Daily Market Reports | Mar 06 2024
This story features AUCKLAND INTERNATIONAL AIRPORT LIMITED, and other companies. For more info SHARE ANALYSIS: AIA
An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
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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)
AIA AIZ AOF APE AVG CRD CUV DMP (2) DUR ECF ENN GNE GNP GOR HLO IFL IGO IPH LIC (2) MIN (2) MPL (2) MVF NEC NST ORI PLS QAN QUB RFF RRL SFR SHA SKC SUL (2) TRS
AIA AUCKLAND INTERNATIONAL AIRPORT LIMITED
Infrastructure & Utilities – Overnight Price: $7.55
Jarden rates ((AIA)) as Neutral (3) –
First half results from Auckland International Airport were "solid" in Jarden's opinion and momentum appears strong relative to guidance, which was reiterated.
The unregulated parts of the business drove a material beat to the broker's net profit forecasts. Aeronautical revenue was up 92% amid higher passenger volumes combined with significant regulated price increases.
Jarden considers the stock a high-quality asset with a unique position and retains a Neutral rating. Target is raised to NZ$8.44 from NZ$8.26.
This report was published on February 23, 2024.
Current Price is $7.55. Target price not assessed.
Current consensus price target is $8.25, suggesting upside of 9.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 12.52 cents and EPS of 17.43 cents.
At the last closing share price the estimated dividend yield is 1.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.31.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.0, implying annual growth of N/A.
Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 41.9.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 13.07 cents and EPS of 18.64 cents.
At the last closing share price the estimated dividend yield is 1.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.51.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.2, implying annual growth of 12.2%.
Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 37.4.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AIZ AIR NEW ZEALAND LIMITED
Transportation & Logistics – Overnight Price: $0.56
Jarden rates ((AIZ)) as Neutral (3) –
Air New Zealand posted a soft first half result, in line with Jarden's estimates. Underlying EBITDA of NZ$503m was significantly lower because of a higher cost base and some temporary headwinds linked to disrupted flying schedules.
The broker finds the balance sheet in good shape and the business is signalling a return to its target range of net debt/EBITDA of 1.5-2.5x within the next two years as the fleet renewal program progresses. Neutral maintained. Target is reduced to NZ$0.63 from NZ$0.69.
This report was published on February 23, 2024.
Current Price is $0.56. Target price not assessed.
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 2.78 cents and EPS of 3.34 cents.
At the last closing share price the estimated dividend yield is 4.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.93.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 2.69 cents and EPS of 4.91 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.50.
This company reports in NZD. 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
AOF AUSTRALIAN UNITY OFFICE FUND
REITs – Overnight Price: $1.00
Moelis rates ((AOF)) as Upgrade to Buy from Hold (1) –
With Australian Unity Office Fund's portfolio contracting from eight assets to five in the last year, and one of its largest assets remained vacant, Moelis was left surprised by the company's reported 4 cents per share funds from operations first half result.
While ahead of the broker's forecast, the result was down -46% year-on-year.
The company has now announced the divestment of the York St asset for $29.7m, having been purchased in December 2021 for $33.5m. Australian Unity Office Fund should be in a position to start leasing the Valentine Avenue asset in FY25.
The rating is upgraded to Buy from Hold and the target price increases to $1.47 from $1.43.
This report was published on February 25, 2024.
Target price is $1.47 Current Price is $1.00 Difference: $0.47
If AOF meets the Moelis target it will return approximately 47% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 5.80 cents and EPS of 7.40 cents.
At the last closing share price the estimated dividend yield is 5.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.51.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 2.70 cents and EPS of 3.30 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.30.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
APE EAGERS AUTOMOTIVE LIMITED
Automobiles & Components – Overnight Price: $14.43
Jarden rates ((APE)) as Overweight (2) –
2023 net profit missed expectations. Eagers Automotive provided revenue growth guidance of around $1bn for 2024, which Jarden calls conservative, amid a focus on the sustainability of margins.
The broker is cautious about the stock as there are headwinds from new car gross profit units and interest costs, while significant increases in inventory have occurred in the first half.
The broker points out a normalisation of the order book may result in further increases in inventory and there is still another interest rate hike for the business to annualise. Overweight retained. Target is reduced to $14.10 from $16.25.
This report was published on February 23, 2024.
Target price is $14.10 Current Price is $14.43 Difference: minus $0.33 (current price is over target).
If APE meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $15.09, suggesting upside of 4.5%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 55.30 cents and EPS of 83.80 cents.
At the last closing share price the estimated dividend yield is 3.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.22.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 111.1, implying annual growth of 0.3%.
Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 13.0.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 60.50 cents and EPS of 91.60 cents.
At the last closing share price the estimated dividend yield is 4.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.75.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 109.8, implying annual growth of -1.2%.
Current consensus DPS estimate is 75.4, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 13.1.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AVG AUSTRALIAN VINTAGE LIMITED
Food, Beverages & Tobacco – Overnight Price: $0.38
Moelis rates ((AVG)) as Buy (1) –
Moelis sees the cost out benefits emerging in Australian Vintage's first half results. The company reported revenue of $136m and underlying earnings of $16.5m, the latter a miss to the broker's forecast on higher than anticipated operating costs.
Australian Vintage did achieve -$7.8m in cost out benefits in the period, driven by a reduced headcount, greater procurement terms and shipping efficiency gains.
The Buy rating is retained and the target price decreases to 45 cents from 60 cents.
This report was published on March 25, 2024.
Target price is $0.45 Current Price is $0.38 Difference: $0.07
If AVG meets the Moelis target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.18.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CRD CONRAD ASIA ENERGY LIMITED
Business & Consumer Credit – Overnight Price: $1.17
Wilsons rates ((CRD)) as Overweight (1) –
Conrad Asia Energy has announced approval from the Indonesian government for the gas price and volume allocation from Mako in relation to exporting to Singapore.
Wilsons believes this is an important milestone in pipeline agreements as it forms the basis for reserving pipeline capacity for the evacuation of Mako gas by the West Natuna Transport System to Singapore.
Overweight rating and $ 2.41 target. Now that pricing and volume allocations are approved, the broker believes farm-in partners have a better line of sight on the commercial aspects, and could farm-in before the finalisation of the gas sales agreement.
This report was published on February 23, 2024.
Target price is $2.41 Current Price is $1.17 Difference: $1.245
If CRD meets the Wilsons target it will return approximately 107% (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 and EPS of minus 5.01 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.24.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 9.87 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.80.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CUV CLINUVEL PHARMACEUTICALS LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $13.97
Wilsons rates ((CUV)) as Overweight (1) –
Clinuvel Pharmaceuticals delivered a soft first half result, Wilsons asserts, missing expectations. The broker notes good progress in expanding new US prescribing centres.
Yet the investment phase for the company can be tricky to navigate, given existing revenue is not growing at a rate to support the lift in expenses.
The broker knows investment now will bear fruit in 12-18 months time but understands it is hard for short-term investors to see through the margin decline.
This drives an Overweight rating. Target is reduced to $25.46 from $28.13.
This report was published on February 23, 2024.
Target price is $25.46 Current Price is $13.97 Difference: $11.49
If CUV meets the Wilsons target it will return approximately 82% (excluding dividends, fees and charges).
Current consensus price target is $18.75, suggesting upside of 34.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Wilsons forecasts a full year FY24 dividend of 7.70 cents and EPS of 64.40 cents.
At the last closing share price the estimated dividend yield is 0.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.69.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 69.5, implying annual growth of 12.2%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 20.1.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 10.40 cents and EPS of 69.10 cents.
At the last closing share price the estimated dividend yield is 0.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.22.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 75.6, implying annual growth of 8.8%.
Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 18.5.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DMP DOMINO'S PIZZA ENTERPRISES LIMITED
Food, Beverages & Tobacco – Overnight Price: $45.35
Goldman Sachs rates ((DMP)) as Neutral (3) –
Following the release of first half results from Domino's Pizza Enterprises, Goldman Sachs has revised its group sales forecasts by -1-2% and earnings by 0-3% between FY24-26.
The company reported first half group sales of $1.3bn, reflecting 10% growth year-on-year, and earnings of $108m, down -5% year-on-year. Comps suggest the company's Japanese operations continued to lose market share, and the broker remains wary of margin risk.
The Neutral rating is retained and the target price increases to $39.70 from $38.30.
This report was published on February 22, 2024.
Target price is $39.70 Current Price is $45.35 Difference: minus $5.65 (current price is over target).
If DMP meets the Goldman Sachs target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $50.42, suggesting upside of 11.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 113.00 cents and EPS of 142.00 cents.
At the last closing share price the estimated dividend yield is 2.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.94.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 139.8, implying annual growth of 203.3%.
Current consensus DPS estimate is 108.7, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 32.4.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 138.00 cents and EPS of 175.00 cents.
At the last closing share price the estimated dividend yield is 3.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.91.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 185.9, implying annual growth of 33.0%.
Current consensus DPS estimate is 139.3, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 24.4.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((DMP)) as Upgrade to Overweight from Neutral (2) –
As Domino's Pizza Enterprises downgraded guidance in January, the first half report held few surprises for Jarden. The broker was seeking signs of improved same-store sales growth in Japan and the EU, and this was delivered.
Japan accelerated to 6.7% in the first seven weeks of the second half and Europe, while edging down -0.6%, revealed Germany was up 6.1%, the key growth market.
Risks remain yet the broker envisages the weight is to the upside and takes comfort in the momentum that has continued in Australasia. Rating is upgraded to Overweight from Neutral. Target edges down to $49 from $50.
This report was published on February 22, 2024.
Target price is $49.00 Current Price is $45.35 Difference: $3.65
If DMP meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $50.42, suggesting upside of 11.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 137.00 cents and EPS of 137.50 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.98.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 139.8, implying annual growth of 203.3%.
Current consensus DPS estimate is 108.7, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 32.4.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 192.00 cents and EPS of 191.40 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.69.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 185.9, implying annual growth of 33.0%.
Current consensus DPS estimate is 139.3, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 24.4.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DUR DURATEC LIMITED
Industrial Sector Contractors & Engineers – Overnight Price: $1.30
Moelis rates ((DUR)) as Buy (1) –
Duratec delivered first half results that were ahead of expectations. FY24 guidance has been reaffirmed for EBITDA in the range of $45-52m, implying 27% growth at the mid point.
Moelis highlights the execution and growing recurring revenue, and believes the current operating environment will support the stock amid an expanding asset base, sunk capital and ageing infrastructure that drives demand for asset maintenance. Buy rating and target of $1.62 unchanged.
This report was published on February 25, 2024.
Target price is $1.62 Current Price is $1.30 Difference: $0.315
If DUR meets the Moelis target it will return approximately 24% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 4.30 cents and EPS of 10.60 cents.
At the last closing share price the estimated dividend yield is 3.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.31.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 5.90 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 4.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.06.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ECF ELANOR COMMERCIAL PROPERTY FUND
REITs – Overnight Price: $0.72
Moelis rates ((ECF)) as Buy (1) –
First half funds from operations of 5.2 cents per share from Elanor Commercial Property Fund came in ahead of Moelis' expectations, while a dividend of 4.25 cents per share keeps the company on track for its reiterated full year dividend payment of 8.5 cents.
Moelis highlighted a marginal occupancy decline in the period, to 97.3% from 98.4%, noting leasing activity in the half was limited. The broker considers Elanor Commercial Property Fund to be making solid progress on key leasing priorities.
The Buy rating is retained and the target price decreases to 89 cents from 91 cents.
This report was published on February 25, 2024.
Target price is $0.91 Current Price is $0.72 Difference: $0.185
If ECF meets the Moelis target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 8.50 cents and EPS of 10.30 cents.
At the last closing share price the estimated dividend yield is 11.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.04.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 7.50 cents and EPS of 9.20 cents.
At the last closing share price the estimated dividend yield is 10.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.88.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ENN ELANOR INVESTORS GROUP
Wealth Management & Investments – Overnight Price: $1.19
Moelis rates ((ENN)) as Buy (1) –
A broadly in line first half result from Elanor Investors, says Moelis, with the company reporting core earnings of $8.3m.
The period was marked by the integration of the Challenger real estate funds management platform, which drove a strong increase in recurring funds management revenue. Moelis sees significant scope for Elanor Investors to grow its platform size following the acquisition.
The company has also announced its intention to release $54m through 2024, and Moelis believes successful execution of this could see the stock drift closer to valuation.
The Buy rating is retained and the target price decreases to $1.76 from $2.02.
This report was published on February 25, 2024.
Target price is $1.76 Current Price is $1.19 Difference: $0.57
If ENN meets the Moelis target it will return approximately 48% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 9.90 cents and EPS of 11.10 cents.
At the last closing share price the estimated dividend yield is 8.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.72.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 10.20 cents and EPS of 11.60 cents.
At the last closing share price the estimated dividend yield is 8.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.26.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GNE GENESIS ENERGY LIMITED
Overnight Price: $2.28
Jarden rates ((GNE)) as Overweight (2) –
Genesis Energy posted first half EBITDA of NZ$202m, with weakness largely stemming from lower renewable generation, as hydro reverted to an average half-year, along with Kupe downtime.
Guidance for NZ$430m in EBITDA in FY24 is largely in line with expectations and reflects a continued improvement in retail netbacks.
Jarden notes the dividend of NZ7c is in line with estimates and the recent dividend policy changes. Overweight. Target rises to NZ$2.90 from NZ$2.85.
This report was published on February 22, 2024.
Current Price is $2.28. Target price not assessed.
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 12.98 cents and EPS of 7.14 cents.
At the last closing share price the estimated dividend yield is 5.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.93.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 13.35 cents and EPS of 10.94 cents.
At the last closing share price the estimated dividend yield is 5.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.84.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GNP GENUSPLUS GROUP LIMITED
Infrastructure & Utilities – Overnight Price: $1.39
Moelis rates ((GNP)) as Buy (1) –
The first half results from GenusPlus Group were ahead of Moelis estimates. The broker is increasingly confident amid a growing order book and increased recurring revenue. The company now expects to deliver 10-15% growth in EBITDA in FY24.
The company is heading into the execution stage on the flagship Acciona joint venture for HumeLink East. Moelis retains a Buy rating and raises the target to $1.65 from $1.56.
This report was published on February 23, 2024.
Target price is $1.65 Current Price is $1.39 Difference: $0.26
If GNP meets the Moelis target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 4.60 cents and EPS of 11.20 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 12.41.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 3.10 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 2.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.58.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GOR GOLD ROAD RESOURCES LIMITED
Gold & Silver – Overnight Price: $1.60
Moelis rates ((GOR)) as Hold (3) –
Gold Road Resources delivered a 2023 result that was "very clean", Moelis asserts with underlying earnings in line with estimates. The broker makes minor changes to estimates to reflect trends in corporate overheads and administrative costs.
While acknowledging the December quarter was poor because of lower feed grades, Moelis believes this will eventually be surmounted, although the potential for softer production in the first half could disappoint those expecting a rapid turnaround.
Hold rating. Target is raised to $1.50 from $1.45.
This report was published on February 25, 2024.
Target price is $1.50 Current Price is $1.60 Difference: minus $0.1 (current price is over target).
If GOR meets the Moelis target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.79, suggesting upside of 11.7%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 1.10 cents and EPS of 10.40 cents.
At the last closing share price the estimated dividend yield is 0.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.38.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 9.3, implying annual growth of -13.3%.
Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 17.2.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 1.10 cents and EPS of 10.20 cents.
At the last closing share price the estimated dividend yield is 0.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.69.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.8, implying annual growth of 26.9%.
Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 13.6.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
HLO HELLOWORLD TRAVEL LIMITED
Travel, Leisure & Tourism – Overnight Price: $2.74
Jarden rates ((HLO)) as Overweight (2) –
Jarden observes the first half result from Helloworld Travel was "good", with FY24 EBITDA guidance reiterated at $64-72m. Leisure travel is continuing to perform strongly.
The broker assesses costs were well controlled with the EBITDA margin up to 30.3% from 21.4%, stemming from productivity gains and returns on investment in technology. The main disappointment was logistics. Overweight. Target is reduced to $3.75 from $4.05.
This report was published on February 22, 2024.
Target price is $3.75 Current Price is $2.74 Difference: $1.01
If HLO meets the Jarden target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $3.74, suggesting upside of 36.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 EPS of 23.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.51.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 22.1, implying annual growth of 97.1%.
Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 12.4.
Forecast for FY25:
Jarden forecasts a full year FY25 EPS of 28.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.48.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 26.9, implying annual growth of 21.7%.
Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 10.2.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IFL INSIGNIA FINANCIAL LIMITED
Wealth Management & Investments – Overnight Price: $2.48
Jarden rates ((IFL)) as Overweight (2) –
Insignia Financial delivered first half results which beat Jarden's estimates, with the previously loss-making advice division moving to profitability.
Consistent improvements over the past year increase the broker's conviction that the company can achieve its $10m underlying net profit target in advice.
The stock appears undemanding at 8.3x PE and offering a potential 17% shareholder return with a further 20% upside if cost reduction targets are completed. Overweight. Target rises to $2.80 from $2.70.
This report was published on February 23, 2024.
Target price is $2.80 Current Price is $2.48 Difference: $0.32
If IFL meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.61, suggesting upside of 5.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 19.70 cents and EPS of 29.20 cents.
At the last closing share price the estimated dividend yield is 7.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.49.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 28.5, implying annual growth of 2180.0%.
Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 8.7.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 21.60 cents and EPS of 30.90 cents.
At the last closing share price the estimated dividend yield is 8.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.03.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 29.7, implying annual growth of 4.2%.
Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 7.8%.
Current consensus EPS estimate suggests the PER is 8.4.
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IGO IGO LIMITED
Nickel – Overnight Price: $7.73
Goldman Sachs rates ((IGO)) as Buy (1) –
An in line first half from IGO, according to Goldman Sachs, with the company announcing an 11 cents per share interim dividend alongside its largely pre-announced results.
A focus of the result was the net debt levels of the Greenbushes joint venture. Goldman Sachs estimates IGO's proportional debt at $0.1bn, but notes both IGO and the joint venture retain significant liquidity.
The Buy rating is retained and the target price decreases to $7.56 from $8.57.
This report was published on February 23, 2024.
Target price is $7.56 Current Price is $7.73 Difference: minus $0.17 (current price is over target).
If IGO meets the Goldman Sachs target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.89, suggesting upside of 2.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 18.00 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 2.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.04.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 64.2, implying annual growth of -11.5%.
Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 12.0.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 11.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 1.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.31.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 33.8, implying annual growth of -47.4%.
Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 22.9.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IPH IPH LIMITED
Legal – Overnight Price: $6.28
Goldman Sachs rates ((IPH)) as Buy (1) –
IPH marginally disappointed Goldman Sachs at the earnings line with its first half result, but cash flow was significantly better than the broker had forecast.
The broker points out continued positive revenue momentum from the Australian and New Zealand business, up 4% year-on-year, but the Asia business was a key negative of the period, missing earnings expectations by -3%.
Goldman Sachs expects performance from the Asia business to partly offset its anticipated second half year-on-year growth recovery.
The Buy rating is retained and the target price decreases to $8.70 from $8.75.
This report was published on February 22, 2024.
Target price is $8.70 Current Price is $6.28 Difference: $2.42
If IPH meets the Goldman Sachs target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $8.91, suggesting upside of 41.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 34.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 5.41%.
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 45.4, implying annual growth of 58.6%.
Current consensus DPS estimate is 34.8, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 13.8.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 37.00 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 5.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.82.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 48.9, implying annual growth of 7.7%.
Current consensus DPS estimate is 37.2, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 12.8.
Market Sentiment: 1.0
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: $15.12
Goldman Sachs rates ((LIC)) as Buy (1) –
The $275m equity raising proposed by Lifestyle Communities is "necessary" says Goldman Sachs, even without considering land acquisition opportunities.
Per the broker, the company's balance sheet has come under pressure from softer than expected settlements and a record development program. An equity raising will not only help Lifestyle Communities address this, but also provide headroom through the next six months.
The Buy rating is retained and the target price decreases to $21.55 from $25.25.
This report was published on February 22, 2024.
Target price is $21.55 Current Price is $15.12 Difference: $6.43
If LIC meets the Goldman Sachs target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $18.00, suggesting upside of 19.0%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 11.00 cents and EPS of 59.20 cents.
At the last closing share price the estimated dividend yield is 0.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.54.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 23.1.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 15.00 cents and EPS of 92.60 cents.
At the last closing share price the estimated dividend yield is 0.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.33.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 15.0.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((LIC)) as Overweight (2) –
Jarden asserts a "disappointing" first half result and unexpected equity raising does not change the outlook for Lifestyle Communities, with the business well-positioned to benefit from structural growth in demand.
The self funding model has, nevertheless, been challenged and the broker makes reductions to forecasts and target as a result.
Jarden believes it will take strong execution to justify the significant valuation premium compared with peers and this may take some time. Overweight. Target is lowered to $17.00 from $19.80.
This report was published on February 22, 2024.
Target price is $17.00 Current Price is $15.12 Difference: $1.88
If LIC meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $18.00, suggesting upside of 19.0%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 11.50 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 0.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.60.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 23.1.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 12.00 cents and EPS of 81.30 cents.
At the last closing share price the estimated dividend yield is 0.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.60.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 15.0.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MIN MINERAL RESOURCES LIMITED
Iron Ore – Overnight Price: $64.00
Goldman Sachs rates ((MIN)) as Sell (5) –
First half results from Mineral Resources are labelled "mixed" with underlying EBITDA slightly ahead of Goldman Sachs' estimates and net profit below.
The broker highlights the decision to slow the ramp up of the highest cash-flow operation rather than the higher-cost Mount Marion and Bald Hill mines, explaining this in terms of flexibility, as a Wodgina train can be ramped up and down in less than a week.
The broker reduces EPS estimates for FY24 and FY25 by -10% and -9%, respectively, after lowering Wodgina lithium volumes, and lifts mining service volumes.
Sell rating maintained, as the stock is considered fully valued versus peers and the lithium price is expected to decline further over 2024. Target is reduced -6% to $48.
This report was published on February 22, 2024.
Target price is $48.00 Current Price is $64.00 Difference: minus $16 (current price is over target).
If MIN meets the Goldman Sachs target it will return approximately minus 25% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $67.79, suggesting upside of 5.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 29.00 cents and EPS of 151.00 cents.
At the last closing share price the estimated dividend yield is 0.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.38.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 166.9, implying annual growth of 31.0%.
Current consensus DPS estimate is 51.8, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 38.3.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 41.00 cents and EPS of 143.00 cents.
At the last closing share price the estimated dividend yield is 0.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.76.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 363.0, implying annual growth of 117.5%.
Current consensus DPS estimate is 154.4, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 17.6.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((MIN)) as Sell (5) –
The first half segment-level earnings from Mineral Resources were in line yet the broker desires to further interrogate the Wodgina numbers following a reduction in lithium chemicals guidance and indication the company may revert to spodumene concentrate (SC) sales in the short term.
Capital expenditure guidance for FY24 has increased and the broker was surprised by a substantial -$70m increase in the legacy iron ore business.
The broker also finds it difficult to reconcile the consideration of a supply reduction in Wodgina, because of current SC prices, with assertive indications that the higher-cost assets Mount Marion and Bald Hill will not be curtailed and production will continue to expand.
Sell rating maintained. Target is reduced to $47.10 from $49.50.
This report was published on February 23, 2024.
Target price is $47.10 Current Price is $64.00 Difference: minus $16.9 (current price is over target).
If MIN meets the Jarden target it will return approximately minus 26% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $67.79, suggesting upside of 5.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 45.00 cents and EPS of 186.30 cents.
At the last closing share price the estimated dividend yield is 0.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.35.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 166.9, implying annual growth of 31.0%.
Current consensus DPS estimate is 51.8, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 38.3.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 60.00 cents and EPS of 252.40 cents.
At the last closing share price the estimated dividend yield is 0.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.36.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 363.0, implying annual growth of 117.5%.
Current consensus DPS estimate is 154.4, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 17.6.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MPL MEDIBANK PRIVATE LIMITED
Insurance – Overnight Price: $3.75
Goldman Sachs rates ((MPL)) as Neutral (3) –
The first half result from Medibank Private was broadly in line with expectations and Goldman Sachs makes only minor earnings changes, leaving the target unchanged at $3.70.
The broker observes benign claims are protecting net margins and the business appears comfortably able to expand gross margins to offset pressure on expenses. Medibank Private Health and its non-resident business continue to be growth areas. Neutral maintained.
This report was published on February 23, 2024.
Target price is $3.70 Current Price is $3.75 Difference: minus $0.05 (current price is over target).
If MPL 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 $3.81, suggesting upside of 1.6%(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 17.00 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.06.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.1, implying annual growth of 8.3%.
Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 18.7.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 17.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 4.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.86.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 21.2, implying annual growth of 5.5%.
Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 17.7.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((MPL)) as Downgrade to Neutral from Overweight (3) –
Medibank Private delivered first half results that were mixed, with net profit well ahead of Jarden's estimates but only because of a $115m one-off covid provision release.
Tailwinds from low claims inflation were eroded by higher operating costs and softer policy growth. Increased uncertainty about government-approved premium rate rises and affordability pressures are likely to constrain the upside, in the broker's view.
Rating is downgraded to Neutral from Overweight. Target is $3.75.
This report was published on February 22, 2024.
Target price is $3.75 Current Price is $3.75 Difference: $0
If MPL meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $3.81, suggesting upside of 1.6%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 15.70 cents and EPS of 22.80 cents.
At the last closing share price the estimated dividend yield is 4.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.45.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.1, implying annual growth of 8.3%.
Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 18.7.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 16.70 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 4.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.86.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 21.2, implying annual growth of 5.5%.
Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 17.7.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MVF MONASH IVF GROUP LIMITED
Healthcare services – Overnight Price: $1.47
Wilsons rates ((MVF)) as Downgrade to Market Weight from Overweight (3) –
Wilsons downgrades Monash IVF to Market Weight from Overweight and retains a $1.45 target. The broker suggests it may be time to "sit back and let DCF catch up with all the positive sentiment".
Wilsons still considers the outlook and visibility for the domestic IVF business are strong. While domestic margins appear "fully squeezed" these are still considered sustainable.
This report was published on February 26, 2024.
Target price is $1.45 Current Price is $1.47 Difference: minus $0.02 (current price is over target).
If MVF meets the Wilsons target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.56, suggesting upside of 6.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Wilsons forecasts a full year FY24 dividend of 5.00 cents and EPS of 7.50 cents.
At the last closing share price the estimated dividend yield is 3.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.60.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 7.6, implying annual growth of 35.7%.
Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 19.3.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 5.60 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 3.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.38.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 8.4, implying annual growth of 10.5%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 17.5.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NEC NINE ENTERTAINMENT CO. HOLDINGS LIMITED
Print, Radio & TV – Overnight Price: $1.62
Goldman Sachs rates ((NEC)) as Buy (1) –
First half results at Nine Entertainment were slightly weaker than Goldman Sachs expected. The outlook for second half TotalTV was much weaker than anticipated, even following cautious commentary from rival Seven West Media ((SWM)) ahead of these results.
On the positive side, the broker notes subscription revenue growth was strong and in publishing digital subscription revenue grew 9%. The outlook for Domain is also robust.
On the other hand TV market revenue remains "stuck the bottom of the cycle", although the company appears confident this is the trough. The uncertainty centres on when the expected recovery will commence. Goldman Sachs retains a Buy rating. Target is lowered -9% to $2.10.
This report was published on February 22, 2024.
Target price is $2.10 Current Price is $1.62 Difference: $0.475
If NEC meets the Goldman Sachs target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $2.16, suggesting upside of 32.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 8.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 4.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.25.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.8, implying annual growth of 8.5%.
Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 13.8.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 9.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 5.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.54.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.9, implying annual growth of 9.3%.
Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 12.6.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NST NORTHERN STAR RESOURCES LIMITED
Gold & Silver – Overnight Price: $14.13
Jarden rates ((NST)) as Overweight (2) –
Northern Star Resources delivered strong first half results with Jarden highlighting a record interim dividend of $0.15. Otherwise there were few surprises following what the broker describes as the "excellent" disclosure in the December quarter production report.
The business has reached the mid point in a five-year growth strategy and the strong results provide further validation for Jarden preferencing the stock in the gold sector. Overweight. Target is reduced to $13.70 from $13.90.
This report was published on February 22, 2024.
Target price is $13.70 Current Price is $14.13 Difference: minus $0.43 (current price is over target).
If NST 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 $13.60, suggesting downside of -3.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 27.00 cents and EPS of 41.00 cents.
At the last closing share price the estimated dividend yield is 1.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.46.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 51.4, implying annual growth of 1.2%.
Current consensus DPS estimate is 32.1, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 27.5.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 26.00 cents and EPS of 65.50 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.57.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 79.6, implying annual growth of 54.9%.
Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 17.8.
Market Sentiment: 0.3
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: $17.16
Jarden rates ((ORI)) as Buy (1) –
Orica will acquire cyanide capacity in North America through the purchase of Cyanco. Jarden assesses the integration will also reduce thermal coal to around 13% of group revenue and mine blasting to 72%, allowing the business to pursue its diversification goal.
Given the company's existing leadership in seaborne cyanide trade, the broker believes it will easily integrate Cyanco into the existing network, and also benefit from long-term gold demand. Buy rating retained. Target rises to $17.75 from $16.85.
This report was published on February 22, 2024.
Target price is $17.75 Current Price is $17.16 Difference: $0.59
If ORI meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $18.19, suggesting upside of 6.0%(ex-dividends)
The company's fiscal year ends in September.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 47.50 cents and EPS of 86.10 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 19.93.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 18.3.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 53.80 cents and EPS of 97.20 cents.
At the last closing share price the estimated dividend yield is 3.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.65.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 15.4.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PLS PILBARA MINERALS LIMITED
New Battery Elements – Overnight Price: $4.10
Goldman Sachs rates ((PLS)) as Sell (5) –
Pilbara Minerals reported underlying earnings that were below estimates, stemming from a moderating lithium price environment. FY24 guidance and growth projects are unchanged.
The company noted that, despite the current spodumene pricing environment, there has not been a widening of low-grade discounts from customers.
Goldman Sachs observes the stock trades on a significant premium out to FY30 compared with peers on both EV/EBITDA and EV/production measures and broadly normalised production/lithium prices. Sell retained. Target edges down to $2.90 from $2.95.
This report was published on February 22, 2024.
Target price is $2.90 Current Price is $4.10 Difference: minus $1.2 (current price is over target).
If PLS meets the Goldman Sachs target it will return approximately minus 29% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.59, suggesting downside of -12.4%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 3.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 0.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.33.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.8, implying annual growth of -85.2%.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 34.7.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 4.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 0.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.25.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 14.6, implying annual growth of 23.7%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 28.1.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
QAN QANTAS AIRWAYS LIMITED
Transportation & Logistics – Overnight Price: $5.12
Goldman Sachs rates ((QAN)) as Buy (1) –
Qantas Airways delivered a first half result that was below estimates. The company has indicated demand remains strong and revenue intake for both domestic and international are at 117% of pre-pandemic levels.
Goldman Sachs reduces FY24 pre-tax profit estimates by -11% and EPS by -10%, making more modest adjustments to FY25.
The broker notes earnings remain well above pre-pandemic levels even as the business faces higher fuel prices. Buy rating. Target is reduced to $8.05 from $8.25.
This report was published on February 22, 2024.
Target price is $8.05 Current Price is $5.12 Difference: $2.93
If QAN meets the Goldman Sachs target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $6.69, suggesting upside of 30.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 87.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.89.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 92.4, implying annual growth of -3.8%.
Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 5.5.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 30.00 cents and EPS of 96.00 cents.
At the last closing share price the estimated dividend yield is 5.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.33.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 99.4, implying annual growth of 7.6%.
Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 5.2.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
QUB QUBE HOLDINGS LIMITED
Transportation & Logistics – Overnight Price: $3.22
Jarden rates ((QUB)) as Overweight (2) –
The first half results from Qube Holdings were ahead of Jarden's estimates. Logistics performed strongly despite falling revenue, as effective cost management bolstered EBITDA.
The broker also notes Patrick is an "earnings force" and has benefited from temporary market share gains.
Jarden assesses the benefits and earnings visibility from diversification provides certainty for a high PE cyclical business and retains an Overweight rating. Target is raised to $3.60 from $3.15.
This report was published on February 23, 2024.
Target price is $3.60 Current Price is $3.22 Difference: $0.38
If QUB meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $3.56, suggesting upside of 10.6%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 8.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 2.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 14.1, implying annual growth of 41.4%.
Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 22.8.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 8.70 cents and EPS of 15.50 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.77.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 14.9, implying annual growth of 5.7%.
Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 21.6.
Market Sentiment: 0.4
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
Moelis rates ((RFF)) as Buy (1) –
First half funds from operations of 4 cents per unit from Rural Funds disappointed Moelis' expectations, but the broker does explain the miss partly as a timing issue concerning the contribution of rent under the TRG lease, and partly on income from farming operations.
Rural Funds has reaffirmed full year guidance of 11.2 cents per unit, and the broker points out the second half will benefit from income from both the cotton and macadamia harvests.
The Buy rating is retained and the target price decreases to $2.39 from $2.40.
This report was published on February 25, 2024.
Target price is $2.39 Current Price is $2.09 Difference: $0.3
If RFF 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 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:
Moelis forecasts a full year FY25 dividend of 11.80 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 5.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.71.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RRL REGIS RESOURCES LIMITED
Gold & Silver – Overnight Price: $2.03
Goldman Sachs rates ((RRL)) as Neutral (3) –
Operationally the first half results from Regis Resources were in line with expectations. FY24 guidance has been maintained. Goldman Sachs notes at McPhillamys all outstanding section 10 queries have been completed and the company expects a response shortly.
A completed definitive feasibility study is expected in the current half-year. The broker asserts the near and medium-term free cash flow yields of more than 10% are attractive relative to peers and a Neutral rating is retained. Target is steady at $2.15.
This report was published on February 23, 2024.
Target price is $2.15 Current Price is $2.03 Difference: $0.12
If RRL meets the Goldman Sachs target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $2.08, suggesting upside of 2.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 10.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.90.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 3.6, implying annual growth of N/A.
Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 56.4.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 2.00 cents and EPS of 24.10 cents.
At the last closing share price the estimated dividend yield is 0.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.42.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.5, implying annual growth of 386.1%.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 11.6.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SFR SANDFIRE RESOURCES LIMITED
Copper – Overnight Price: $7.91
Wilsons rates ((SFR)) as Overweight (1) –
Wilsons believes the location of Matsa on the Iberian pyrite belt is a significant opportunity to expand the resource and grow mine life.
While acknowledging some investors view permit processes in Spain as a "nightmare", the broker stresses the relevant regulation is primarily governed at the provincial level.
Wilsons explains Matsa significantly benefits from a supportive and streamlined process that exists in the Andalucian province.
The broker retains an Overweight rating and $8.45 target for Sandfire Resources, believing the market is under appreciating the upside potential of the assets.
This report was published on February 26, 2024.
Target price is $8.45 Current Price is $7.91 Difference: $0.54
If SFR meets the Wilsons target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $7.23, suggesting downside of -8.6%(ex-dividends)
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 minus 6.99 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 113.19.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -2.5, implying annual growth of N/A.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is N/A.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 32.81 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.11.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 39.0, implying annual growth of N/A.
Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 20.3.
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
SHA SHAPE AUSTRALIA CORPORATION LIMITED
Industrial Sector Contractors & Engineers – Overnight Price: $1.86
Moelis rates ((SHA)) as Buy (1) –
First half operating earnings (EBITDA) beat estimates with Moelis flagging the expansion in gross margins to 9.3% that showed a bias to completed projects and a moderation in construction costs.
Shape Australia's results demonstrate its ability in an otherwise tough operating environment, the broker asserts, reflecting the national footprint and scale, along with a strong balance sheet.
Valuation is considered undemanding and a Buy rating is retained. Target rises to $2.12 from $2.00.
This report was published on February 23, 2024.
Target price is $2.12 Current Price is $1.86 Difference: $0.26
If SHA 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 14.60 cents and EPS of 16.70 cents.
At the last closing share price the estimated dividend yield is 7.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.14.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 15.10 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 8.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.22.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SKC SKYCITY ENTERTAINMENT GROUP LIMITED
Gaming – Overnight Price: $1.82
Jarden rates ((SKC)) as Buy (1) –
First half results were in line with Jarden's expectations. The broker is encouraged by the growth in visits at Auckland and Hamilton although Adelaide was marginally weaker.
Expenditure per visit for gaming machines is down because of challenging economic conditions as well as the likely normalisation after the post-pandemic peak.
Guidance for FY24 is unchanged for underlying EBITDA of NZ$290-310m. Jarden maintains a Buy rating for SkyCity Entertainment and reduces the target to NZ$2.90 from NZ$3.00.
This report was published on February 22, 2024.
Current Price is $1.82. Target price not assessed.
Current consensus price target is $3.10, suggesting upside of 70.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 10.20 cents and EPS of 15.30 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 11.90.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.9, implying annual growth of N/A.
Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 11.4.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 12.05 cents and EPS of 16.88 cents.
At the last closing share price the estimated dividend yield is 6.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.79.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 19.0, implying annual growth of 19.5%.
Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 9.6.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SUL SUPER RETAIL GROUP LIMITED
Automobiles & Components – Overnight Price: $15.11
Goldman Sachs rates ((SUL)) as Buy (1) –
Goldman Sachs believes the softness in Super Retail's operational momentum generated since the first half results was driven by several factors and not necessarily a reason for concern.
The first seven weeks of comparable sales in the second half were down -3% but this is largely in line with expectations given the cycling of strong comparables.
Costs are expected to increase in the second half as a percentage of sales. The broker asserts the business is high-quality and the strategic growth plan remains intact. Buy rating retained. Target is $17.80.
This report was published on February 22, 2024.
Target price is $17.80 Current Price is $15.11 Difference: $2.69
If SUL meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $14.99, suggesting downside of -0.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 67.00 cents and EPS of 104.00 cents.
At the last closing share price the estimated dividend yield is 4.43%.
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 106.6, implying annual growth of -8.5%.
Current consensus DPS estimate is 80.1, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.2.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 73.00 cents and EPS of 112.00 cents.
At the last closing share price the estimated dividend yield is 4.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.49.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 5.1%.
Current consensus EPS estimate suggests the PER is 14.0.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((SUL)) as Upgrade to Neutral from Underweight (3) –
First half results provided few surprises for Jarden, being largely pre-announced, although EBIT was ahead of estimates. The trading update signalled softer sales, down -2%, but not too bad in the broker's opinion.
Comparisons are likely to get easier moving through the half year, the broker asserts.
Early signs from the re-launch of loyalty programs are positive with promotional effectiveness improving. Jarden suspects this could provide some material top-line and margin benefits from FY25, albeit this is not included in forecasts.
Rating is upgraded to Neutral from Underweight. Target is $15.40, raised from $14.50.
This report was published on February 23, 2024.
Target price is $15.40 Current Price is $15.11 Difference: $0.29
If SUL meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $14.99, suggesting downside of -0.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 65.00 cents and EPS of 106.00 cents.
At the last closing share price the estimated dividend yield is 4.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.25.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 5.3%.
Current consensus EPS estimate suggests the PER is 14.2.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 65.00 cents and EPS of 104.60 cents.
At the last closing share price the estimated dividend yield is 4.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.45.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 5.1%.
Current consensus EPS estimate suggests the PER is 14.0.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TRS REJECT SHOP LIMITED
Household & Personal Products – Overnight Price: $4.61
Jarden rates ((TRS)) as Buy (1) –
Reject Shop delivered first half earnings (EBIT) that were -19% below Jarden's estimates. The broker actually considers the result positive as it provides greater confidence for both the strategy and outlook.
The reasons behind this include growth in consumables of 14%, with traffic the key and signs the company is winning in this area. The second half to date reveals like-for-like sales up 3.8% and improving from January into February.
Jarden believes the stock is fundamentally undervalued and retains a Buy rating. Target is reduced to $6.70 from $7.00.
This report was published on February 23, 2024.
Target price is $6.70 Current Price is $4.61 Difference: $2.09
If TRS meets the Jarden target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $5.32, suggesting upside of 15.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 10.00 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 2.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.65.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 19.8, implying annual growth of -27.1%.
Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 23.3.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 25.00 cents and EPS of 40.30 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 11.44.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 30.1, implying annual growth of 52.0%.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 15.3.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.
Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.
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