Australian Broker Call *Extra* Edition – Dec 05, 2023

This story features ADAIRS LIMITED, and other companies. For more info SHARE ANALYSIS: ADH

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)

ADH   ANG   ARX   AWC   BHP   CIA   CKF   DYL   EMN   LEL   LGL   MAQ   PPE (2)   QBE   RIO   SGM   TIE   VIT  

ADH    ADAIRS LIMITED

Furniture & Renovation – Overnight Price: $1.58

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

At a first glance, says Jarden, Adairs's recent trading update was poor, but the broker does point out the retailer was cycling tougher comps in the most recent 14 weeks compared to prior 7.

Adairs reported a -9.0% year-on-year sales decline over the first 21 weeks of the year, compared to an -8.9% decline over the first 7 weeks.

In better news the retailer reported its Adair NDC transition is progressing well, and it continues to anticipate -$4m in cost synergies by year end.

The Neutral rating is retained and the target price increases to $1.45 from $1.32.

This report was published on November 27, 2023.

Target price is $1.45 Current Price is $1.58 Difference: minus $0.13 (current price is over target).
If ADH meets the Jarden target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.55, suggesting downside of -1.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 18.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of -25.8%.
Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 22.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.0, implying annual growth of 41.1%.
Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 9.7%.
Current consensus EPS estimate suggests the PER is 6.9.

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

ANG    AUSTIN ENGINEERING LIMITED

Mining Sector Contracting – Overnight Price: $0.32

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

At Austin Engineering's AGM, Petra Capital noted the ongoing evolution of management's growth strategy (Austin 2.0) which began in mid-2021, aiming to unlock significant business efficiencies and growth opportunities.

North America is arguably the key near-term growth opportunity, in the analyst's view.

Management provided 1H revenue guidance of $120m, and noted there will be a 2H revenue skew of 58%. The broker suggests recent order book growth points to a result in excess of guidance.

The Buy rating and target price of 37 cents are retained.

This report was published on November 29, 2023.

Target price is $0.37 Current Price is $0.32 Difference: $0.055
If ANG meets the Petra Capital target it will return approximately 17% (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 1.50 cents and EPS of 4.70 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.70.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 1.50 cents and EPS of 5.20 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.06.

Market Sentiment: 1.0
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: $0.67

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

While Canaccord Genuity retains its Buy rating for Aroa Biosurgery, noting commercial progress with Myriad continues to progress well, the broker's target falls to $1.20 from $1.50 on an anticipated rise for the cost base.

Investments into sales and research drive near-term downgrades to the broker's forecasts.

First half product revenue slightly missed the broker's forecast, and Myriad's 80% revenue growth to NZ$10.1m also missed expectations for 100% growth. Improving sales force execution and 21 new account additions are noted.

Management's FY24 guidance implies to Canaccord a slight downgrade to underlying sales projections.

This report was published on November 29, 2023.

Target price is $1.20 Current Price is $0.67 Difference: $0.53
If ARX meets the Canaccord Genuity target it will return approximately 79% (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 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 51.74.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.69.

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

AWC    ALUMINA LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $0.74

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

Goldman Sachs updates its forecasts for currency movements and the latest spot commodity prices for stocks under coverage in the Bulk Miners and Steel sectors.

The Neutral rating is maintained for Alumina Ltd and the target falls to $1.10 from $1.15. 

This report was published on November 27, 2023.

Target price is $1.10 Current Price is $0.74 Difference: $0.355
If AWC meets the Goldman Sachs target it will return approximately 48% (excluding dividends, fees and charges).
Current consensus price target is $1.13, suggesting upside of 52.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.02 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 24.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.7, 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 N/A.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 1.51 cents and EPS of 4.53 cents.
At the last closing share price the estimated dividend yield is 2.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.1, implying annual growth of N/A.
Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 18.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BHP    BHP GROUP LIMITED

Bulks – Overnight Price: $47.14

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

Goldman Sachs updates its forecasts for currency movements and the latest spot commodity prices for stocks under coverage in the Bulk Miners and Steel sectors.

The broker's Buy rating is maintained for BHP Group and a target price of $47.15 is set, up from $46.50.

This report was published on November 27, 2023.

Target price is $47.15 Current Price is $47.14 Difference: $0.01
If BHP meets the Goldman Sachs target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $45.12, suggesting downside of -4.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 214.28 cents and EPS of 428.55 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 11.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 393.3, implying annual growth of N/A.
Current consensus DPS estimate is 231.3, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 182.59 cents and EPS of 363.66 cents.
At the last closing share price the estimated dividend yield is 3.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 429.5, implying annual growth of 9.2%.
Current consensus DPS estimate is 253.2, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 11.0.

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

CIA    CHAMPION IRON LIMITED

Iron Ore – Overnight Price: $7.79

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

Goldman Sachs updates its forecasts for currency movements and the latest spot commodity prices for stocks under coverage in the Bulk Miners and Steel sectors.

The broker's Buy rating is maintained for Champion Iron and the target price rises to $8.30 from $7.20.

This report was published on November 27, 2023.

Target price is $8.30 Current Price is $7.79 Difference: $0.51
If CIA meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 24.58 cents and EPS of 67.03 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.62.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 34.63 cents and EPS of 98.31 cents.
At the last closing share price the estimated dividend yield is 4.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.92.

This company reports in CAD. 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

CKF    COLLINS FOODS LIMITED

Food, Beverages & Tobacco – Overnight Price: $11.13

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

While trading for Taco Bell remains challenging, Canaccord Genuity notes signs of some traction for these stores within 1H results for Collins Foods, which overall demonstrated the resilience of fast food demand in tough economic times.

The broker was impressed by KFC sales and earnings in Australia for the first half, though notes the first six weeks of the 2H indicates softening same stores sales (SSS) momentum. It's felt recent interest rate rises are starting to crimp consumer spending.

KFC Europe surprised the analyst to the upside on margin, relative to forecasts.

Canaccord retains a Neutral rating given volumes are stagnating and management seems hesitant to effect further price rises. The target rises to $10.95 from $8.80.

This report was published on November 29, 2023.

Target price is $10.95 Current Price is $11.13 Difference: minus $0.18 (current price is over target).
If CKF meets the Canaccord Genuity target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $11.99, suggesting upside of 7.7%(ex-dividends)
The company's fiscal year ends in May.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 28.50 cents and EPS of 55.90 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.2, implying annual growth of 361.4%.
Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 22.2.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 30.00 cents and EPS of 59.40 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.9, implying annual growth of 29.3%.
Current consensus DPS estimate is 35.1, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 17.1.

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

DYL    DEEP YELLOW LIMITED

Uranium – Overnight Price: $1.08

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

Following a reverse circulation (RC) drilling program for uranium, which focused on the western edges of the Tumas 3 deposit, Deep Yellow has upgraded its JORC-compliant Tumas 3 resource estimate by 12%.

Importantly, according to Canaccord Genuity, the upgrade was driven by an increase in the indicated resource with only a minor uplift for the inferred resource.

The broker's Speculative Buy rating and $1.44 target are unchanged.

This report was published on November 29, 2023.

Target price is $1.44 Current Price is $1.08 Difference: $0.36
If DYL meets the Canaccord Genuity target it will return approximately 33% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

EMN    EURO MANGANESE INC

New Battery Elements – Overnight Price: $0.12

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

Providing significant third-party validation, according to Canaccord Genuity, Euro Manganese has signed definitive agreements with UK-based Orion Resource Partners for US$100m in financing.

Proceeds will advance development of the Chvaletice Manganese Project in the Czech Republic, explains the broker.

A US$50m loan facility (at a 12% interest rate) will convert into a 1.29-1.65% royalty on revenue once in operation. US$20m will be received upon closing and US$30m will be received upon meeting certain conditions.

The analysts believe the future cash flows of the royalty are worth around US$100m, implying Orion believes the project will ultimately achieve a higher price than built into the broker's forecast.

The Speculative Buy rating and target price of $1.15 are retained.

This report was published on November 29, 2023.

Target price is $1.15 Current Price is $0.12 Difference: $1.03
If EMN meets the Canaccord Genuity target it will return approximately 858% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.00.

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 12.00.

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

LEL    LITHIUM ENERGY LIMITED

New Battery Elements – Overnight Price: $0.59

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

Lithium Energy has achieved a 63% overall graphite recovery from its Burke project in Queensland, which compares to the 45-55% industry standard, explains Petra Capital.

Management has proven graphite from its Queensland mine projects can produce anode feedstock for battery markets, explains the broker.

By year's end, the company's aim is to complete an economic study for an anode facility to produce purified spherical graphite for lithium-ion batteries using Burke material.

The Buy rating and $1.90 target are retained.

This report was published on November 29, 2023.

Target price is $1.90 Current Price is $0.59 Difference: $1.31
If LEL meets the Petra Capital target it will return approximately 222% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.36.

Forecast for FY25:

Petra Capital 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 59.00.

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

LGL    LYNCH GROUP HOLDING LIMITED

Agriculture – Overnight Price: $1.73

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

An update from Lynch Group has disappointed Jarden's expectations, with the company guiding to first half earnings of $15-16m. At the midpoint, this is -16% below the broker's expected result, as weaker market demand impacts wholesale channels.

The broker also pointed out the impact of a weaker macro environment in China. Jarden is anticipating a -10% year-on-year revenue decline from China operations over the first half, as margins remain under pressure.

The Overweight rating is retained and the target price decreases to $2.50 from $2.60.

This report was published on November 27, 2023.

Target price is $2.50 Current Price is $1.73 Difference: $0.77
If LGL meets the Jarden target it will return approximately 45% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 7.55 cents and EPS of 15.84 cents.
At the last closing share price the estimated dividend yield is 4.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.92.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 16.60 cents and EPS of 34.41 cents.
At the last closing share price the estimated dividend yield is 9.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.03.

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

MAQ    MACQUARIE TECHNOLOGY GROUP LIMITED

Telecommunication – Overnight Price: $68.97

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

In another solid step forward for Macquarie Technology's Super West Development, according to Wilsons, the NSW Department of Planning and Environment has given conditional development approval.

Greater clarity on construction and development timelines encourages potential customers to weigh the company's IC3 SW asset as a more timely option for material data centre capacity, explains the broker.

The analysts note potential for earlier (than originally anticipated) contract wins from large hyperscale players partly because self-build programs are proving to be difficult and are potentially subscale.

Market Weight rating. Target $84.13.

This report was published on November 28, 2023.

Target price is $84.13 Current Price is $68.97 Difference: $15.16
If MAQ meets the Wilsons target it will return approximately 22% (excluding dividends, fees and charges).

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

PPE    PEOPLEIN LIMITED

Jobs & Skilled Labour Services – Overnight Price: $1.17

Moelis rates ((PPE)) as Buy (1) –

Following PeopleIN's AGM and trading update, Moelis lowers its FY24 earnings (EBITDA) forecast by -25% to -$36m on the assumption the 1Q earnings run-rate is broadly maintained across FY24.

Management noted the company's 1Q performance (and that of peers in the industry) had been impacted by a "significant decline in business confidence across multiple sectors".

Many private clients have reduced their demands, especially regarding higher-margin roles/permanent recruitment, explained management.

Additional pressure on demand, explains the broker, has emenated from inflationary pressures on corporate margins, along with uncertainty related to the proposed Industrial Relations Reform Bill.

The target is slashed to $1.92 from $3.20. Buy.

This report was published on November 28, 2023.

Target price is $1.92 Current Price is $1.17 Difference: $0.75
If PPE meets the Moelis target it will return approximately 64% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 8.70 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 7.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.61.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 8.10 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 6.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.43.

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 ((PPE)) as Downgrade to Market Weight from Overweight (3) –

Wilsons slashes its target for PeopleIN to $1.39 from $2.80 on uncertain earnings visibility, and downgrades its rating to Market Weight from Overweight following a "sombre" AGM trading update.

Management noted a “significant decline” in business confidence across multiple sectors and a declining economic backdrop, though expects the wider downturn will be relatively short-lived, especially in health.

The broker believes management should now adjust to what may be a prolonged downturn in several sectors. The company is targeting efficiencies where possible, notes Wilsons, to realign the cost base with reduced margins.

This report was published on November 27, 2023.

Target price is $1.39 Current Price is $1.17 Difference: $0.22
If PPE meets the Wilsons target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 6.40 cents and EPS of 7.10 cents.
At the last closing share price the estimated dividend yield is 5.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.48.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 9.40 cents and EPS of 16.30 cents.
At the last closing share price the estimated dividend yield is 8.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.18.

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

QBE    QBE INSURANCE GROUP LIMITED

Insurance – Overnight Price: $14.84

Jarden rates ((QBE)) as Buy (1) –

QBE Insurance has confirmed its full year combined ratio outlook remains intact, despite its crop combined ratio outlook edging higher, with the insurer benefiting from benign catastrophe claims over the second half.

Adjusting for both crop and catastrophe claims, Jarden estimates the underlying combined ratio remains at 92.5% for the second half, which the broker considers a solid improvement on the 93.3% first half ratio.

The Buy rating is retained and the target decreases to $20.90 from $21.00.

This report was published on November 27, 2023.

Target price is $20.90 Current Price is $14.84 Difference: $6.06
If QBE meets the Jarden target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $17.29, suggesting upside of 16.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 142.60 cents and EPS of 142.60 cents.
At the last closing share price the estimated dividend yield is 9.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 136.6, implying annual growth of N/A.
Current consensus DPS estimate is 101.3, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 10.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 189.68 cents and EPS of 189.68 cents.
At the last closing share price the estimated dividend yield is 12.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 179.8, implying annual growth of 31.6%.
Current consensus DPS estimate is 124.3, implying a prospective dividend yield of 8.4%.
Current consensus EPS estimate suggests the PER is 8.3.

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

RIO    RIO TINTO LIMITED

Bulks – Overnight Price: $126.92

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

Goldman Sachs updates its forecasts for currency movements and the latest spot commodity prices for stocks under coverage in the Bulk Miners and Steel sectors.

The broker's Buy rating is maintained for Rio Tinto and a target price of $136.10 is set, up from $126.50.

This report was published on November 27, 2023.

Target price is $136.10 Current Price is $126.92 Difference: $9.18
If RIO meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $119.75, suggesting downside of -5.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 656.41 cents and EPS of 1066.85 cents.
At the last closing share price the estimated dividend yield is 5.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1058.3, implying annual growth of N/A.
Current consensus DPS estimate is 614.4, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 677.53 cents and EPS of 958.20 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1132.9, implying annual growth of 7.0%.
Current consensus DPS estimate is 684.7, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 11.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SGM    SIMS LIMITED

Steel & Scrap – Overnight Price: $13.84

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

Goldman Sachs updates its forecasts for currency movements and the latest spot commodity prices for stocks under coverage in the Bulk Miners and Steel sectors.

The Buy rating is maintained for Sims and a target price of $15.70 is set.

This report was published on November 27, 2023.

Target price is $15.70 Current Price is $13.84 Difference: $1.86
If SGM meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $12.88, suggesting downside of -7.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 12.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 0.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.6, implying annual growth of -55.6%.
Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 33.3.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 52.00 cents and EPS of 149.00 cents.
At the last closing share price the estimated dividend yield is 3.76%.
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 104.9, implying annual growth of 152.2%.
Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 13.2.

Market Sentiment: -0.5
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: $0.62

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

As independent expert Grant Thornton values Tietto Minerals shares in a range of between 70-82c, the company's directors recommend shareholders reject Zhaojin Mining’s unsolicited off-market 0.58c/share offer.

The broker sets a 75c target, up from 74c for Buy-rated Tietto.

At spot gold prices, points out the analyst, the valuation rises to 88c/share.

This report was published on November 29, 2023.

Target price is $0.75 Current Price is $0.62 Difference: $0.13
If TIE meets the Petra Capital target it will return approximately 21% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.85.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 8.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.65.

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

VIT    VITURA HEALTH LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.29

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

Petra Capital hopes the distraction is over for Vitura Health, after an ex-director's nomination for the board was rejected at the company's AGM.

The broker lowers revenue forecasts after management revealed heightened supplier competition and reduced pricing, and the target falls to 61c from 70c. A $115/unit, per-annum price is now forecast, compared to $120 previously.

Over the longer-term growth is not impaired, according to the analyst, given a number of new products will drive unit sales.

Industry forecasts indicate sustained expansion for the medicinal cannabis sector, explains Petra. The Buy rating is unchanged.

This report was published on November 29, 2023.

Target price is $0.61 Current Price is $0.29 Difference: $0.32
If VIT meets the Petra Capital target it will return approximately 110% (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 1.00 cents and EPS of 2.60 cents.
At the last closing share price the estimated dividend yield is 3.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.15.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 1.00 cents and EPS of 3.50 cents.
At the last closing share price the estimated dividend yield is 3.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.29.

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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