Australian Broker Call *Extra* Edition – Jan 23, 2024

This story features AMPOL LIMITED, and other companies. For more info SHARE ANALYSIS: ALD

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)

ALD   ANZ   BEN   BOQ   CAR   CBA   CPU   DHG   EVN (2)   IEL   JDO   LTR   MQG   NAB   ORA   PPM   PPS   PTM   PXA   REA   SEK   SUL   TLS   TLX   WBC  

ALD    AMPOL LIMITED

Consumer Products & Services – Overnight Price: $35.25

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

Despite a power outage in late December seeing Ampol deliver softer than expected fourth quarter refining earnings, Goldman Sachs still expects the company to deliver a record full year earnings.

The broker anticipates a result in excess of last years $1.269bn, given recovery in wholesale fuel margins, elevated fuel margins over the year, and a full years contribution from Z Energy.

The Buy rating is retained and the target price decreases to $37.10 from  $37.50.

This report was published on January 19, 2024.

Target price is $37.10 Current Price is $35.25 Difference: $1.85
If ALD meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $35.76, suggesting upside of 1.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 279.00 cents and EPS of 305.00 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 11.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 316.3, implying annual growth of -0.5%.
Current consensus DPS estimate is 242.5, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 179.00 cents and EPS of 257.00 cents.
At the last closing share price the estimated dividend yield is 5.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 303.8, implying annual growth of -4.0%.
Current consensus DPS estimate is 218.5, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 11.6.

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

ANZ    ANZ GROUP HOLDINGS LIMITED

Banks – Overnight Price: $26.50

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

Goldman Sachs makes a number of predictions for the banking sector, with cash rate cuts expected in the coming year.

The broker expects lending growth has troughed, and will pick up over the remainder of FY24, and that major banks net interest margins will contract by around -9 basis points year-on-year. 

The broker believes mortgages are earning above cost of capital, and further incremental pressures are therefore likely to be muted.

The Buy rating is retained and the target price increases to $27.85 from $26.66. Goldman Sachs has a preference for ANZ Bank within the sector.

This report was published on January 18, 2024.

Target price is $27.85 Current Price is $26.50 Difference: $1.35
If ANZ meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $26.15, suggesting downside of -1.3%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 162.00 cents and EPS of 218.40 cents.
At the last closing share price the estimated dividend yield is 6.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 214.0, implying annual growth of -9.6%.
Current consensus DPS estimate is 161.4, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 12.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 162.00 cents and EPS of 210.00 cents.
At the last closing share price the estimated dividend yield is 6.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 224.9, implying annual growth of 5.1%.
Current consensus DPS estimate is 160.2, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 11.8.

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

BEN    BENDIGO & ADELAIDE BANK LIMITED

Banks – Overnight Price: $9.74

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

Goldman Sachs makes a number of predictions for the banking sector, with cash rate cuts expected in the coming year.

The broker expects lending growth has troughed, and will pick up over the remainder of FY24, and that major banks net interest margins will contract by around -9 basis points year-on-year. 

The broker believes mortgages are earning above cost of capital, and further incremental pressures are therefore likely to be muted.

The Neutral rating is retained and the target price increases to $9.57 from $9.35.

This report was published on January 18, 2024.

Target price is $9.57 Current Price is $9.74 Difference: minus $0.17 (current price is over target).
If BEN meets the Goldman Sachs target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $9.09, suggesting downside of -6.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 64.00 cents and EPS of 80.20 cents.
At the last closing share price the estimated dividend yield is 6.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.6, implying annual growth of -6.1%.
Current consensus DPS estimate is 62.8, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 64.00 cents and EPS of 81.30 cents.
At the last closing share price the estimated dividend yield is 6.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.6, implying annual growth of N/A.
Current consensus DPS estimate is 62.1, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 11.8.

Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BOQ    BANK OF QUEENSLAND LIMITED

Banks – Overnight Price: $5.95

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

Goldman Sachs makes a number of predictions for the banking sector, with cash rate cuts expected in the coming year.

The broker expects lending growth has troughed, and will pick up over the remainder of FY24, and that major banks net interest margins will contract by around -9 basis points year-on-year. 

The broker believes mortgages are earning above cost of capital, and further incremental pressures are therefore likely to be muted.

The Sell rating is retained and the target price decreases to $5.00 from $5.15.

This report was published on January 18, 2024.

Target price is $5.00 Current Price is $5.95 Difference: minus $0.95 (current price is over target).
If BOQ meets the Goldman Sachs target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.57, suggesting downside of -6.4%(ex-dividends)
The company's fiscal year ends in August.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 32.00 cents and EPS of 42.50 cents.
At the last closing share price the estimated dividend yield is 5.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.2, implying annual growth of 147.5%.
Current consensus DPS estimate is 38.4, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 32.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 5.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.0, implying annual growth of 5.9%.
Current consensus DPS estimate is 40.4, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 11.9.

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

CAR    CAR GROUP LIMITED

Automobiles & Components – Overnight Price: $32.59

Jarden rates ((CAR)) as Downgrade to Underweight from Neutral (4) –

In a review of its online classifieds coverage, sparked by a change in lead analyst, Jarden noted market expectations for CAR Group's US execution may have been overdone.

The broker believes CAR Group has been worthy of a re-rating over the past 12 months, but now feels the market has pivoted from not pricing in a US execution to factoring a bullish scenario. 

Jarden anticipates 12% revenue and 14% earnings compound annual growth rates over the three years to FY26, as a base case.

The rating is downgraded to Underweight from Neutral with a target price of $27.50.

This report was published on January 18, 2024.

Target price is $27.50 Current Price is $32.59 Difference: minus $5.09 (current price is over target).
If CAR meets the Jarden target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $28.86, suggesting downside of -11.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 73.90 cents and EPS of 98.50 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.1, implying annual growth of -54.2%.
Current consensus DPS estimate is 65.0, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 39.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 83.20 cents and EPS of 110.90 cents.
At the last closing share price the estimated dividend yield is 2.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.3, implying annual growth of 14.7%.
Current consensus DPS estimate is 74.2, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 34.2.

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

CBA    COMMONWEALTH BANK OF AUSTRALIA

Banks – Overnight Price: $114.80

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

Goldman Sachs makes a number of predictions for the banking sector, with cash rate cuts expected in the coming year.

The broker expects lending growth has troughed, and will pick up over the remainder of FY24, and that major banks net interest margins will contract by around -9 basis points year-on-year. 

The broker believes mortgages are earning above cost of capital, and further incremental pressures are therefore likely to be muted.

The Sell rating is retained and the target price increases to $82.55 from $81.64.

This report was published on January 18, 2024.

Target price is $82.55 Current Price is $114.80 Difference: minus $32.25 (current price is over target).
If CBA meets the Goldman Sachs target it will return approximately minus 28% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $90.45, suggesting downside of -21.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 450.00 cents and EPS of 573.50 cents.
At the last closing share price the estimated dividend yield is 3.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 575.5, implying annual growth of -4.7%.
Current consensus DPS estimate is 458.0, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 19.9.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 450.00 cents and EPS of 549.40 cents.
At the last closing share price the estimated dividend yield is 3.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 588.7, implying annual growth of 2.3%.
Current consensus DPS estimate is 469.8, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 19.5.

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

CPU    COMPUTERSHARE LIMITED

Diversified Financials – Overnight Price: $25.86

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

Jarden finds Computershare well positioned for a macro shift, with a lower interest rate outlook not only starting to spur improved capital markets activity, but the broker also anticipating the margin income cycle will peak in the current financial year.

Even without a strong recovery, the broker expects Computershare can at least sustain its earnings per share in FY25, but anticipates following the macro shift the company should be able to maintain a 6% earnings per share compound annual growth rate.

The Overweight rating is retained and the target price decreases to $27.85 from $28.00.

This report was published on January 18, 2024.

Target price is $27.85 Current Price is $25.86 Difference: $1.99
If CPU meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $28.24, suggesting upside of 9.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 120.26 cents and EPS of 177.22 cents.
At the last closing share price the estimated dividend yield is 4.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 181.0, implying annual growth of N/A.
Current consensus DPS estimate is 130.8, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 124.79 cents and EPS of 179.94 cents.
At the last closing share price the estimated dividend yield is 4.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 195.5, implying annual growth of 8.0%.
Current consensus DPS estimate is 127.4, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 13.2.

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

DHG    DOMAIN HOLDINGS AUSTRALIA LIMITED

Real Estate – Overnight Price: $3.25

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

In a review of its online classifieds coverage, sparked by a change in lead analyst, Jarden has stated a preference for Domain Holdings over REA Group ((REA)) as the valuation gap between the two is now seen as excessive.

While both companies have aspirations of growing yield by double digits through the cycle, but given Domain Holdings' smaller scale it is more leveraged to fluctuations in listing volumes, alongside a structurally lower margin. 

Jarden expects the targeted yield growth is achieveable for both over 3-5 years.

The Overweight rating and target price of $3.80 are retained.

This report was published on January 18, 2024.

Target price is $3.80 Current Price is $3.25 Difference: $0.55
If DHG meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $3.37, suggesting upside of 3.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 6.00 cents and EPS of 8.50 cents.
At the last closing share price the estimated dividend yield is 1.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.4, implying annual growth of 102.9%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 38.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 7.30 cents and EPS of 10.40 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.1, implying annual growth of 8.3%.
Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 35.7.

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

EVN    EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $3.13

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

Evolution Mining has reported December quarter gold production of 161,000 ounces, and sales of 170,000 ounces, with the result underpinned by lower production from both Cowal and Mungari and ongoing disruptions and lower production at Redlake.

While the company has retained its full year guidance, following review it has downgraded production guidance from Redlake to 125-135,000 ounces from a previous 162-179,000 ounces. 

Goldman Sachs has lowered its company wide forecast to 734,000, from 763,000 ounces, considering the risk of ongoing weather disruptions and underperformance. 

The Buy rating is retained and the target price decreases to $3.70 from $4.20.

This report was published on January 18, 2024.

Target price is $3.70 Current Price is $3.13 Difference: $0.57
If EVN meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $3.68, suggesting upside of 17.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 5.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 1.60%.
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 26.2, implying annual growth of 194.1%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 11.9.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 7.00 cents and EPS of 38.00 cents.
At the last closing share price the estimated dividend yield is 2.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.4, implying annual growth of 19.8%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 10.0.

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

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

While Evolution Mining delivered a disappointing December quarter update, as per Jarden, the broker believes the reaction may have been amplified by doubts as to whether the company will be able to deliver on its retained full year guidance.

The company's quarterly production was a -12.4% miss to Jarden's forecast, while all-in sustaining costs were 27% higher than forecast.

The broker now calculates Evolution Mining would need to produce 470,000 ounces in the June half to meet its guidance midpoint, which it finds to be a stretch given the 319,400 ounces produced in the first half.

The Underweight rating is retained and the target price decreases to $3.10 from $3.20.

This report was published on January 18, 2024.

Target price is $3.10 Current Price is $3.13 Difference: minus $0.03 (current price is over target).
If EVN meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.68, suggesting upside of 17.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 31.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.2, implying annual growth of 194.1%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 11.9.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 34.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.4, implying annual growth of 19.8%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 10.0.

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

IEL    IDP EDUCATION LIMITED

Education & Tuition – Overnight Price: $22.06

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

Jarden's overall takeaway from a panel discussion with three migration experts is that migration could remain higher for longer. For the international students sector, the broker expects recent migration policy changes will have little impact.

Policy changes have driven a tightening of application criteria for international students, but the broker expects little impact on realised international student numbers with demand remaining strong.

For IDP Education, Jarden expects this increased scrutiny to lift the value proposition of the company's placement offering, and drive potential market share expansion. 

The Overweight rating and target price of $29.00 are retained.

This report was published on January 18, 2024.

Target price is $29.00 Current Price is $22.06 Difference: $6.94
If IEL meets the Jarden target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $27.84, suggesting upside of 26.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 48.90 cents and EPS of 65.70 cents.
At the last closing share price the estimated dividend yield is 2.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.3, implying annual growth of 18.6%.
Current consensus DPS estimate is 45.6, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 34.8.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 61.40 cents and EPS of 82.50 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.1, implying annual growth of 18.6%.
Current consensus DPS estimate is 54.6, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 29.4.

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

JDO    JUDO CAPITAL HOLDINGS LIMITED

Business & Consumer Credit – Overnight Price: $0.94

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

Goldman Sachs makes a number of predictions for the banking sector, with cash rate cuts expected in the coming year.

The broker expects lending growth has troughed, and will pick up over the remainder of FY24, and that major banks net interest margins will contract by around -9 basis points year-on-year. 

The broker believes mortgages are earning above cost of capital, and further incremental pressures are therefore likely to be muted.

The Neutral rating is retained and the target price increases to $1.58 from $1.57.

This report was published on January 18, 2024.

Target price is $1.58 Current Price is $0.94 Difference: $0.645
If JDO meets the Goldman Sachs target it will return approximately 69% (excluding dividends, fees and charges).
Current consensus price target is $1.10, suggesting upside of 17.2%(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 5.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.0, implying annual growth of -24.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.7.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 8.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.9, implying annual growth of 38.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.6.

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

LTR    LIONTOWN RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.94

Jarden rates ((LTR)) as Sell (5) –

Despite Liontown Resources raising $353m and securing as much as $760m in new financing facilities in the December quarter, Jarden expects the market may begin to question the strength of the company's balance sheet as it targets plant commissioning early this year.

It is weak lithium prices, industry inflation and peak rates of activity at site that the broker expects may drive market uncertainty, but Jarden does see sufficient liquidity to achieve commercial production, albeit with utilisation of working capital.

The Sell rating is retained and the target price decreases to $1.19 from $1.40.

This report was published on January 18, 2024.

Target price is $1.19 Current Price is $0.94 Difference: $0.25
If LTR meets the Jarden target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $1.61, suggesting upside of 70.9%(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 minus 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 42.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.8, 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 FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 32.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.8, 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 33.6.

Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

MQG    MACQUARIE GROUP LIMITED

Wealth Management & Investments – Overnight Price: $184.00

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

Goldman Sachs makes a number of predictions for the banking sector, with cash rate cuts expected in the coming year.

The broker expects lending growth has troughed, and will pick up over the remainder of FY24, and that major banks net interest margins will contract by around -9 basis points year-on-year. 

The broker believes mortgages are earning above cost of capital, and further incremental pressures are therefore likely to be muted.

The Neutral rating and target price of $180.80 are retained.

This report was published on January 18, 2024.

Target price is $180.80 Current Price is $184.00 Difference: minus $3.2 (current price is over target).
If MQG meets the Goldman Sachs target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $181.16, suggesting downside of -1.5%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 650.00 cents and EPS of 932.40 cents.
At the last closing share price the estimated dividend yield is 3.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 952.6, implying annual growth of -29.6%.
Current consensus DPS estimate is 659.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 19.3.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 680.00 cents and EPS of 1128.90 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1111.9, implying annual growth of 16.7%.
Current consensus DPS estimate is 695.3, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 16.5.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

NAB    NATIONAL AUSTRALIA BANK LIMITED

Banks – Overnight Price: $31.63

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

Goldman Sachs makes a number of predictions for the banking sector, with cash rate cuts expected in the coming year.

The broker expects lending growth has troughed, and will pick up over the remainder of FY24, and that major banks net interest margins will contract by around -9 basis points year-on-year. 

The broker believes mortgages are earning above cost of capital, and further incremental pressures are therefore likely to be muted.

The Buy rating is retained and the target price increases to $31.17 from $30.52.

This report was published on January 18, 2024.

Target price is $31.17 Current Price is $31.63 Difference: minus $0.46 (current price is over target).
If NAB meets the Goldman Sachs target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $28.11, suggesting downside of -11.1%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 162.00 cents and EPS of 219.50 cents.
At the last closing share price the estimated dividend yield is 5.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 219.3, implying annual growth of -7.2%.
Current consensus DPS estimate is 164.6, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 14.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 162.00 cents and EPS of 213.60 cents.
At the last closing share price the estimated dividend yield is 5.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 223.7, implying annual growth of 2.0%.
Current consensus DPS estimate is 167.4, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.1.

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

ORA    ORORA LIMITED

Paper & Packaging – Overnight Price: $2.63

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

With Orora completing its acquisition of Saverglass in early December, Goldman Sachs has incorporated the new purchase into its forecasts, driving a 10-22% uplift to its expected earnings per share from FY24-26.

Having achieved a 9% compound annual growth rate over the last three years, the broker points out Orora faces elevated uncertainty, likely facing normalisation amid a period of macro uncertainty.

Despite this, the broker sees the sizeable Saverglass acquisition as offering favourable risk/reward. 

The Buy rating and the target price decreases to $3.50 from $3.55.

This report was published on January 18, 2024.

Target price is $3.50 Current Price is $2.63 Difference: $0.87
If ORA meets the Goldman Sachs target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $3.08, suggesting upside of 17.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 14.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 5.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.2, implying annual growth of -1.4%.
Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 13.0.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 15.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 5.70%.
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 22.7, implying annual growth of 12.4%.
Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 11.6.

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

PPM    PEPPER MONEY LIMITED

Business & Consumer Credit – Overnight Price: $1.26

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

While there are some positive signs for a turning point for non-bank lenders, Jarden doesn't an expect earnings recovery until FY25 given competition in the mortgage market and rising bad debts.

Elevated loan runoffs are also providing an overriding drag, explains the broker.

Overweight-rated Pepper Money is Jarden's preferred exposure in the space from stocks under research coverage. The non-bank is considered a proven cyclical business and has, the broker believes, an undemanding valuation.

The target is reduced to $1.50 from $1.55. 

This report was published on January 12, 2024.

Target price is $1.50 Current Price is $1.26 Difference: $0.24
If PPM meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 7.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 5.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.00.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 7.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 5.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.63.

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

PPS    PRAEMIUM LIMITED

Wealth Management & Investments – Overnight Price: $0.37

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

A consecutive soft quarter from Praemium as, despite measures taken by the company, it continues to be plagued by "stubborn headwinds" that include advisor departures and conservative asset allocation by clients, says Wilsons.

The broker pointed to advisor movements among key client Escala as a particular driver of weakness, and warns additional impact should be expected to unfold over the coming 6-9 months, with departures motivated by better remuneration with peers.

Wilsons expects evidenced flow improvement and delivery of efficiency improvements would be necessary to a better outlook on the stock.

The Market Weight rating and target price of 40 cents are retained.

This report was published on January 18, 2024.

Target price is $0.40 Current Price is $0.37 Difference: $0.03
If PPS meets the Wilsons target it will return approximately 8% (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 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.56.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.94.

Market Sentiment: 1.0
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: $1.20

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

While the 2Q funds under management (FUM) metric for Platinum Asset Management was in line with Jarden's forecast, net outflows exceeded estimates by both the broker and consensus.

The analysts expect near-term outflows will continue, especially as the relative fund performance of the International and Asia funds are deteriorating markedly, as measured on a one, three and five-year basis. 

The Underweight rating is retained and the target price decreases to $1.14 from $1.15.

This report was published on January 8, 2024.

Target price is $1.14 Current Price is $1.20 Difference: minus $0.055 (current price is over target).
If PTM meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.28, suggesting upside of 6.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 9.30 cents and EPS of 10.90 cents.
At the last closing share price the estimated dividend yield is 7.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.8, implying annual growth of -16.3%.
Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 9.7%.
Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 8.30 cents and EPS of 9.60 cents.
At the last closing share price the estimated dividend yield is 6.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.4, implying annual growth of -11.9%.
Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 8.2%.
Current consensus EPS estimate suggests the PER is 11.5.

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: $10.87

Jarden rates ((PXA)) as Neutral (3) –

Jarden leaves EPS forecasts for Pexa Group unchanged following an around 2% improvement (on the previous corresponding period) in December for NSW and QLD settlement volumes, led by stronger transfer activity.

While the broker expects a 3.4% improvement in Australian settlement activity in the 2H, a Neutral rating is maintained given further clarity on the UK's viability is not expected until at least mid-2024.

Target rises to $11.80 from $11.30. The Neutral rating is maintained.

This report was published on January 9, 2024.

Target price is $11.80 Current Price is $10.87 Difference: $0.93
If PXA meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $14.06, suggesting upside of 29.4%(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 22.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.1, 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 47.1.

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 21.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.8, implying annual growth of 50.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 31.2.

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

REA    REA GROUP LIMITED

Real Estate – Overnight Price: $179.55

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

In a review of its online classifieds coverage, sparked by a change in lead analyst, Jarden has stated a preference for Domain Holdings ((DHG)) over REA Group.

While both companies have aspirations of growing yield by double digits through the cycle, but given Domain Holdings' smaller scale it is more leveraged to fluctuations in listing volumes, alongside a structurally lower margin. 

Jarden expects the targeted yield growth is achieveable for both over 3-5 years.

The Underweight rating and target price of $155.00 are retained. 

This report was published on January 18, 2024.

Target price is $155.00 Current Price is $179.55 Difference: minus $24.55 (current price is over target).
If REA meets the Jarden target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $157.50, suggesting downside of -12.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 207.80 cents and EPS of 354.60 cents.
At the last closing share price the estimated dividend yield is 1.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 348.5, implying annual growth of 29.2%.
Current consensus DPS estimate is 199.2, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 51.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 241.60 cents and EPS of 412.40 cents.
At the last closing share price the estimated dividend yield is 1.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 403.1, implying annual growth of 15.7%.
Current consensus DPS estimate is 228.5, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 44.5.

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

SEK    SEEK LIMITED

Jobs & Skilled Labour Services – Overnight Price: $25.33

Jarden rates ((SEK)) as Buy (1) –

In a review of its online classifieds coverage, sparked by a change in lead analyst, Jarden has identified Seek as a top pick. The broker believes the company's $2bn revenue aspiration in Australia, New Zealand and Asia is yet to be factored in by the market. 

Jarden also sees upside to Seek's guided full year earnings of $520-560m. 

The broker expects Seek's current rating is tied to a lack of detail around the Seek Growth Fund, and that more transparency on the fund's valuation and governance could drive a rerating.

The Buy rating and target price of $29.60 are retained.

This report was published on January 18, 2024.

Target price is $29.60 Current Price is $25.33 Difference: $4.27
If SEK meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $25.94, suggesting upside of 2.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 47.30 cents and EPS of 72.40 cents.
At the last closing share price the estimated dividend yield is 1.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.5, implying annual growth of -78.7%.
Current consensus DPS estimate is 38.7, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 41.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 46.20 cents and EPS of 71.10 cents.
At the last closing share price the estimated dividend yield is 1.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.7, implying annual growth of 19.8%.
Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 34.4.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SUL    SUPER RETAIL GROUP LIMITED

Automobiles & Components – Overnight Price: $16.08

Jarden rates ((SUL)) as Downgrade to Underweight from Neutral (4) –

Super Retail's 1H profit (PBT) guidance exceeded forecasts by Jarden and consensus by 11% and 14%, respectively. The gross margin increased due to a combination of mix, easing freight costs and price, while overheads were lower-than-expected.

Jarden believes these positives are already reflected in the current share price, and decides to downgrade the group's rating to Underweight from Neutral on valuation.

Other reasons for the broker's downgrade are a slowing in revenue growth in December, at the same time as promotions were increased, and ongoing rises in the cost-of-doing-business (CODB) metric.

The broker's target rises to $14.50 from $12.90.

This report was published on January 16, 2024.

Target price is $14.50 Current Price is $16.08 Difference: minus $1.58 (current price is over target).
If SUL meets the Jarden target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $13.95, suggesting downside of -13.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 66.00 cents and EPS of 105.80 cents.
At the last closing share price the estimated dividend yield is 4.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.0, implying annual growth of -12.4%.
Current consensus DPS estimate is 73.5, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 15.8.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 64.00 cents and EPS of 101.40 cents.
At the last closing share price the estimated dividend yield is 3.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 105.0, implying annual growth of 2.9%.
Current consensus DPS estimate is 73.0, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 15.3.

Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

TLS    TELSTRA GROUP LIMITED

Telecommunication – Overnight Price: $4.00

Jarden rates ((TLS)) as Buy (1) –

Jarden see Vodafone's postpaid plan price increases (by $4/month) as further evidence of a rational mobile market structure and as
positive for Telstra Group operationally.

The broker anticipates Telstra will apply a CPI-based price increase to its customers in the middle of this year.

The Buy rating and $4.30 target are maintained.

This report was published on January 12, 2024.

Target price is $4.30 Current Price is $4.00 Difference: $0.3
If TLS meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $4.37, suggesting upside of 9.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 17.00 cents.
At the last closing share price the estimated dividend yield is 4.25%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of 8.4%.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 22.1.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 19.00 cents.
At the last closing share price the estimated dividend yield is 4.75%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.5, implying annual growth of 7.7%.
Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 20.5.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $11.10

Jarden rates ((TLX)) as Buy (1) –

After Telix Pharmaceuticals' update on 4Q revenues, Jarden highlights the shortfall in Illuccix sales versus forecasts by the broker and consensus were largely due to the impact of currency movements.

An improvement in revenue growth for Illuccix supports the broker's longer-term expectation for ongoing growth in the total addressable market (TAM), due to repeat scans (to monitor disease progression) becoming the standard.

The analysts now forecast the product's US market share will increase to 29% by 2024 from 27%. This outcome would be an improvement from the 21% achieved in 2023.

The broker's target rises to $13.08 from $12.69. On January 5, management announced it will be pursuing a Nasdaq listing, potentially via an IPO of American Depositary shares.

This report was published on January 10, 2024.

Target price is $13.08 Current Price is $11.10 Difference: $1.98
If TLX meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 740.00.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 25.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.70.

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

WBC    WESTPAC BANKING CORPORATION

Banks – Overnight Price: $23.45

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

Goldman Sachs makes a number of predictions for the banking sector, with cash rate cuts expected in the coming year.

The broker expects lending growth has troughed, and will pick up over the remainder of FY24, and that major banks net interest margins will contract by around -9 basis points year-on-year. 

The broker believes mortgages are earning above cost of capital, and further incremental pressures are therefore likely to be muted.

The Neutral rating is retained and the target price increases to $22.85 from $22.70.

This report was published on January 18, 2024.

Target price is $22.85 Current Price is $23.45 Difference: minus $0.6 (current price is over target).
If WBC meets the Goldman Sachs target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $22.49, suggesting downside of -4.1%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 144.00 cents and EPS of 181.90 cents.
At the last closing share price the estimated dividend yield is 6.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 183.9, implying annual growth of -10.4%.
Current consensus DPS estimate is 140.8, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 144.00 cents and EPS of 179.40 cents.
At the last closing share price the estimated dividend yield is 6.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 187.0, implying annual growth of 1.7%.
Current consensus DPS estimate is 141.6, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.5.

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

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