Australian Broker Call *Extra* Edition – Feb 14, 2024

This story features ARISTOCRAT LEISURE LIMITED, and other companies. For more info SHARE ANALYSIS: ALL

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)

ALL   BSL   BWP   CGC   CIP   COH   CRD   GDF   HUB   MPL   NDO   NHF   SUN   TCL   TWE  

ALL    ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $43.94

Jarden rates ((ALL)) as Buy (1) –

Industry data suggest Aristocrat Leisure continues to take share across gaming operations. As per Jarden, while the gaming market continues to grow, there was a surprising softening of outright sales in the fourth quarter, likely reflecting some normalisation of spend.

The broker is unconcerned about this softening, noting Aristocrat Leisure's extensive portfolio, above-industry game performance, and data suggesting 28% of customer forward purchases will be allocated to the company.

The Buy rating and target price of $47.20 are retained.

This report was published on February 7, 2024.

Target price is $47.20 Current Price is $43.94 Difference: $3.26
If ALL meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $45.24, suggesting upside of 3.8%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 77.00 cents and EPS of 220.10 cents.
At the last closing share price the estimated dividend yield is 1.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 212.9, implying annual growth of -4.3%.
Current consensus DPS estimate is 69.4, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 20.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 87.00 cents and EPS of 249.40 cents.
At the last closing share price the estimated dividend yield is 1.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 228.7, implying annual growth of 7.4%.
Current consensus DPS estimate is 74.8, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 19.1.

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

BSL    BLUESCOPE STEEL LIMITED

Steel & Scrap – Overnight Price: $21.87

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

Jarden has upgraded forecasts for BlueScope Steel, taking guidance from US steel companies' market updates and a meaningful increase in the US hot-rolled coil (HRC) spreads.

As per the broker's explanation, the US represents the company's largest geographic segment (now more than 50% of earnings). The US is also seen as BlueScope Steel's key growth region over the medium term.

Overweight rating retained. Target price shifts to $26.40 from $24.90.

This report was published on February 8, 2024.

Target price is $26.40 Current Price is $21.87 Difference: $4.53
If BSL meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $21.60, suggesting downside of -0.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 50.00 cents and EPS of 205.80 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 209.8, implying annual growth of -3.5%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 50.00 cents and EPS of 206.60 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 217.7, implying annual growth of 3.8%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 10.0.

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

BWP    BWP TRUST

REITs – Overnight Price: $3.46

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

Jarden had already communicated its forecast for BWP Trust to deliver around 2% in underlying FFO growth over the next 3-4 years and management to gradually return to paying dividends in line with earnings.

The broker does want to see more evidence of improving earnings, while also noting management at the trust has become extremely busy of late.

The past six months have seen asset sales, site acquisitions, strong leasing momentum, as well as the proposed acquisition of Newmark Property REIT ((NPR)), officially dressed up as a "merger".

Jarden prefers to wait and see, retaining its Underweight rating alongside a price target of $3.30.

This report was published on February 8, 2024.

Target price is $3.30 Current Price is $3.46 Difference: minus $0.16 (current price is over target).
If BWP 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 $3.52, suggesting upside of 2.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 18.30 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 5.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 213.5%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 19.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 18.90 cents and EPS of 18.80 cents.
At the last closing share price the estimated dividend yield is 5.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.5, implying annual growth of 3.4%.
Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 18.5.

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

CGC    COSTA GROUP HOLDINGS LIMITED

Agriculture – Overnight Price: $3.19

Wilsons rates ((CGC)) as No Rating (-1) –

Wilsons has ceased coverage of Costa Group and withdraws its forecasts, target and rating.

This report was published on February 9, 2024.

Current Price is $3.19. Target price not assessed.
Current consensus price target is $3.20, suggesting upside of 0.3%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is -1.3, implying annual growth of N/A.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Current consensus EPS estimate is 11.0, implying annual growth of N/A.
Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 29.0.

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

CIP    CENTURIA INDUSTRIAL REIT

REITs – Overnight Price: $3.32

Jarden rates ((CIP)) as Neutral (3) –

Jarden continues to believe Centuria Industrial REIT is in a good position to deliver more than 10% EBIT CAGR over the next three years from record re-leasing spreads and a growing development pipeline, even if demand for logistics is starting to normalise.

Following recent underperformance, the broker believes the shares look attractive trading on a -15% discount to Net Tangible Assets with a dividend yield of circa 5%, below the sector average.

Post the release of interim financials, the broker believes underlying leasing fundamentals and medium-term growth profile suggest an attractive risk-reward for a domestic pure play on logistics.

The growing development pipeline is seen as a potential source for significant upside in the medium term. Overweight. Target lifts to $3.60. Forecasts have been lifted.

This report was published on February 8, 2024.

Target price is $3.60 Current Price is $3.32 Difference: $0.28
If CIP meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.43, suggesting upside of 2.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 16.00 cents and EPS of 17.30 cents.
At the last closing share price the estimated dividend yield is 4.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.2, implying annual growth of N/A.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 16.20 cents and EPS of 17.60 cents.
At the last closing share price the estimated dividend yield is 4.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of 1.2%.
Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 19.3.

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

COH    COCHLEAR LIMITED

Medical Equipment & Devices – Overnight Price: $324.41

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

Only weeks prior to 1H results, management at Cochlear has upgraded the FY24 profit guidance range by 8% at the midpoint, beating Wilsons forecast by around 6%.

Cochlear implant (CI) growth of 14% suggests to the analysts reality is even better than management's projection.

The company was light on specifics for reasons behind the guidance upgrade. The broker suspects core share gains in traditional CI settings, along with some selective benefit flowing from specific indications where Cochlear seems to have durable advantage.

These indications include acoustics and the upselling Wilsons has described in prior research.

The broker will defer forecast upgrades until after upcoming 1H results, and in the meantime retains an Overweight rating and target price of $318.46. 

This report was published on February 9, 2024.

Target price is $318.46 Current Price is $324.41 Difference: minus $5.95 (current price is over target).
If COH meets the Wilsons target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $245.92, suggesting downside of -25.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 406.90 cents and EPS of 577.60 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 56.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 573.7, implying annual growth of 25.5%.
Current consensus DPS estimate is 392.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 57.2.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 456.50 cents and EPS of 651.50 cents.
At the last closing share price the estimated dividend yield is 1.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 49.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 647.2, implying annual growth of 12.8%.
Current consensus DPS estimate is 446.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 50.7.

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

CRD    CONRAD ASIA ENERGY LIMITED

Business & Consumer Credit – Overnight Price: $0.94

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

Following Conrad Asia Energy's December quarterly activities/cash flow report back on January 31, and the successful completion two days later of a $13m placement ($2m potential from a SPP), Wilsons lowers its target to $2.41 from $2.52.

Management noted two prospects in Aceh, showing Direct Hydrocarbon Indications (DHI’s), which increases the chance of success in the area, suggests the broker.

The analysts believe current cash on hand will alleviate balance sheet pressure and will enable Conrad to make its final investment decision (FID) on the Mako gas field by mid-2024, when a Mako sell-down is also expected.

This report was published on February 9, 2024.

Target price is $2.41 Current Price is $0.94 Difference: $1.47
If CRD meets the Wilsons target it will return approximately 156% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 12.13 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.75.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.43 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 38.75.

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

GDF    GARDA PROPERTY GROUP

REITs – Overnight Price: $1.23

Moelis rates ((GDF)) as Buy (1) –

In line with expectations held by Moelis, Garda Property's 1H result revealed funds from operations (FFO) of 3.3cpu and an interim dividend of 3.1cpu.

Management reaffirmed FY24 dividend guidance of 6.3cpu, which also accords with the analyst's estimate.

The broker suggests the 1H was a transformative period, as the three remaining Melbourne office exposures were sold.

Along with a small parcel of land in Townsville, these sales realised $106.1m, resulting in a gearing level of 30.1%, which the broker considers ample for management to execute the REIT's industrial development pipeline.

The Buy rating is retained and the target price eases to $1.60 from to $1.63.

This report was published on February 12, 2024.

Target price is $1.60 Current Price is $1.23 Difference: $0.37
If GDF meets the Moelis target it will return approximately 30% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 6.30 cents and EPS of 6.00 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 20.50.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 6.50 cents and EPS of 6.60 cents.
At the last closing share price the estimated dividend yield is 5.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.64.

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

HUB    HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $37.05

Jarden rates ((HUB)) as Neutral (3) –

Jarden analysts have used a general preview on insurers and diversified financials to lift forecasts for Hub24, which has pushed up the price target to $37.10 from $36.80.

Neutral rating remains in place.

This report was published on February 8, 2024.

Target price is $37.10 Current Price is $37.05 Difference: $0.05
If HUB meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $38.50, suggesting upside of 4.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 37.60 cents and EPS of 82.70 cents.
At the last closing share price the estimated dividend yield is 1.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.8, implying annual growth of 69.4%.
Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 45.8.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 48.50 cents and EPS of 107.30 cents.
At the last closing share price the estimated dividend yield is 1.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.2, implying annual growth of 29.0%.
Current consensus DPS estimate is 47.6, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 35.5.

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

MPL    MEDIBANK PRIVATE LIMITED

Insurance – Overnight Price: $3.81

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

Goldman Sachs is expecting a profit of $240m and a group underlying net margin of 8% when Medibank Private releases 1H results on February 22 (according to the FNArena calendar).

After marking-to-market and allowing for investment returns over the period, the broker's target rises to $3.70 from $3.56. The Neutral rating is unchanged.

The analysts note industry policyholder growth and participation remained strong through the September 2023 quarter, and expect a similar outcome for the December quarter.

This report was published on February 9, 2024.

Target price is $3.70 Current Price is $3.81 Difference: minus $0.11 (current price is over target).
If MPL 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 $3.79, suggesting upside of 0.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 16.20 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 4.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.0, implying annual growth of 7.8%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 17.50 cents and EPS of 21.70 cents.
At the last closing share price the estimated dividend yield is 4.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.7, implying annual growth of 3.5%.
Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 18.2.

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

NDO    NIDO EDUCATION LIMITED

Childcare – Overnight Price: $0.97

Moelis rates ((NDO)) as Buy (1) –

Nido Education has established a $67m debt facility with National Australia Bank ((NAB)) to provide sufficient capital to allow the company to acquire new centres through its incubator program over the medium-term.

As per Moelis, the new debt facility lowers the company's cost of debt, and the broker has lifted its earnings per share forecasts 10% and 8% for 2024 and 2025 respectively. 

The broker sees this as an important milestone for Nido Education, leaving the company well positioned to execute on its incubator growth strategy.

The Buy rating is retained and the target price increases to $1.40 from $1.34.

This report was published on February 12, 2024.

Target price is $1.40 Current Price is $0.97 Difference: $0.43
If NDO meets the Moelis target it will return approximately 44% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.86.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 5.90 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 6.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.13.

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

NHF    NIB HOLDINGS LIMITED

Insurance – Overnight Price: $8.10

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

Goldman Sachs is expecting a profit of $100.3m and a dividend of 14.4cps when nib Holdings releases 1H results on February 26 (according to the FNArena calendar).

After marking-to-market and allowing for investment returns over the period, the broker's target rises to $8.50 from $8.40. The Buy rating is unchanged.

The analysts note industry policyholder growth and participation remained strong through the September 2023 quarter, and expect a similar outcome for the December quarter.

This report was published on February 9, 2024.

Target price is $8.50 Current Price is $8.10 Difference: $0.4
If NHF meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $8.28, suggesting upside of 3.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 31.30 cents and EPS of 42.60 cents.
At the last closing share price the estimated dividend yield is 3.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.0, implying annual growth of 11.1%.
Current consensus DPS estimate is 30.6, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 17.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 30.90 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 3.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.5, implying annual growth of 5.4%.
Current consensus DPS estimate is 31.2, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 16.5.

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

SUN    SUNCORP GROUP LIMITED

Insurance – Overnight Price: $14.40

Jarden rates ((SUN)) as Buy (1) –

Jarden analysts have used a general preview on insurers and diversified financials to amend forecasts for Suncorp Group, which has pushed up the price target to $15.25 from $15.10.

Buy rating retained.

This report was published on February 8, 2024.

Target price is $15.25 Current Price is $14.40 Difference: $0.85
If SUN meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $15.39, suggesting upside of 6.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 106.20 cents.
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 109.3, implying annual growth of 20.2%.
Current consensus DPS estimate is 75.0, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 13.2.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 100.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 111.3, implying annual growth of 1.8%.
Current consensus DPS estimate is 82.6, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 12.9.

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

TCL    TRANSURBAN GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $12.90

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

Goldman Sachs leaves its forecasts for Transurban Group largely unchanged, after 1H operational and financial results aligned with expectations. 

The company reported around 110bps of margin expansion, notes the broker, partly due to solid cost control.

While management's FY24 distribution guidance remained at 62cps, the broker reminds investors guidance is traditionally conservative.

The $13.10 target and Neutral rating are maintained.

This report was published on February 9, 2024.

Target price is $13.10 Current Price is $12.90 Difference: $0.2
If TCL meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $13.96, suggesting upside of 9.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 63.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 4.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 99.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of 1034.6%.
Current consensus DPS estimate is 62.8, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 54.2.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 65.00 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 5.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 184.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.2, implying annual growth of 28.0%.
Current consensus DPS estimate is 64.8, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 42.3.

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

TWE    TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco – Overnight Price: $11.14

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

Ahead of 1H results, channel checks by Goldman Sachs suggest Treasury Wine Estates can expect market share gains as smaller traders and brands cycle out of the market.

After undertaking a review of the company's net tangible asset (NTA) value, the broker remains satisfied the market is understating the value of Treasury's notable portfolio of luxury and premium brands.

The Buy rating and $12.40 target are maintained.

This report was published on February 9, 2024.

Target price is $12.40 Current Price is $11.14 Difference: $1.26
If TWE meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $13.07, suggesting upside of 18.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 35.00 cents and EPS of 52.00 cents.
At the last closing share price the estimated dividend yield is 3.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.0, implying annual growth of 49.0%.
Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 21.2.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 42.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 3.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.5, implying annual growth of 20.2%.
Current consensus DPS estimate is 43.2, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 17.6.

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

---

Disclaimer:
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.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.

Click to view our Glossary of Financial Terms