Australian Broker Call *Extra* Edition – Feb 02, 2024

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

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)

ANZ   AUB   BPT   CCP   CPU   CXO (3)   DMP   KGN (2)   MIN   NST (3)   PDN   PLS (3)   PRU   RMD   SDF   STO   WDS (2)  

ANZ    ANZ GROUP HOLDINGS LIMITED

Banks – Overnight Price: $26.92

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

Jarden considers the potential for net interest margin pressure and lower earnings from faster US interest rate cuts for ANZ Bank.

However, the analyst commends ANZ on the turnaround in its Institutional Bank and the growth in the "Payments and Cash Management" business.

On balance, Jarden lowers FY25 and FY26 EPS by -1.9% and -1.6%,respectively, as Federal Reserve Bank cuts trim NIM estimates by -3 basis points in 2H24 and -17 basis points in 2H25.

 The target price is lowered marginally to $26.30 from $26.50 and an Overweight rating maintained.

This report was published on January 24, 2024.

Target price is $26.30 Current Price is $26.92 Difference: minus $0.62 (current price is over target).
If ANZ meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $26.32, suggesting downside of -2.2%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 162.00 cents and EPS of 215.00 cents.
At the last closing share price the estimated dividend yield is 6.02%.
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 214.0, implying annual growth of -9.6%.
Current consensus DPS estimate is 161.8, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 163.00 cents and EPS of 221.00 cents.
At the last closing share price the estimated dividend yield is 6.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.18.

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 160.8, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.0.

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

AUB    AUB GROUP LIMITED

Insurance – Overnight Price: $29.99

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

Goldman Sachs upgrades the price target for AUB Group to $32 from $31 ahead of the 1H24 earnings results on Tuesday 20th.

The broker prefers AUB Group over Steadfast, based on the valuation and upside potential to the target price, given the perceived "conservative" guidance and debt restructuring announcement.

AUB's FY24 UNPAT guidance stands at $154m-$164m.

Acquisition led growth potential remains and Goldmans highlights tailwinds for the industry from premium rate rises, steady commission rates and ongoing strong organic growth for the first 6 months of calendar 2024.

The Buy rating is unchanged and the target lifted to $32 from $31.

This report was published on January 25, 2024.

Target price is $32.00 Current Price is $29.99 Difference: $2.01
If AUB meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $34.16, suggesting upside of 13.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 82.00 cents and EPS of 150.40 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 150.5, implying annual growth of 130.3%.
Current consensus DPS estimate is 81.9, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 19.9.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 95.00 cents and EPS of 166.30 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 166.8, implying annual growth of 10.8%.
Current consensus DPS estimate is 91.9, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 18.0.

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

BPT    BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.67

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

Beach Energy's December quarter trading update, "cleared the decks" for the start of the new CEO/MD Brett Woods, notes Jarden.

A material non-cash impairment for the completion of the arbitration with Origin Energy ((ORG)) over the Otway gas contract was a minor negative to the FY24 guidance, highlights the analyst.

Jarden points to the results as mixed and envisages the market may require time to absorb the updates, including the surprise Waitsia LNG cargo sale before the completion of the gas plant.

An Overweight rating is retained with a $1.80 target price.

This report was published on January 25, 2024.

Target price is $1.80 Current Price is $1.67 Difference: $0.13
If BPT meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.81, suggesting upside of 8.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 3.00 cents and EPS of 14.10 cents.
At the last closing share price the estimated dividend yield is 1.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.9, implying annual growth of -3.9%.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 9.9.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 11.00 cents and EPS of 25.60 cents.
At the last closing share price the estimated dividend yield is 6.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.4, implying annual growth of 68.0%.
Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 5.9.

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

CCP    CREDIT CORP GROUP LIMITED

Business & Consumer Credit – Overnight Price: $18.17

Canaccord Genuity rates ((CCP)) as Upgrade to Buy from Hold (1) –

Canaccord Genuity sees limited scope for a beat to first half market expectations from Credit Corp, but sees potential for improved debt purchasing conditions, a building payers book to debt ledger balance, and improved collection efficiency to "tip the scale" in Credit Corp's favour.

The broker points out the US market supply dynamic appears to be improving at pace, in contrast to the Australian and New Zealand markets. While pricing recovery is underway, it expects there is still material upside potential should market dynamics allow.

The rating is upgraded to Buy from Hold and the target price increases to $20.00 from $13.20.

This report was published on January 24, 2024.

Target price is $20.00 Current Price is $18.17 Difference: $1.83
If CCP meets the Canaccord Genuity target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $17.76, suggesting downside of -2.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 48.00 cents and EPS of 120.00 cents.
At the last closing share price the estimated dividend yield is 2.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.1, implying annual growth of -44.0%.
Current consensus DPS estimate is 53.3, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 24.2.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 67.00 cents and EPS of 134.00 cents.
At the last closing share price the estimated dividend yield is 3.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 133.5, implying annual growth of 77.8%.
Current consensus DPS estimate is 68.3, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 13.6.

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

CPU    COMPUTERSHARE LIMITED

Diversified Financials – Overnight Price: $24.74

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

Goldman Sachs retains a Buy rating and a $27 target price on Computershare ahead of the 1H24 results which are due out after the market close on February 13th.

Adjusting for guidance downgrades to margin income into FY25 and FY26, the analyst makes minor earnings forecasts changes.

The broker is looking for net profit after tax of $331m, and constant currency EPS of 55.5 cents with a dividend of 38.5 cents share in the 1H24 results.

A Buy rating and $27 target price are retained.

This report was published on January 25, 2024.

Target price is $27.00 Current Price is $24.74 Difference: $2.26
If CPU meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $28.24, suggesting upside of 14.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 119.57 cents and EPS of 178.60 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 13.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.9, implying annual growth of N/A.
Current consensus DPS estimate is 130.7, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 119.57 cents and EPS of 177.09 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 13.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 195.4, implying annual growth of 8.0%.
Current consensus DPS estimate is 127.4, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 12.7.

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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.20

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

Core Lithium's December-quarter result beat Canaccord Genuity's forecasts on spodumene concentrate production and recovery but proved a miss on pricing and costs. Sales were in line. 

The company is embarking on a strategy review given the recent travails of the lithium prices. Management raised FY24 production guidance, cut sales guidance and reduced cost guidance (due to the cessation of mining).

Capital expenditure forecasts have fallen to -$88m-$92m from -$145m-$165m.

Hold rating retained. This compares with a Buy rating in November. Target price falls to 19c from 21c (55c in November). FY24 EPS forecast falls into negative territory.

This report was published on January 24, 2024.

Target price is $0.19 Current Price is $0.20 Difference: minus $0.005 (current price is over target).
If CXO meets the Canaccord Genuity target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.25, suggesting upside of 26.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.0, implying annual growth of 341.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.5.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.6, implying annual growth of -80.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 32.5.

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

Core Lithium reported an inline 2Q24 result based on the updated FY24 guidance, notes Goldman Sachs.

The company achieved better than expected spodumene pricing of US$1,418/t and cash costs also came in above the broker's forecast.

Post the update, Goldman's changes forecast FY24-26 EPS by -36%, 36% and -5%, respectively, with the NAV lowered to 14cents per share.

A Sell rating is maintained and the target price reduced to 14c from 15c.

This report was published on January 25, 2024.

Target price is $0.14 Current Price is $0.20 Difference: minus $0.055 (current price is over target).
If CXO 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 $0.25, suggesting upside of 26.5%(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 minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.0, implying annual growth of 341.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.5.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.6, implying annual growth of -80.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 32.5.

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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Jarden rates ((CXO)) as Sell (5) –

Core Lithium's December quarter report was marginally better than Jarden's expectations, with production slightly higher but cash of $125m below the $134m forecast.

The company is facing capital shortfalls of more than -$30m by mid-FY26 which will necessitate another capital raising or a significant improvement in lithium prices.

In addition the analyst is very concerned about the risks to the delivery of 75kt pa in 4 year offtake agreement from the Finiss operation if prices remain depressed.

Jarden lowers the target price to 15 cents from 20 cents and retains a Sell rating on the stock.

This report was published on January 24, 2024.

Target price is $0.15 Current Price is $0.20 Difference: minus $0.045 (current price is over target).
If CXO meets the Jarden target it will return approximately minus 23% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.25, suggesting upside of 26.5%(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 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.0, implying annual growth of 341.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 39.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.6, implying annual growth of -80.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 32.5.

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

DMP    DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco – Overnight Price: $40.61

Jarden rates ((DMP)) as Downgrade to Neutral from Overweight (3) –

Jarden almost groans under the weight of the fourth earnings guidance downgrade in 3-years from Domino's Pizza, post the "upbeat" AGM update in November.

Japan continues to trade weaker than expected as well as falling European results.

The broker lowers earnings forecasts by -8% and -13% for FY24 to FY27, respectively and drops the target price to $50 from $65.

Although Jarden "likes" the company, another earnings guidance miss undermines investor trust and hence the rating is downgraded to Neutral from Overweight.

This report was published on January 25, 2024.

Target price is $50.00 Current Price is $40.61 Difference: $9.39
If DMP meets the Jarden target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $56.18, suggesting upside of 38.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 150.00 cents and EPS of 151.50 cents.
At the last closing share price the estimated dividend yield is 3.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 143.3, implying annual growth of 210.8%.
Current consensus DPS estimate is 109.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 28.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 206.00 cents and EPS of 209.90 cents.
At the last closing share price the estimated dividend yield is 5.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 194.9, implying annual growth of 36.0%.
Current consensus DPS estimate is 144.5, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 20.8.

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

KGN    KOGAN.COM LIMITED

Retailing – Overnight Price: $5.83

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

Kogan.com's December-half result proved a beat on Canaccord Genuity's forecasts, also triggering a 40% jump in consensus earnings upgrades. The broker observes inventories have stabilised.

Gross sale eased but gross profit margins outpaced, and the broker expects the company will return to sales growth in the June half.

Earnings (EBITDA) proved the highlight as strong gross margins dovetailed with lower operating costs. 

The company closed the quarter with net cash of $83m and free cash flow of $46m.

Buy recommendation and $6.50 target price retained. EPS forecasts fall for FY24 and FY25.

This report was published on January 25, 2024.

Target price is $6.50 Current Price is $5.83 Difference: $0.67
If KGN meets the Canaccord Genuity target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $6.63, suggesting upside of 13.8%(ex-dividends)
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 11.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 49.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.8, implying annual growth of N/A.
Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 42.2.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 14.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.8, implying annual growth of 130.4%.
Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 18.3.

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

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

Jarden acknowledges a "strong" EBITDA beat for Kogan's 2Q24 trading update as the company revealed growth in the Kogan First subscribers and better margins.

However, the analyst remains concerned that Amazon and Temu continue to take share as Kogan's web traffic declined to high single digits in the later part of calendar 2023.

The broker's earnings forecasts are upgraded by 17%,15% and 7% for FY24 through to FY26, respectively, although revenue estimates are downgraded over the same period.

The target price is raised to $4.90 from $4.50 and the Underweight rating retained.

This report was published on January 25, 2024.

Target price is $4.90 Current Price is $5.83 Difference: minus $0.93 (current price is over target).
If KGN 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 $6.63, suggesting upside of 13.8%(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 13.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.8, implying annual growth of N/A.
Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 42.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 16.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.8, implying annual growth of 130.4%.
Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 18.3.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $58.38

Jarden rates ((MIN)) as Sell (5) –

Mineral Resources met Jarden's expectations for the December quarter production and sales results, although the broker points to the weak prices across all lithium assets.

Management retained guidance for FY24 volumes and costs. 

Operationally, mining service volumes were robust and ahead of the broker's forecast, while iron ore shipments were weak and impacted by a wall failure at Iron Valley.

The Sell rating and $48.30 target price are maintained.

This report was published on January 25, 2024.

Target price is $48.30 Current Price is $58.38 Difference: minus $10.08 (current price is over target).
If MIN meets the Jarden target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $68.00, suggesting upside of 16.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 100.00 cents and EPS of 189.40 cents.
At the last closing share price the estimated dividend yield is 1.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 195.7, implying annual growth of 53.6%.
Current consensus DPS estimate is 75.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 29.8.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 60.00 cents and EPS of 283.40 cents.
At the last closing share price the estimated dividend yield is 1.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 412.3, implying annual growth of 110.7%.
Current consensus DPS estimate is 183.3, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 14.2.

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $13.37

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

Northern Star Resources' December-quarter result broadly met consensus and Canaccord Genuity forecasts, with mixed results across mine projects.

Management retained FY24 guidance.

The broker expects production will continue to rise in the June half.

Buy rating retained. Target price edges up to $16.35 from $16.30.

This report was published on January 24, 2024.

Target price is $16.30 Current Price is $13.37 Difference: $2.93
If NST meets the Canaccord Genuity target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $13.56, suggesting upside of 1.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 31.00 cents and EPS of 54.00 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.6, implying annual growth of 3.6%.
Current consensus DPS estimate is 32.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 25.4.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 35.00 cents and EPS of 115.00 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.6, implying annual growth of 49.4%.
Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 17.0.

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

Northern Star Resources reported a mixed 2Q24 update, including better than forecast gold production, up 14% on the previous quarter, with 412koz of sales and slightly higher than anticipated costs, notes Goldman Sachs.

Net cash stood at $238m at December 31, including $2.6bn in available liquidity.

The broker makes minor EPS forecast changes of 3%,1% and 1% for FY24-FY26.

A Neutral rating is retained with short term execution risk observed by the analyst.

The price target is raised to $13.30 from $13.10.

This report was published on January 24, 2024.

Target price is $13.30 Current Price is $13.37 Difference: minus $0.07 (current price is over target).
If NST 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 $13.56, suggesting upside of 1.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 59.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.6, implying annual growth of 3.6%.
Current consensus DPS estimate is 32.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 25.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 101.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.6, implying annual growth of 49.4%.
Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 17.0.

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

Northern Star Resources remains a top pick for Jarden in the gold sector on the back of the December quarter production and sales report, which beat the analyst's expectations.

Management's upbeat 1H24 earnings guidance of $685-$715m was well above the broker's estimate of $598m, hence Jarden lifts its EBITDA forecasts by 4%, 2% and 4% for FY24 to FY26, respectively.

Jarden's earnings forecasts sit between -12-15% below consensus on the back of higher expected operating costs for the company.

An Overweight rating is maintained and the target lifted to $13.90 from $13.60.

This report was published on January 24, 2024.

Target price is $13.90 Current Price is $13.37 Difference: $0.53
If NST meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $13.56, suggesting upside of 1.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 41.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.6, implying annual growth of 3.6%.
Current consensus DPS estimate is 32.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 25.4.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 65.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.6, implying annual growth of 49.4%.
Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 17.0.

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

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $1.29

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

With Paladin Energy announcing it has secured a US$150m debt facility, Canaccord Genuity considers the company fully funded through to the restart of the Langer Heinrich mine.  

The facility comprises US$100m on a five-year term loan, and a further US$50m revolver on a three-year term. Given the loan was sized when uranium prices were lower, Canaccord Genuity points out the flexibility to repay quicker is an attractive feature.

The Buy rating is retained and the target price increases to $1.30 from $1.23.

This report was published on January 29, 2024.

Target price is $1.30 Current Price is $1.29 Difference: $0.01
If PDN meets the Canaccord Genuity target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $1.51, suggesting upside of 17.2%(ex-dividends)
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 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 425.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.3, 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 430.0.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 6.66 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.8, implying annual growth of 2166.7%.
Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 19.0.

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

PLS    PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $3.46

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

Pilbara Minerals's December-quarter production beat consensus and Canaccord Genuity's forecasts by a decent clip.

Realised pricing and costs were in line with the broker but costs proved a miss on consensus forecasts.

The company closed the quarter with $2.1bn in cash, lowered capital expenditure guidance and reduced the December-half dividend. 

Shaw & Partners expects the company will use its cost advantage to maintain supply into the depressed lithium market.

Buy rating and $4.25 target retained.

This report was published on January 24, 2024.

Target price is $4.25 Current Price is $3.46 Difference: $0.79
If PLS meets the Canaccord Genuity target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $3.65, suggesting upside of 5.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 5.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 1.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.5, implying annual growth of -81.9%.
Current consensus DPS estimate is 0.6, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 23.9.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 10.00 cents and EPS of 21.00 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 16.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.8, implying annual growth of -4.8%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 25.1.

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

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

Pilbara Minerals reported 2Q24 spodumene production of 176kt, a 22% rise on the previous quarter and above Goldman Sachs's forecasts.

The company achieved pricing of US$1113/t, a fall of -50% on the prior quarter; a miss on the broker's estimate due to the larger sell-through in December from Port Hedland congestion.

Unit costs were in line at $639/t and cash-on-hand fell -$897m to $2.1bn from deferred tax payments.

The company is delaying dividends and capital expenditure to preserve the balance sheet.

The Sell rating is maintained and target price revised down to $2.95.

This report was published on January 24, 2024.

Target price is $2.95 Current Price is $3.46 Difference: minus $0.51 (current price is over target).
If PLS meets the Goldman Sachs target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.65, suggesting upside of 5.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 3.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 0.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.5, implying annual growth of -81.9%.
Current consensus DPS estimate is 0.6, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 23.9.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 4.00 cents and EPS of 9.00 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 38.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.8, implying annual growth of -4.8%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 25.1.

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

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Jarden rates ((PLS)) as Buy (1) –

Jarden remains upbeat on Pilbara Minerals after the company reported  strong December quarter results.

The analyst highlights the $176m cash margin despite the weak lithium prices, noting all in costs of US$620/t versus current spot prices of US$800-US$900/t which lends support to the low cost thesis for the Pilgangoora operations.

Management's decision to cut capital expenditure and the interim dividend is viewed as prudent by Jarden for the company to preserve its capital strength.

Alongside a lowering of the target price to $4.30 from $4.60, a Buy rating is retained.

This report was published on January 24, 2024.

Target price is $4.30 Current Price is $3.46 Difference: $0.84
If PLS meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $3.65, suggesting upside of 5.5%(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 13.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.5, implying annual growth of -81.9%.
Current consensus DPS estimate is 0.6, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 23.9.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 5.00 cents and EPS of 16.80 cents.
At the last closing share price the estimated dividend yield is 1.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.8, implying annual growth of -4.8%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 25.1.

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

PRU    PERSEUS MINING LIMITED

Gold & Silver – Overnight Price: $1.76

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

Perseus Mining's December-quarter group production broadly met Canaccord Genuity's forecasts but missed consensus on costs.

Group cash and bullion missed the broker's forecast due to purchase of a $60.2m stake in OreCorp ((ORR)), but still managed to rise US$48m to US$642m from the September quarter.

The company has announced its intention to lodge a conditional off-market takeover of OreCorp at 55c a share, putting it in a bidding war with Silvercorp Metals.

Guidance proved a miss due to higher forecast all-in sustaining-costs relating to the wet season. Buy rating retained. Target price falls to $2.45 from $2.55.

This report was published on January 24, 2024.

Target price is $2.45 Current Price is $1.76 Difference: $0.685
If PRU meets the Canaccord Genuity target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $2.17, suggesting upside of 22.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 4.00 cents and EPS of 29.00 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 6.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.7, implying annual growth of -33.8%.
Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 8.5.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 2.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 1.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.6, implying annual growth of 9.2%.
Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 7.8.

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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $29.15

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

Jarden assesses the 2Q24 results for ResMed as strong and highlights the improvement in gross margins which proved better than expected and above management guidance.

Looking ahead, ResMed pointed to the potential for higher freight costs due to the Red Sea problems, but there is upside potential for price increases over 2024 as contracts roll off.

Consensus gross margins for 3Q24 of 56.7% are considered by Jarden as conservative.

The broker considered the result as "encouraging" and retains an Overweight rating with a $30.13 price target.

This report was published on January 25, 2024.

Target price is $30.13 Current Price is $29.15 Difference: $0.98
If RMD meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $33.04, suggesting upside of 13.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 29.06 cents and EPS of 112.61 cents.
At the last closing share price the estimated dividend yield is 1.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 116.0, implying annual growth of N/A.
Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 25.1.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 36.40 cents and EPS of 134.10 cents.
At the last closing share price the estimated dividend yield is 1.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 130.7, implying annual growth of 12.7%.
Current consensus DPS estimate is 32.3, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 22.3.

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

SDF    STEADFAST GROUP LIMITED

Insurance – Overnight Price: $5.86

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

Goldmans highlights the key metrics to consider in the 1H24 results for Steadfast are the North American expansion strategy, the acquisition and M&A plans for the future, and the performance of the "core organic" business operations.

The broker forecasts EBITDA of $234m; underlying net profit after tax of $107m and a 4.6c dps. AUB Group ((AUB)) is the preferred exposure at this stage.

The $5.90 target and Neutral rating are unchanged.

This report was published on January 25, 2024.

Target price is $5.90 Current Price is $5.86 Difference: $0.04
If SDF meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $6.33, suggesting upside of 7.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 17.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 2.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.6, implying annual growth of 38.7%.
Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 22.9.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 18.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 3.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.4, implying annual growth of 7.0%.
Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 21.4.

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

STO    SANTOS LIMITED

NatGas – Overnight Price: $7.76

Jarden rates ((STO)) as Neutral (3) –

The Santos December quarter update met Jarden's expectations with the broker highlighting the modest rise in costs at Barossa of between 5-7%.

Production of 23.4m boe was in line and sales volumes and revenue slightly better than expected. Capital expenditure was lower than forecast, as was the achieved oil price of US$88bbl.

The Barossa LNG project is around 66% complete and due to start up in 3Q25 with the budget 5-7% ahead of forecasts.

A Neutral rating and $7.50 target price are maintained.

This report was published on January 25, 2024.

Target price is $7.50 Current Price is $7.76 Difference: minus $0.26 (current price is over target).
If STO meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $9.44, suggesting upside of 21.7%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 72.8, implying annual growth of N/A.
Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY24:

Current consensus EPS estimate is 72.2, implying annual growth of -0.8%.
Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 10.7.

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

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $32.25

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

Woodside Energy reported a -6% miss on revenue for the 4Q23 according to Goldman Sachs, due to lower LNG trading activity and oil sales.

The company adjusted the expected 2024 production rate guidance to 185-195m boe, which is lower than the November 2023 Investor Day guidance of 193m boe.

Accordingly, the analyst lowers the total production forecast to 187m boe and reduces the EBITDA estimates for FY23 through to FY25 by -1%, -5% and -3%, respectively.

Management confirmed it remains in discussions with Santos, with any possible merger dependent on shareholder valuation accretion.

The stock is not rated (the broker is under research restriction).

This report was published on January 24, 2024.

Current Price is $32.25. Target price not assessed.
Current consensus price target is $35.53, suggesting upside of 10.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 208.87 cents and EPS of 260.33 cents.
At the last closing share price the estimated dividend yield is 6.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 236.2, implying annual growth of N/A.
Current consensus DPS estimate is 182.1, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 248.22 cents and EPS of 310.28 cents.
At the last closing share price the estimated dividend yield is 7.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 208.2, implying annual growth of -11.9%.
Current consensus DPS estimate is 186.7, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 15.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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

Woodside Energy reported in-line production for the December 2023 quarter of 48.1m boe, although it was a minor miss on revenue due to the lowest level of LNG trading since 2020, notes Jarden.

Management's FY24 production guidance came in -4% below consensus and downgrades are expected post the November investor briefing.

Jarden leaves the target price at $29 with an Underweight rating.

This report was published on January 24, 2024.

Target price is $29.00 Current Price is $32.25 Difference: minus $3.25 (current price is over target).
If WDS 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 $35.53, suggesting upside of 10.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 198.28 cents and EPS of 250.49 cents.
At the last closing share price the estimated dividend yield is 6.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 236.2, implying annual growth of N/A.
Current consensus DPS estimate is 182.1, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 174.06 cents and EPS of 220.68 cents.
At the last closing share price the estimated dividend yield is 5.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 208.2, implying annual growth of -11.9%.
Current consensus DPS estimate is 186.7, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 15.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

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