Australian Broker Call *Extra* Edition – Oct 31, 2023

This story features 29METALS LIMITED, and other companies. For more info SHARE ANALYSIS: 29M

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)

29M   ACE   AZS   BOE   BPT   CDA (2)   CGS   CMM (2)   COE   CVN   CWY   HLO   LNW   LOT   LRK   LTR   LYC (3)   MAY   NXD   NXS   ORA   PLS (2)   PLT   RGN   SVR   TNE   WGX   WHC  

29M    29METALS LIMITED

Copper – Overnight Price: $0.58

Canaccord Genuity rates ((29M)) as Sell (5) –

Despite a miss from 29Metals's Golden Grove, Canaccord Genuity anticipates recovery in the next quarter. Processed ore increased 9% quarter-on-quarter, but grades disappointed, and lower grades similarly drove a miss on both copper and zinc production. 

With guidance for Golden Grove retained, Canaccord Genuity notes capital expenditure appears to be tracking below guidance. 

Elsewhere, C1 cash costs declined -27% quarter-on-quarter and all-in sustaining costs declined -18% quarter-on-quarter. 

The Sell rating is retained and the target price decreases to 57 cents from 60 cents.

This report was published on October 29, 2023.

Target price is $0.57 Current Price is $0.58 Difference: minus $0.015 (current price is over target).
If 29M meets the Canaccord Genuity target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.83, suggesting upside of 39.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -20.3, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.4, 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: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ACE    ACUSENSUS LIMITED

Transportation & Logistics – Overnight Price: $0.72

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

A strong first quarter from Acusensus, says Canaccord Genuity, with revenues of $12.1m close to in-line with the broker's full year forecast. Among key highlights, the company expanded its Queensland contract by more than $10m over five years. 

Given the sales pipeline, Canaccord Genuity sees potential for Acusensus to double its trailers and units in field over the coming year. The broker finds revenue largely immune to economic cycles, and sees upside risk to growth amid ongoing contract momentum. 

The Buy rating and target price of $1.10 are retained.

This report was published on October 26, 2023.

Target price is $1.10 Current Price is $0.72 Difference: $0.375
If ACE meets the Canaccord Genuity target it will return approximately 52% (excluding dividends, fees and charges).
The company's fiscal year ends in July.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 145.00.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.77.

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

AZS    AZURE MINERALS LIMITED

Mining – Overnight Price: $3.50

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

Azure Minerals has entered into a binding Transaction Implementation Deed with Sociedad Química y Minera de Chile S.A. (SQM), with the latter set to acquire all off the issued capital in Azure Minerals by way of a scheme of arrangement. 

The deed would see Azure Minerals shareholders receive $3.52 per unit, with SQM concurrently making a takeover offer of $3.50 per share. Canaccord Genuity notes this offer acts as a backup should the TID not eventuate.

The Speculative Buy and target price of $3.95 are retained.

This report was published on October 26, 2023.

Target price is $3.95 Current Price is $3.50 Difference: $0.45
If AZS meets the Canaccord Genuity target it will return approximately 13% (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 259.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.35.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 292.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.20.

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

BOE    BOSS ENERGY LIMITED

Uranium – Overnight Price: $4.37

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

Canaccord Genuity is excited to see Boss Energy's Honeymoon closing in on first production during the December quarter. Currently, production of 2.45m pounds per year remains un-contracted, and the broker expects Boss Energy to benefit from declining inventories. 

While the broker had been dubious about Boss Energy's choice to keep production un-contracted throughout construction, it notes spot pricing now sits at US$74 per pound and activity in the term market is at a decade high. 

The Speculative Buy rating and target price of $4.73 are retained.

This report was published on October 26, 2023.

Target price is $4.73 Current Price is $4.37 Difference: $0.36
If BOE meets the Canaccord Genuity target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.54, suggesting upside of 2.8%(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 10.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.0, implying annual growth of 152.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 49.1.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 35.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.3, implying annual growth of 181.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.5.

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

BPT    BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.53

Canaccord Genuity rates ((BPT)) as Upgrade to Hold from Sell (3) –

Despite Beach Energy's September quarter production of 4.5m barrels of oil equivalent missing Canaccord Genuity's expectations, the broker has lifted its full year production forecast. 

As per Canaccord Genuity, the production miss was driven by lower nominations from Otway, and while both Otway and Waitsia remain of concern to the broker, the valuation case and potential higher commodity prices supported a rating upgrade.

The rating is upgraded to Hold from Sell and the target price increases to $1.54 from $1.50.

This report was published on October 26, 2023.

Target price is $1.54 Current Price is $1.53 Difference: $0.005
If BPT meets the Canaccord Genuity target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $1.79, 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 2.00 cents and EPS of 22.10 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.8, implying annual growth of 1.3%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 8.8.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 2.00 cents and EPS of 24.30 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.0, implying annual growth of 51.7%.
Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 5.8.

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

CDA    CODAN LIMITED

Hardware & Equipment – Overnight Price: $7.92

Moelis rates ((CDA)) as Downgrade to Hold from Buy (3) –

Codan's metal detection sales exceeded expectations to date, and Moelis expects strong first half metal detection sales guidance is reflective of ongoing strength in company's new coin and treasure products. 

The broker lifts its metal detection sales 7%, reflecting the strong sales performance to date, and expects segment earnings to grow around 20% over the full year. 

The rating is downgraded to Hold from Buy and the target price increases to $8.25 from $8.10.

This report was published on October 25, 2023.

Target price is $8.25 Current Price is $7.92 Difference: $0.33
If CDA meets the Moelis target it will return approximately 4% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 22.40 cents and EPS of 42.60 cents.
At the last closing share price the estimated dividend yield is 2.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.59.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 25.20 cents and EPS of 48.10 cents.
At the last closing share price the estimated dividend yield is 3.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.47.

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 ((CDA)) as Buy (1) –

Petra Capital has found Codan to deliver a postive start to the new financial year, as better than expected sales from Minelab have more than offset weaker than expected demand for its high frequency market. 

The company updated its guidance, incorporating lower demand for its high frequency products in Africa amid geopolitical instability. Petra Capital expects any potential near-term rating will derive from better than expected earnings, and recovery in African gold detector sales. 

The Buy rating is retained and the target price increases to $9.45 from $9.20.

This report was published on October 26, 2023.

Target price is $9.45 Current Price is $7.92 Difference: $1.53
If CDA meets the Petra Capital target it will return approximately 19% (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 21.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 2.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.86.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 26.50 cents and EPS of 52.60 cents.
At the last closing share price the estimated dividend yield is 3.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.06.

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

CGS    COGSTATE LIMITED

Medical Equipment & Devices – Overnight Price: $1.49

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

Not only was Cogstate's first quarter largely in line with Canaccord Genuity's expectations, the company outlined a near- and medium-term positive contract growth outlook. 

The company added $8m in new contracts, but on a run-rate remains below contract adds achieved in the first half of FY23 amid recovery from a slow six months to June. It leaves Cogstate with a contracted revenue backlog for the financial year of $27.7m.

The Buy rating and target price of $2.10 are retained.

This report was published on October 26, 2023.

Target price is $2.10 Current Price is $1.49 Difference: $0.61
If CGS meets the Canaccord Genuity target it will return approximately 41% (excluding dividends, fees and charges).

This company reports in USD. 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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $4.69

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

Capricorn Metals's September production met forecasts but sales disappointed both consensus and Goldman Sachs due to timing issues.

All-in-sustaining costs outpaced consensus and the broker's expectations. FY24 guidance was retained. The company closed the quarter with cash and gold on hand of $134m, of which gold constituted $20m.

Permitting at Mt Gibson was on track and the company expects all approvals to be finalised by the December quarter, pending hydro geological modelling and other studies, and contracting for construction on the accommodation village is also expected to begin.

Neutral rating retained. Target price is $4.15, compared with $4.40 on September 12. 

This report was published on October 25, 2023.

Target price is $4.15 Current Price is $4.69 Difference: minus $0.54 (current price is over target).
If CMM meets the Goldman Sachs target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 32.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.66.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 20.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.45.

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 ((CMM)) as Overweight (2) –

Despite sheduled elevated waste movements during the 1Q, which may have weighed on Capricorn Metals' result, Jarden was pleasantly surprised by a small beat on production against the broker's forecast.

A highlight for the analysts was the addition of  $23.3m of cash for a quarter-end balance of $133.6m, which is expected to grow to  $190m by the close of FY24.

Unchanged FY23 gold production guidance of 115-125koz looks comfortably achievable, in the broker's view.

The target falls to $4.89 from $4.92. Overweight.

This report was published on October 25, 2023.

Target price is $4.89 Current Price is $4.69 Difference: $0.2
If CMM meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
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 24.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.84.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 21.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.71.

Market Sentiment: 0.5
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

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

Despite an in-line 1Q production result for Cooper Energy, Jarden points out two key catalysts for a positive share price re-rating are running behind schedule.

Improvement in Orbost Gas Processing Plant (OGPP) is yet to emerge, while there has been a delay in arrival of the contracted Q7000 vessel for the BMG abandonment program, explain the analysts.

The target eases to 20c from 21c. Overweight.

This report was published on October 25, 2023.

Target price is $0.20 Current Price is $0.10 Difference: $0.1
If COE meets the Jarden target it will return approximately 100% (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:

Jarden 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 25.00.

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:

Jarden 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 100.00.

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

CVN    CARNARVON ENERGY LIMITED

Crude Oil – Overnight Price: $0.15

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

There appears potential for Carnarvon Energy to undertake exploration drilling in late 2024 or early 2025, with the company reportedly in discussions to secure drilling slots on a semi-submersible rig to drill up to three wells, likely at key exploration prospects Ara and Starbuck.

While the company issued no update on a final investment decision for Dorado, Jarden states it does expect the stakeholder consultation process will begin soon. The company aims to have Dorado final investment decision ready in the next calendar year.

The Overweight 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 $0.15 Difference: $0.095
If CVN meets the Jarden target it will return approximately 61% (excluding dividends, fees and charges).
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 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 155.00.

Forecast for FY25:

Jarden forecasts a full year FY25 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 77.50.

Market Sentiment: -1.0
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: $2.25

Jarden rates ((CWY)) as Neutral (3) –

Cleanaway Waste Management has provided its maiden guidance for FY24, anticipating underlying earnings of $350m. Given the slight miss versus the consensus forecast of $353m, Jarden is anticipating some modest downgrades. 

The broker lowers its earnings per share forecasts by -1.7% in FY24 and -1.4% in FY25, while slightly upgrading underlying earnings in FY26 to $466m, slightly below company guidance. 

Softening landfill volumes over the financial year to date drove a lower than expected depreciation and amortisation range of $370-390m, compared to consensus of $390m. 

The Neutral rating and target price of $2.60 are retained.

This report was published on October 20, 2023.

Target price is $2.60 Current Price is $2.25 Difference: $0.35
If CWY meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $2.64, suggesting upside of 16.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 4.60 cents and EPS of 7.70 cents.
At the last closing share price the estimated dividend yield is 2.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.22.

How do these forecasts compare to market consensus projections?

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 27.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 5.60 cents and EPS of 9.40 cents.
At the last closing share price the estimated dividend yield is 2.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.94.

How do these forecasts compare to market consensus projections?

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 22.3.

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

HLO    HELLOWORLD TRAVEL LIMITED

Travel, Leisure & Tourism – Overnight Price: $2.26

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

Jarden feels reiteration of FY24 guidance by Helloworld Travel is conservative given a “strong” 1Q with year-on-year rises in total transaction value (TTV) and earnings (EBITDA) of 120% and 216%, respectively. 

Management’s outlook commentary was positive, in the analysts’ view, with logistics expected to deliver 25-30% revenue growth in FY24.

Despite signs of moderating demand for travel, the broker feels the company's shares deserve a higher valuation multiple given exposure to wealthy baby boomers customers, M&A potential and an improving return on invested capital (ROIC) metric.

The Overweight rating and $4.05 target are retained.

This report was published on October 24, 2023.

Target price is $4.05 Current Price is $2.26 Difference: $1.79
If HLO meets the Jarden target it will return approximately 79% (excluding dividends, fees and charges).
Current consensus price target is $3.71, suggesting upside of 61.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 23.30 cents.
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 21.3, implying annual growth of 90.0%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 10.8.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 28.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.5, implying annual growth of 24.4%.
Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 8.7.

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

LNW    LIGHT & WONDER INC

Gaming – Overnight Price: $115.68

Jarden rates ((LNW)) as Buy (1) –

In a strategic move to streamline the business, suggests Jarden, Light & Wonder has completed the (previously announced) purchase of the remaining 17% equity interest in SciPlay Corporation.

Not only will this transaction promote greater collaboration, but also greater access to SciPlay's net cash (currently stranded), allowing better use of funds for future growth, in the analysts' view.

The broker believes data sharing, particularly during the game development cycle, should improve prospects of commercial success.

The Buy rating and $136 target are maintained for Light & Wonder.

This report was published on October 25, 2023.

Target price is $136.00 Current Price is $115.68 Difference: $20.32
If LNW meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 129.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 89.47.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 359.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.14.

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

LOT    LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.22

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

Lotus Resources' scheme of arrangement with A-Cap Energy ((ACB)) has received overwhelming support, and Canaccord Genuity feels with two large-scale growth assets Lotus Resources will find itself differentiated from single-asset juniors, likely increasing customer interest.

The broker describes the merger as combining "two highly complementary and synergistic projects,both located on a similar geological trend under a single, African-focused vehicle which will be exposed to the global uranium thematic", and considers the stock highly attractive.

The Speculative Buy rating and target price of 45 cents are retained.

This report was published on October 26, 2023.

Target price is $0.45 Current Price is $0.22 Difference: $0.23
If LOT meets the Canaccord Genuity target it will return approximately 105% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 27.50.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.43.

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

LRK    LARK DISTILLING CO. LIMITED

Food, Beverages & Tobacco – Overnight Price: $1.48

Moelis rates ((LRK)) as Hold (3) –

Lark Distilling Co has reported first quarter sales of $3.1m, down -26% on the previous comparable period as the company cycled non-recurring higher margin sales and faces a challenging trading environment amid lower consumer confidence. 

Moelis points out Lark Distilling Co had flagged the sales cycling, and  the company expects the mix shift will continue to impact on sales growth into the second quarter, although to a lesser extent. 

The Hold rating is retained and the target price decreases to $1.69 from $1.75.

This report was published on October 25, 2023.

Target price is $1.69 Current Price is $1.48 Difference: $0.21
If LRK meets the Moelis target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 27.41.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 4.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 33.64.

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: $1.64

Jarden rates ((LTR)) as Downgrade to Sell from Underweight (5) –

Jarden downgrades its rating for Liontown Resources to Sell from Underweight and slashes the target price to $1.40 from $3.00 after Albemarle dropped its $3.00/share takeover bid.

The company also announced a funding package comprising debt of $760m, $376m in new equity at an issue price of $1.80/share and an share purchase plan (SPP) of up to $42m.

Following these funding changes, Jarden now assumes an interest rate of 7.5% across all outstanding debt compared to 5.5% previously, resulting in an increase in weighted average cost of capital (WACC) to 11.2% from 10.7%.

This report was published on October 24, 2023.

Target price is $1.40 Current Price is $1.64 Difference: minus $0.24 (current price is over target).
If LTR meets the Jarden target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.35, suggesting upside of 40.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of minus 3.65 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 44.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.6, 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 N/A.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 12.04 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.0, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.6.

Market Sentiment: 0.5
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: $7.07

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

Lynas Rare Earths has been granted a two year extension to its operating license from the Malaysian government, meaning the company will be able to continue importing and processing concentrate from Mt Weld until March 2026.

Canaccord Genuity considers the key short-term benefit of this as alleviating pressure on the Kalgoorlie ramp up. The broker estimate with Kalgoorlie at full run rate, Lynas Rare Earths will have mid-stream cracking and leaching capacity of 15,000 tonnes per annum.

However, the broker sees the ability to increase production as limited by the company's separation and finishing capacity. 

The Buy rating and target price of $8.50 are retained.

This report was published on October 26, 2023.

Target price is $8.50 Current Price is $7.07 Difference: $1.43
If LYC meets the Canaccord Genuity target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $8.33, suggesting upside of 16.4%(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 101.00.

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 33.4.

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 141.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.6, implying annual growth of 159.8%.
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 Buy (1) –

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 $7.07 Difference: $0.03
If LYC meets the Goldman Sachs target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $8.33, suggesting upside of 16.4%(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 44.19.

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 33.4.

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 15.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.6, implying annual growth of 159.8%.
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 Buy (1) –

The Malaysian government has granted Lynas Rare Earths a variation to its operating licence allowing it to continue craking and leaching flotation concentrate at the Lynas Advanced Materials plant until March 2, 2026.

This will allow the company to continue producing its RE carbonate until its WA facility kicks in and the 50% upgrade of the Malaysian facility will now be completed between November and March.

Goldman Sachs believes the Malaysian facility can operate at the minimum 50% capacity and expects an accelerated ramp-up during FY25 and raises FY24 and FY25 production forecasts.

EPS forecasts rise 10% for FY24; 3% for FY25; and fall -4% in FY26.

Rating upgraded to Buy from Neutral. Target price rises to $7.50 from $7.10.

This report was published on October 25, 2023.

Target price is $7.50 Current Price is $7.07 Difference: $0.43
If LYC meets the Goldman Sachs target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $8.33, suggesting upside of 16.4%(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 44.19.

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 33.4.

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 15.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.6, implying annual growth of 159.8%.
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

MAY    MELBANA ENERGY LIMITED

Crude Oil – Overnight Price: $0.07

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

The aim for Melbana Energy in commencing early production at the Aleameda-2 oil field in Cuba is to both stress-test the Cuban logistics chain and provide more subsurface data for a larger future development, explains Petra Capital.

The analyst assumes an initial 5,000b/d development from the early production, followed by a 40,000b/d export project. 

The broker forecasts a long-term Brent oil price of US$90/bbl Brent, and points out for each US$10/bbl improvement the target price for Melbana Energy increases by around 18%.

Buy rating. Target price 21c.

This report was published on October 24, 2023.

Target price is $0.21 Current Price is $0.07 Difference: $0.141
If MAY meets the Petra Capital target it will return approximately 204% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 69.00.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 69.00.

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

NXD    NEXTED GROUP LIMITED

Education & Tuition – Overnight Price: $0.81

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

From its first quarter update, NextEd Group's revenue appears to be tracking in line with Canaccord Genuity's expectations, and the broker expects momentum to improve as the year progresses given potential for improved student retention. 

The company has suggested trends in student retention are improving, expecting its November intake to be marked by both higher numbers of commencing students and lower numbers of finishers relative to September. 

The Buy rating and target price of $1.20 are retained.

This report was published on October 26, 2023.

Target price is $1.20 Current Price is $0.81 Difference: $0.395
If NXD meets the Canaccord Genuity target it will return approximately 49% (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

NXS    NEXT SCIENCE LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.18

Canaccord Genuity rates ((NXS)) as Downgrade to Speculative Buy from Buy (1) –

Following its recent capital raising, Next Science has issued a substantial downgrade to its second half guidance alongside its third quarter result, with revenue down -23% at the midpoint. 

Canaccord Genuity points out new guidance still suggests strong revenue growth in the final period.

In its third quarter, quarterly revenue increases 60% year-on-year, despite being down -10% quarter on quarter, while gross margins recovered to 75%. The broker expects margins to be maintained moving forward. 

The rating is downgraded to Speculative Buy from Buy and the target price decreases to 40 cents from 60 cents.

This report was published on October 26, 2023.

Target price is $0.40 Current Price is $0.18 Difference: $0.215
If NXS meets the Canaccord Genuity target it will return approximately 116% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 9.64 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.92.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 10.69 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.73.

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: $2.47

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

Jarden feels the share market is assuming the Saverglass acquisition by Orora will be value destructive, a viewpoint which ignores reaffirmation of FY24 guidance at the company's AGM.

The broker explains investors are focused on the capital needed for Orora and Saverglass to achieve their emissions reductions target of -48% by 2030, measured against a FY19 baseline.

Saverglass isn't alone in aiming for such emissions reductions, observe the analysts, and industry-wide increased expenditure will likely be supported by appropriate returns and potential co-investment from customers.

The Overweight rating and target price of $3.30 are retained.

This report was published on October 25, 2023.

Target price is $3.30 Current Price is $2.47 Difference: $0.83
If ORA meets the Jarden target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $3.57, suggesting upside of 42.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 16.00 cents and EPS of 21.60 cents.
At the last closing share price the estimated dividend yield is 6.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.44.

How do these forecasts compare to market consensus projections?

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 6.9%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 18.90 cents and EPS of 25.20 cents.
At the last closing share price the estimated dividend yield is 7.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.80.

How do these forecasts compare to market consensus projections?

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 7.6%.
Current consensus EPS estimate suggests the PER is 10.0.

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

PLS    PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $3.82

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

Pilbara Minerals has reported on its September quarter, delivering a miss to Canaccord Genuity's production estimate at 144,000 tonnes but in-line shipping volumes at 146,000 tonnes. 

The broker points out shipping volumes were impacted by unplanned maintenance at Port Hedland. An update to Canaccord Genuity's model results in an earnings forecast reduction of -12% for the full year.

The Buy rating is retained and the target price decreases to $5.00 from $5.10.

This report was published on October 26, 2023.

Target price is $5.00 Current Price is $3.82 Difference: $1.18
If PLS meets the Canaccord Genuity target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $4.69, suggesting upside of 24.4%(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 29.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.6, implying annual growth of -46.7%.
Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 8.8.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 7.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 1.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.9, implying annual growth of 14.8%.
Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 7.7.

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

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Jarden rates ((PLS)) as Upgrade to Buy from Sell (1) –

Jarden increases the target price for Pilbara Minerals to $4.70 from $3.32 and upgrades by four notches in its ratings system to Buy from Sell.

The company is now the preferred ASX-listed lithium exposure under the broker’s coverage.

These changes flow from the analysts embedding further capacity expansions into forecasts for the 100%-owned Pilgangoora project, the third largest hard rock lithium deposit globally.

Management recently released increased resource and reserve estimates for the project.

This report was published on October 24, 2023.

Target price is $4.70 Current Price is $3.82 Difference: $0.88
If PLS meets the Jarden target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $4.69, suggesting upside of 24.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 10.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.6, implying annual growth of -46.7%.
Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 8.8.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 10.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.9, implying annual growth of 14.8%.
Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 7.7.

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

PLT    PLENTI GROUP LIMITED

Business & Consumer Credit – Overnight Price: $0.35

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

While Plenti Group's second quarter trading update was below Wilsons' forecasts at headline origination, improved loan tenure left the loan book in line. 

The broker felt the result was strong, buoyed by loan book quality and sale of debt, but given the continued risk focus Wilsons has adjusted its cash net profit forecasts by 5.0% and -42.3% in FY24 and FY25 respectively. 

The Overweight rating is retained and the target price decreases to 90 cents from $1.10.

This report was published on October 25, 2023.

Target price is $0.90 Current Price is $0.35 Difference: $0.55
If PLT meets the Wilsons target it will return approximately 157% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.29.

Forecast for FY25:

Wilsons forecasts a full year FY25 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 29.17.

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

RGN    REGION GROUP

REITs – Overnight Price: $1.97

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

First quarter sales and leasing metrics for Region Group highlight to Jarden the resilience of the portfolio of assets in an industry backdrop of slowing growth momentum and narrowing leasing spreads. 

Management reiterated FY24 guidance for funds from operations (FFO) and dividends.

Shares are trading at an around -20% discount to net tangible assets (NTA), which is excessive in Jarden’s view, yet there are no short-term share price catalysts with earnings expected to remain under pressure from a higher cost of debt.

Overweight rating. Target $2.65.

This report was published on October 24, 2023.

Target price is $2.65 Current Price is $1.97 Difference: $0.685
If RGN meets the Jarden target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $2.41, suggesting upside of 21.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 13.70 cents and EPS of 15.60 cents.
At the last closing share price the estimated dividend yield is 6.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.5, implying annual growth of N/A.
Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 12.8.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 13.60 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 6.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.5, implying annual growth of N/A.
Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 12.8.

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

SVR    SOLVAR LIMITED

Business & Consumer Credit – Overnight Price: $1.11

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

Solvar has been challenged by net interest margin pressure and challenging New Zealand operating conditions over the last six months, but off the back of the company's first quarter update Canaccord Genuity feels these dynamics are under control and priced in.

Cash collections increased 13% in the period, while revenue lifted 8%. Canaccord Genuity feels trading conditions are playing out as expected, and the company has slightly lifted the bottom end of its net profit guidance. 

The Buy rating and target price of $1.55 are retained.

This report was published on October 26, 2023.

Target price is $1.55 Current Price is $1.11 Difference: $0.435
If SVR meets the Canaccord Genuity target it will return approximately 39% (excluding dividends, fees and charges).

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

TNE    TECHNOLOGY ONE LIMITED

IT & Support – Overnight Price: $14.79

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

Goldman Sachs reiterates its Buy rating heading into the company's FY23 result, believing the company has reached an earnings inflection point not reflected yet in its valuation.

Target price is steady at $18.30. The broker observes despite the underlying growth outlook improving, the shares have actually de-rated in recent months.

This report was published on October 25, 2023.

Target price is $18.30 Current Price is $14.79 Difference: $3.51
If TNE meets the Goldman Sachs target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $15.28, suggesting upside of 3.0%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 19.40 cents and EPS of 31.20 cents.
At the last closing share price the estimated dividend yield is 1.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.8, implying annual growth of 12.0%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 48.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 23.50 cents and EPS of 37.80 cents.
At the last closing share price the estimated dividend yield is 1.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.9, implying annual growth of 13.3%.
Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 42.5.

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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.11

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

Canaccord Genuity considers Westgold Resources on track to meet full year guidance following its September result, with production of 63,100 ounces and all-in sustaining costs of $1,935 per ounce; both in line.

Cash, bullion and liquid investments increased $25m to $217m, with cost performance driven by lower mining costs and sustaining capital expenditure at Starlight, the gas, solar, battery hybrid power stations transition, and ongoing optimisation and efficiency improvements.

The Buy rating is retained and the target price increases to $2.20 from $2.05.

This report was published on October 26, 2023.

Target price is $2.20 Current Price is $2.11 Difference: $0.09
If WGX meets the Canaccord Genuity target it will return approximately 4% (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 3.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 1.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.17.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 3.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 1.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.03.

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

WHC    WHITEHAVEN COAL LIMITED

Coal – Overnight Price: $7.29

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

Whitehaven Coal will buy 100% of the Daunia and Black Water metallurgical coal mines in Queensland from the BHP Group ((BHP)) Mitsubishi Alliance for US$3.5bn cash and a possible US$0.9bn in contingent payments should the met coal price breach a threshold.

The company has secured a new debt facility to help fund the deal.

Goldman Sachs will not include the sale in its modelling until it is closed and estimates the purchase multiple to be 1.6x enterprise value/FY25 earnings (EBITDA). The broker expects the deal will be 70% EPS accretive in FY24.

At first glance, the broker estimates the company will meet medium-term targets at Daunia given it is well capitalised and a simple openoperation, but doubts this will be the case for Blackwater, the difference representing a net present value of about $2bn says the broker.

Whitehaven Coal advised it had plans to smooth capex for its thermal coal pipeline to help manage the balance sheet and advised it also had joint-venture options if necessary. 

EPS forecasts rise 1% in FY24; fall -2% in FY25; and fall -4% in FY26 to reflect the company's September-quarter result, ex the acquisition.

Neutral rating and $7.50 target price retained for now.

This report was published on October 25, 2023.

Target price is $7.50 Current Price is $7.29 Difference: $0.21
If WHC meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $7.64, suggesting upside of 2.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 21.00 cents and EPS of 103.00 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.6, implying annual growth of -68.6%.
Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 7.7.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 15.00 cents and EPS of 73.00 cents.
At the last closing share price the estimated dividend yield is 2.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.1, implying annual growth of 2.6%.
Current consensus DPS estimate is 23.7, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 7.5.

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

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Disclaimer:
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