Australian Broker Call *Extra* Edition – Nov 09, 2023

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

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)

ALC   APE   ARX (2)   ASG   BGL   CXO   DDR   ERD   IAG   ING (2)   INR   IPD (2)   KED   LGP   MDR   PWR   RSG   SUN   TWE   VHM  

ALC    ALCIDION GROUP LIMITED

Healthcare services – Overnight Price: $0.07

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

Alcidion Group's 1Q results only slightly missed Canaccord Genuity's forecasts but a September 30 cash balance of $6.5m prompted a $5m capital raise and a $1m share purchase plan at 7.5cps.

There were several one-off larger cash costs incurred in the quarter such as FY23 bonuses, annual and software insurance renewals, and a larger GST payment, explains the analyst.

Management retained guidance for positive earnings (EBITDA) and operating cash flow for FY24, with relatively stable costs and scale anticipated beginning in FY25.

The broker's Buy rating is unchanged and the price target falls to 13c from 16c.

This report was published on November 1, 2023.

Target price is $0.13 Current Price is $0.07 Difference: $0.057
If ALC meets the Canaccord Genuity target it will return approximately 78% (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 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 24.33.

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

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $13.47

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

Based on revenue and margin trends across six auto dealers in the US, Jarden reiterates its Overweight stance on ASX-listed dealers in the belief near-term trends will remain "sturdy" in Australia.

The broker notes some challenges in the US for sourcing used vehicles, along with the ongoing slide in used car prices post-covid.

The analysts suggest medium-term services/parts revenues should be underpinned, due to an equivalent cost to repair an EV and ICE vehicle.

The Overweight rating and $16.25 target for Eagers Automotive are maintained.

This report was published on November 1, 2023.

Target price is $16.25 Current Price is $13.47 Difference: $2.78
If APE meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $15.75, suggesting upside of 15.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 66.80 cents and EPS of 111.30 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 113.6, implying annual growth of -6.4%.
Current consensus DPS estimate is 73.5, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 66.90 cents and EPS of 111.40 cents.
At the last closing share price the estimated dividend yield is 4.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.2, implying annual growth of -5.6%.
Current consensus DPS estimate is 69.3, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 12.7.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.80

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

Following an in-line 2Q result for Aroa Biosurgery and unchanged FY24 guidance, Canaccord Genuity notes the key focus will switch to commercial progress for Myriad and the performance of distribution partner TELA Bio.

The broker believes the September 30 cash balance of NZ$34m will suffice for the expanding commercial operations and investment in clinical trials.

Buy rating and $1.50 target maintained. The analyst anticipates long-term sustainable growth prospects in line with ongoing salesforce growth and investment.

This report was published on November 1, 2023.

Target price is $1.50 Current Price is $0.80 Difference: $0.7
If ARX meets the Canaccord Genuity target it will return approximately 87% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.92 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 87.43.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.65 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.57.

This company reports in NZD. 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

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

Aroa Biosurgery has retained guidance for FY24 with the release of the Q2 trading update. Wilsons notes the company is scheduled to report H1 financials on November 28th.

The broker continues to view this company as operating from a strong position. Despite already high expectations, Wilsons toys with the idea that Myriad has the potential to still outperform this year.

Overweight. Target $1.69.

This report was published on November 1, 2023.

Target price is $1.69 Current Price is $0.80 Difference: $0.89
If ARX meets the Wilsons target it will return approximately 111% (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 0.37 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 218.58.

Forecast for FY25:

Wilsons 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 39.74.

This company reports in NZD. 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

ASG    AUTOSPORTS GROUP LIMITED

Automobiles & Components – Overnight Price: $2.33

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

Based on revenue and margin trends across six auto dealers in the US, Jarden reiterates is Overweight stance on  ASX-listed dealers in the belief near-term trends will remain "sturdy" in Australia.

The broker notes some challenges in the US for sourcing used vehicles, along with the ongoing slide in used car prices post-covid.

The analysts suggest medium-term services/parts revenues should be underpinned, due to an equivalent cost to repair an EV and ICE vehicle.

The Overweight rating and $3.45 target for Autosports Group are maintained.

This report was published on November 1, 2023.

Target price is $3.45 Current Price is $2.33 Difference: $1.12
If ASG meets the Jarden target it will return approximately 48% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 20.60 cents and EPS of 35.80 cents.
At the last closing share price the estimated dividend yield is 8.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.51.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 21.10 cents and EPS of 36.70 cents.
At the last closing share price the estimated dividend yield is 9.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.35.

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

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $1.39

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

In an overall review, following 1Q results, Canaccord Genuity notes Bellevue Gold's 1Mtpa processing facility was completed “on schedule and on budget” and the first gold pour was achieved on October 25, in the 2Q.

There was $39m of cash on hand at September 30. The broker forecasts the company will close out 2023 with cash/gold of $34m on hand, and the remaining $10m of its principal facility drawn, while the $25m standby facility should remain undrawn. 

The $1.75 target and Speculative Buy rating are unchanged.

This report was published on November 1, 2023.

Target price is $1.75 Current Price is $1.39 Difference: $0.36
If BGL meets the Canaccord Genuity target it will return approximately 26% (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 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.69.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 24.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.79.

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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.39

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

Spodumene production of 21,000 tonnes at 5.0% from Core Lithium in the first quarter was broadly in line with Goldman Sachs, while cash costs of $904 per tonne were better than the broker had expected. 

The company successfully renegotiated contract specifications with one offtake partner to accept spodumene concentrate with minimum grades of 4.5% lithium, and remains in discussions with its second offtake partner, noting the lower grade may drive a small price discount. 

The Neutral rating is retained and the target price decreases to 37 cents from 42 cents.

This report was published on October 31, 2023.

Target price is $0.37 Current Price is $0.39 Difference: minus $0.015 (current price is over target).
If CXO meets the Goldman Sachs target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.48, suggesting upside of 23.1%(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 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.7, implying annual growth of 885.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 5.8.

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 4.6, implying annual growth of -31.3%.
Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 8.5.

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

DDR    DICKER DATA LIMITED

Hardware & Equipment – Overnight Price: $11.43

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

A solid third quarter trading update from Dicker Data, says Goldman Sachs, with the company reporting revenue of $818m and gross profit margins well above the historical average at 9%. 

While the fourth quarter is typically stronger, the broker warns that PC sales are expected to continue to decline, and a backlog is unlikely to bolster results as much as in the third quarter.

Goldman Sachs finds Dicker Data on track to meet full year profit forecasts. The Neutral rating and target price of $9.35 are retained.

This report was published on October 31, 2023.

Target price is $9.35 Current Price is $11.43 Difference: minus $2.08 (current price is over target).
If DDR meets the Goldman Sachs target it will return approximately minus 18% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 43.40 cents and EPS of 44.60 cents.
At the last closing share price the estimated dividend yield is 3.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.63.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 47.50 cents and EPS of 48.80 cents.
At the last closing share price the estimated dividend yield is 4.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.42.

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

ERD    EROAD LIMITED

Transportation & Logistics – Overnight Price: $0.65

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

Canaccord Genuity highlights ongoing momentum for contract wins, with Eroad's 2Q trading update showing near-record unit growth of around 8,000 net new fleet transport management units to 235,000 units.

The focus for the North American division is on the successful rollout for Sysco, the world's largest food services company, which is currently around 50% complete.

Recent contract wins in A&NZ will help underpin ongoing growth into H2, suggest the analysts.

The broker retains a Buy rating though reduces the target to NZ$1.50 from NZ$$2.55 after incorporating the recent $50m share placement at NZ$0.70c/share.

Management expects the business will be free cash flow (FCF) neutral in FY25 and generate more than $20m in FY26. First half results are due on November 30.

This report was published on November 1, 2023.

Current Price is $0.65. Target price not assessed.
The company's fiscal year ends in March.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.28 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 234.66.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.33 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.52.

This company reports in NZD. 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

IAG    INSURANCE AUSTRALIA GROUP LIMITED

Insurance – Overnight Price: $5.72

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

Jarden retains a positive view on domestic general insurers due to a more favourable El Nino weather backdrop, rational industry pricing and new cyclical risk-free rate highs.

Industry feedback indicates ongoing premium rate acceleration post June 2023, with broader market discipline increasingly suggestive of momentum through to next June, explains the broker.

The Overweight rating and $6.15 target are maintained for Insurance Australia Group.

This report was published on November 1, 2023.

Target price is $6.15 Current Price is $5.72 Difference: $0.43
If IAG meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $5.85, suggesting upside of 0.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 26.00 cents and EPS of 36.10 cents.
At the last closing share price the estimated dividend yield is 4.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.8, implying annual growth of 2.6%.
Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 16.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 31.00 cents and EPS of 43.60 cents.
At the last closing share price the estimated dividend yield is 5.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.3, implying annual growth of 12.9%.
Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.8.

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

ING    INGHAMS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $3.97

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

A trading update from Inghams Group has the company guiding to first half earnings of $138m and net profit of $71m, up 29% and 42% respectively on Goldman Sachs' earlier forecasts as the period benefitted from a number of tailwinds. 

The company did note its outlook is dependent on the continuation of current wholesale pricing, which lifted during the first half, as well as sustaining operational improvements. Inghams Group does expect a seasonal earnings decline in the second half. 

The Sell rating is retained and the target price increases to $3.05 from $2.90.

This report was published on October 31, 2023.

Target price is $3.05 Current Price is $3.97 Difference: minus $0.92 (current price is over target).
If ING meets the Goldman Sachs target it will return approximately minus 23% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.73, suggesting downside of -4.1%(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 27.00 cents.
At the last closing share price the estimated dividend yield is 5.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.4, implying annual growth of 80.9%.
Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 13.2.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 20.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 5.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.3, implying annual growth of 3.1%.
Current consensus DPS estimate is 19.8, implying a prospective dividend yield of 5.1%.
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

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

Inghams Group's 1H trading update, which included upgraded underlying earnings (EBITDA) guidance, suggests to Jarden a 22% beat against the consensus forecast for the period.

Following a difficult few years, notes the broker, the business is benefiting from channel mix (wholesale), price increases  and
improved operating efficiency.

Demand remains strong, note the analysts, with volumes growing as supermarkets report strong growth for meat, led by poultry, while labour availability is on the improve and costs are now more predictable.

The broker anticipates further price increases via mix (selling more into higher value channels) and straight price rises, leading to earnings upgrades and strengthening cash flows.

The target rises to $3.90 from $3.56. Overweight.

This report was published on November 1, 2023.

Target price is $3.90 Current Price is $3.97 Difference: minus $0.07 (current price is over target).
If ING meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.73, suggesting downside of -4.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 24.40 cents and EPS of 34.70 cents.
At the last closing share price the estimated dividend yield is 6.15%.
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 29.4, implying annual growth of 80.9%.
Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 13.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 23.60 cents and EPS of 33.60 cents.
At the last closing share price the estimated dividend yield is 5.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.3, implying annual growth of 3.1%.
Current consensus DPS estimate is 19.8, implying a prospective dividend yield of 5.1%.
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

INR    IONEER LIMITED

New Battery Elements – Overnight Price: $0.17

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

The M5 lithium clay unit is one of three different types of mineralisation found at ioneer's Rhyolite Ridge site in Nevada, and contains high-grade lithium, low-grade boron and a high clay content, explains Canaccord Genuity.

The company has signed a Memorandum of Understanding with Korean-based EcoPro Innovation Co Ltd to research, test and develop the unit. 

EcoPro Innovation has agreed to fund and build a commercial scale refining plant to develop the clay, note the analysts, with the aim of supplying the end product lithium materials to the US electric vehicle supply chain.

ioneer's previous -US$785m capex estimate will be revised once the project is approved. Speculative Buy rating and 50c target are retained.

This report was published on November 1, 2023.

Target price is $0.50 Current Price is $0.17 Difference: $0.335
If INR meets the Canaccord Genuity target it will return approximately 203% (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: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

IPD    IMPEDIMED LIMITED

Medical Equipment & Devices – Overnight Price: $0.14

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

ImpediMed's 1Q results were in line with Canaccord Genuity's forecasts with $2m of core SaaS revenues contributing to the $2.5m in
total revenue.

New Sozo devices (19) were sold in the quarter, with more growth anticipated by management as three multi-system contracts were deferred to the 2Q. Critical mass is expected in an additional three-to-six US States in the 2Q.

While the number of contracts with pricing above US$1,500/month is increasing, the analyst cautions the goal of US$2,500/month  across the board could take a few years to attain.

The Buy rating and target price of $0.21 are both retained.

This report was published on November 1, 2023.

Target price is $0.21 Current Price is $0.14 Difference: $0.07
If IPD meets the Canaccord Genuity target it will return approximately 50% (excluding dividends, fees and charges).

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

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

Wilsons is left with mixed feelings after the release of Q1 by ImpediMed. The broker refers to "distractions" that characterised the period.

There's now a fresh board at the helm, with the broker commenting this is a positive but ImpediMed still has much to learn about demand generation, device implementation and service models.

Wilsons does think the company remains positioned for success, also having $42m in the bank.

Overweight. Target 39c.

This report was published on November 1, 2023.

Target price is $0.39 Current Price is $0.14 Difference: $0.25
If IPD meets the Wilsons target it will return approximately 179% (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 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.50.

Forecast for FY25:

Wilsons 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 70.00.

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

KED    KEYPATH EDUCATION INTERNATIONAL INC

Education & Tuition – Overnight Price: $0.28

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

Constant currency revenue of $35.5m for Keypath Education International in the 1Q showed positive momentum, notes Canaccord Genuity, while adjusted earnings (EBITDA) displayed a material turnaround due to higher revenue and tighter costs.

The analyst believes management is tracking in compelling fashion towards guidance for break-even earnings from H2. A $27.1m contribution margin is forecast for FY24, up from the $10.6m achieved in the 1Q.

Guidance for revenue and earnings was unchanged.The Speculative Buy rating and 85c target are retained. 

This report was published on November 1, 2023.

Target price is $0.85 Current Price is $0.28 Difference: $0.565
If KED meets the Canaccord Genuity target it will return approximately 198% (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

LGP    LITTLE GREEN PHARMA LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.13

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

Achieving consistently positive underlying earnings (EBITDA) is less clear following 1Q results by Little Green Pharma, though Canaccord Genuity has a positive outlook for operations in both Germany and France.

After -5% quarter-on-quarter revenue slippage, just the third negative growth quarter since the company listed in early 2020, the broker lowers the target to 20c from 28c. Unexpectedly, underlying gross margins eased by around -1-2%, according to Cannacord's estimate.

While management attributed softer revenue to the timing of deliveries to European customers, the analyst suggests heightened stock levels in Australia continue to weigh on the domestic sector.

The Speculative Buy rating is maintained.

This report was published on November 1, 2023.

Target price is $0.20 Current Price is $0.13 Difference: $0.07
If LGP meets the Canaccord Genuity target it will return approximately 54% (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 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.13.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 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 13.00.

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

MDR    MEDADVISOR LIMITED

Healthcare services – Overnight Price: $0.19

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

While MedAdvisor achieved solid improvement in revenue and gross margins over the 1Q, the overall results were in line with Canaccord Genuity's forecasts. The 39c target and Buy rating are unchanged.

Compared to the previous corresponding period, revenue grew in the US and Australia by 27.3% and 28.9%, respectively, the latter largely due to price, explains the broker. It's felt the US strategy to focus on the higher value pharmaceutical offerings is succeeding.

The company is a key provider of digital medication adherence programs in both countries, and the offering is differentiated from competitors by using pharmacy as the key point of contact with customers, explains Canaccord.

This report was published on November 1, 2023.

Target price is $0.39 Current Price is $0.19 Difference: $0.2
If MDR meets the Canaccord Genuity target it will return approximately 105% (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

PWR    PETER WARREN AUTOMOTIVE HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $2.35

Jarden rates ((PWR)) as Buy (1) –

Based on revenue and margin trends across six auto dealers in the US, Jarden reiterates is Overweight stance on  ASX-listed dealers in the belief near-term trends will remain "sturdy" in Australia.

The broker notes some challenges in the US for sourcing used vehicles, along with the ongoing slide in used car prices post-covid.

The analysts suggest medium-term services/parts revenues should be underpinned, due to an equivalent cost to repair an EV and ICE vehicle.

The Buy rating and $3.30 target for Peter Warren Automotive are maintained.

This report was published on November 1, 2023.

Target price is $3.30 Current Price is $2.35 Difference: $0.95
If PWR meets the Jarden target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $3.40, suggesting upside of 45.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 18.10 cents and EPS of 30.20 cents.
At the last closing share price the estimated dividend yield is 7.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.7, implying annual growth of -12.4%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 8.1%.
Current consensus EPS estimate suggests the PER is 8.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 17.50 cents and EPS of 29.10 cents.
At the last closing share price the estimated dividend yield is 7.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.2, implying annual growth of -1.7%.
Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 8.0%.
Current consensus EPS estimate suggests the PER is 8.3.

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

RSG    RESOLUTE MINING LIMITED

Gold & Silver – Overnight Price: $0.39

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

Despite lower-than-expected 3Q production for Resolute Mining, costs (AISC) were mostly in line with Canaccord Genuity's forecast, reflective of ongoing cost reduction initiatives. 

Production was negatively impacted by grades at Tabakoroni (previously flagged) and lower grades at Syama sulphides due to the mining sequence, explain the analysts. The wet season and unexpected carbonaceous ore at Syama oxides also weighed.

Management recently lowered FY23 guidance to 330-340koz from 350koz mainly because of weaker production from Syama oxides, which was partially offset by a smaller projected capital spend on Syama North in 2024, explains the broker.

The Buy rating is unchanged and the target falls to 95c from $1.00.

This report was published on November 1, 2023.

Target price is $0.95 Current Price is $0.39 Difference: $0.565
If RSG meets the Canaccord Genuity target it will return approximately 147% (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 12.05 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.20.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 9.04 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.26.

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

SUN    SUNCORP GROUP LIMITED

Insurance – Overnight Price: $13.43

Jarden rates ((SUN)) as Buy (1) –

Jarden retains a positive view on domestic general insurers due to a more favourable El Nino weather backdrop, rational industry pricing and new cyclical risk-free rate highs.

Industry feedback indicates ongoing premium rate acceleration post June 2023, with broader market discipline increasingly suggestive of momentum through to next June, explains the broker.

The Buy rating and $15.25 target are maintained for Suncorp Group.

This report was published on November 1, 2023.

Target price is $15.25 Current Price is $13.43 Difference: $1.82
If SUN meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $15.23, suggesting upside of 12.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 71.00 cents and EPS of 110.00 cents.
At the last closing share price the estimated dividend yield is 5.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.2, implying annual growth of 17.9%.
Current consensus DPS estimate is 74.7, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 122.60 cents and EPS of 107.30 cents.
At the last closing share price the estimated dividend yield is 9.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 111.7, implying annual growth of 4.2%.
Current consensus DPS estimate is 85.6, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 12.1.

Market Sentiment: 0.8
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: $11.47

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

Treasury Wine Estates will acquire the DAOU Vineyards and associated entities at an upfront cost of -US$900m, with a potential -US$100m additional earn-out dependent on the achieving direct to customer and ultra luxury net selling revenue growth. 

As per Goldman Sachs, the company is expecting the deal to complete by the end of the calendar year. The broker estimates a 17-20% pro-forma net profit uplift in FY25, and notes the purchase will increase exposure to the luxury segment to 53% from 38%. 

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

This report was published on October 31, 2023.

Target price is $13.40 Current Price is $11.47 Difference: $1.93
If TWE meets the Goldman Sachs target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $13.22, suggesting upside of 15.7%(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 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.2, implying annual growth of 52.4%.
Current consensus DPS estimate is 36.2, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 21.5.

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 3.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.3, implying annual growth of 15.2%.
Current consensus DPS estimate is 41.6, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 18.6.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

VHM    VHM LIMITED

Mineral Sands – Overnight Price: $0.48

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

As the timeline for approval in Victoria is becoming clearer, Canaccord Genuity delays the development timeline for VHM's Goschen project by six months. Construction is now forecast to commence in the 1Q FY24, with first production by the 1Q FY25.

Should management execute on permitting, funding and offtake agreements, the broker expects the share price will trade higher from the current level.

A positive Environmental Effects Statement (EES) assessment for permitting is a key milestone, suggests the broker. With official notice now received, the EES can be placed on public exhibition for 30 days, commencing this month.

The target falls to $1.40 from $1.60 and the Speculative Buy rating is unchanged.

This report was published on November 1, 2023.

Target price is $1.40 Current Price is $0.48 Difference: $0.923
If VHM meets the Canaccord Genuity target it will return approximately 194% (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 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.85.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.70.

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

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