leader in a growth market with low-risk market share upside", with optionalities, and Goldman Sachs reiterates its Buy rating. Price target unchanged at $88.

This report was published on October 23, 2023.

Target price is $88.00 Current Price is $75.86 Difference: $12.14
If PME meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $63.88, suggesting downside of -15.8%(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 0.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 97.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.3, implying annual growth of 31.3%.
Current consensus DPS estimate is 38.6, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 99.4.

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 0.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 74.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.5, implying annual growth of 30.4%.
Current consensus DPS estimate is 49.8, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 76.2.

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

PNI    PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $7.72

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

Ahead of today's (October 27) AGM for Pinnacle Investment Management, Wilsons reduces its target to $11.40 from $12.30 after lowering market growth forecasts given recent volatility. Recent peer updates to the market were also taken into account.

The broker still sees an attractive medium-term outlook and valuation for the group, and retains an Overweight recommendation. It's felt affiliates present growth opportunities as equity markets recover.

This report was published on October 20, 2023.

Target price is $11.40 Current Price is $7.72 Difference: $3.68
If PNI meets the Wilsons target it will return approximately 48% (excluding dividends, fees and charges).
Current consensus price target is $10.03, suggesting upside of 29.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 34.30 cents and EPS of 43.20 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.9, implying annual growth of 3.9%.
Current consensus DPS estimate is 36.5, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 18.9.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 41.10 cents and EPS of 51.30 cents.
At the last closing share price the estimated dividend yield is 5.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.4, implying annual growth of 18.3%.
Current consensus DPS estimate is 33.8, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 16.0.

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

QBE    QBE INSURANCE GROUP LIMITED

Insurance – Overnight Price: $15.51

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

Goldman Sachs reads through US-based Travelers September-quarter trading update (a miss) to QBE Insurance.

Traveler was hit by large catastrophe losses related to its Homeowners in Personal Insurance and reported concerns in its Business Insurance Segment relating to asbestos reserves, general liability and commercial auto.

The broker observes that US homeowners and commercial programs constitute a large part of QBE Insurance's non-core portfolio, presenting a small but present risk.

Otherwise, Traveler logged higher rates in business inurance and retention was stable, leading the broker to conclude strength exists in commercial through 2024.

Buy rating and $18.09 target price retained.

This report was published on October 20, 2023.

Target price is $18.09 Current Price is $15.51 Difference: $2.58
If QBE meets the Goldman Sachs target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $17.06, suggesting upside of 10.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 90.94 cents and EPS of 140.17 cents.
At the last closing share price the estimated dividend yield is 5.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.5, implying annual growth of N/A.
Current consensus DPS estimate is 102.8, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 10.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 129.93 cents and EPS of 182.48 cents.
At the last closing share price the estimated dividend yield is 8.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 187.3, implying annual growth of 31.4%.
Current consensus DPS estimate is 124.6, implying a prospective dividend yield of 8.0%.
Current consensus EPS estimate suggests the PER is 8.3.

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

QOR    QORIA LIMITED

Software & Services – Overnight Price: $0.19

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

Wilsons assesses a strong 1Q annual recurring revenue (ARR) metric for Qoria (formerly known as FamilyZone), with a $7m increase quarter-on-quarter.

This outcome was largely driven by outperformance in the UK, where the broker notes regulatory tailwinds are conducive to prompt closing of deals.

The analysts suggest this newly invigorated UK market and Texas are potentially pivotal opportunities. In August, Qoria was selected as a strategic partner and a preferred technology provider for Texas schools by the ‘Technology Alliance for Statewide Initiatives’.

The Overweight rating is unchanged and the target rises to 37c from 36c.

This report was published on October 24, 2023.

Target price is $0.37 Current Price is $0.19 Difference: $0.18
If QOR meets the Wilsons target it will return approximately 95% (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 3.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.76.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.64.

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

S32    SOUTH32 LIMITED

Mining – Overnight Price: $3.24

Goldman Sachs rates ((S32)) as Neutral (3) –

Goldman Sachs found South32's quarterly update broadly in line. Production for manganese and alumina proved stronger, with negative offsets from nickel, zinc, met coal and copper, the broker explains.

Net debt did increase by some US$300m to US$780m and the feasibility study into Hermosa has been delayed into Q1 next year, with higher capex guidance.

Goldman Sachs has reduced forecasts in response, taking into account lower future production volumes for nickel and met coal. Price target decreases to $3.20. Neutral.

It is the broker's view the shares are fairly valued vis a vis peers.

This report was published on October 23, 2023.

Target price is $3.20 Current Price is $3.24 Difference: minus $0.04 (current price is over target).
If S32 meets the Goldman Sachs target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.09, suggesting upside of 26.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 9.94 cents and EPS of 24.84 cents.
At the last closing share price the estimated dividend yield is 3.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.8, implying annual growth of N/A.
Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 19.87 cents and EPS of 49.83 cents.
At the last closing share price the estimated dividend yield is 6.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.9, implying annual growth of 55.0%.
Current consensus DPS estimate is 15.7, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 8.8.

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

SYA    SAYONA MINING LIMITED

New Battery Elements – Overnight Price: $0.08

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

Infill and extension drilling at Sayona Mining's Moblan project has confirmed continuous, moderately shallow, thick, high grade mineralisation beyond the exisiting resource.

It is Canaccord Genuity's view Moblan offers significant resource upside potential, and the project's favourable geology and high grades have potential to support favourable economics. The broker feels Sayona Mining is currently being mispriced by the market. 

The Speculative Buy rating and target price of 25 cents are retained.

This report was published on October 23, 2023.

Target price is $0.25 Current Price is $0.08 Difference: $0.169
If SYA meets the Canaccord Genuity target it will return approximately 209% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.09 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.43.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.83 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.76.

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

TCL    TRANSURBAN GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $11.81

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

At first glance, Transurban Group's September-quarter update appears to have met Goldman Sachs's forecasts. Management reiterated FY24 dividend guidance.

Sydney traffic rose 2.2% over the year, Melbourne 3.8%, Brisbane 4% and North America 4.6%. As the broker highlights, Melbourne and North America have yet to recover to pre-covid levels.

Sell rating and $13.50 target price retained.

This report was published on October 19, 2023.

Target price is $13.50 Current Price is $11.81 Difference: $1.69
If TCL meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $14.26, suggesting upside of 20.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 63.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 5.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 56.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.5, implying annual growth of 1174.0%.
Current consensus DPS estimate is 63.3, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 44.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 67.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 5.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 59.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.4, implying annual growth of 22.3%.
Current consensus DPS estimate is 65.1, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 36.5.

Market Sentiment: 0.5
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: $11.97

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

Goldman Sachs reviews Treasury Wine Estates following news China will review Australia's wine tariffs with the potential to remove most over the next five months.

Once this occurs, Australia will drop its challenge (now suspended) to the World Trade Organisation.

The broker sees this as a big plus for the company, observing Treasury Wine Estates's share price peaked at $13.40 prior to the imposition of tariffs, at a time when Penfolds was exporting $400m in wine to China, compared to its June 30 estimate of $30m.

Buy rating and $13.40 target price retained.

This report was published on October 22, 2023.

Target price is $13.40 Current Price is $11.97 Difference: $1.43
If TWE meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $13.08, suggesting upside of 9.2%(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 3.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.17.

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 3.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.00.

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

WSP    WHISPIR LIMITED

Cloud services – Overnight Price: $0.30

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

Whispir has announced commitments for a $3.25m private equity placement and provided a 1Q cash flow report showing a 1% increase in cash receipts, which were unfortunately still down -6.6% on the previous corresponding period.

The broker was surprised by the placement given management, only two months ago at FY23 results, stated there was “no requirement to raise further capital in FY24”.

Additionally, CEO Jeromy Wells announced his resignation and will transition to an Executive Director role next February.

Whispir is “on track to reach free cash flow positive during the 2H of the year”, according to management, and Wilsons believes this goal could be achieved in the final months, or weeks of the financial year.

Market Weight. Target 37c.

This report was published on October 24, 2023.

Target price is $0.37 Current Price is $0.30 Difference: $0.07
If WSP meets the Wilsons target it will return approximately 23% (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

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