Australian Broker Call *Extra* Edition – Dec 14, 2023

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

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)

APZ   AQZ   AX1   BOT   CU6   CXO   EML   HGO   IR1   LRS   MEI   MTS   MVF   MXI   MYX   PEN   PMV (2)   PPE   QIP   SFR   SYA   WGX  

APZ    ASPEN GROUP LIMITED

Real Estate – Overnight Price: $1.80

Moelis rates ((APZ)) as Buy (1) –

Aspen Group has announced the acquisition 81 apartments for $8.11m in Burwood, East Melbourne. The apartments are earmarked for student accommodation and are located close to the Deakin University campus.

The transaction is EPS accretive from day one, notes Moelis. Target rises to $2.47 from $2.45. The Buy rating is maintained.

This report was published on December 5, 2023.

Target price is $2.47 Current Price is $1.80 Difference: $0.67
If APZ meets the Moelis target it will return approximately 37% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 8.50 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 4.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.85.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 9.60 cents and EPS of 14.60 cents.
At the last closing share price the estimated dividend yield is 5.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.33.

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

AQZ    ALLIANCE AVIATION SERVICES LIMITED

Transportation & Logistics – Overnight Price: $2.79

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

During an AGM trading update, management at Alliance Aviation Services confirmed it was comfortable with the consensus forecast for FY24 profit of $84m, notes Wilsons, and a significantly stronger 2H compared to the 1H.

Management pointed to the strongest contract book since the initial public offering, as well as growing fly-in/fly-out (FIFO) operations. Wet lease operations also continue to expand in volume and scale, with utilisation expected to rise progressively over the next year and a half.

The broker raises its target to $4.14 from $3.94 and maintains an Overweight rating.

This report was published on December 7, 2023.

Target price is $4.14 Current Price is $2.79 Difference: $1.35
If AQZ meets the Wilsons target it will return approximately 48% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 35.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.79.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 26.20 cents and EPS of 40.40 cents.
At the last closing share price the estimated dividend yield is 9.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.91.

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

AX1    ACCENT GROUP LIMITED

Apparel & Footwear – Overnight Price: $1.89

Petra Capital rates ((AX1)) as Initiation of coverage with Hold (3) –

Petra Capital describes Accent Group as a digitally integrated retailer and distributor of branded performance and lifestyle footwear, apparel and accessories.

There are over 800 stores and the company has exclusive distribution rights for 17 international brands across A&NZ. Key established banners include The Athlete’s Foot, Platypus, Hype and Skechers.

The broker begins with a Hold rating due to a current fair valuation, and because macroeconomic challenges are weighing on near-term earnings. Like-for-like sales in the financial year have fallen by -2% so far, coinciding with cost inflation pressures. A $1.85 target is set.

Petra Capital lists a number of growth levers including ongoing store rollouts, growth from distributed brands, expansion in apparel, along with opportunities to leverage off digital, as well as customer loyalty.

This report was published on December 8, 2023.

Target price is $1.85 Current Price is $1.89 Difference: minus $0.04 (current price is over target).
If AX1 meets the Petra Capital target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.19, suggesting upside of 15.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 10.30 cents and EPS of 11.90 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.7, implying annual growth of -21.4%.
Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 12.70 cents and EPS of 15.10 cents.
At the last closing share price the estimated dividend yield is 6.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.9, implying annual growth of 25.2%.
Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 11.9.

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

BOT    BOTANIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.14

Petra Capital rates ((BOT)) as Initiation of coverage with Hold (3) –

Initiating coverage on Botanix Pharmaceuticals, Petra Capital notes the medical dematology company is targeting hyperhidrosis with its Sofdra treatment, which the broker expects will receive FDA approval on its second pass. The broker assumes a US product launch in FY25, laying out a pathway to profitability in FY26.

According to the broker, the current price factors in a high level of commercial success and under appreciates the commercial execution risk. Further, physicians suggest insurance coverage will prove the ultimate driver of prescribing behaviour and patient uptake.

The broker initiates with a Hold rating and a target price of 17 cents.

This report was published on December 6, 2023.

Target price is $0.17 Current Price is $0.14 Difference: $0.025
If BOT 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 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 14.50.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.71.

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

CU6    CLARITY PHARMACEUTICALS LIMITED

Medical Equipment & Devices – Overnight Price: $1.71

Wilsons rates ((CU6)) as Overweight (1) –

The strong share price performance by Clarity Pharmaceuticals is justified, based on Wilsons observations over the past three years from around the development of the PSMA PET Dx market.

A prostate-specific membrane antigen positron emission tomography (PSMA PET) scan is an imaging test used to detect prostate cancer.

The broker anticipates Clarity will obtain material market share for its 64 copper-based Dx agents to take in prostate cancer PET/CT scans.

The analysts almost double expectations for the terminal total addressable market (TAM) share of 64Cu-SAR-bisPSMA and incorporate the non-PMSA avid asset, 64Cu-SAR-BBN, into the broader prostrate cancer pie.

The Overweight rating is retained and the target rises to $2.13 from $1.55.

This report was published on December 8, 2023.

Target price is $2.13 Current Price is $1.71 Difference: $0.425
If CU6 meets the Wilsons target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 13.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.36.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 17.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.80.

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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.24

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

In a background of quickly falling lithium prices, Petra Capital highlights Core Lithium's robust balance sheet protects the businesses and allow capex commitments to remain unchanged. The company has already raised sufficient equity in the analyst's view.

The broker highlights Core Lithium has $202m in cash, no debt and $180m of operating cash flow in a spot scenario.

In Petra Capital's bear case scenario of US$1,000/t spodumene and US$15,000/t carbonate, the company's cash flows would be severely impacted, but Core Lithium would "scrape through".

The 59c target and Buy rating are unchanged.

This report was published on December 7, 2023.

Target price is $0.59 Current Price is $0.24 Difference: $0.345
If CXO meets the Petra Capital target it will return approximately 141% (excluding dividends, fees and charges).
Current consensus price target is $0.43, suggesting upside of 76.9%(ex-dividends)
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 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.3, implying annual growth of 826.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 3.9.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.5, implying annual growth of -28.6%.
Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 5.4.

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

EML    EML PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $0.81

Wilsons rates ((EML)) as Upgrade to Overweight from Market Weight (1) –

A lack of disclosure around updates on PCSIL from EML Payments has left the market disappointed, but created an opportunity for Wilsons to upgrade its rating on the stock amid a material share price drop. The company outlined a refocus on its core, profitable and cash flow positive businesses.

The broker does expect an outcome on PCSIL in coming months, rather than years. While Wilsons expects some investors will remain cautious given the track record of the previous management, it sees risk reducing for EML Payments over the next twelve months.

The rating is upgraded to Overweight and the target price of $1.17 is retained.

This report was published on December 4, 2023.

Target price is $1.17 Current Price is $0.81 Difference: $0.355
If EML meets the Wilsons target it will return approximately 44% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 5.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.09.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 7.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.32.

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

HGO    HILLGROVE RESOURCES LIMITED

Copper – Overnight Price: $0.07

Canaccord Genuity rates ((HGO)) as Initiation of coverage with a Speculative Buy (1) –

Canaccord Genuity initiates coverage of Hillgrove Resources with a Speculative Buy rating and 9c target.

The broker conservatively forecasts first production by June next year as the company restarts the Kanmantoo copper mine in the Adelaide Hills, South Australia.

This report was published on December 5, 2023.

Target price is $0.09 Current Price is $0.07 Difference: $0.016
If HGO meets the Canaccord Genuity target it will return approximately 22% (excluding dividends, fees and charges).

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.40.

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

IR1    IRIS METALS LIMITED

Overnight Price: $0.95

Petra Capital rates ((IR1)) as Buy (1) –

Following recent diamond drill results indicating potential for a blind, high grade pegmatite at depth at the Beecher Project, Petra Capital
suggests investors buy Iris Metals shares ahead of the ongoing assay results.

While some investors believe the US is a difficult country in which to advance mining projects, South Dakota is a pro-mining jurisdiction, highlights the broker.

 Also, the analyst explains the company's drill results have been on Patented Mining Claims with an approved right to extract material.

The Buy rating and $2.57 target are unchanged.

This report was published on December 8, 2023.

Target price is $2.57 Current Price is $0.95 Difference: $1.62
If IR1 meets the Petra Capital target it will return approximately 171% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

LRS    LATIN RESOURCES LIMITED

Mining – Overnight Price: $0.20

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

Latin Resources has released an updated resource estimate for its Salinas project, now totalling 70.3m tonnes at 1.27% lithium and including a 41% increase to the Colina resource and a maiden Fogs Black resource, with the new resource a 57% beat to Canaccord Genuity's expectations.

While Canaccord Genuity's outlook is based on the preliminary economic assessment from October, it anticipates the resource upgrade will underpin an expanded development scenario and mine life extension, likely to be detailed in the definitive feasibility study due mid-2024.

The Speculative Buy rating and target price of 70 cents are retained.

This report was published on December 6, 2023.

Target price is $0.70 Current Price is $0.20 Difference: $0.505
If LRS meets the Canaccord Genuity target it will return approximately 259% (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 0.00 cents.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.00 cents.

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

MEI    METEORIC RESOURCES NL

Gold & Silver – Overnight Price: $0.20

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

Following Meteoric Resources reporting additional positive metallurgical test work results at its Caldeira Rare Earth project in Brazil, Canaccord Genuity retains its Speculative Buy rating and 45c target.

The results showed overall rare earths elements (REE) ammonium sulphate wash recoveries of more than 70% for Neodymium and praseodymium (NdPr) – up to circa 90% – and greater than 55% for Dysprosium (Dy) and Terbium (Tb), up to around 85%.

According to the broker, the results validate historical test work undertaken by the Japan Organization for Metals and Energy Security (JOGMEC), and confirms the ionic nature of rare earths mineralisation at Caldeira.

This report was published on December 7, 2023.

Target price is $0.45 Current Price is $0.20 Difference: $0.245
If MEI meets the Canaccord Genuity target it will return approximately 120% (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

MTS    METCASH LIMITED

Food, Beverages & Tobacco – Overnight Price: $3.58

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

Jarden assesses Metcash's 1H result was "solid" in a tough market, though Hardware was weaker-than-expected due to higher costs. Grocery was a beat against the analyst's forecast, after excluding $2.8m of restructuring costs.

Management noted the 2H has begun well, and also announced a new $14-16m cost-out program (with savings to begin in H2), which the broker suggests should provide the market with confidence in the earnings outlook.

Overweight. Target 4.40.

This report was published on December 4, 2023.

Target price is $4.40 Current Price is $3.58 Difference: $0.82
If MTS meets the Jarden target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $4.00, suggesting upside of 11.7%(ex-dividends)
The company's fiscal year ends in April.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 23.00 cents and EPS of 32.60 cents.
At the last closing share price the estimated dividend yield is 6.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.5, implying annual growth of 6.3%.
Current consensus DPS estimate is 20.9, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 24.00 cents and EPS of 33.50 cents.
At the last closing share price the estimated dividend yield is 6.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.3, implying annual growth of -0.7%.
Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 12.7.

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

MVF    MONASH IVF GROUP LIMITED

Healthcare services – Overnight Price: $1.35

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

The recent AGM update by Monash IVF revealed a new 1H range for underlying profit of between $14.5-15m, which at the lower bound came in $1.1m ahead of Wilsons forecast.

From the broker's perspective, it looks like Healthcare Services is the only Health sub sector capable of offsetting inflationary pressure at the moment, due to the twin levers of market share and pricing.

The Overweight rating is retained for Monash IVF and the target price rises to $1.43 from $1.32.

This report was published on December 8, 2023.

Target price is $1.43 Current Price is $1.35 Difference: $0.08
If MVF meets the Wilsons target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $1.39, suggesting upside of 2.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 5.30 cents and EPS of 7.50 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 18.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of 30.4%.
Current consensus DPS estimate is 5.1, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 18.5.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 5.60 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 4.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.0, implying annual growth of 9.6%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 16.9.

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

MXI    MAXIPARTS LIMITED

Automobiles & Components – Overnight Price: $2.53

Taylor Collison rates ((MXI)) as Initiation of coverage with Outperform (2) –

Due to current favourable industry dynamics for MaxiPARTS' core truck/trailer parts division, Taylor Collison is expecting a step-change in EPS growth to around 22% per annum for FY24 and FY25, up from 11.8% during FY23.

Even after vehicle backlogs clear (which could be two years), the broker expects the trend of improved supplier and customer adoption should remain as a tailwind for the sector.

These better trends are due to expanding vehicle content and greater sophistication of the aftermarket channel, explains Taylor Collison.

Given a conservative balance sheet, capital management may also be in prospect, suggests the analyst, who begins research coverage with an Outperform rating and $3.40 target.

This report was published on December 1, 2023.

Target price is $3.40 Current Price is $2.53 Difference: $0.87
If MXI meets the Taylor Collison target it will return approximately 34% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Taylor Collison forecasts a full year FY24 dividend of 8.00 cents and EPS of 19.90 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 12.71.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 9.70 cents and EPS of 24.30 cents.
At the last closing share price the estimated dividend yield is 3.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.41.

Market Sentiment: 1.0
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: $5.72

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

Following a trading update by Mayne Pharma, Wilsons has gained renewed confidence in the growth outlook within the Dermatology
segment. The target rises to $5.50 from $4.00 and the Market Weight rating is maintained.

Market exclusivity (in around 2026) of several rosacea products (Rhofade, AgOracea) should help provide stable revenue and gross margin growth, in the broker's opinion.

This stability compares with past turnover weakness and ‘launch blips’ for the portfolio, explains the analyst.

A further nine dermatology product launches are also expected in the near-term, points out the broker. Moreover, management has hired Medical Science Liaisons (MSLs) as key clinical education champions for Nextstellis, opening up large academic hospitals such as Yale and Duke.

This report was published on December 5, 2023.

Target price is $5.50 Current Price is $5.72 Difference: minus $0.22 (current price is over target).
If MYX meets the Wilsons target it will return approximately minus 4% (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 73.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.80.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 41.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.82.

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

PEN    PENINSULA ENERGY LIMITED

Uranium – Overnight Price: $0.10

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

Peninsula Energy is now funded to complete plant construction and wellfield development at the Lance Uranium projects in Wyoming, explains Canaccord Genuity, following a successful $50m institutional equity raise. 

The analyst notes management has engaged advisors on how to resource an additional US$30m to achieve sustainable positive cash flow. Discussions have begun with government agencies and commercial financiers to explore pre-payment potential.

The broker's Speculative Buy rating is retained and the target is lowered to 18c from $0.22.

This report was published on December 7, 2023.

Target price is $0.18 Current Price is $0.10 Difference: $0.075
If PEN meets the Canaccord Genuity target it will return approximately 71% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.15 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 69.54.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.77.

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

PMV    PREMIER INVESTMENTS LIMITED

Apparel & Footwear – Overnight Price: $26.37

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

Following an AGM trading update by Premier Investments, Goldman Sachs retains a Sell rating but raises the target price to $22.30 from $21.50.

Premier Retail earnings (EBIT) pre-AASB increased by 2%, partly because of a 30bps higher earnings margin due to both a higher gross profit margin (GPM) and lower rent/sales, explains the the broker.

Goldman Sachs remains concerned over a number of issues including potential for Gen Z and Millennial families to cut spending and trade-down, mature growth for the Apparel Brands, and increasing competition.

This report was published on December 5, 2023.

Target price is $22.30 Current Price is $26.37 Difference: minus $4.07 (current price is over target).
If PMV meets the Goldman Sachs target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $26.12, suggesting downside of -0.9%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 116.00 cents and EPS of 156.00 cents.
At the last closing share price the estimated dividend yield is 4.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 155.2, implying annual growth of -8.9%.
Current consensus DPS estimate is 106.3, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 17.0.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 118.00 cents and EPS of 154.00 cents.
At the last closing share price the estimated dividend yield is 4.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 157.8, implying annual growth of 1.7%.
Current consensus DPS estimate is 114.6, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 16.7.

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

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Jarden rates ((PMV)) as Neutral (3) –

A FY24 trading update revealed Retail EBIT (pre-AASB16) for Premier Investments were an around 11% beat compared to the consensus forecast, driven by stronger revenues, partly due to record Black Friday sales, explains Jarden.

While no sales guidance was provided, the analysts suggest foot traffic data indicates good growth, with Portmans and Dotti leading the  recovery.

The broker's target falls to $24.20 from $24.50 on a higher assumed risk-free rate. The Neutral rating is unchanged.

This report was published on December 4, 2023.

Target price is $24.20 Current Price is $26.37 Difference: minus $2.17 (current price is over target).
If PMV 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 $26.12, suggesting downside of -0.9%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 127.00 cents and EPS of 160.60 cents.
At the last closing share price the estimated dividend yield is 4.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 155.2, implying annual growth of -8.9%.
Current consensus DPS estimate is 106.3, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 17.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 128.00 cents and EPS of 159.30 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 16.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 157.8, implying annual growth of 1.7%.
Current consensus DPS estimate is 114.6, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 16.7.

Market Sentiment: 0.0
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: $1.04

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

Petra Capital's target for PeopleIN falls to $1.90 from $2.57 following an AGM trading update, though the broker suggests earnings may be approaching bottom-of-the-cycle. A Buy rating is retained.

A 2H decline in earnings (EBITDA) margin to 4.8% surprised the broker, and is attributed to lower margins at both FIP Group Holdings (acquired in June 2022) and other areas of the business.

Management is expecting a tick-up in margins in the 4Q of FY24 and into FY25, as higher margin demand returns.

The broker lowers its FY24 and FY25 earnings forecasts by -22.1% and -32.5%, respectively.

This report was published on December 7, 2023.

Target price is $1.90 Current Price is $1.04 Difference: $0.86
If PPE meets the Petra Capital target it will return approximately 83% (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 8.00 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 7.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.71.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 9.50 cents and EPS of 22.90 cents.
At the last closing share price the estimated dividend yield is 9.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.54.

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

QIP    QANTM INTELLECTUAL PROPERTY LIMITED

Legal – Overnight Price: $0.94

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

Qantm Intellectual Property detailed solid performance ahead of its first half results, says Petra Capital, benefitting from its leading position in the domestic market.

With two thirds of global filings now coming from Asia, expansion into Asian markets remains a priority for the company and critical to driving growth. Efforts have been made toward acquisition targets in key markets Thailand, Indonesia and India.

The Buy rating and target price of $1.57 are retained.

This report was published on December 6, 2023.

Target price is $1.57 Current Price is $0.94 Difference: $0.635
If QIP meets the Petra Capital target it will return approximately 68% (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 6.80 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 7.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.35.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 7.40 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 7.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.79.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $6.41

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

The recent price paid by Chinese miner MMG Ltd for the copper and silver miner Khoemacau provides a bullish copper price look-through for Sandfire Resources' Motheo asset, in Jarden's opinion.

Using the US$4/lb implied long-term copper price implied by the transaction would increase the broker's valuation for Sandfire Resources to around $8.10/share.

Of course, a range of other variables are incorporated into Jarden's target of $6.40, which falls from $6.57 following modest forecast earnings downgrades after a financial model update. The Overweight rating is unchanged.

This report was published on December 5, 2023.

Target price is $6.40 Current Price is $6.41 Difference: minus $0.01 (current price is over target).
If SFR 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 $6.96, suggesting upside of 8.6%(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 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, implying annual growth of N/A.
Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 712.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 7.55 cents and EPS of 54.36 cents.
At the last closing share price the estimated dividend yield is 1.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.0, implying annual growth of 4122.2%.
Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 16.9.

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

SYA    SAYONA MINING LIMITED

New Battery Elements – Overnight Price: $0.06

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

In a background of quickly falling lithium prices, Petra Capital highlights Sayona Mining's robust balance sheet protects the businesses and allow capex commitments to remain unchanged. The company has already raised sufficient equity in the analyst's view.

The broker highlights Sayona has $233m in cash, no debt and $290m of attributable operating cash flow in a spot scenario.

In Petra Capital's bear case scenario of US$1,000/t spodumene and US$15,000/t carbonate, the company's cash flows would be severely impacted and growth/expansion plans would likely be halted to preserve cash.

The 34c target and Buy rating are unchanged.

This report was published on December 7, 2023.

Target price is $0.34 Current Price is $0.06 Difference: $0.285
If SYA meets the Petra Capital target it will return approximately 518% (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 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.93.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.62.

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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.13

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

As per Petra Capital, an operational update on Westgold Resources' Starlight mine has pointed to an improving outlook for the often overlooked asset, with a ten metre intersection containing 443 grams of gold per tonne showing grading upside potential.

Westgold Resources has committed to extending the mine a further 320 vertical metres, likely equating to a four year mine life extension. Petra Capital's base case assumes a five year mine life through to FY28, with annual production of 600,000 tonnes.

The Buy rating and target price of $2.41 are retained.

This report was published on December 13, 2023.

Target price is $2.41 Current Price is $2.13 Difference: $0.28
If WGX meets the Petra Capital target it will return approximately 13% (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 3.00 cents and EPS of 19.30 cents.
At the last closing share price the estimated dividend yield is 1.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.04.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 8.00 cents and EPS of 21.70 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 9.82.

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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