Australian Broker Call *Extra* Edition – Mar 05, 2024

This story features AUSSIE BROADBAND LIMITED, and other companies. For more info SHARE ANALYSIS: ABB

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)

ABB   ACE   ADH   APZ   AVH   AX1   BSE   CHC   CTD   CWP   DYL   EBO   FCL   HLS   HSN   ILU   JIN   KGN   LIC   LYC   MRM   MYX   NAB   NSR   ORA   ORI   PPS   PSI   PWH   PWR   RED (2)   RFF   RIO   SCG   SGP   STO (2)   SUL   TLC   VEA   WOW (2)   WTC (2)  

ABB    AUSSIE BROADBAND LIMITED

Telecommunication – Overnight Price: $4.39

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

Aussie Broadband's share price rallied post-1H results as the market came to grips with a better growth trajectory, suggests Wilsons. Management also noted a strong start to the 2H, despite an 1H underlying profit miss  of -32% compared to the consensus forecast.

The Overweight rating is retained and the target price increases to $5.80 from $4.20 as Wilsons allows for the Symbio acquisition and rolls forward the assumed earnings multiple to FY25.

The broker highlights pricing will rise in the 2H of FY24 and FY25 as management has re-priced both the front and back books following Special Access Undertaking (SAU) changes.

Management upgraded the FY24 earnings (EBITDA) range to $105-110m from $100-110m, while capex guidance was reduced.

This report was published on February 26, 2024.

Target price is $5.80 Current Price is $4.39 Difference: $1.41
If ABB meets the Wilsons target it will return approximately 32% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.44.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 27.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.96.

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

ACE    ACUSENSUS LIMITED

Transportation & Logistics – Overnight Price: $0.65

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

Acusensus has guided to FY24 revenue of $49-51m, and EBITDA of $4-5m, both slightly ahead of Canaccord Genuity's estimates. The business is in the early stages of its global expansion, leveraging patented technology in order to capture a $1.8bn market opportunity.

While slow to be awarded, government contracts are expected to be delivered in the next six months across three markets – UK, Netherlands, US. New contracts are also expected in Australia which will aid FY25 revenues.

The broker assesses there are few ASX-listed stocks exposed to the AI evolution and this undervalues the existing opportunity and the strength of the company's position. Buy rating. Target rises to $1.30 from $1.10.

This report was published on February 27, 2024.

Target price is $1.30 Current Price is $0.65 Difference: $0.65
If ACE meets the Canaccord Genuity target it will return approximately 100% (excluding dividends, fees and charges).
The company's fiscal year ends in July.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 325.00.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 325.00.

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

ADH    ADAIRS LIMITED

Furniture & Renovation – Overnight Price: $2.31

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

The first half result from Adairs was well received, Canaccord Genuity notes. The broker finds a couple of hurdles remain, including implementation of a new warehouse management system and  reconfiguring some supply chains.

These will be near-term potential catalysts. During the half, margin execution helped offset weak top-line growth with the broker noting a "surprisingly strong print" in Mocka earnings. Hold maintained. Target rises to $2.14 from $1.40.

This report was published on February 27, 2024.

Target price is $2.14 Current Price is $2.31 Difference: minus $0.17 (current price is over target).
If ADH meets the Canaccord Genuity target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.20, suggesting downside of -4.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 10.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.1, implying annual growth of -13.1%.
Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 14.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 6.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.3, implying annual growth of 22.0%.
Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 9.9.

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

APZ    ASPEN GROUP LIMITED

Real Estate – Overnight Price: $1.68

Moelis rates ((APZ)) as No Rating (-1) –

Having reported a first half operating earnings result of 6.85 cents per share, Aspen Group has lifted its full year earnings per share guidance to a range of 12.5-13.0 cents. Moelis points out this reflects between 8-13% year-on-year growth. 

The residential rental business, which accounts for 27% of earnings, reported 46% earnings growth over the half, which Moelis attributes to meaningful rental growth across the portfolio, as well as contributions from newly refurbished Perth apartments.

Park asset earnings increased 16%.

The broker is on research restrictions and has provided no rating or target price.

This report was published on February 22, 2024.

Current Price is $1.68. Target price not assessed.

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

AVH    AVITA MEDICAL INC

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $5.23

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

Wilsons is unconcerned by the share market's negative reaction for increased FY24 expense guidance (during the FY23 results release) given Avita Medical's own profit forecasts are still well ahead of consensus.

FY23 product revenue of US$49.8m missed the broker's forecast by -4%, but growth of 46% in FY23 was considered impressive. The 84.6% gross margin was a 130bps beat compared to Wilsons estimate.

Management provided 1Q FY24 revenue guidance of between US$14.8-15.6m, in line with the broker's forecast for US$15.1m.

The target rises to $5.42 from $5.39. Overweight.

This report was published on February 26, 2024.

Target price is $5.42 Current Price is $5.23 Difference: $0.19
If AVH meets the Wilsons target it will return approximately 4% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

AX1    ACCENT GROUP LIMITED

Apparel & Footwear – Overnight Price: $2.03

Wilsons rates ((AX1)) as Market Weight (3) –

Wilsons highlights group sales for Accent Group were resilient in the 1H, despite a volatile consumer backdrop, though profit fell -5.7% short of the consensus forecast.

The broker notes strong execution so far for the Lifestyle growth strategies for Stylerunner and Nude Lucy, and management noted momentum for both continued in the 2H, with 34 and 26 stores, respectively, now trading.

Issues persist with Glue, notes the analyst, with management surprised by time needed to turn the brand around.

Wilsons awaits a more attractive entry level before suggesting investors buy shares. The Market Weight rating is maintained and the target increases to $2.10 from $1.90.

This report was published on February 26, 2024.

Target price is $2.10 Current Price is $2.03 Difference: $0.07
If AX1 meets the Wilsons target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $2.25, suggesting upside of 10.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 11.10 cents and EPS of 11.10 cents.
At the last closing share price the estimated dividend yield is 5.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.4, implying annual growth of -29.5%.
Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 17.8.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 12.70 cents and EPS of 15.90 cents.
At the last closing share price the estimated dividend yield is 6.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of 28.1%.
Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 13.9.

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

BSE    BASE RESOURCES LIMITED

Mineral Sands – Overnight Price: $0.11

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

Base Resources posted first half results that missed Canaccord Genuity's expectations. The broker notes the board has decided not to declare a dividend, in light of the fiscal discussions with the Malagasy government.

This is considered a positive as it signals progress, given the company has been returning cash to shareholders in the absence of a deal.

Progress on Toliara is considered the single most important upcoming potential catalyst and a Speculative Buy rating and $0.70 target are maintained.

This report was published on February 26, 2024.

Target price is $0.70 Current Price is $0.11 Difference: $0.59
If BSE meets the Canaccord Genuity target it will return approximately 536% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.61 cents and EPS of minus 1.82 cents.
At the last closing share price the estimated dividend yield is 5.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.03.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.22 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.05.

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

CHC    CHARTER HALL GROUP

REITs – Overnight Price: $12.85

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

Jarden expects Charter Hall has sustained a trough in the earnings cycle, although retains conservative assumptions on further asset devaluation and the lack of transaction growth.

The company is believed to be in a good position to grow earnings, but the broker acknowledges the market is not giving the business much credit for either stabilisation or recovery in transaction activity and funds management income.

Overweight retained. Target rises to $13.60 from $13.30.

This report was published on February 21, 2024.

Target price is $13.60 Current Price is $12.85 Difference: $0.75
If CHC meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $13.41, suggesting upside of 4.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 45.10 cents and EPS of 75.70 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.7, implying annual growth of 82.6%.
Current consensus DPS estimate is 45.1, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 17.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 47.80 cents and EPS of 75.40 cents.
At the last closing share price the estimated dividend yield is 3.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.9, implying annual growth of 9.5%.
Current consensus DPS estimate is 47.6, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 15.5.

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

CTD    CORPORATE TRAVEL MANAGEMENT LIMITED

Travel, Leisure & Tourism – Overnight Price: $16.35

Jarden rates ((CTD)) as Downgrade to Overweight from Buy (2) –

Following last-October's upbeat commentary by management at Corporate Travel Management, Jarden was disappointed by a -7% miss in the 1H against the consensus earnings estimate.

The company attributed the result weakness to weaker earnings in the Middle East and a -$25m impact due to lower activity for the UK Bridging contract.

Management noted a strong January and the broker feels execution by the company is progressing well. Nonetheless, the rating is downgraded to Overweight from Buy.

The target falls to $19 from $23 on the broker's earnings revisions and updated assumptions for risk-free rates.

This report was published on February 22, 2024.

Target price is $19.00 Current Price is $16.35 Difference: $2.65
If CTD meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $18.92, suggesting upside of 15.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 94.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.9, implying annual growth of 61.9%.
Current consensus DPS estimate is 38.2, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 19.0.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 101.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 103.8, implying annual growth of 20.8%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 15.8.

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

CWP    CEDAR WOODS PROPERTIES LIMITED

Infra & Property Developers – Overnight Price: $4.71

Moelis rates ((CWP)) as Buy (1) –

Product mix and timing of settlements were behind a 1H operating profit miss for Cedar Woods Properties against Moelis forecasts.

Excluding the contribution from the $60m sale of the Williams Landing shopping centre, FY24 guidance for operating profit was between $22-25m for the core business, which compares to the broker's prior estimate for $33m.

Despite this lower-than-expected profit estimate, the analyst remains confident in the medium-term outlook for higher sales and settlements as sentiment improves.

The target eases to $5.39 from $5.40. Buy-rated Moelis believes now is the time to be investing in the residential space ahead of a volume and price recovery.

This report was published on February 23, 2024.

Target price is $5.39 Current Price is $4.71 Difference: $0.68
If CWP meets the Moelis target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 25.00 cents and EPS of 44.10 cents.
At the last closing share price the estimated dividend yield is 5.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.68.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 30.00 cents and EPS of 52.60 cents.
At the last closing share price the estimated dividend yield is 6.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.95.

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

DYL    DEEP YELLOW LIMITED

Uranium – Overnight Price: $1.32

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

Deep Yellow has increased its mineral resource estimate for Mulga Rock East by 26% while the Mulga Rock West deposit is yet to be assessed. Canaccord Genuity notes a prime driver of the upgrade is the inclusion of lower grade uranium mineralisation.

A revised DFS is likely to start in the second quarter of 2024, using the latest resource update and a significant breakthrough with the metallurgical test work that has occurred in the recovery of critical minerals.

Canaccord Genuity retains a Speculative Buy rating and $1.60 target.

This report was published on February 26, 2024.

Target price is $1.60 Current Price is $1.32 Difference: $0.28
If DYL meets the Canaccord Genuity target it will return approximately 21% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.82 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 72.41.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.34 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 39.51.

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

EBO    EBOS GROUP LIMITED

Healthcare services – Overnight Price: $34.50

Jarden rates ((EBO)) as Neutral (3) –

Ebos Group's 1H operating result was in line with Jarden's expectations. Healthcare earnings (EBITDA) rose by 8% and the analysts point to solid contributions across each of the key businesses.

The return on capital employed (ROCE) measure rose by 70bps on the previous corresponding period, and the broker notes around $300m of debt headroom for potential acquisitions.

Management stated trading conditions were positive in January.

An interim dividend of 52.7cps was declared.

The broker's target price increases to NZ$37.60 from NZ$36.50 to reflect stronger Healthcare growth partly offset by lower revenue-momentum for Animal Care. The Neutral rating is maintained.

This report was published on February 22, 2024.

Current Price is $34.50. Target price not assessed.
Current consensus price target is $35.88, suggesting upside of 4.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 109.00 cents and EPS of 159.90 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 151.5, implying annual growth of 14.0%.
Current consensus DPS estimate is 104.8, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 116.00 cents and EPS of 144.50 cents.
At the last closing share price the estimated dividend yield is 3.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 148.0, implying annual growth of -2.3%.
Current consensus DPS estimate is 96.8, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 23.3.

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

FCL    FINEOS CORPORATION HOLDINGS PLC

Cloud services – Overnight Price: $1.61

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

Fineos Corp delivered a soft first half, Goldman Sachs observes, with management calling out longer sales cycles and a further churn within the Limelight business.

Guidance for revenue in 2024 has been introduced at EUR130-135m, slightly less than the broker had previously assumed.

While the company is working through several material projects which could serve as proof points for future wins, a Neutral rating is maintained. Target is $2.20.

This report was published on February 21, 2024.

Target price is $2.20 Current Price is $1.61 Difference: $0.59
If FCL meets the Goldman Sachs target it will return approximately 37% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 8.23 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.56.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 9.88 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.30.

This company reports in EUR. 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

HLS    HEALIUS LIMITED

Healthcare services – Overnight Price: $1.12

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

Healius will undertake another accelerated cost-out plan to match costs to weaker volumes as 2Q pathology activity has deteriorated, explains Jarden.

In a trading update, management lowered FY24 EBIT and EBITDA guidance by -6% and -25%, respectively. 

While the broker expects the cost-out plan will result in a stronger 2H, the risk of another guidance downgrade still remains, especially in light of previous (failed) attempts to lift margins by cutting costs.

The target falls to $1.29 from $1.60 and the Underweight rating is maintained.

This report was published on February 22, 2024.

Target price is $1.29 Current Price is $1.12 Difference: $0.165
If HLS meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $1.61, suggesting upside of 43.5%(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 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1125.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.1, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 1125.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 1.50 cents and EPS of 4.90 cents.
At the last closing share price the estimated dividend yield is 1.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.4, implying annual growth of 5300.0%.
Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 20.8.

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

HSN    HANSEN TECHNOLOGIES LIMITED

IT & Support – Overnight Price: $4.78

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

The first half result from Hansen Technologies was largely in line with expectations with Goldman Sachs noting fluctuations in licenses and margins are feature of the business model but year-on-year the performance remains relatively stable.

The result was overshadowed by further details on the Powercloud acquisition, where the financial profile appears materially different and requires an upfront -EUR13m working capital injection.

Goldman Sachs observes the company has a strong track record of driving margin expansion in acquired companies and the price paid relative to revenue is low. Neutral retained. Target reduces to $5.20 from $5.75.

This report was published on February 21, 2024.

Target price is $5.20 Current Price is $4.78 Difference: $0.42
If HSN meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $6.65, suggesting upside of 39.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 10.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 2.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.0, implying annual growth of 8.8%.
Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 20.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 10.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 2.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of 12.6%.
Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 18.5.

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

ILU    ILUKA RESOURCES LIMITED

Mineral Sands – Overnight Price: $7.11

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

The 2023 results from Iluka Resources beat Goldman Sachs' estimates. The company updated on the mineral sands market and provided 2024 guidance.

The zircon market is showing further improvement with contracted zircon sales in the first quarter now up nearly 100%.

Goldman Sachs is not concerned about the ability to fund the increase in the rare earth refinery expenditure, as on its forecasts the mineral sands business increases its net cash position to more than $500m during the refinery construction phase.

A Buy rating is maintained while the target is reduced to $9.20 from $9.80.

This report was published on February 22, 2024.

Target price is $9.20 Current Price is $7.11 Difference: $2.09
If ILU meets the Goldman Sachs target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $7.71, suggesting upside of 8.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 23.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 3.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.6, implying annual growth of -34.6%.
Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 32.00 cents and EPS of 56.00 cents.
At the last closing share price the estimated dividend yield is 4.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.0, implying annual growth of 31.2%.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 10.3.

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

JIN    JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $17.39

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

Jumbo Interactive's 1H result revealed all segments were well ahead of Wilsons forecasts for total transaction value (TTV) and revenue. Earnings also beat by 6%, largely due to the performance of Lottery Retailing, notes the broker.

Lottery Retailing benefited from the strength of the $200m Powerball jackpot run, explains the analyst, with TTV in the period January 1 to February 15 almost equal to the company's record 2Q FY23.

The Overweight rating is maintained and the target rises to $18.87 from $16.97 due to the broker's higher earnings forecast and a valuation roll-forward.

Management left FY24 guidance unchanged.

Ongoing earnings momentum should drive further share price performance in Wilsons view.

This report was published on February 26, 2024.

Target price is $18.87 Current Price is $17.39 Difference: $1.48
If JIN meets the Wilsons target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $17.44, suggesting upside of 0.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 57.60 cents and EPS of 67.50 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.3, implying annual growth of 40.1%.
Current consensus DPS estimate is 56.1, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 24.7.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 66.50 cents and EPS of 78.20 cents.
At the last closing share price the estimated dividend yield is 3.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.9, implying annual growth of 12.2%.
Current consensus DPS estimate is 62.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 22.0.

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

KGN    KOGAN.COM LIMITED

Retailing – Overnight Price: $7.92

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

Kogan.com  has signalled its primary focus is growth in Kogan First, which contributed $23m in revenue in the first half that represented a growth rate of 110%.

The company has expanded subscriber benefits  – free shipping on selected items, free express shipping, double Qantas points and exclusive deals and giveaways.

Over time, Canaccord Genuity expects the business will incorporate discounts in other parts of its vertical markets. No explicit guidance was provided and the broker has an unchanged Buy rating. Target is raised to $9.00 from $6.50.

This report was published on February 27, 2024.

Target price is $9.00 Current Price is $7.92 Difference: $1.08
If KGN meets the Canaccord Genuity target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $7.73, suggesting downside of -2.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 15.40 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 1.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.2, implying annual growth of N/A.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 48.9.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 20.40 cents and EPS of 29.10 cents.
At the last closing share price the estimated dividend yield is 2.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.8, implying annual growth of 121.0%.
Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 22.1.

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

LIC    LIFESTYLE COMMUNITIES LIMITED

Aged Care & Seniors – Overnight Price: $15.49

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

Lifestyle Communities posted a lower-than-expected first half result, attributed to weak home buyer confidence in the new buildings market that pushes out settlement timeframes. FY24 guidance is for settlements to be similar to FY23 and Canaccord Genuity forecasts 359.

The company is also completing a $275m capital raising to take advantage of land acquisition opportunities. Hold maintained. Target is reduced to $16.15 from $17.00.

This report was published on February 26, 2024.

Target price is $16.15 Current Price is $15.49 Difference: $0.66
If LIC meets the Canaccord Genuity target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $18.00, suggesting upside of 16.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 12.00 cents and EPS of 61.00 cents.
At the last closing share price the estimated dividend yield is 0.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.4, implying annual growth of -16.1%.
Current consensus DPS estimate is 13.5, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 23.7.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 14.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 0.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.8, implying annual growth of 54.1%.
Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 15.4.

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

LYC    LYNAS RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $6.24

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

Lynas Rare Earths delivered operating earnings that were ahead of estimates. Canaccord Genuity notes the commentary on the potential for investment in ionic clay, and has assessed there are a small number of quality development opportunities.

The broker suspects any move into that area by the company is likely to be driven by a desire to increase HRE production.

The ability to leverage existing processing infrastructure in Malaysia is considered advantageous but there appears to be little knowledge about such deposits and their potential. Buy rating retained. Target is lowered to $7.50 from $7.80.

This report was published on February 26, 2024.

Target price is $7.50 Current Price is $6.24 Difference: $1.26
If LYC meets the Canaccord Genuity target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $7.35, suggesting upside of 17.8%(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 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 78.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.5, implying annual growth of -69.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 59.4.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.9, implying annual growth of 203.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.6.

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

MRM    MMA OFFSHORE LIMITED

Energy Sector Contracting – Overnight Price: $2.18

Moelis rates ((MRM)) as Buy (1) –

After reviewing 1H results for MMA Offshore, and taking into account outlook commentary by management, Moelis increases its FY24-26 EPS forecasts by 56%, 46% and 44%, respectively. The target is increased to $2.30 from $1.90. Buy.

First half earnings (EBITDA) of $63.5m compared to the broker's $55m forecast, with an average 83% utilisation contributing to increased day rates and margin expansion across the company's segments, explain the analysts.

The broker believes Vessel Services will have a strong 2H and notes the progression of multiple projects within Subsea Services, which should smooth-out future earnings for this division.

No interim dividend was declared. 

This report was published on February 23, 2024.

Target price is $2.30 Current Price is $2.18 Difference: $0.12
If MRM meets the Moelis target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $2.58, suggesting upside of 18.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 1.80 cents and EPS of 18.90 cents.
At the last closing share price the estimated dividend yield is 0.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.6, implying annual growth of -40.8%.
Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 4.50 cents and EPS of 21.60 cents.
At the last closing share price the estimated dividend yield is 2.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.7, implying annual growth of 10.2%.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 9.6.

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

MYX    MAYNE PHARMA GROUP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $6.81

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

Canaccord Genuity observes positive trends across all segments are occurring for Mayne Pharma, with the business enjoying a "healthy and deserved re-rate over the last few months". New systems are in place to create structural growth.

A strong pipeline of product additions, combined with the disintermediation story, mitigates the risks in specialty and generics, the broker adds.

Rating is upgraded to Buy from Hold and the target lifted to $6.69 from $3.80. Expansion of the buyback also signals an improved stance.

This report was published on February 27, 2024.

Target price is $6.69 Current Price is $6.81 Difference: minus $0.12 (current price is over target).
If MYX meets the Canaccord Genuity target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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

NAB    NATIONAL AUSTRALIA BANK LIMITED

Banks – Overnight Price: $34.14

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

After the first quarter trading update from National Australia Bank, Goldman Sachs reiterates a Buy rating, assessing bad debts remain benign and cost management is showing results.

Lending competition exists but has been skewed more heavily towards housing as opposed to business which should benefit the bank's relative earnings mix. The CET1 ratio of 12.0% was running slightly higher than implied forecasts.

The broker retains a Buy rating and raises the target to $33.73 from $31.17.

This report was published on February 21, 2024.

Target price is $33.73 Current Price is $34.14 Difference: minus $0.41 (current price is over target).
If NAB meets the Goldman Sachs target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $28.99, suggesting downside of -15.1%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 162.00 cents and EPS of 219.50 cents.
At the last closing share price the estimated dividend yield is 4.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 220.0, implying annual growth of -6.9%.
Current consensus DPS estimate is 164.4, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 15.5.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 162.00 cents and EPS of 213.60 cents.
At the last closing share price the estimated dividend yield is 4.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 225.2, implying annual growth of 2.4%.
Current consensus DPS estimate is 167.0, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 15.2.

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

NSR    NATIONAL STORAGE REIT

REITs – Overnight Price: $2.28

Jarden rates ((NSR)) as Buy (1) –

Jarden believes attractive rent, earnings growth will stem from the shift by National Storage REIT to more development-led growth, from acquisitions.

Assuming management can deliver on the 10% stabilised yield on cost, the broker expects earnings growth will accelerate, especially if the partnerships smooth the dilution during the development phase.

The broker finds the shares attractive, offering good risk/award in a sector where non-organic growth is still hard to find. Buy rating and $2.70 target retained.

This report was published on February 22, 2024.

Target price is $2.70 Current Price is $2.28 Difference: $0.42
If NSR meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $2.37, suggesting upside of 3.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 11.00 cents and EPS of 10.70 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 21.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.3, implying annual growth of -56.2%.
Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 20.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 11.70 cents and EPS of 11.30 cents.
At the last closing share price the estimated dividend yield is 5.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.7, implying annual growth of 3.5%.
Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 19.5.

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

ORA    ORORA LIMITED

Paper & Packaging – Overnight Price: $2.71

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

Orora's 1H earnings (EBIT) were in line with forecasts by Goldman Sachs and consensus, despite lower-than-expected revenues, which imply strong margin outcomes. Profit missed the broker's estimate on higher than anticipated interest and tax expenses.

North American earnings beat the broker's forecast by 2%, with a strong margin of around 5%, while Australian earnings missed the consensus estimate by -1%, with volume growth for Cans offsetting softness for Glass.

Management reiterated guidance for FY24 earnings (excluding the Saverglass contribution) to exceed FY23's earnings. Guidance was also confirmed for ongoing margin accretion due to account profitability and a focus on costs.

The Buy rating is maintained. Target is reduced to $3.40 from $3.50.

This report was published on February 21, 2024.

Target price is $3.40 Current Price is $2.71 Difference: $0.69
If ORA meets the Goldman Sachs target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $3.03, suggesting upside of 11.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 13.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 4.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of -13.6%.
Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 15.3.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 14.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 5.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.5, implying annual growth of 15.8%.
Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 13.2.

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

ORI    ORICA LIMITED

Mining Sector Contracting – Overnight Price: $16.99

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

Orica will acquire Cyanco, a US-based distributor and manufacturer of sodium cyanide. The company expects the transaction to double its sodium cyanide capacity to 240,000tpa.

Cyanco is strategically located to serve the Nevada gold mining region, gold mines in Canada and international markets via seaborne transport. The acquisition is expected to be completed by the end of FY24.

Goldman Sachs does not have a rating or target for Orica at present (research restriction).

This report was published on February 21, 2024.

Current Price is $16.99. Target price not assessed.
Current consensus price target is $18.19, suggesting upside of 7.0%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 47.00 cents and EPS of 94.00 cents.
At the last closing share price the estimated dividend yield is 2.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 94.0, implying annual growth of 44.4%.
Current consensus DPS estimate is 49.7, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 18.1.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 55.00 cents and EPS of 110.00 cents.
At the last closing share price the estimated dividend yield is 3.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 111.4, implying annual growth of 18.5%.
Current consensus DPS estimate is 58.3, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 15.3.

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

PPS    PRAEMIUM LIMITED

Wealth Management & Investments – Overnight Price: $0.41

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

Praemium posted first half operating earnings in line with the AGM commentary for a -20% decline. The company has also acquired Iress's ((IRE)) OneVue platform business with $4bn in platform funds under administration.

Canaccord Genuity calculates, combining the first half result and the acquisition, with the latter to make a negligible impact in FY24, a marginal loss for FY25 and accretion in FY26. Buy rating. Target is raised to 81c from 71c.

This report was published on February 27, 2024.

Target price is $0.81 Current Price is $0.41 Difference: $0.4
If PPS meets the Canaccord Genuity target it will return approximately 98% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.67.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.25.

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

PSI    PSC INSURANCE GROUP LIMITED

Insurance – Overnight Price: $4.97

Jarden rates ((PSI)) as Neutral (3) –

PSC Insurance's 1H earnings (EBITDA) missed Jarden's forecast by -3.7%. The Australian operations (Distribution and Agency) beat the broker's earnings estimate by 7%, but UK earnings were a -16% miss on cyclical rather than structural issues.

The analysts expect a prolonged recovery time in the UK for the Cyber and Directors and Officers (D&O) insurance  segments, as well as M&A premium rates.

A slow pick-up for capital markets activity is anticipated, and the broker points to excess underwriting capacity at present. 

Management raised FY24 guidance ranges for underlying earnings and profit (NPATA) by 1% and 2%, respectively.

The Neutral rating and $4.80 target are maintained.

This report was published on February 22, 2024.

Target price is $4.80 Current Price is $4.97 Difference: minus $0.17 (current price is over target).
If PSI 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 $5.61, suggesting upside of 13.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 14.70 cents and EPS of 23.50 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.0, implying annual growth of 45.8%.
Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 21.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 16.00 cents and EPS of 25.20 cents.
At the last closing share price the estimated dividend yield is 3.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.7, implying annual growth of 7.4%.
Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 20.1.

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

PWH    PWR HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $12.23

Moelis rates ((PWH)) as Hold (3) –

PWR Holdings' 1H profit exceeded the estimate by Moelis, while the earnings (EBITDA) margin improved to 28.6% from 27.5%. An interim dividend of 4.8cps was declared, which was also ahead of the analysts' forecast.

The core motorsports segment grew by 19% on the previous corresponding period, with strong contributions from the company's micromatrix product, highlights the broker.

While no quantified guidance was provided, management noted "extensive organic opportunities" across all segments of the market, particularly for aerospace and defence.

The target rises to $12.61 from $10.20 and the Hold rating is maintained.

This report was published on February 23, 2024.

Target price is $12.61 Current Price is $12.23 Difference: $0.38
If PWH meets the Moelis target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $11.78, suggesting downside of -3.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 15.40 cents and EPS of 26.50 cents.
At the last closing share price the estimated dividend yield is 1.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 46.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.8, implying annual growth of 23.7%.
Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 45.6.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 17.10 cents and EPS of 29.60 cents.
At the last closing share price the estimated dividend yield is 1.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.8, implying annual growth of 18.7%.
Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 38.5.

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

PWR    PETER WARREN AUTOMOTIVE HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $2.26

Jarden rates ((PWR)) as Buy (1) –

First half results beat Jarden's estimates but were overshadowed by -200 basis points of gross margin compression.

The broker acknowledges the headline gross profit margin from Peter Warren Automotive was not as bad as initially assessed, with half the miss due to a mix shift, and as finance & insurance revenue dragged and apprentice government subsidies rolled off.

A Buy rating is maintained noting the stock trades at a -32% discount to Eagers Automotive ((APE)), yet faces similar market conditions. Target is reduced to $2.75 from $3.20.

This report was published on February 22, 2024.

Target price is $2.75 Current Price is $2.26 Difference: $0.49
If PWR meets the Jarden target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $3.09, suggesting upside of 36.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 16.70 cents and EPS of 27.80 cents.
At the last closing share price the estimated dividend yield is 7.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.3, implying annual growth of -10.6%.
Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 8.0%.
Current consensus EPS estimate suggests the PER is 7.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 14.20 cents and EPS of 23.70 cents.
At the last closing share price the estimated dividend yield is 6.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.0, implying annual growth of -4.4%.
Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 7.8%.
Current consensus EPS estimate suggests the PER is 8.1.

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

RED    RED 5 LIMITED

Gold & Silver – Overnight Price: $0.34

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

Red 5 delivered first half results that were in line with expectations. Canaccord Genuity retains production forecasts of 215,000 ozs at AISC of $2,005/oz.

The broker notes the merger agreement with Silver Lake ((SLR)), with Red 5 shareholders destined to end up with 52% of the merged capital. Buy rating and 40c target unchanged.

This report was published on February 26, 2024.

Target price is $0.40 Current Price is $0.34 Difference: $0.06
If RED meets the Canaccord Genuity target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.00.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.00.

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

Moelis rates ((RED)) as Hold (3) –

Red 5's 1H was a solid beat when set against forecasts by Moelis. The financials improved by comparison to the 1H of FY23, reflecting the completion and commissioning of the expansion project for the King of the Hills operation, explains the analyst.

The broker stresses the strategic importance of King of the Hills due to its long-life assets, which was the attraction for Silver Lake Resources ((SLR)) in the recently-proposed merger with Red 5.

In a key milestone prior to deal closure, Moelis notes Red 5 is yet to release a March quarterly production report.

The target slips to 34c from 35c, while the Hold rating is maintained.

This report was published on February 23, 2024.

Target price is $0.35 Current Price is $0.34 Difference: $0.01
If RED meets the Moelis target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 8.00 cents and EPS of 0.80 cents.
At the last closing share price the estimated dividend yield is 23.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.50.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 9.90 cents and EPS of 1.40 cents.
At the last closing share price the estimated dividend yield is 29.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.29.

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

RFF    RURAL FUNDS GROUP

REITs – Overnight Price: $2.09

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

Wilsons assesses a mixed 1H result for Rural Funds. On one hand there was an earnings decline, but on the other hand net asset values (NAV) increased by more than forecast, confirming management's acumen for acquisition and development, suggests the broker.

Earnings fell largely due to timing of revenue recognition on owner-occupied properties, explain the analysts, and delayed deployment of capital for the Macadamia development and associated loss of rental income. 

Lower revenue was partly offset by lower operating costs and interest expense, points out the broker.

Management reiterated FY24 guidance.

The target rises to $2.49 from $2.43 and the Overweight rating is unchanged.

This report was published on February 26, 2024.

Target price is $2.49 Current Price is $2.09 Difference: $0.4
If RFF meets the Wilsons target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 11.70 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 5.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.66.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 12.20 cents and EPS of 11.40 cents.
At the last closing share price the estimated dividend yield is 5.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.33.

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

RIO    RIO TINTO LIMITED

Bulks – Overnight Price: $123.41

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

Rio Tinto's 2023 results were in line with expectations. There was also no change to the 2024 production and capital expenditure guidance provided at the investor seminar, although the company expects higher asset rehabilitation expenditure of -US$1bn in 2024.

Major projects are on track and the broker believes the company is focused on creating value through early-stage exploration rather than large M&A. Buy rating retained. Target edges down to $138.30 from $140.50.

This report was published on February 22, 2024.

Target price is $138.30 Current Price is $123.41 Difference: $14.89
If RIO meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $128.67, suggesting upside of 4.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 698.66 cents and EPS of 1078.37 cents.
At the last closing share price the estimated dividend yield is 5.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1294.1, implying annual growth of N/A.
Current consensus DPS estimate is 824.0, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 9.5.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 698.66 cents and EPS of 1070.78 cents.
At the last closing share price the estimated dividend yield is 5.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1188.5, implying annual growth of -8.2%.
Current consensus DPS estimate is 734.9, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 10.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SCG    SCENTRE GROUP

REITs – Overnight Price: $3.21

Jarden rates ((SCG)) as Buy (1) –

Jarden believes the market is missing the attractive upside in Scentre Group where more value is derived from an improved tenant mix along with the medium-term focus on developments and refinancing expensive debt.

The broker envisages an "easy path" to mid-high single digit earnings growth in an environment where supply is limited and population growth strong.

The broker remains comfortable with the midpoint of the company's FY24 guidance range and envisages risk to the upside. Buy retained along with a $3.50 target.

This report was published on February 21, 2024.

Target price is $3.50 Current Price is $3.21 Difference: $0.29
If SCG meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $3.18, suggesting downside of -0.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 17.20 cents and EPS of 21.90 cents.
At the last closing share price the estimated dividend yield is 5.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.6, implying annual growth of 540.9%.
Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 18.10 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 5.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.2, implying annual growth of 2.8%.
Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 14.5.

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

SGP    STOCKLAND

Infra & Property Developers – Overnight Price: $4.59

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

Jarden assesses the first half results were weak but well flagged. Stockland has indicated its strategic transition is delivering improving operating metrics in tough conditions.

A large development pipeline should provide attractive compound growth of 8.8% in free funds from operations while improving housing sentiment could mean further upside.

More consistent above-average earnings growth should be the key catalyst for the share price, the broker adds. Overweight. Target rises to $5.05 from $4.90.

This report was published on February 21, 2024.

Target price is $5.05 Current Price is $4.59 Difference: $0.46
If SGP meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $4.81, suggesting upside of 4.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 24.90 cents and EPS of 32.10 cents.
At the last closing share price the estimated dividend yield is 5.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.4, implying annual growth of 64.6%.
Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 15.1.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 27.20 cents and EPS of 35.10 cents.
At the last closing share price the estimated dividend yield is 5.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.2, implying annual growth of 9.2%.
Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 13.8.

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

STO    SANTOS LIMITED

NatGas – Overnight Price: $7.26

Goldman Sachs rates ((STO)) as Resume Coverage with Buy (1) –

Goldman Sachs resumes coverage of Santos with a Buy rating and $8.35 target. The broker expects 2024 to be a trough of production and earnings as Barossa and Pikka start up over 2025/26.

This should support 10% production growth over the next three years to offset the impact from softening global gas prices as the LNG market moves back into material oversupply.

The broker expects free cash flow to remain relatively neutral over 2024/25 but assesses Barossa is materially de-risked and there is attractive valuation in the stock.

This report was published on February 22, 2024.

Target price is $8.35 Current Price is $7.26 Difference: $1.09
If STO meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $8.96, suggesting upside of 23.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 24.30 cents and EPS of 54.68 cents.
At the last closing share price the estimated dividend yield is 3.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.6, implying annual growth of N/A.
Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 10.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 34.93 cents and EPS of 48.60 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.3, implying annual growth of 5.3%.
Current consensus DPS estimate is 32.9, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 9.9.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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

Jarden was disappointed with the 2023 profit results from Santos and the decision to pay a dividend over a buyback, which it believes could send the wrong signal surrounding value perception.

While the proposed merger with Woodside Energy did not progress, the company has left the way open for other strategic alternatives.

Jarden suspects patience may be needed with the stock, to witness any re-rating in the absence of structural changes. An Overweight rating is maintained and the target reduced to $8.00 from $8.05.

This report was published on February 22, 2024.

Target price is $8.00 Current Price is $7.26 Difference: $0.74
If STO meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $8.96, suggesting upside of 23.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 28.86 cents and EPS of 49.97 cents.
At the last closing share price the estimated dividend yield is 3.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.6, implying annual growth of N/A.
Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 10.4.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 28.25 cents and EPS of 44.35 cents.
At the last closing share price the estimated dividend yield is 3.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.3, implying annual growth of 5.3%.
Current consensus DPS estimate is 32.9, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 9.9.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SUL    SUPER RETAIL GROUP LIMITED

Automobiles & Components – Overnight Price: $15.84

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

Super Retail's 1H profit (PBT) of $206.3m exceeded management's guidance for $200-203m, though Wilsons points out trading was mixed for the first seven weeks of the 2H.

The broker forecasts a special dividend of 25cps when FY24 results are released, noting net cash in the 1H increased by 51.5% year-on-year to $321.2m.

As expected by the analyst, the 2H trading update illustrated ongoing softness for each vertical, apart from Macpac.

The Market Weight rating is maintained and the target rises to $15.30 from $14.80, with the broker's Macpac revenue forecast upgrades offset by BCF downgrades.

This report was published on February 26, 2024.

Target price is $15.30 Current Price is $15.84 Difference: minus $0.54 (current price is over target).
If SUL meets the Wilsons target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.99, suggesting downside of -5.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 90.50 cents and EPS of 104.40 cents.
At the last closing share price the estimated dividend yield is 5.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.6, implying annual growth of -8.5%.
Current consensus DPS estimate is 80.1, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 86.20 cents and EPS of 112.30 cents.
At the last closing share price the estimated dividend yield is 5.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.3, implying annual growth of 1.6%.
Current consensus DPS estimate is 77.0, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 14.6.

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

TLC    LOTTERY CORPORATION LIMITED

Gaming – Overnight Price: $5.09

Jarden rates ((TLC)) as Neutral (3) –

The first half results from Lottery Corp were better than Jarden expected, primarily due to the timing of operating expenditure investment and better-than-expected lottery results.

The broker is encouraged by successful price increases and strong retention for Powerball as well as new product innovation that provides momentum such as Weekly Windfall rebranding and the expected introduction of Friday Lotto. Target is raised to $5.30 from $5.10 and a Neutral rating is maintained.

This report was published on February 22, 2024.

Target price is $5.30 Current Price is $5.09 Difference: $0.21
If TLC meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $5.38, suggesting upside of 5.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 15.90 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 3.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of 42.9%.
Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 29.9.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 16.30 cents and EPS of 18.10 cents.
At the last closing share price the estimated dividend yield is 3.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.2, implying annual growth of 7.1%.
Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 28.0.

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

VEA    VIVA ENERGY GROUP LIMITED

Crude Oil – Overnight Price: $3.59

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

Operating earnings for 2023 were largely in line with Goldman Sachs. Viva Energy's proposed acquisition of OTR Group remains subject to approvals but is expected to close in the first half of 2024.

Goldman Sachs does not include the acquisition in estimates but envisages a strong opportunity to deliver on potential earnings uplift beyond $50m. There was no comment from the company regarding opportunities to improve refining margins.

The broker raises the target to $3.43 from $3.40 and retains a Neutral rating.

This report was published on February 22, 2024.

Target price is $3.43 Current Price is $3.59 Difference: minus $0.16 (current price is over target).
If VEA meets the Goldman Sachs target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.74, suggesting upside of 4.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 17.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 4.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.0, implying annual growth of 11900.0%.
Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 17.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 4.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.9, implying annual growth of 3.0%.
Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 11.6.

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

WOW    WOOLWORTHS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $32.68

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

First half earnings (EBIT) from Woolworths were up 10% in Australian foods, which Goldman Sachs describes as the "key bright spot". Yet the first seven weeks of sales growth in Australian foods was weaker than expected and implies further slowdown over the second half.

The ACCC pricing inquiry and earlier-than-expected retirement of CEO Brad Banducci also weigh on the share price. Goldman Sachs still has a positive outlook for the stock and reiterates a Buy rating. Target is reduced to $40.40 from $42.30.

This report was published on February 22, 2024.

Target price is $40.40 Current Price is $32.68 Difference: $7.72
If WOW meets the Goldman Sachs target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $34.99, suggesting upside of 7.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 109.00 cents and EPS of 144.00 cents.
At the last closing share price the estimated dividend yield is 3.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 143.1, implying annual growth of 7.4%.
Current consensus DPS estimate is 105.4, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 117.00 cents and EPS of 155.00 cents.
At the last closing share price the estimated dividend yield is 3.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 153.1, implying annual growth of 7.0%.
Current consensus DPS estimate is 112.1, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 21.3.

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

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

Jarden found, for a pre-announced result, there were a lot of surprises in Woolworths Group's first half results.

These include the retirement of CEO Brad Balducci, an increase in costs of 9% for Australian food, which against the backdrop of easing inflation creates margin risk, and gross margins up 96 basis points, likely to create further scrutiny at the grocery inquiry.

Weak sales in the first seven weeks have been noted, yet the broker continues to believe the business is well-placed over the medium term, being a best-in-class local retailer. Overweight retained. Target is reduced to $40.40 from $42.90.

This report was published on February 22, 2024.

Target price is $40.40 Current Price is $32.68 Difference: $7.72
If WOW meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $34.99, suggesting upside of 7.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 110.00 cents and EPS of 150.30 cents.
At the last closing share price the estimated dividend yield is 3.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 143.1, implying annual growth of 7.4%.
Current consensus DPS estimate is 105.4, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 118.00 cents and EPS of 162.80 cents.
At the last closing share price the estimated dividend yield is 3.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 153.1, implying annual growth of 7.0%.
Current consensus DPS estimate is 112.1, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 21.3.

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

WTC    WISETECH GLOBAL LIMITED

Cloud services – Overnight Price: $95.60

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

First half results were ahead of Goldman Sachs and it appears WiseTech Global is tracking at the top of its $455-490m EBITDA guidance for FY24.

The main positives the broker drew from the results include the win of Sinotrans, deferred product release to FY25 to contribute to 6-7% in revenue growth and expectations for margins to exceed more than 50% in FY26.

The main negative was that the US Landside revenue outlook is weaker than expected. Neutral retained. Target is $85.

This report was published on February 21, 2024.

Target price is $85.00 Current Price is $95.60 Difference: minus $10.6 (current price is over target).
If WTC meets the Goldman Sachs target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $92.59, suggesting downside of -3.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 16.00 cents and EPS of 81.00 cents.
At the last closing share price the estimated dividend yield is 0.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 118.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.7, implying annual growth of 26.1%.
Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 117.0.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 22.00 cents and EPS of 110.00 cents.
At the last closing share price the estimated dividend yield is 0.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 86.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 111.1, implying annual growth of 36.0%.
Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 86.0.

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

Jarden rates ((WTC)) as Neutral (3) –

First  half earnings were ahead of Jarden's estimates. EBITDA from WiseTech Global grew 23% to $229.9m. The company also increased the capitalisation rate of product design and development costs to 54%.

The broker suspects guidance for FY24 may be conservative, calculating that, while the revenue outlook was effectively lowered to the mid point of the existing range, applying margin guidance still infers a full year EBITDA range of $479-504m.

Jarden expects significant growth from the global roll-out of software within large freight forwarder customers. Neutral retained given a lack of catalysts. Target is raised to $79 from $68.

This report was published on February 22, 2024.

Target price is $79.00 Current Price is $95.60 Difference: minus $16.6 (current price is over target).
If WTC 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 $92.59, suggesting downside of -3.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 16.40 cents and EPS of 82.10 cents.
At the last closing share price the estimated dividend yield is 0.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 116.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.7, implying annual growth of 26.1%.
Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 117.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 22.30 cents and EPS of 115.60 cents.
At the last closing share price the estimated dividend yield is 0.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 82.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 111.1, implying annual growth of 36.0%.
Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 86.0.

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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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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