Australian Broker Call *Extra* Edition – Nov 15, 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   APM   CRD   DLI   GLL   GNX   IDX (3)   IGO   MAY   MQG   MYX   NAN   OCC   STO   TIE   TPD   WDS  

ALC    ALCIDION GROUP LIMITED

Healthcare services – Overnight Price: $0.07

Petra Capital rates ((ALC)) as Speculative Buy (1) –

Alcidion Group's September-quarter result appears to have met Petra Capital's forecasts but the announcement of a discounted $5m capital raising took the shine off the result, says the broker, given it raises a question over the timing of future large contract wins.

Assuming the company was on track, the broker believes the company's solid $14.6m cash balance should be sufficient.

Speculative Buy rating retained. Target price falls to 13c from 15c.

This report was published on November 3, 2023.

Target price is $0.13 Current Price is $0.07 Difference: $0.057
If ALC meets the Petra Capital target it will return approximately 78% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 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:

Petra Capital forecasts a full year FY25 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

APM    APM HUMAN SERVICES INTERNATIONAL LIMITED

Healthcare – Overnight Price: $1.40

Canaccord Genuity rates ((APM)) as Initiation of coverage with Buy (1) –

Canaccord Genuity has initiated coverage of APM Human Services International with a Buy rating and $2.65 price target, suggesting the long duration contracts that are typical for the business support a solid revenue base.

Recent new contract wins and additional tender opportunities only add further potential, or so the narrative goes.

For now, the broker has penciled in single digit growth annually for EBITDA and net profits, but new contracts or acquisitions could up the ante. The balance sheet should gradually delever.

This report was published on November 6, 2023.

Target price is $2.65 Current Price is $1.40 Difference: $1.255
If APM meets the Canaccord Genuity target it will return approximately 90% (excluding dividends, fees and charges).
Current consensus price target is $2.55, suggesting upside of 82.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 11.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 7.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.5, implying annual growth of 58.0%.
Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 11.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 7.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.3, implying annual growth of 15.1%.
Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 8.3%.
Current consensus EPS estimate suggests the PER is 6.5.

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

CRD    CONRAD ASIA ENERGY LIMITED

Business & Consumer Credit – Overnight Price: $1.27

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

A sector update has revealed the price target for Conrad Asia Energy has reduced to $2.68 from $2.69.

Canaccord Genuity has kept its Speculative Buy rating intact.

This report was published on November 6, 2023.

Target price is $2.68 Current Price is $1.27 Difference: $1.41
If CRD meets the Canaccord Genuity target it will return approximately 111% (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 12.96 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.80.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 14.77 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.60.

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

DLI    DELTA LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.52

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

Delta Lithium has received the green light to start operating at Mt Ida Lithium in the WA Goldfields and Canaccord Genuity comments the project is effectively 'shovel ready'.

The broker still awaits the release of mining studies. Delta Lithium is expected to start mining "in the coming months".

While this is a lithium mining operation, Canaccord Genuity sees options for additional gold leverage.

The Speculative Buy rating and target price of $1.20 are retained. Modeling is currently ex-gold, points out the broker.

This report was published on November 6, 2023.

Target price is $1.20 Current Price is $0.52 Difference: $0.68
If DLI meets the Canaccord Genuity target it will return approximately 131% (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

GLL    GALILEE ENERGY LIMITED

NatGas – Overnight Price: $0.06

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

It is Canaccord Genuity's observation Galilee Energy is dealing with a more complex geological system than was anticipated, which also explains the slow progress being achieved at Glenaras.

On the observation that risk is rising, the broker has lowered its target price for the shares to 8c from 12c. Hold rating retained.

This report was published on November 6, 2023.

Target price is $0.08 Current Price is $0.06 Difference: $0.023
If GLL meets the Canaccord Genuity target it will return approximately 40% (excluding dividends, fees and charges).

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

GNX    GENEX POWER LIMITED

EV, Solar & Batteries – Overnight Price: $0.18

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

The excavation of the main access tunnel at Kidston Pumped has been completed and all underground works are targeted for completion by calendar year-end, Canaccord Genuity highlights.

The broker believes geotechnical risk is evaporating rapidly and draws a comparsion with the ongoing "very slow-moving disaster" Snowy Hydro is experiencing to illustrate the importance of the progress made at Kidston Pumped.

Two interesting observations are made in today's report:

-The fact that Genex Power is a company with strategic assets that are critical to the energy transition.
-Plus history suggests small caps with such assets and large growth pipelines tend to disappear from the ASX, see also Infigen,
Tilt, Windlab, etc.

Speculative Buy. Target 26c.

This report was published on November 6, 2023.

Target price is $0.26 Current Price is $0.18 Difference: $0.08
If GNX meets the Canaccord Genuity target it will return approximately 44% (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

IDX    INTEGRAL DIAGNOSTICS LIMITED

Medical Equipment & Devices – Overnight Price: $1.85

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

Integral Diagnostics' September-quarter result sharply missed consensus' and Goldman Sachs' forecasts as margins crumpled under the pressure of labour costs, which is crunching the broader healthcare services market.

On the upside, the broker observes a recovery in revenue; low valuation; likely organic growth; financial leverage; potential M&A upside; further price increases on certain imaging tests; and a structural shift to higher acuity modalities, which should favour Integral Diagnostics.

Buy rating retained. Target price falls to $2.70.

This report was published on November 6, 2023.

Target price is $2.70 Current Price is $1.85 Difference: $0.845
If IDX meets the Goldman Sachs target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $2.24, suggesting upside of 20.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 7.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 3.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.6, implying annual growth of -29.4%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 9.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 4.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.9, implying annual growth of 43.4%.
Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 17.0.

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 ((IDX)) as Downgrade to Neutral from Overweight (3) –

Integral Diagnostics' Q1 update surprised negatively with growth lagging the market, labour costs pressuring margins and with higher-than-anticipated D&A and non-interest expenses.

Jarden bemoans the absence of the operating leverage that was flagged by management to continue into FY24. The broker reminds investors yesterday's update follows on from the market update that occurred on August 28.

Not exactly evidence management has everything under control and is capable of predicting where things are heading internally. We are paraphrasing now, but such is the sentiment inside Jarden's response.

The former paragraph also explains why the broker has pulled back to Neutral from Overweight. Target tumbles to $2.58 from $3.23. Estimates have been culled.

This report was published on November 6, 2023.

Target price is $2.58 Current Price is $1.85 Difference: $0.725
If IDX meets the Jarden target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $2.24, suggesting upside of 20.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 6.00 cents and EPS of 8.60 cents.
At the last closing share price the estimated dividend yield is 3.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.6, implying annual growth of -29.4%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 7.00 cents and EPS of 10.60 cents.
At the last closing share price the estimated dividend yield is 3.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.9, implying annual growth of 43.4%.
Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 17.0.

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

Wilsons had upgraded to Overweight following Integral Diagnostics' FY23 release, confident things were turning around for the medical imaging services business, but then followed the reality check, and that move has now been reversed.

The price target falls by -41% to $2. Needless to say, the broker is not happy, labeling it "the company’s most perplexing downgrade yet".

Wilsons sees a red flag in the fact this business has deteriorated so quickly in such a short time frame, suggesting a potential equity raising might follow next.

An interest cover ratio of 1.2x feels too tight for a company downgrading in a rising rates environment, the broker surmises. Downgrade to Market Weight from Overweight.

This report was published on November 6, 2023.

Target price is $2.00 Current Price is $1.85 Difference: $0.145
If IDX meets the Wilsons target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.24, suggesting upside of 20.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 5.20 cents and EPS of 7.80 cents.
At the last closing share price the estimated dividend yield is 2.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.6, implying annual growth of -29.4%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 7.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 3.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.9, implying annual growth of 43.4%.
Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 17.0.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $8.97

Jarden rates ((IGO)) as Buy (1) –

Jarden acknowledges the short term uncertainties but emphasises its confidence longer-term shareholders will receive double-digit returns as free cash flow is projected to spike on a doubling in capacity by 2027.

The implication is today's share price is suggesting a price for lithium that is simply too low. The analysts see valuation support for the shares, even as the macro picture for lithium remains weak and uncertain.

Buy. Target $13.46. Minor downward adjustments have been made to forecasts.

This report was published on November 6, 2023.

Target price is $13.46 Current Price is $8.97 Difference: $4.49
If IGO meets the Jarden target it will return approximately 50% (excluding dividends, fees and charges).
Current consensus price target is $12.54, suggesting upside of 39.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 35.00 cents and EPS of 144.90 cents.
At the last closing share price the estimated dividend yield is 3.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 132.4, implying annual growth of 82.6%.
Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 33.00 cents and EPS of 115.50 cents.
At the last closing share price the estimated dividend yield is 3.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 144.1, implying annual growth of 8.8%.
Current consensus DPS estimate is 36.7, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 6.2.

Market Sentiment: 0.5
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) –

Melbana's early production testing on its Cuban oil development has successfully finished.

Petra Capital says the company has sufficient funds to continue its appraisal, and expects Alameda-3 will soon follow.

The company is targeting first commercial production this half.

Buy rating and 21c target price retained.

This report was published on November 3, 2023.

Target price is $0.21 Current Price is $0.07 Difference: $0.144
If MAY meets the Petra Capital target it will return approximately 218% (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 66.00.

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 66.00.

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

MQG    MACQUARIE GROUP LIMITED

Wealth Management & Investments – Overnight Price: $160.12

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

Macquarie Group's September-half result missed consensus' and Goldman Sachs's forecasts by -13% and -20% respectively due to higher expenses.

The broker considers this to be a systemic issue linked to inflation and digitisation, and remains positive on the medium-term outlook given Macquarie's strong exposure to decarbonisation and infrastructure.

EPS forecasts are downgraded -8.1% in FY24; -1.9% in FY25; and rise 1.7% in FY26.

Neutral rating retained. Target price falls to $180.80 from $194.99.

This report was published on November 6, 2023.

Target price is $180.80 Current Price is $160.12 Difference: $20.68
If MQG meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $181.16, suggesting upside of 13.1%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 650.00 cents and EPS of 932.00 cents.
At the last closing share price the estimated dividend yield is 4.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 951.0, implying annual growth of -29.7%.
Current consensus DPS estimate is 659.0, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 16.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 680.00 cents and EPS of 1129.00 cents.
At the last closing share price the estimated dividend yield is 4.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1117.9, implying annual growth of 17.5%.
Current consensus DPS estimate is 695.3, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 14.3.

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

MYX    MAYNE PHARMA GROUP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $4.25

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

Mayne Pharma's Nextstellis has been granted another 8 years of market exclusivity and Wilsons points out this product is a major driver of earnings and cash flows for the company, so this adds a lot of oomph to the outer years modeling.

Mayne Pharma had already released an upbeat Q1 market update, the broker recalls, and shareholders are expected to give their approval for an increased on-market share buyback.

It's all positive for share price momentum, but the broker cautions Mayne Pharma still needs to get Nextstellis into a material market share position, and drive strong growth in the category.

The former paragraph explains why Wilsons remains cautious. Market Weight. Target $4.

This report was published on November 7, 2023.

Target price is $4.00 Current Price is $4.25 Difference: minus $0.25 (current price is over target).
If MYX meets the Wilsons target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 84.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.04.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 55.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.66.

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

NAN    NANOSONICS LIMITED

Medical Equipment & Devices – Overnight Price: $4.25

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

Nanosonics has released more data in support of its Coris automated endoscope cleaning device, but without a trading update for its existing Trophon device.

The company did share with its shareholders that hospitals are still battling budgetary pressures. A full update will be provided when releasing interim financials in February, comments Wilsons.

Overweight. Target $5.46.

This report was published on November 6, 2023.

Target price is $5.46 Current Price is $4.25 Difference: $1.21
If NAN meets the Wilsons target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $4.52, suggesting upside of 6.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 103.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.2, implying annual growth of -21.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 81.7.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 4.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 92.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, implying annual growth of 44.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 56.7.

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

OCC    ORTHOCELL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.42

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

Petra Capital believes Orthocell has hit a revenue inflection point, having delivered consecutive quarterly revenue growth from its Striate+ and Remplir products.

September-quarter revenue outpaced Petra Capital's forecasts by a decent clip, thanks to a beat on Striate+ and Remplir sales.

The company has hit 16% penetration into the orthopaedic and plastic surgeons' market for Remplir.

The company also bought royalty rights from University of Western Australia in return for 1.71m shares at 35c a share, simplifying the proposition.

Buy rating retained. Target price eases to $1.28 from $1.35.

This report was published on November 3, 2023.

Target price is $1.28 Current Price is $0.42 Difference: $0.86
If OCC meets the Petra Capital target it will return approximately 205% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 4.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.24.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.15.

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

STO    SANTOS LIMITED

NatGas – Overnight Price: $7.28

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

Goldman Sachs observes uncertainty continues for Santos's offshore approvals but considers delays will have a minimal affect on valuations.

The broker also highlights a risk of project delays and capital expenditure as regulators move through a backlog of approvals.

Buy rating retained, the broker's valuation is not including Barossa. Target price is $7.20.

This report was published on November 6, 2023.

Target price is $7.20 Current Price is $7.28 Difference: minus $0.08 (current price is over target).
If STO meets the Goldman Sachs target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $9.52, suggesting upside of 30.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 28.64 cents and EPS of 69.34 cents.
At the last closing share price the estimated dividend yield is 3.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.4, implying annual growth of N/A.
Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 37.69 cents and EPS of 78.38 cents.
At the last closing share price the estimated dividend yield is 5.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.7, implying annual growth of 4.6%.
Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 9.6.

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

TIE    TIETTO MINERALS LIMITED

Gold & Silver – Overnight Price: $0.59

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

Tietto Minerals' 7.02%-shareholder, Hong Kong-listed Zhaojin Mining Industry, has launched an all-cash off-market takeover proposal at 58cps but the targeted company's directors have unanimously rejected the proposal.

Canaccord Genuity points out its current valuation is 45c, but heavily risked. Unwinding the risking, the broker's valuation would jump to 90c, all else being equal.

The Speculative Buy rating and 45c target are unchanged. 

This report was published on November 6, 2023.

Target price is $0.45 Current Price is $0.59 Difference: minus $0.14 (current price is over target).
If TIE meets the Canaccord Genuity target it will return approximately minus 24% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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

TPD    TALON ENERGY LIMITED

Energy – Overnight Price: $0.18

Canaccord Genuity rates ((TPD)) as Downgrade to Hold from Speculative Buy (3) –

If everything goes according to plan, Talon Energy won't be a stand-alone operation for much longer. Target and suitor Strike Energy ((STX)) are aiming for a meeting in early December to work out the details.

Canaccord Genuity has downgraded to Hold from Speculative Buy, with a 24c price target.

This report was published on November 6, 2023.

Target price is $24.00 Current Price is $0.18 Difference: $23.82
If TPD meets the Canaccord Genuity target it will return approximately 13233% (excluding dividends, fees and charges).

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

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $32.62

Goldman Sachs rates ((WDS)) as No Rating (-1) –

Goldman Sachs observes uncertainty continues for both of Woodside Energy's offshore approvals but considers delays will have a minimal affect on valuations.

The broker also highlights a risk of project delays and capital expenditure as regulators work through a backlog of approvals.

The broker's target price, which includes 50% of Scarborough is $35.80.

This report was published on November 6, 2023.

Target price is $35.80 Current Price is $32.62 Difference: $3.18
If WDS meets the Goldman Sachs target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $36.40, suggesting upside of 11.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 208.02 cents and EPS of 259.27 cents.
At the last closing share price the estimated dividend yield is 6.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 250.6, implying annual growth of N/A.
Current consensus DPS estimate is 191.6, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 13.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 247.21 cents and EPS of 309.01 cents.
At the last closing share price the estimated dividend yield is 7.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 260.2, implying annual growth of 3.8%.
Current consensus DPS estimate is 192.7, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 12.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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