Australian Broker Call *Extra* Edition – Jan 09, 2024

This story features CALIDUS RESOURCES LIMITED, and other companies. For more info SHARE ANALYSIS: CAI

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)

CAI   CVN   CXO   EHL   ENN   EXP   GOR   GQG   IAG   KMD   MAH   MFG   MGH   MTO   ORI   PTM   PXA   QBE   RED   RIC   SGF   SLR   SUN   TWE   WGX  

CAI    CALIDUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.21

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

Calidus Resources has struck a deal with Novo Resources ((NVO)) to purchase the Nullagine Gold Project. This is a fantastic deal for Calidus, in Canaccord Genuity's view.

Not only does it gain 1.4Moz in resources, a 1.8Mtpa plant under care and maintenance and various pieces of plant and equipment, it immediately secures $14m cash which will greatly improve the company's liquidity coming to the end of what the broker expects to be a flat December quarter.

Speculative Buy retained, target rises to 33c from 30c.

This report was published on December 22, 2023.

Target price is $0.33 Current Price is $0.21 Difference: $0.12
If CAI meets the Canaccord Genuity target it will return approximately 57% (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 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.50.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.00.

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

CVN    CARNARVON ENERGY LIMITED

Crude Oil – Overnight Price: $0.23

Jarden rates ((CVN)) as Upgrade to Buy from Overweight (1) –

Jarden has upgraded its rating on Carnarvon Energy following board change announcements from the company, including the resignation of both the CEO and the managing director.

This comes alongside a strategy reset, potentially including a corporate sale process, and a new corporate cost-cutting program. A trade sale could be a positive, according to Jarden, realising value for shareholders sooner compared to waiting for Dorado progress.

The rating is upgraded to Buy from Overweight and the target price increases to 25 cents from 24 cents.

This report was published on December 19, 2023.

Target price is $0.25 Current Price is $0.23 Difference: $0.025
If CVN meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
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 minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 225.00.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 112.50.

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: $0.19

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

The strategic review has resulted into a temporary suspension of mining operations in the Grants Open Pit with Goldman Sachs pointing out there are sufficient stocks to feed the concentrator until mid-year without further mining.

Meanwhile, the risk of Core Lithium experiencing a gap in production in FY25 is on the rise, the analyst warns. Plus the upcoming half-yearly update will likely include an impairment affecting the carrying value for the Finiss operation, in the broker's view.

Core Lithium is Sell-rated at Goldman Sachs, with a 31c price target.

This report was published on January 5, 2024.

Target price is $0.31 Current Price is $0.19 Difference: $0.12
If CXO meets the Goldman Sachs target it will return approximately 63% (excluding dividends, fees and charges).
Current consensus price target is $0.34, suggesting upside of 70.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.7, implying annual growth of 444.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 5.4.

Forecast for FY25:

Goldman Sachs 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 19.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.4, implying annual growth of -62.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.3.

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

EHL    EMECO HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.65

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

Emeco Holdings and Macmahon Holdings have announced a deal that will see Emeco's subsidiary, Pit N Portal, change hands. To Canaccord Genuity, this looks like a transaction that makes sense for both companies.

The underground contract mining business is a more natural fit within Macmahon and the accompanying rental agreement is supportive of Emeco's core strategy, the broker suggests.

Emeco expects minimal FY24 impact to operating earnings, as contract mining earnings will fall but equipment rental earnings increase.

Buy and 97c target retained.

This report was published on December 21, 2023.

Target price is $0.97 Current Price is $0.65 Difference: $0.325
If EHL meets the Canaccord Genuity target it will return approximately 50% (excluding dividends, fees and charges).

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

ENN    ELANOR INVESTORS GROUP

Wealth Management & Investments – Overnight Price: $1.38

Moelis rates ((ENN)) as Buy (1) –

Elanor Investors has issued 1H24 core earnings guidance of $8.0m, or 5.2 cents per security. This compares to Moelis' prior estimate of $12.3m.

The weakness versus estimates is largely related to softness in co-investment income, Moelis notes, while core recurring earnings remain robust.

Lower than expected co-investment income and hotel operating fees in 1H24 guidance results in a -27% reduction to the broker's FY24 estimates, assuming limited recovery in these contributors. Target falls to $2.02 from $2.15, Buy retained.

This report was published on December 21, 2023.

Target price is $2.02 Current Price is $1.38 Difference: $0.64
If ENN meets the Moelis target it will return approximately 46% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 10.80 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 7.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.62.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 13.50 cents and EPS of 15.10 cents.
At the last closing share price the estimated dividend yield is 9.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.14.

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

EXP    EXPERIENCE CO LIMITED

Travel, Leisure & Tourism – Overnight Price: $0.20

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

Canaccord Genuity's positive thesis is premised around the return of international tourists pumping up volumes, in particular for skydiving, facilitating material incremental earnings growth for Experience Co as a whole.

The broker does concede recent weather impacts can put a dampener on prospects in the short term, though Cyclone Jasper raging through Queensland is not seen as a genuine party pooper.

Experience Co has also entered into a new secured corporate debt facility with CommBank ((CBA)).

Buy. Target 33c.

This report was published on January 3, 2024.

Target price is $0.33 Current Price is $0.20 Difference: $0.135
If EXP meets the Canaccord Genuity target it will return approximately 69% (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 0.55 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.45.

Forecast for FY25:

Canaccord Genuity 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 9.70.

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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.70

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

Buy rating retained with a price target of $2 as Canaccord Genuity observes Gold Road Resources' December quarter production report helped the company achieving the bottom end of management's guidance.

The broker notes the market update included no comment on the company's AISC guidance of $1,540-1,660/oz, with management having suggested previously the upper end of the cost range would likely apply in FY24.

To meet or beat the upper end of guidance, AISC for the quarter would need to be $1,963/oz or lower, points out the broker.

This report was published on January 9, 2024.

Target price is $2.00 Current Price is $1.70 Difference: $0.305
If GOR meets the Canaccord Genuity target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $2.13, suggesting upside of 24.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 2.00 cents and EPS of 11.00 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 15.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.2, implying annual growth of 88.0%.
Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 4.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 2.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of 16.4%.
Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 12.0.

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

GQG    GQG PARTNERS INC

Wealth Management & Investments – Overnight Price: $1.68

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

GQG Partners' market update surprised in a positive sense, with funds under management well above Goldman Sachs's forecast. The broker lauds better market returns in combination with better-than-expected funds inflows.

Consistent with prior updates, performance fees remain but a small portion of total revenues, the broker highlights. Goldman Sachs adds management sees a pipeline of potential new business opportunities.

Goldman Sachs is currently under research restriction.

This report was published on January 9, 2024.

Current Price is $1.68. Target price not assessed.
Current consensus price target is $2.14, suggesting upside of 26.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 13.31 cents and EPS of 13.58 cents.
At the last closing share price the estimated dividend yield is 7.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.9, implying annual growth of N/A.
Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 7.9%.
Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 16.40 cents and EPS of 18.10 cents.
At the last closing share price the estimated dividend yield is 9.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of 12.9%.
Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 8.6%.
Current consensus EPS estimate suggests the PER is 10.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

IAG    INSURANCE AUSTRALIA GROUP LIMITED

Insurance – Overnight Price: $5.84

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

Insurance Australia Group's reinsurance renewal has surprised Goldman Sachs positively with the insurer able to purchase greater protection on the back of a recovering reinsurance market, among other positives.

The broker sees an economic net benefit emerging from the above. At this stage, the insurer has communicated natural perils costs are tracking below allowance post Tropical Cyclone Jasper and Christmas storms in December, the analyst highlights.

Target $6. Neutral. Minor reductions have been applied to forecasts.

This report was published on January 4, 2024.

Target price is $6.00 Current Price is $5.84 Difference: $0.16
If IAG meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $5.96, suggesting upside of 2.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 28.00 cents and EPS of 39.00 cents.
At the last closing share price the estimated dividend yield is 4.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.5, implying annual growth of 4.7%.
Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 31.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 5.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.9, implying annual growth of 12.4%.
Current consensus DPS estimate is 31.3, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 14.6.

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

KMD    KMD BRANDS LIMITED

Sports & Recreation – Overnight Price: $0.69

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

KMD Brands’ 1H24 trading update was disappointing, owing to weak sales momentum across each brand. While this was in part a continuation in trends experienced in 4Q23, the extent of the sales declines was much greater than Canaccord Genuity had envisaged.

What was pleasing to the broker was that group gross margins have expanded year to date while working capital continues to contract.

Ultimately, lower sales leads to a lower earnings performance and the broker needs to see evidence of improved sales trajectories to
become more constructive.

Hold retained, target falls to 68c from 79c.

This report was published on December 22, 2023.

Target price is $0.68 Current Price is $0.69 Difference: minus $0.015 (current price is over target).
If KMD 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 $0.71, suggesting upside of 2.9%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 2.77 cents and EPS of 2.77 cents.
At the last closing share price the estimated dividend yield is 3.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.6, implying annual growth of N/A.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 12.3.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 5.55 cents and EPS of 6.47 cents.
At the last closing share price the estimated dividend yield is 7.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.9, implying annual growth of 23.2%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 10.0.

This company reports in NZD. 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

MAH    MACMAHON HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.20

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

Emeco Holdings and Macmahon Holdings have announced a deal that will see Emeco's subsidiary, Pit N Portal, change hands. To Canaccord Genuity, this looks like a transaction that makes sense for both companies.

The underground contract mining business is a more natural fit within Macmahon and the accompanying rental agreement is supportive of Emeco's core strategy, the broker suggests.

In the broker's view, the primary benefits to Macmahon is the immediate EPS accretion and expansion of its low capital intensity operations.

Buy retained, target rises to 25c from 23c.

This report was published on December 21, 2023.

Target price is $0.25 Current Price is $0.20 Difference: $0.055
If MAH meets the Canaccord Genuity target it will return approximately 28% (excluding dividends, fees and charges).

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

MFG    MAGELLAN FINANCIAL GROUP LIMITED

Wealth Management & Investments – Overnight Price: $8.94

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

Magellan Financial's market update seems to indicate trends in fund flows and fund management are improving, on assessment of Goldman Sachs.

Funds under management as at December 31st beat the broker's estimate while FX proved a headwind. The broker does observe performance over 1, 3 and 5 years against benchmarks still looks "weak".

Target $8.55. Neutral.

This report was published on January 7, 2024.

Target price is $8.55 Current Price is $8.94 Difference: minus $0.39 (current price is over target).
If MFG meets the Goldman Sachs target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.45, suggesting downside of -8.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 100.00 cents and EPS of 75.00 cents.
At the last closing share price the estimated dividend yield is 11.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.8, implying annual growth of -24.2%.
Current consensus DPS estimate is 59.0, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 50.00 cents and EPS of 58.00 cents.
At the last closing share price the estimated dividend yield is 5.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.9, implying annual growth of -9.1%.
Current consensus DPS estimate is 51.3, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 13.3.

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

MGH    MAAS GROUP HOLDINGS LIMITED

Building Products & Services – Overnight Price: $3.80

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

Wilsons has re-assessed its Maas Group investment thesis.

Construction Materials and Construction Contracting & Hire earnings expectations appear reasonable to the broker, with upside potential over the medium term based on Maas Group’s historical organic growth and return on capital targets.

Residential property fundamentals in key markets remain attractive, Wilsons suggests, supporting an eventual recovery in demand. Notwithstanding the strong recent share price performance, the broker continues to see attractive value.

Overweight retained, target rises to $4.41 from $3.75.

This report was published on December 20, 2023.

Target price is $4.41 Current Price is $3.80 Difference: $0.61
If MGH meets the Wilsons target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 8.00 cents and EPS of 25.20 cents.
At the last closing share price the estimated dividend yield is 2.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.08.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 11.00 cents and EPS of 31.90 cents.
At the last closing share price the estimated dividend yield is 2.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.91.

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

MTO    MOTORCYCLE HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $2.10

Moelis rates ((MTO)) as Buy (1) –

Motorcycle Holdings is expecting underlying earnings to be in the order of $14-16m, down -17-22% on 1H23. Given that 1H24 captured the full six month contribution of the Mojo acquisition (compared to only two months in 1H23), this is a very weak result, Moelis suggests.

Management attributes the earnings declines to slowing wholesale sales of farm vehicles (ATVs and side-by-sides) at a time when stock levels have increased across the industry, "putting pressure on margins".

New motorcycle sales remain strong, but wider economic conditions are driving margin pressures affecting all areas of the business. With FY24 earnings likely representing a cyclically low point, Moelis suggests Motorcycle Holdings is not expensive.

Buy retained, target falls to $2.35 from $2.80.

This report was published on December 22, 2023.

Target price is $2.35 Current Price is $2.10 Difference: $0.25
If MTO meets the Moelis target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 10.70 cents and EPS of 19.40 cents.
At the last closing share price the estimated dividend yield is 5.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.82.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 12.50 cents and EPS of 22.90 cents.
At the last closing share price the estimated dividend yield is 5.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.17.

Market Sentiment: 0.0
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: $16.06

Jarden rates ((ORI)) as Buy (1) –

Orica has announced that it has entered into an agreement to acquire geotechnical and monitoring firm Terra Insights, subject to approvals.

Orica is set to pay a relatively expensive enterprise value multiple of 15.8x for the business, Jarden suggests, despite a significantly lower recurring revenue base (20%) than recently acquired Axis or GroundProbe.

Jarden thinks the market will continue to remain sceptical on the pricing premium paid by Orica until EPS accretion is shown in FY25, but is positive on the proposed acquisition given the longer term EPS accretion it would bring.

Buy retained, target falls to $16.85 from $17.10.

This report was published on December 21, 2023.

Target price is $16.85 Current Price is $16.06 Difference: $0.79
If ORI meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $17.77, suggesting upside of 9.0%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 47.70 cents and EPS of 86.30 cents.
At the last closing share price the estimated dividend yield is 2.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 94.5, implying annual growth of 45.1%.
Current consensus DPS estimate is 49.6, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 17.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 56.60 cents and EPS of 101.70 cents.
At the last closing share price the estimated dividend yield is 3.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 109.2, implying annual growth of 15.6%.
Current consensus DPS estimate is 58.3, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 14.9.

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

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments – Overnight Price: $1.28

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

Platinum Asset Management continues to disappoint whenever it releases market updates but Goldman Sachs makes the point the December quarter disappointments are only small.

That said, the broker does acknowledge the international fund's performance remains "weak" against its benchmark on a one-year comparison.

Performance on 3, 5 and 10 years are all weaker than the benchmark. Performance for the Asia fund registers as "weak" on a 1 and 3 year measurement.

Sell. Target $1.12.

This report was published on January 9, 2024.

Target price is $1.12 Current Price is $1.28 Difference: minus $0.16 (current price is over target).
If PTM meets the Goldman Sachs target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.28, suggesting downside of -0.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 13.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 10.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.1, implying annual growth of -14.2%.
Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 9.5%.
Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 10.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 7.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.7, implying annual growth of -11.6%.
Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 7.9%.
Current consensus EPS estimate suggests the PER is 12.0.

Market Sentiment: -0.5
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: $10.75

Jarden rates ((PXA)) as Neutral (3) –

Despite hearing from Pexa Group only a month ago at its investor day, the announcement of 1H24 and FY24 guidance metrics negatively surprised Jarden.

While FY24  revisions were across all divisions and fairly significant, FY25 and beyond downgrades were more contained given the majority of headwinds appear short term.

Jarden continues to expect an improvement in Australian settlement activity in the near term and is more positive on the UK. Neutral retained given key catalysts to assess the UK's viability are at least six months away.

Target falls to $11.30 from $12.20.

This report was published on December 21, 2023.

Target price is $11.30 Current Price is $10.75 Difference: $0.55
If PXA meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $14.26, suggesting upside of 30.8%(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 22.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, 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 46.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 51.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.2, implying annual growth of 49.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 31.0.

Market Sentiment: 0.7
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: $15.09

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

In anticipation of QBE Insurance's FY23 result, scheduled for February 16, Goldman Sachs comments insurance premium rate increases remain strong and supportive.

The analyst is expecting strong numbers to be released, but also notes some retention pressure and moderating input costs suggests more moderate rate increases are on the horizon and perhaps also an increase in competition.

Buy with a price target of $18.52.

This report was published on January 7, 2024.

Target price is $18.52 Current Price is $15.09 Difference: $3.43
If QBE meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $17.31, suggesting upside of 14.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 72.41 cents and EPS of 143.31 cents.
At the last closing share price the estimated dividend yield is 4.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 133.4, implying annual growth of N/A.
Current consensus DPS estimate is 99.2, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 89.00 cents and EPS of 182.53 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 8.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 175.5, implying annual growth of 31.6%.
Current consensus DPS estimate is 122.2, implying a prospective dividend yield of 8.1%.
Current consensus EPS estimate suggests the PER is 8.6.

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

RED    RED 5 LIMITED

Gold & Silver – Overnight Price: $0.29

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

Red 5's Dec Q production met Canaccord Genuity's forecast. The broker highlights production might be en route of exceeding management's guidance range for FY24.

Hold. Target 32c.

This report was published on January 9, 2024.

Target price is $0.32 Current Price is $0.29 Difference: $0.03
If RED meets the Canaccord Genuity target it will return approximately 10% (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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.00.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.50.

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

RIC    RIDLEY CORPORATION LIMITED

Agriculture – Overnight Price: $2.65

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

Ridley Corp has announced its acquisition of Oceania Meat Processors, a move Wilsons finds consistent with the company's growth strategy. The purchase adds capability to Ridley Corp's ingredient recovery segment, and Wilsons sees significant synergies potential.

Ridley Corp is expecting the purchase to be earnings per share accretive in the first year post completion, and the broker assumes 8% earnings per share accretion, before synergies.

The Overweight rating is retained and the target price increases to $3.02 from $2.61.

This report was published on December 19, 2023.

Target price is $3.02 Current Price is $2.65 Difference: $0.37
If RIC meets the Wilsons target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 9.30 cents and EPS of 14.60 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.15.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 11.30 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 4.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.41.

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

SGF    SG FLEET GROUP LIMITED

Vehicle Leasing & Salary Packaging – Overnight Price: $2.32

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

Calendar 2023, Canaccord Genuity highlights, was a year of two halves, but ultimately new vehicle sales reached a new all-time record high on the back of improved availability of Toyota branded cars.

Many of Toyota's brands tend to be favoured by fleet operators, points out the analyst. While these numbers cannot be simply extrapolated into forecasts for SG Fleet, Canaccord Genuity nevertheless posits there must be at least some correlation.

Given second hand car prices have held up thus far, the broker is positioned for a strong result from SG Fleet in February. A solid result could well initiate a re-rating for the shares, the analyst suggests.

Buy. Target $3.43.

This report was published on January 8, 2024.

Target price is $3.43 Current Price is $2.32 Difference: $1.11
If SGF meets the Canaccord Genuity target it will return approximately 48% (excluding dividends, fees and charges).

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

SLR    SILVER LAKE RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.16

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

Silver Lake Resources reported a -12% decline in December quarter sales, but Canaccord Genuity finds, upon initial assessment, underlying free cash flow was strong.

The broker highlights Silver Lake Resources is debt free with circa $136m in liquid investments, for total net cash, bullion and liquid investments of $421m.

Target $1.40. Buy.

This report was published on January 9, 2024.

Target price is $1.40 Current Price is $1.16 Difference: $0.245
If SLR meets the Canaccord Genuity target it will return approximately 21% (excluding dividends, fees and charges).

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

SUN    SUNCORP GROUP LIMITED

Insurance – Overnight Price: $13.92

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

Judging from Suncorp Group's market update, Goldman Sachs notes the number of claims relating to Cyclone Jasper and Christmas storms in December have increased materially in a short time span.

The insurer is relatively more exposed as Queensland is its home market.

Goldman Sachs notes Suncorp expects to remain within allowances in H1 and the broker anticipates a relatively mild environment for natural perils otherwise.

Target $15.13. Buy.

This report was published on January 3, 2024.

Target price is $15.13 Current Price is $13.92 Difference: $1.21
If SUN meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $15.31, suggesting upside of 10.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 75.00 cents and EPS of 107.00 cents.
At the last closing share price the estimated dividend yield is 5.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.7, implying annual growth of 18.5%.
Current consensus DPS estimate is 75.0, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 12.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 80.00 cents and EPS of 109.00 cents.
At the last closing share price the estimated dividend yield is 5.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 111.1, implying annual growth of 3.2%.
Current consensus DPS estimate is 85.0, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 12.4.

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

TWE    TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco – Overnight Price: $10.10

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

With Treasury Wine Estates closing on its acquisition of the DAOU vineyards in mid-December, Goldman Sachs has updated its outlook to account for the purchase.

The broker assumes the DAOU vineyards provide a US$236m sales contribution and US$81m earnings contribution in FY25. Goldman Sachs suggest DAOU is uniquely positioned, offering a high quality product relative to peers at the US$20-40 per bottle price point.

The Buy rating is retained and the target price decreases to $12.40 from $13.40.

This report was published on December 18, 2023.

Target price is $12.40 Current Price is $10.10 Difference: $2.3
If TWE meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $13.11, suggesting upside of 28.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 34.00 cents and EPS of 51.00 cents.
At the last closing share price the estimated dividend yield is 3.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.0, implying annual growth of 51.9%.
Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 19.2.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 41.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 4.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.4, implying annual growth of 15.8%.
Current consensus DPS estimate is 42.1, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 16.6.

Market Sentiment: 0.6
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: $1.92

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

Westgold Resources' December quarter production missed Canaccord Genuity's forecast by some -9%. On current statistics, the trend suggests the bottom of management's FY24 guidance is in play.

Also, the broker notes, AISC guidance of $1,800-2,000/oz was not explicitly restated. The broker is anticipating a pick-up in production volumes over the remainder of FY24.

Westgold Resources remains debt free and unhedged, points out the analyst. Buy. Target $2.35.

This report was published on January 9, 2024.

Target price is $2.35 Current Price is $1.92 Difference: $0.43
If WGX meets the Canaccord Genuity target it will return approximately 22% (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 3.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.35.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 2.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 1.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.86.

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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