Australian Broker Call *Extra* Edition – Nov 20, 2023

This story features APM HUMAN SERVICES INTERNATIONAL LIMITED, and other companies. For more info SHARE ANALYSIS: APM

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.

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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)

APM   ARX   AVH   BRG   CNU   CVV   JHX   JIN   NAB   ORI   PXA   SCG   SPZ   VSL   XRO  

APM    APM HUMAN SERVICES INTERNATIONAL LIMITED

Healthcare – Overnight Price: $1.52

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

APM Human Services International has warned first half earnings are set to decline on the previous comparable period, a reflection of persistently low unemployment rates in key employment services markets, alongside higher interest costs and effective tax rates.

Canaccord Genuity points out an earnings skew and operational efficiencies should see second half earnings exceed the first half. The broker finds the company well positioned over the medium-term, with new contracts to commence in FY24 and FY25. 

The Buy rating is retained and the target price decreases to $2.12 from $2.65.

This report was published on November 13, 2023.

Target price is $2.12 Current Price is $1.52 Difference: $0.595
If APM meets the Canaccord Genuity target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $2.55, suggesting upside of 67.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 9.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 5.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.47.

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 6.6%.
Current consensus EPS estimate suggests the PER is 8.2.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 9.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 5.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.03.

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 7.6%.
Current consensus EPS estimate suggests the PER is 7.2.

Market Sentiment: 0.8
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: $0.70

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

Aroa Biosurgery's distribution partner, Tela Bio, has unfortunately suffered disruption with its sales team, which has led to a disappointing quarter and profit warning for the full financial year.

Wilsons is not too fussed about it, instead talking about a temporary impact that will still linger in the fourth quarter, but it has no impact on the 12-24 months ahead or on the demand for OviTex, which is now the lead biologic hernia repair mesh in the USA.

Overweight. Target $1.69.

This report was published on November 10, 2023.

Target price is $1.69 Current Price is $0.70 Difference: $0.99
If ARX meets the Wilsons target it will return approximately 141% (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 191.26.

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 34.77.

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

AVH    AVITA MEDICAL INC

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $3.80

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

Avita Medical has pleased Wilsons by releasing a quarterly update that met forecasts and guidance and the broker lauds what this biotech brings to the table: predictability.

Management’s expectations of material cross-selling opportunities within existing burns accounts to treat soft tissue/full thickness defects (FTD) is playing out, the broker declares.

Wilsons believes with costs under control and profitability target for FY25, including further investments in Vitiligo, on management's radar, this company is turning the corner.

Overweight. Target $5.39.

This report was published on November 10, 2023.

Target price is $5.39 Current Price is $3.80 Difference: $1.59
If AVH meets the Wilsons target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $6.40, suggesting upside of 68.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 91.81 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -88.6, 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 FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -39.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

BRG    BREVILLE GROUP LIMITED

Household & Personal Products – Overnight Price: $23.81

Jarden rates ((BRG)) as Neutral (3) –

An unsurprising update from Breville Group, says Jarden, with trading as expected. The broker anticipates Breville will benefit from tailwinds into FY25 as the covid replacement cycle hits and cost of good sold eases, and is becoming more positive on the stock. 

The broker is anticipated 7% earnings growth over FY24, and 15% growth over FY25. Jarden sees signs of green shoots in the US and Europe, which have the potential to drive top-line acceleration into FY25. 

The Neutral rating and target price of $23.80 are retained.

This report was published on November 8, 2023.

Target price is $23.80 Current Price is $23.81 Difference: minus $0.01 (current price is over target).
If BRG meets the Jarden target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $26.40, suggesting upside of 10.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 36.00 cents and EPS of 84.10 cents.
At the last closing share price the estimated dividend yield is 1.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.9, implying annual growth of 9.9%.
Current consensus DPS estimate is 32.9, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 28.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 42.00 cents and EPS of 98.60 cents.
At the last closing share price the estimated dividend yield is 1.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.4, implying annual growth of 14.7%.
Current consensus DPS estimate is 37.5, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 24.4.

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

CNU    CHORUS LIMITED

Telecommunication – Overnight Price: $7.01

Jarden rates ((CNU)) as Underweight (4) –

Chorus has submitted a price-quality proposal to the New Zealand Commerce Commission as part of its RP2 restructuring (expenditure) plan.

Jarden observes that the Independent Verifier has found "almost all capex and opex has been verified as prudenyt and efficient and consistent with good telecommunications industry practice"

The commission is expected to publish further details mid November and the broker expects rural and resilience will be singled out as areas of focus.

Jarden expects operating expenditure will prove the main bone of contention and the company seeks to switch to a revenue allocator for corporate labour and some IT operating costs.

The broker finds the company's closer term opex proposal is 10% above its previous allowance and that its RP1 opex submission ended up being scaled back by -10%. The company's capex forecasts are also higher than the broker's.

Underweight rating retained. Target price falls to NZ$7.47 from NZ$7.62.

This report was published on November 9, 2023.

Current Price is $7.01. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 4.16 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 168.39.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 48.57 cents and EPS of 8.23 cents.
At the last closing share price the estimated dividend yield is 6.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 85.13.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CVV    CARAVEL MINERALS LIMITED

Copper – Overnight Price: $0.17

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

An updated mineral resource estimate for Caravel Minerals' Caravel copper project saw total contained copper metal increase 7%, bringing the total resource to 3.03m tonnes of copper. The company reported gold and silver resources of 895,000 ounces and 46m ounces respectively. 

While a feasibility study was scheduled for next year, Canaccord Genuity sees potential for this to be delivered in 2024. The broker points out Caravel remains the largest undeveloped copper project in Australia, and a globally significant resource. 

The Speculative Buy rating and target price of 65c are retained.

This report was published on November 13, 2023.

Target price is $0.65 Current Price is $0.17 Difference: $0.48
If CVV meets the Canaccord Genuity target it will return approximately 282% (excluding dividends, fees and charges).

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

JHX    JAMES HARDIE INDUSTRIES PLC

Building Products & Services – Overnight Price: $48.11

Jarden rates ((JHX)) as Neutral (3) –

James Hardie Industries September quarter result outpaced Jarden's forecasts after defying the US construction cycle, thanks in part to lower pulp prices and freight costs. The broker was thus surprised by the company's increase in fully-drawn debt over the period.

Management guided to 9% volume beat on consensus for the December quarter, which the broker posits should ensure margins continue between 30% and 32%.

Jarden now expects FY24 consensus upgrades.

EPS forecasts rise 8% in FY24; and 6.3% thereafter. 

Neutral rating retained. Target price rises to $48 from $45.20.

This report was published on November 9, 2023.

Target price is $48.00 Current Price is $48.11 Difference: minus $0.11 (current price is over target).
If JHX meets the Jarden target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $54.54, suggesting upside of 13.4%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 231.94 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 249.5, 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 19.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 236.01 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 281.9, implying annual growth of 13.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.1.

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

JIN    JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $14.09

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

Wilsons was not surprised by the weakness in Lottery Retailing total transaction value (TTV) noted by management at Jumbo Interactive's AGM, as this information was previously known.

The broker highlights Powerball is performing well so far in FY24, aided by the $100m jackpot on August 3 and two $60m jackpots. The revenue/TTV margin of 22.8% pleased the analyst, given Powerball is a relatively low-margin game for Jumbo.

Existing FY24 group guidance was retained.

The Overweight rating and $17.54 target are unchanged.

This report was published on November 10, 2023.

Target price is $17.54 Current Price is $14.09 Difference: $3.45
If JIN meets the Wilsons target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $16.71, suggesting upside of 18.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 60.30 cents and EPS of 71.00 cents.
At the last closing share price the estimated dividend yield is 4.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.9, implying annual growth of 41.3%.
Current consensus DPS estimate is 57.2, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 19.9.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 68.60 cents and EPS of 80.70 cents.
At the last closing share price the estimated dividend yield is 4.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.4, implying annual growth of 16.2%.
Current consensus DPS estimate is 66.7, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 17.1.

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

NAB    NATIONAL AUSTRALIA BANK LIMITED

Banks – Overnight Price: $27.73

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

It is Goldman Sachs's observation National Australia Bank's FY23 result narrowly missed market consensus because of lower-than-expected non-interest income.

This is also the reason as to why the broker has reduced forecasts by up to -3.1%. This pulls down the price target to $30.52 from $30.73.

Competition in the sector is mostly concentrated in mortgages, the broker observes, adding this should benefit NAB's relative earnings mix.

Also, the bank has delivered the highest levels of productivity over the last three years and Goldman Sachs finds the shares are still trading on a relative discount. Buy.

This report was published on November 9, 2023.

Target price is $30.52 Current Price is $27.73 Difference: $2.79
If NAB meets the Goldman Sachs target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $27.87, suggesting upside of 0.5%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 166.00 cents and EPS of 207.00 cents.
At the last closing share price the estimated dividend yield is 5.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 216.3, implying annual growth of -8.5%.
Current consensus DPS estimate is 168.6, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 12.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 166.00 cents and EPS of 209.00 cents.
At the last closing share price the estimated dividend yield is 5.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 222.5, implying annual growth of 2.9%.
Current consensus DPS estimate is 171.0, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 12.5.

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

ORI    ORICA LIMITED

Mining Sector Contracting – Overnight Price: $15.75

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

Goldman Sachs's forecast was missed by -1% at the net profit level, but the broker believes Orica's FY23 result slightly beat market consensus.

It appears operations in North America compensated for a weak result achieved in the EMEA region. The broker lauds the strong cash generation as this had been a missing piece in recent past results.

Orica keeps guidance typically vague, this time talking about growth in EBIT for FY24, with an above-average skew to H2. Goldman Sachs notes growth in FY24 will be over and above material disruptions associated with the heavy turnaround schedule.

Buy. Price target has gained 5c to $19.90.

This report was published on November 9, 2023.

Target price is $19.90 Current Price is $15.75 Difference: $4.15
If ORI meets the Goldman Sachs target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $17.73, suggesting upside of 12.5%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 47.00 cents and EPS of 94.00 cents.
At the last closing share price the estimated dividend yield is 2.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.8, implying annual growth of 47.1%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 55.00 cents and EPS of 110.00 cents.
At the last closing share price the estimated dividend yield is 3.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 110.6, implying annual growth of 15.4%.
Current consensus DPS estimate is 58.2, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 14.2.

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

PXA    PEXA GROUP LIMITED

Real Estate – Overnight Price: $11.21

Jarden rates ((PXA)) as Upgrade to Neutral from Underweight (3) –

Jarden upgrades Pexa Group to Neutral from Underweight after raising its FY24 revenue forecasts by 5% in response to stronger than expected settlements, suggesting a more-resilient than expected market.

The broker now sits 7% ahead of consensus and is ready to go higher should listings supply improve, boosting operating leverage.

EPS forecasts rise 5% in FY24 and 13% in FY25.

Target price rises to $11.95 from $10.40.

This report was published on November 7, 2023.

Target price is $11.95 Current Price is $11.21 Difference: $0.74
If PXA meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $14.53, suggesting upside of 29.6%(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 29.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.7, 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 36.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 51.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.2, implying annual growth of 37.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 26.6.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SCG    SCENTRE GROUP

REITs – Overnight Price: $2.66

Jarden rates ((SCG)) as Buy (1) –

At first glance, Scentre Group's September-quarter operational update appears to have Jarden's forecasts and funds from operations guidance was retained.

The broker observed strong leasing metric, a softening (but still up) in visitation and sales, and a steady development profile.

The company has also advised it will buy back US$300m of hybrid notes in the market, which Jarden expects will improve the company's cost of debt while increasing gearing (but the company is still within its covenants).

Buy rating and $3.40 target price retained.

This report was published on November 9, 2023.

Target price is $3.40 Current Price is $2.66 Difference: $0.74
If SCG meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $2.92, suggesting upside of 9.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 16.50 cents and EPS of 21.10 cents.
At the last closing share price the estimated dividend yield is 6.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.6, implying annual growth of 255.2%.
Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 16.90 cents and EPS of 21.60 cents.
At the last closing share price the estimated dividend yield is 6.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.2, implying annual growth of 2.9%.
Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 12.5.

Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SPZ    SMART PARKING LIMITED

Hardware & Equipment – Overnight Price: $0.36

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

A positive first quarter trading update from Smart Parking at its AGM, with revenues up 25% to $14m and earnings up $4m, bolstered by a 31% earnings margin. 

The company added 49 sites in the quarter, bringing its total sites to 1,159 sites, and sales momentum and pipeline opportunities saw the company bring forward its targeted 1,500 by six months to December 2024. 

Canaccord Genuity expects clarity on changes to the UK Parking Code could prove a re-rating opportunity for the stock, and an outcome is expected in March 2024. 

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

This report was published on November 13, 2023.

Target price is $0.45 Current Price is $0.36 Difference: $0.09
If SPZ meets the Canaccord Genuity target it will return approximately 25% (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 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.61.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.59.

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

VSL    VULCAN STEEL LIMITED

Steel & Scrap – Overnight Price: $7.18

Jarden rates ((VSL)) as Neutral (3) –

Vulcan Steel's Annual General Meeting update suggests the company experienced weaker than expected trading in the first four months of the December-half.

No guidance was provided but the company did expect a recovery in the June half, given recent signs of stabilisation.

Neutral rating retained. Target price falls to NZ$7.95 from NZ$8.51.

This report was published on November 9, 2023.

Current Price is $7.18. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 35.43 cents and EPS of 44.32 cents.
At the last closing share price the estimated dividend yield is 4.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.20.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 44.59 cents and EPS of 55.69 cents.
At the last closing share price the estimated dividend yield is 6.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.89.

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

XRO    XERO LIMITED

Accountancy – Overnight Price: $101.24

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

Xero's FY23 result, adjusted for one-offs, seems to have slightly missed Goldman Sachs' forecasts, with higher operational expenses as one of the key negatives.

The broker has reduced forecasts post FY24 on slightly lower revenues and lower subscription numbers. The price target lost -5% to $141 in response, including accounting for adjusted FX forecasts.

Xero remains on the broker's Conviction Buy List with valuation support seen post result release weakness.

This report was published on November 9, 2023.

Target price is $141.00 Current Price is $101.24 Difference: $39.76
If XRO meets the Goldman Sachs target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $110.62, suggesting upside of 9.3%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 98.99 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 102.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.7, 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 169.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 136.92 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 73.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.7, implying annual growth of 65.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 102.6.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
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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