Australian Broker Call *Extra* Edition – Apr 11, 2024

This story features LIFE360 INC, and other companies. For more info SHARE ANALYSIS: 360

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)

360   A1M   AEE   ALK (2)   APM   ASN   ASX   AVA   BBN   BKT   BLU   BMN   BOE   BOQ   BPT (2)   CMM   CSL   CU6   DYL   EOS   FLT   GMD   GOR   GQG   HUB   HZN   LEL   LIN   LOT   MAY   MFG   MMI   NWC   NWL   OBM   PBH   PDN   PEN   PNR   POS   QAN (2)   QPM   RED (3)   RHK   RNU   SFX   SGM   SLR   SLX   SMR   STX   SUN   TIE   TLG   VVA   WDS   WGX   WIN  

360    LIFE360 INC

Software & Services – Overnight Price: $13.75

Goldman Sachs rates ((360)) as Buy (1) –

On April 8, Goldman Sachs described a new strategy announced by Life360 as "strategically sound and in line with its global app-based internet peers". 

The broker further explains the company will aim to further monetise its user base through the introduction of advertising. The broker expects the ad revenue strategy to be an initially incremental driver of earnings.

It sees potential upside as the ad strategy develops.

One day later, the first quarter trading update from Life360 shows the company is run-rating well ahead of Goldman Sachs' first half expectations, particularly in US subscription net adds. 

This metric, points out the broker, is the most important driver of the company's revenue and earnings.

Goldman Sachs notes this follows a relatively softer fourth quarter, but expects the strong start to the year should see the company comfortably meet revenue guidance and potentially exceed earnings guidance.

The Buy rating and target price of $14.20 are retained.

This report was published on April 9, 2024.

Target price is $14.20 Current Price is $13.75 Difference: $0.45
If 360 meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $15.28, suggesting upside of 11.2%(ex-dividends)
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 15.21 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 90.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.9, 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 126.1.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 31.94 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.1, implying annual growth of 121.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 57.1.

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

A1M    AIC MINES LIMITED

Gold & Silver – Overnight Price: $0.40

Moelis rates ((A1M)) as Buy (1) –

Moelis raises its 12-month target prices for small cap resources under coverage after raising gold, copper and silver price forecasts.

The broker's long-term forecast for gold, copper and silver are US$1,696oz, US$8,406/t and US$21.17oz.

The target for AIC Mines rises to 56c from 52c and the Buy rating is maintained.

This report was published on April 5, 2024.

Target price is $0.56 Current Price is $0.40 Difference: $0.16
If A1M meets the Moelis target it will return approximately 40% (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 2.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.81.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.52.

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

AEE    AURA ENERGY LIMITED

Energy – Overnight Price: $0.17

Petra Capital rates ((AEE)) as No Rating (-1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within Petra's research coverage of energy stocks, the target for Aura Energy remains at 47c. Buy.

This report was published on April 5, 2024.

Target price is $0.47 Current Price is $0.17 Difference: $0.295
If AEE meets the Petra Capital target it will return approximately 169% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 29.17.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 29.17.

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

ALK    ALKANE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.66

Moelis rates ((ALK)) as Buy (1) –

Moelis raises its 12-month target prices for small cap resources under coverage after raising gold, copper and silver price forecasts.

The broker's long-term forecast for gold, copper and silver are US$1,696oz, US$8,406/t and US$21.17oz.

The target for Alkane Resources rises to $1.00 from 85c and the Buy rating is maintained.

This report was published on April 5, 2024.

Target price is $1.00 Current Price is $0.66 Difference: $0.34
If ALK meets the Moelis target it will return approximately 52% (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 4.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.75.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 6.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.15.

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

Petra Capital rates ((ALK)) as Buy (1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

From among the broker's gold coverage, the target for Alkane Resources rises to $1.16 from $1.02 and the Buy rating is maintained.

This report was published on April 5, 2024.

Target price is $1.16 Current Price is $0.66 Difference: $0.5
If ALK meets the Petra Capital target it will return approximately 76% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 5.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.94.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 7.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.80.

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

APM    APM HUMAN SERVICES INTERNATIONAL LIMITED

Healthcare – Overnight Price: $1.21

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

APM Human Services International has received a non-binding offer from 29% shareholder Madison Dearborn for all remaining shares at $1.40 each, a -13% discount to the initial offer from CVC Asia Pacific, notes Canaccord Genuity.

Again, management has downgraded FY24 guidance largely because of the weaker domestic employment services market.

New guidance implies to the broker underlying 2H earnings (EBITDA) and profit (NPATA) will fall short of the 1H by -16% and -26%, respectively.

FY24 earnings are also being weighed down by an investment in a new client management system within the Health business, and recruitment of graduates whose positive impact will be felt in FY25, explain the analysts.

The target falls to $1.30 from $2.00. Buy.

This report was published on April 9, 2024.

Target price is $1.30 Current Price is $1.21 Difference: $0.095
If APM meets the Canaccord Genuity target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.78, suggesting upside of 47.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 5.15 cents and EPS of 10.40 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 11.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.9, implying annual growth of -15.5%.
Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 6.87 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 5.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.8, implying annual growth of 29.3%.
Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 7.7%.
Current consensus EPS estimate suggests the PER is 9.4.

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

ASN    ANSON RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.10

Petra Capital rates ((ASN)) as Buy (1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within Petra's research coverage of lithium stocks, the target for Anson Resources falls to 49c from 50c. Buy.

This report was published on April 5, 2024.

Target price is $0.49 Current Price is $0.10 Difference: $0.385
If ASN meets the Petra Capital target it will return approximately 367% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.

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

ASX    ASX LIMITED

Wealth Management & Investments – Overnight Price: $63.94

Jarden rates ((ASX)) as Neutral (3) –

Capital raisings in March remained at cyclical lows, notes Jarden, and the ASX's key revenue drivers were weaker, with daily cash equity market turnover down despite record high equity markets.

Daily average futures volume growth also turned negative for the first time since April 2023.

The broker sees limited value upside and retains a Neutral rating. The target price is increased to $62.70 from $62.10.

This report was published on April 8, 2024.

Target price is $62.70 Current Price is $63.94 Difference: minus $1.24 (current price is over target).
If ASX 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 $62.68, suggesting downside of -2.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 209.10 cents and EPS of 246.00 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 245.0, implying annual growth of 49.5%.
Current consensus DPS estimate is 208.0, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 26.1.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 224.70 cents and EPS of 264.40 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 24.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 254.7, implying annual growth of 4.0%.
Current consensus DPS estimate is 216.1, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 25.1.

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

AVA    AVA RISK GROUP LIMITED

Hardware & Equipment – Overnight Price: $0.14

Petra Capital rates ((AVA)) as Buy (1) –

Given Ava Risk's successful completion of a $3m institutional placement, and the upcoming Share Purchase Plan (SPP) of $1m, Petra Capital believes investor concerns around the balance sheet have now been alleviated.

Shares in the placement were issued at 13cps and at a – 18.8% discount to Ava Risk's last trading price on March 26.

Proceeds from the raising will support the execution of recently announced contract wins, including working capital to support sales, dedicated support resources and product development, explains the analyst.

The Buy rating and 35c target are retained.

This report was published on April 5, 2024.

Target price is $0.35 Current Price is $0.14 Difference: $0.215
If AVA meets the Petra Capital target it will return approximately 159% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.50.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.64.

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

BBN    BABY BUNTING GROUP LIMITED

Apparel & Footwear – Overnight Price: $1.96

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

While Baby Bunting's core customer remains impacted by higher interest rates and cost of living pressures, Wilsons sees positives ahead for the retailer, particularly noting ultrasound scan data from Medicare.

These data have revealed a recovery in ultrasound scans, with 12-week scans up 8.8% year-on-year in February, and 20-week scans up 0.3% year-on-year. 

The broker expects demand to remain volatile over the second half, but that growth will return in FY25.

The Overweight rating is retained and the target price increases to $2.40 from $2.00.

This report was published on April 8, 2024.

Target price is $2.40 Current Price is $1.96 Difference: $0.44
If BBN meets the Wilsons target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $1.93, suggesting downside of -1.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 7.50 cents and EPS of 7.70 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 25.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.5, implying annual growth of 15.5%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 23.1.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 5.00 cents and EPS of 16.30 cents.
At the last closing share price the estimated dividend yield is 2.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.6, implying annual growth of 48.2%.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 15.6.

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

BKT    BLACK ROCK MINING LIMITED

New Battery Elements – Overnight Price: $0.07

Petra Capital rates ((BKT)) as Buy (1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within Petra's research coverage of graphite stocks, the target for Black Rock Mining falls to 15c from 16c. Buy.

This report was published on April 5, 2024.

Target price is $0.15 Current Price is $0.07 Difference: $0.084
If BKT meets the Petra Capital target it will return approximately 127% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY25:

Petra Capital forecasts a full year FY25 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 33.00.

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

BLU    BLUE ENERGY LIMITED

NatGas – Overnight Price: $0.02

Petra Capital rates ((BLU)) as Buy (1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within Petra's research coverage of energy stocks, the target for Blue Energy remains at 12c. Buy.

This report was published on April 5, 2024.

Target price is $0.12 Current Price is $0.02 Difference: $0.103
If BLU meets the Petra Capital target it will return approximately 606% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 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 8.50.

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

BMN    BANNERMAN ENERGY LIMITED

Uranium – Overnight Price: $3.85

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

The uranium market will remain in a structural deficit through 2027, forecasts Canaccord Genuity. A return to a balanced market will be highly reliant on the advancement of greenfield projects, which the broker points out remain beset with risks.

The broker upgrades its demand forecasts for uranium to incorporate new reactor builds (in China/India), extensions of existing operating lives, and restarts of idled reactors.

The analysts also highlight recent announcements by major companies like Google and Microsoft which are looking at deployment of small modular reactors (SMRs) as a way to power their AI ambitions.

Canaccord Genuity forecasts an average price of US$105/lb over FY24, a 15% increase on the prior estimate, while the long-term price assumption rises to US$90/lb from US$75-$80/lb.

The Speculative Buy rating is maintained for Bannerman Energy and the target increased to $4.62 from $3.71. Operations are located in a  uranium-friendly jurisdiction and the resource is significant (over 200mlb), highlights the broker.

This report was published on April 9, 2024.

Target price is $4.62 Current Price is $3.85 Difference: $0.77
If BMN meets the Canaccord Genuity target it will return approximately 20% (excluding dividends, fees and charges).

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

BOE    BOSS ENERGY LIMITED

Uranium – Overnight Price: $4.84

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

The uranium market will remain in a structural deficit through 2027, forecasts Canaccord Genuity. A return to a balanced market will be highly reliant on the advancement of greenfield projects, which the broker points out remain beset with risks.

The broker upgrades its demand forecasts for uranium to incorporate new reactor builds (in China/India), extensions of existing operating lives, and restarts of idled reactors.

The analysts also highlight recent announcements by major companies like Google and Microsoft which are looking at deployment of small modular reactors (SMRs) as a way to power their AI ambitions.

Canaccord Genuity forecasts an average price of US$105/lb over FY24, a 15% increase on the prior estimate, while the long-term price assumption rises to US$90/lb from US$75-$80/lb.

The Speculative Buy rating is maintained for Boss Energy and the target increased to $6.00 from $5.25. The company is charting a path to 2.45mlbpa and beyond at Honeymoon, and targeting a final investment decision (FID) for Tumas by mid-2024, highlights the broker.

This report was published on April 9, 2024.

Target price is $6.00 Current Price is $4.84 Difference: $1.16
If BOE meets the Canaccord Genuity target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $5.42, suggesting upside of 12.0%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 10.4, implying annual growth of 192.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 46.5.

Forecast for FY25:

Current consensus EPS estimate is 21.5, implying annual growth of 106.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 22.5.

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

BOQ    BANK OF QUEENSLAND LIMITED

Banks – Overnight Price: $6.06

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

With Bank of Queensland to report on its first half in coming weeks, Goldman Sachs anticipates the bank's earnings will have declined -40% year-on-year to $152m.

The broker expects half-on-half expense growth of 3%, but acknowledges a high level of execution risk around the bank's transformation initiative particularly given banks have historically struggled staying on budget during large scale transformation programs. 

The Sell rating and target price of $5.04 are retained.

This report was published on April 9, 2024.

Target price is $5.04 Current Price is $6.06 Difference: minus $1.02 (current price is over target).
If BOQ meets the Goldman Sachs target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.60, suggesting downside of -7.5%(ex-dividends)
The company's fiscal year ends in August.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 32.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 5.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.6, implying annual growth of 139.1%.
Current consensus DPS estimate is 32.9, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 13.3.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 32.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 5.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.4, implying annual growth of 3.9%.
Current consensus DPS estimate is 36.4, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.8.

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

BPT    BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.58

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

The announcement from Beach Energy of a material increase in capital expenditure required for its Waitsia growth project, alongside a six month delay to start up, has surprised the market, according to Jarden.

The announcement, coupled with a conservative view on Kupe production and Bass Basin growth, sees the broker's valuation decrease -10%.

The Overweight rating is retained and the target price decreases to $1.70 from $1.90.

This report was published on April 9, 2024.

Target price is $1.70 Current Price is $1.58 Difference: $0.12
If BPT meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.95, suggesting upside of 23.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 5.00 cents and EPS of 13.00 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 12.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of -6.7%.
Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 6.00 cents and EPS of 20.10 cents.
At the last closing share price the estimated dividend yield is 3.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.9, implying annual growth of 51.8%.
Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 6.3.

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

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

Beach Energy has warned of delays in the start up of its main growth project Waitsia, but new guidance remains subject to internal analysis likely to be completed by early June.

Start up is now expected in early-2025, rather than mid-2024, while capital expenditure for the project is expected to increase to -$600-650m. Wilsons has lifted its capital expenditure forecasts by $140m, anticipating a start up in April 2025.

The Overweight rating is retained and the target price decreases to $1.87 from $1.96.

This report was published on April 9, 2024.

Target price is $1.87 Current Price is $1.58 Difference: $0.29
If BPT meets the Wilsons target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $1.95, suggesting upside of 23.3%(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 15.00 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 10.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of -6.7%.
Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 8.00 cents and EPS of 26.10 cents.
At the last closing share price the estimated dividend yield is 5.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.9, implying annual growth of 51.8%.
Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 6.3.

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $5.35

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

Capricorn Metals' Karlawinda operation delivered 26koz in the March quarter, ahead of the 25.7koz forecast by Jarden, despite heavy rainfall and operational underperformance.

Management lowered FY24 guidance to 112-115koz from 115-125koz, implying to the broker between 26-29koz in the June quarter.

Around 10% increases to Jarden's gold price forecasts for the June and September quarters boost the broker's FY24 and FY25 EPS forecasts for Capricorn Metals, and the target rises to $5.07 from $4.75.

The analysts point to management's record of execution and cost management, which should ensure Capricorn Metals outperforms peers in the medium-to-long term. Overweight.

This report was published on April 8, 2024.

Target price is $5.07 Current Price is $5.35 Difference: minus $0.28 (current price is over target).
If CMM meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 26.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.89.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 24.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.66.

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

CSL    CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $283.37

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

While it was already known that CSL's AEGIS-II Phase III trial missed its primary endpoint, further detail was provided at the recent American College of Cardiology meeting. 

Wilsons notes pre-specified subgroup analyses identified potential efficacy signals in patient cohorts, but that these observations would need to be assessed in Phase III trials. The broker expects it is unlikely that CSL will launch new Phase III trials for the treatment.

The Market Weight rating and target price of $253.29 are retained.

This report was published on April 8, 2024.

Target price is $253.29 Current Price is $283.37 Difference: minus $30.08 (current price is over target).
If CSL meets the Wilsons target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $316.73, suggesting upside of 11.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 409.13 cents and EPS of 930.34 cents.
At the last closing share price the estimated dividend yield is 1.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 929.2, implying annual growth of N/A.
Current consensus DPS estimate is 404.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 30.5.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 459.32 cents and EPS of 1060.23 cents.
At the last closing share price the estimated dividend yield is 1.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1170.8, implying annual growth of 26.0%.
Current consensus DPS estimate is 515.6, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 24.2.

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

CU6    CLARITY PHARMACEUTICALS LIMITED

Medical Equipment & Devices – Overnight Price: $2.80

Wilsons rates ((CU6)) as Overweight (1) –

A recently completed $110m institutional equity placement, says Wilsons, will see Clarity Pharmaceuticals funded through major trial programs for its PSMA directed assets. The broker expects this should be supportive of share price momentum.

With plenty of data expected from Clarity Pharmaceuticals over the year, the broker suggests the next big catalyst for the company will be results from the SABRE trial.

The Overweight rating is retained and the target price increases to $3.12 from $3.05.

This report was published on April 9, 2024.

Target price is $3.12 Current Price is $2.80 Difference: $0.32
If CU6 meets the Wilsons target it will return approximately 11% (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 minus 13.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.90.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 18.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.89.

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: $1.40

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

The uranium market will remain in a structural deficit through 2027, forecasts Canaccord Genuity. A return to a balanced market will be highly reliant on the advancement of greenfield projects, which the broker points out remain beset with risks.

The broker upgrades its demand forecasts for uranium to incorporate new reactor builds (in China/India), extensions of existing operating lives, and restarts of idled reactors.

The analysts also highlight recent announcements by major companies like Google and Microsoft which are looking at deployment of small modular reactors (SMRs) as a way to power their AI ambitions.

Canaccord Genuity forecasts an average price of US$105/lb over FY24, a 15% increase on the prior estimate, while the long-term price assumption rises to US$90/lb from US$75-$80/lb.

The Speculative Buy rating is maintained for Deep Yellow and the target increased to $1.92 from $1.53. First production is targeted for H2 2026, potentially one of the first new-builds to come online, highlights the broker.

This report was published on April 9, 2024.

Target price is $1.92 Current Price is $1.40 Difference: $0.52
If DYL meets the Canaccord Genuity target it will return approximately 37% (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 1.98 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 70.81.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.37 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 102.26.

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

EOS    ELECTRO OPTIC SYSTEMS HOLDINGS LIMITED

Hardware & Equipment – Overnight Price: $1.67

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

Electro Optic Systems has issued a 1Q trading update and completed a $40m capital raise ($35m placement; $5m SPP) at $1.70/share to enable the purchase of around 300 Northrop Grumman cannons.

The canon purchase is necessary to support future revenue growth as Northrop Grumman has reported extended lead times for its cannons to around 15 months from three months previously, explains Canaccord Genuity.

Commentary by management at the 1Q trading update revealed expected revenues of between $75-85m, against full year consensus estimates of $244m, observe the analysts. From a $622m sales backlog, $220m is contracted to unwind in FY24.

The Buy rating and $1.95 target are unchanged. Canaccord suggests the company is trading at a discount to peers based on prior balance sheet concerns which have now been resolved.

This report was published on April 9, 2024.

Target price is $1.95 Current Price is $1.67 Difference: $0.285
If EOS meets the Canaccord Genuity target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.65.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 64.04.

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

FLT    FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $21.43

Goldman Sachs rates ((FLT)) as Downgrade to Sell from Neutral (5) –

Competition in the small and medium enterprise corporate travel segment appears to be intensifying, with potential to drive margin disappointment for Flight Centre Travel shareholders, says Goldman Sachs. 

The broker notes there is increasing focus on proprietary technology to drive a competitive advantage. 

Coupled with moderating corporate travel, now expected to plateau at around 75% of pre-covid demand, Goldman Sachs has lowered its expectations for Flight Centre Travel's corporate segment, now forecasting profit before tax and total transaction value margins of 2.1% and 2.2%. 

The rating is downgraded to Sell from Neutral and the target price decreases to $18.30 from $20.10.

This report was published on April 9, 2024.

Target price is $18.30 Current Price is $21.43 Difference: minus $3.13 (current price is over target).
If FLT meets the Goldman Sachs target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $24.51, suggesting upside of 14.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 48.00 cents and EPS of 93.00 cents.
At the last closing share price the estimated dividend yield is 2.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.7, implying annual growth of 313.7%.
Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 22.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 77.00 cents and EPS of 129.00 cents.
At the last closing share price the estimated dividend yield is 3.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 135.4, implying annual growth of 41.5%.
Current consensus DPS estimate is 42.5, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 15.8.

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

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $1.95

Moelis rates ((GMD)) as Hold (3) –

Moelis raises its 12-month target prices for small cap resources under coverage after raising gold, copper and silver price forecasts.

The broker's long-term forecast for gold, copper and silver are US$1,696oz, US$8,406/t and US$21.17oz.

The target for Genesis Minerals rises to $2.20 from $2.00 and the Hold rating is maintained.

This report was published on April 5, 2024.

Target price is $2.20 Current Price is $1.95 Difference: $0.255
If GMD meets the Moelis target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $1.94, suggesting downside of -0.4%(ex-dividends)
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 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.3, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 36.7.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of 37.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 26.6.

Market Sentiment: 0.5
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: $1.71

Moelis rates ((GOR)) as Hold (3) –

Moelis raises its 12-month target prices for small cap resources under coverage after raising gold, copper and silver price forecasts.

The broker's long-term forecast for gold, copper and silver are US$1,696oz, US$8,406/t and US$21.17oz.

The target for Gold Road Resources rises to $1.70 from $1.45 and the Hold rating is maintained.

This report was published on April 5, 2024.

Target price is $1.70 Current Price is $1.71 Difference: minus $0.01 (current price is over target).
If GOR meets the Moelis target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.81, suggesting upside of 6.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 1.36 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 0.80%.
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 9.6, implying annual growth of -10.5%.
Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 17.8.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 1.74 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 1.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.8, implying annual growth of 33.3%.
Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 13.4.

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

GQG    GQG PARTNERS INC

Wealth Management & Investments – Overnight Price: $2.43

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

Market flows contributing US$18.2bn, or net inflows of US$4.6bn, over the March quarter has seen GQG Partners report funds under management of US$143.4b as of the end of the period, up from US$120.6bn as of the end of the December quarter.

Goldman Sachs notes the fund manager had flagged some seasonaity in fund flows, potentially suggesting some moderation.

The Buy rating is retained and the target price increases to $2.73 from $2.40.

This report was published on April 8, 2024.

Target price is $2.73 Current Price is $2.43 Difference: $0.3
If GQG meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.68, suggesting upside of 10.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 19.77 cents and EPS of 21.29 cents.
At the last closing share price the estimated dividend yield is 8.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.3, implying annual growth of N/A.
Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 7.6%.
Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 22.81 cents and EPS of 24.34 cents.
At the last closing share price the estimated dividend yield is 9.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.4, implying annual growth of 10.3%.
Current consensus DPS estimate is 20.8, implying a prospective dividend yield of 8.6%.
Current consensus EPS estimate suggests the PER is 10.8.

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

HUB    HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $41.72

Wilsons rates ((HUB)) as Upgrade to Overweight from Market Weight (1) –

Wilsons upgrades EPS forecasts for Hub24 by 1-2% driven by mark-to-market upgrades and some small increases to forecasts for gross inflows, reflecting periods of forced migrations from peers.

Over the next two years, the broker forecasts close to $100bn in funds under administration (FUA) will be forcibly moved between incumbent Platforms, providing a tailwind for Hub24 to achieve FUA of over $100bn.

Wilsons upgrades its rating to Overweight from Market Weight and lifts its target to $45.32 from $42.63.

This report was published on April 8, 2024.

Target price is $45.32 Current Price is $41.72 Difference: $3.6
If HUB meets the Wilsons target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $41.04, suggesting downside of -1.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 41.50 cents and EPS of 87.10 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 47.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.0, implying annual growth of 76.1%.
Current consensus DPS estimate is 39.8, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 49.7.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 54.00 cents and EPS of 117.80 cents.
At the last closing share price the estimated dividend yield is 1.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.8, implying annual growth of 29.5%.
Current consensus DPS estimate is 53.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 38.3.

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

HZN    HORIZON OIL LIMITED

Crude Oil – Overnight Price: $0.18

Petra Capital rates ((HZN)) as No Rating (-1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within Petra's research coverage of energy stocks, the target for Horizon Oil remains at 20c. Buy.

This report was published on April 5, 2024.

Target price is $0.20 Current Price is $0.18 Difference: $0.02
If HZN meets the Petra Capital target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 6.69 cents and EPS of 3.95 cents.
At the last closing share price the estimated dividend yield is 37.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.55.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 7.15 cents and EPS of 5.02 cents.
At the last closing share price the estimated dividend yield is 39.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.59.

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

LEL    LITHIUM ENERGY LIMITED

New Battery Elements – Overnight Price: $0.54

Petra Capital rates ((LEL)) as Buy (1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within Petra's research coverage of lithium stocks, the target for Lithium Energy falls to $1.84 from $1.86. Buy.

This report was published on April 5, 2024.

Target price is $1.84 Current Price is $0.54 Difference: $1.3
If LEL meets the Petra Capital target it will return approximately 241% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.91.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 49.09.

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

LIN    LINDIAN RESOURCES LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $0.14

Petra Capital rates ((LIN)) as Buy (1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within Petra's research coverage of rare earth elements stocks, the target for Lindian Resources falls to 59c from 61c. Buy.

This report was published on April 5, 2024.

Target price is $0.59 Current Price is $0.14 Difference: $0.445
If LIN meets the Petra Capital target it will return approximately 307% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital 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 72.50.

Forecast for FY25:

Petra Capital forecasts a full year FY25 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 72.50.

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

LOT    LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.42

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

The uranium market will remain in a structural deficit through 2027, forecasts Canaccord Genuity. A return to a balanced market will be highly reliant on the advancement of greenfield projects, which the broker points out remain beset with risks.

The broker upgrades its demand forecasts for uranium to incorporate new reactor builds (in China/India), extensions of existing operating lives, and restarts of idled reactors.

The analysts also highlight recent announcements by major companies like Google and Microsoft which are looking at deployment of small modular reactors (SMRs) as a way to power their AI ambitions.

Canaccord Genuity forecasts an average price of US$105/lb over FY24, a 15% increase on the prior estimate, while the long-term price assumption rises to US$90/lb from US$75-$80/lb.

The Speculative Buy rating is maintained for Lotus Resources. The 2.4mlbpa Kaylekera restart is all but shovel ready, highlights the broker. The target rises to 54c from 45c.

This report was published on April 9, 2024.

Target price is $0.54 Current Price is $0.42 Difference: $0.12
If LOT meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).

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

MAY    MELBANA ENERGY LIMITED

Crude Oil – Overnight Price: $0.06

Petra Capital rates ((MAY)) as Buy (1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within Petra's research coverage of energy stocks, the target for Melbana Energy remains at 21c. Buy.

This report was published on April 5, 2024.

Target price is $0.21 Current Price is $0.06 Difference: $0.15
If MAY meets the Petra Capital target it will return approximately 250% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY25:

Petra Capital forecasts a full year FY25 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 30.00.

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

MFG    MAGELLAN FINANCIAL GROUP LIMITED

Wealth Management & Investments – Overnight Price: $9.42

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

Magellan Financial's funds under management are tracking ahead of Goldman Sachs' expectations, with the company announcing funds had increase to $37.3bn as of the end of the March quarter, from $35.8bn as of the end of the December quarter.

The broker explains the better than expected update as a result of market flows, which tracked generally better over January and February, while March saw -$0.5bn institutional outflow. 

The Neutral rating is retained and the target price increases to $9.10 from $8.75.

This report was published on April 8, 2024.

Target price is $9.10 Current Price is $9.42 Difference: minus $0.32 (current price is over target).
If MFG meets the Goldman Sachs target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.98, suggesting downside of -4.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 99.00 cents and EPS of 96.00 cents.
At the last closing share price the estimated dividend yield is 10.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 90.0, implying annual growth of -10.0%.
Current consensus DPS estimate is 60.3, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 61.00 cents and EPS of 71.00 cents.
At the last closing share price the estimated dividend yield is 6.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.2, implying annual growth of -23.1%.
Current consensus DPS estimate is 58.0, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 13.6.

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

MMI    METRO MINING LIMITED

Coal – Overnight Price: $0.04

Petra Capital rates ((MMI)) as Buy (1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within Petra's research coverage of Bulks (coal, iron ore and bauxite), the target for Metro Mining remains at 9c. Buy.

This report was published on April 5, 2024.

Target price is $0.09 Current Price is $0.04 Difference: $0.047
If MMI meets the Petra Capital target it will return approximately 109% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.91.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.53.

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

NWC    NEW WORLD RESOURCES LIMITED

Copper – Overnight Price: $0.04

Petra Capital rates ((NWC)) as Buy (1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within the broker's base metals research coverage, the target for New World Resources rises to 12c from 11.5c and the Buy rating is maintained.

This report was published on April 5, 2024.

Target price is $0.12 Current Price is $0.04 Difference: $0.075
If NWC meets the Petra Capital target it will return approximately 167% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 45.00.

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

NWL    NETWEALTH GROUP LIMITED

Wealth Management & Investments – Overnight Price: $20.28

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

Wilsons upgrades EPS forecasts for Hub24 by 1-2% driven by mark-to-market upgrades and some small increases to forecasts for gross inflows, reflecting periods of forced migrations from peers.

Over the next two years, the broker forecasts close to $100bn in funds under administration (FUA) will be forcibly moved between incumbent Platforms, providing a tailwind for Netwealth Group FUA of over $100bn.

The Overweight rating is maintained and the target is increased to $22.03 from $20.50.

This report was published on April 8, 2024.

Target price is $22.03 Current Price is $20.28 Difference: $1.75
If NWL meets the Wilsons target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $18.02, suggesting downside of -11.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 31.40 cents and EPS of 36.60 cents.
At the last closing share price the estimated dividend yield is 1.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.4, implying annual growth of 24.9%.
Current consensus DPS estimate is 29.1, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 59.0.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 41.00 cents and EPS of 48.20 cents.
At the last closing share price the estimated dividend yield is 2.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.0, implying annual growth of 25.0%.
Current consensus DPS estimate is 36.4, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 47.2.

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

OBM    ORA BANDA MINING LIMITED

Gold & Silver – Overnight Price: $0.30

Moelis rates ((OBM)) as Buy (1) –

Moelis raises its 12-month target prices for small cap resources under coverage after raising gold, copper and silver price forecasts.

The broker's long-term forecast for gold, copper and silver are US$1,696oz, US8,406/t and US$21.17oz.

The target for Ora Banda Mining rises to 42c from 35c and the Buy rating is maintained.

This report was published on April 5, 2024.

Target price is $0.42 Current Price is $0.30 Difference: $0.12
If OBM meets the Moelis target it will return approximately 40% (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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.00.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.33.

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

PBH    POINTSBET HOLDINGS LIMITED

Gaming – Overnight Price: $0.80

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

Following final sale completion of PointsBet Holdings' US operations to Fanatics, management has received the final US$50m instalment proceeds of the US$225m total.

Jarden highlights the sale materially reduces financial risk and should move the business to a net cash (around $30m) position after the second capital return of around $130m, which is subject to working capital and balance sheet considerations.

The broker sees a real opportunity for PointsBet and other domestic players such as Tabcorp Holdings ((TAH)) and BlueBet Holdings ((BBT)) to take market share. A shift towards technology and wagering innovation is expected to suit PointsBet.

The Overweight rating and $1.05 target are maintained.

This report was published on April 5, 2024.

Target price is $1.05 Current Price is $0.80 Difference: $0.25
If PBH meets the Jarden target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 8.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.41.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.38.

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

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $1.53

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

The uranium market will remain in a structural deficit through 2027, forecasts Canaccord Genuity. A return to a balanced market will be highly reliant on the advancement of greenfield projects, which the broker points out remain beset with risks.

The broker upgrades its demand forecasts for uranium to incorporate new reactor builds (in China/India), extensions of existing operating lives, and restarts of idled reactors.

The analysts also highlight recent announcements by major companies like Google and Microsoft which are looking at deployment of small modular reactors (SMRs) as a way to power their AI ambitions.

Canaccord Genuity forecasts an average price of US$105/lb over FY24, a 15% increase on the prior estimate, while the long-term price assumption rises to US$90/lb from US$75-$80/lb.

The broker's Buy rating is maintained for Paladin Energy and the target increased to $1.55 from $1.30. The company has achieved first commercial uranium production and drumming at Langer Heinrich.

Management will provide guidance for key operational parameters in July.

This report was published on April 9, 2024.

Target price is $1.55 Current Price is $1.53 Difference: $0.02
If PDN meets the Canaccord Genuity target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $1.57, suggesting upside of 2.6%(ex-dividends)

Forecast for FY24:

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 1530.0.

Forecast for FY25:

Current consensus EPS estimate is 7.5, implying annual growth of 7400.0%.
Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 20.4.

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

PEN    PENINSULA ENERGY LIMITED

Uranium – Overnight Price: $0.12

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

The uranium market will remain in a structural deficit through 2027, forecasts Canaccord Genuity. A return to a balanced market will be highly reliant on the advancement of greenfield projects, which the broker points out remain beset with risks.

The broker upgrades its demand forecasts for uranium to incorporate new reactor builds (in China/India), extensions of existing operating lives, and restarts of idled reactors.

The analysts also highlight recent announcements by major companies like Google and Microsoft which are looking at deployment of small modular reactors (SMRs) as a way to power their AI ambitions.

Canaccord Genuity forecasts an average price of US$105/lb over FY24, a 15% increase on the prior estimate, while the long-term price assumption rises to US$90/lb from US$75-$80/lb.

The Speculative Buy rating is maintained for Peninsula Energy and the target rises to 22c from 18c. The next product delivery is scheduled in 2025 after production resumes at the Lance project in the US, highlights the broker.

The company has prior contractual commitments to deliver 5.25mlbs U3O8, note the analysts. Management "does not currently foresee a circumstance where it would be required to obtain yellowcake in the market to satisfy future delivery obligations."

This report was published on April 9, 2024.

Target price is $0.22 Current Price is $0.12 Difference: $0.1
If PEN meets the Canaccord Genuity target it will return approximately 83% (excluding dividends, fees and charges).

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

PNR    PANTORO LIMITED

Gold & Silver – Overnight Price: $0.08

Petra Capital rates ((PNR)) as Buy (1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

The broker's target for Pantoro rises to 17c from 13c and the Buy rating is maintained.

This report was published on April 5, 2024.

Target price is $0.17 Current Price is $0.08 Difference: $0.093
If PNR meets the Petra Capital target it will return approximately 121% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.67.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.21.

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

POS    POSEIDON NICKEL LIMITED

Nickel – Overnight Price: $0.01

Petra Capital rates ((POS)) as Buy (1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within the broker's base metals research coverage, the target for Poseidon Nickel falls to 3.2c from 3.6c and the Buy rating is maintained.

This report was published on April 5, 2024.

Target price is $0.03 Current Price is $0.01 Difference: $0.026
If POS meets the Petra Capital target it will return approximately 433% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.

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: $5.93

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

Latest updates to Qantas Airways' loyalty program sees Goldman Sachs reduce its FY24 net profit forecast by -2%, while maintaining its FY25 forecast and lifting its FY26 forecast 2%. 

The Buy rating and target price of $8.05 are retained.

This report was published on April 10, 2024.

Target price is $8.05 Current Price is $5.93 Difference: $2.12
If QAN meets the Goldman Sachs target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $6.68, suggesting upside of 12.7%(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 85.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.5, implying annual growth of -6.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.6.

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 5.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.4, implying annual growth of 8.8%.
Current consensus DPS estimate is 19.8, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 6.1.

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

Jarden rates ((QAN)) as Buy (1) –

A long-awaited repositioning of Qantas Airways' Frequent Flyer program has been announced, driving a lower earnings outlook for the current financial year, points out Jarden. 

The company anticipates earnings of $500-525m in FY24, and to deliver 10% earnings growth on that in FY25.

As per the broker, both earnings outlooks for the loyalty business are lower than market expectations, but a strong share price response suggests the outcome may be better than investors had expected.

The Buy rating and target price of $7.00 are retained.

This report was published on April 9, 2024.

Target price is $7.00 Current Price is $5.93 Difference: $1.07
If QAN meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $6.68, suggesting upside of 12.7%(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 88.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.5, implying annual growth of -6.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 25.40 cents and EPS of 101.80 cents.
At the last closing share price the estimated dividend yield is 4.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.4, implying annual growth of 8.8%.
Current consensus DPS estimate is 19.8, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 6.1.

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

QPM    QUEENSLAND PACIFIC METALS LIMITED

Nickel – Overnight Price: $0.04

Petra Capital rates ((QPM)) as Buy (1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within the broker's base metals research coverage, the 15c target and Buy rating for Queensland Pacific Metals are unchanged.

This report was published on April 5, 2024.

Target price is $0.15 Current Price is $0.04 Difference: $0.112
If QPM meets the Petra Capital target it will return approximately 295% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.50.

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: $0.41

Moelis rates ((RED)) as Buy (1) –

Moelis raises its 12-month target prices for small cap resources under coverage after raising gold, copper and silver price forecasts.

The broker's long-term forecast for gold, copper and silver are US$1,696oz, US$8,406/t and US$21.17oz.

The target for Red 5 rises to 48c from 40c and the Buy rating is maintained.

This report was published on April 5, 2024.

Target price is $0.48 Current Price is $0.41 Difference: $0.07
If RED meets the Moelis target it will return approximately 17% (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 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.27.

Forecast for FY25:

Moelis 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 20.50.

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

Petra Capital rates ((RED)) as Buy (1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

From among the broker's gold coverage, the target for Red 5 rises to 49c from 42c and the Buy rating is maintained.

This report was published on April 5, 2024.

Target price is $0.49 Current Price is $0.41 Difference: $0.08
If RED meets the Petra Capital target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.52.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 2.00 cents and EPS of 3.10 cents.
At the last closing share price the estimated dividend yield is 4.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.23.

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

Petra Capital rates ((RED)) as Buy (1) –

A weaker March quarter from Red 5 than Petra Capital had anticipated, with the company reporting production of 50,100 ounces compared to a forecast 55,900 ounces.

The company continues to target the top end of its 195-215,000 guidance range, suggesting a stronger result is expected in the June quarter.

Petra Capital expects all in sustaining costs will be elevated in the March quarter, but notes maintaining current spot prices over the June quarter could offset losses. 

The Buy rating is retained and the target price decreases to 47 cents from 49 cents.

This report was published on April 9, 2024.

Target price is $0.47 Current Price is $0.41 Difference: $0.06
If RED meets the Petra Capital target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.52.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 2.00 cents and EPS of 3.10 cents.
At the last closing share price the estimated dividend yield is 4.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.23.

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

RHK    RED HAWK MINING LIMITED

Iron Ore – Overnight Price: $0.71

Petra Capital rates ((RHK)) as Buy (1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within Petra's research coverage of Bulks (coal, iron ore and bauxite), the target for Red Hawk Mining remains at 95c. Buy.

This report was published on April 5, 2024.

Target price is $0.95 Current Price is $0.71 Difference: $0.24
If RHK meets the Petra Capital target it will return approximately 34% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.87.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 33.81.

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

RNU    RENASCOR RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.09

Petra Capital rates ((RNU)) as No Rating (-1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within Petra's research coverage of graphite stocks, the target for Renascor Resources remains at 16c. Buy.

This report was published on April 5, 2024.

Target price is $0.16 Current Price is $0.09 Difference: $0.072
If RNU meets the Petra Capital target it will return approximately 82% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.77.

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

SFX    SHEFFIELD RESOURCES LIMITED

Mineral Sands – Overnight Price: $0.55

Petra Capital rates ((SFX)) as Buy (1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within Petra's research coverage of mineral sands stocks, the target for Sheffield Resources rises to $1.27 from $1.26. Buy

This report was published on April 5, 2024.

Target price is $1.27 Current Price is $0.55 Difference: $0.72
If SFX meets the Petra Capital target it will return approximately 131% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 8.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.25.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 4.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.96.

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

SGM    SIMS LIMITED

Steel & Scrap – Overnight Price: $12.55

Jarden rates ((SGM)) as Neutral (3) –

In a positive for Sims, Jarden notes a continuation of strong pricing across non-ferrous markets, after reviewing 2Q results for key North American competitor, Radius Recycling. North America represents around 50% of Sims' group revenues, note the analysts.

The broker expects earnings for Sims will recover into the 2H of FY24 due to cost-outs and positive ongoing momentum across A&NZ, SA Recycling and Sims Lifecycle Services (SLS). Lower corporate costs and reduced losses are also expected.

The Neutral rating and $14 target are retained.

This report was published on April 8, 2024.

Target price is $14.00 Current Price is $12.55 Difference: $1.45
If SGM meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $14.00, suggesting upside of 11.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 6.60 cents and EPS of 13.80 cents.
At the last closing share price the estimated dividend yield is 0.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 90.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.4, implying annual growth of -75.0%.
Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 53.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 23.40 cents and EPS of 97.80 cents.
At the last closing share price the estimated dividend yield is 1.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.2, implying annual growth of 306.8%.
Current consensus DPS estimate is 48.0, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 13.2.

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

SLR    SILVER LAKE RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.31

Moelis rates ((SLR)) as Buy (1) –

Moelis raises its 12-month target prices for small cap resources under coverage after raising gold, copper and silver price forecasts.

The broker's long-term forecast for gold, copper and silver are US$1,696oz, US$8,406/t and US$21.17oz.

The target for Silver Lake Resources rises to $1.70 from $1.50  and the Buy rating is maintained.

This report was published on April 5, 2024.

Target price is $1.70 Current Price is $1.31 Difference: $0.39
If SLR meets the Moelis target it will return approximately 30% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 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 16.38.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 11.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.70.

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

SLX    SILEX SYSTEMS LIMITED

Uranium – Overnight Price: $5.08

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

The uranium market will remain in a structural deficit through 2027, forecasts Canaccord Genuity. A return to a balanced market will be highly reliant on the advancement of greenfield projects, which the broker points out remain beset with risks.

The broker upgrades its demand forecasts for uranium to incorporate new reactor builds (in China/India), extensions of existing operating lives, and restarts of idled reactors.

The analysts also highlight recent announcements by major companies like Google and Microsoft which are looking at deployment of small modular reactors (SMRs) as a way to power their AI ambitions.

Canaccord Genuity forecasts an average price of US$105/lb over FY24, a 15% increase on the prior estimate, while the long-term price assumption rises to US$90/lb from US$75-$80/lb.

The Speculative Buy rating is maintained for Silex Systems and the target rises to $6.21 from $5.42.

At Wilmington (in the US), Silex is advancing construction and testing of a pilot-scale separator and gas handling systems. Management expects results in the September quarter and aims to provide full economic and engineering validation of the technology.

This validation is required to support the construction/operation of the first commercial production module.

This report was published on April 9, 2024.

Target price is $6.21 Current Price is $5.08 Difference: $1.13
If SLX meets the Canaccord Genuity target it will return approximately 22% (excluding dividends, fees and charges).

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

SMR    STANMORE RESOURCES LIMITED

Coal – Overnight Price: $3.20

Petra Capital rates ((SMR)) as Buy (1) –

From April 5: 

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within Petra's research coverage of Bulks (coal, iron ore and bauxite), the target for Stanmore Resources falls to $5.30 from $5.52. Buy.

Then a follow-up on April 9:

Stanmore Resources has secured the remaining 50% of Eagle Downs from Baowa Steel on similarly good terms as its acquisition of the initial 50%, says Petra Capital.

The company will pay an initial -US$17m, and as much as a further -US$30m upon the first 100,000 tonnes of mined coal. 

The broker points out full ownership allows Stanmore Resources to take control of development plans and ensure maximum optionality. 

The Buy rating and target price of $5.30 are retained.

This report was published on April 9, 2024.

Target price is $5.30 Current Price is $3.20 Difference: $2.1
If SMR meets the Petra Capital target it will return approximately 66% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 12.78 cents and EPS of 48.97 cents.
At the last closing share price the estimated dividend yield is 3.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.53.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 15.60 cents and EPS of 47.00 cents.
At the last closing share price the estimated dividend yield is 4.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.81.

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

STX    STRIKE ENERGY LIMITED

NatGas – Overnight Price: $0.23

Petra Capital rates ((STX)) as Hold (3) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within Petra's research coverage of energy stocks, the target for Strike Energy remains at 26c. Buy.

This report was published on April 5, 2024.

Target price is $0.26 Current Price is $0.23 Difference: $0.025
If STX meets the Petra Capital target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $0.27, suggesting upside of 13.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 EPS of 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 47.0.

Forecast for FY25:

Petra Capital forecasts a full year FY25 EPS of 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.4, implying annual growth of 180.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.8.

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

SUN    SUNCORP GROUP LIMITED

Insurance – Overnight Price: $16.21

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

Jarden points out the sale of Suncorp Group's NZ life insurance operations will have a minimal EPS impact and will be the final step towards transitioning to a pure-play general insurance group.

While the analysts see upside risks to consensus general insurance forecasts for Suncorp Group over FY25-26, Insurance Australia Group ((IAG)) is preferred.

IAG has a relatively more conservative consensus insurance trading ratio (ITR) outlook, as well as an underappreciated scope for further capital management, explains the broker.

The target for Suncorp Group (Overweight) remains at $16.80.

This report was published on April 5, 2024.

Target price is $16.80 Current Price is $16.21 Difference: $0.59
If SUN meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $16.61, suggesting upside of 2.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 82.00 cents and EPS of 111.50 cents.
At the last closing share price the estimated dividend yield is 5.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.0, implying annual growth of 16.6%.
Current consensus DPS estimate is 74.7, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 15.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 105.50 cents and EPS of 103.50 cents.
At the last closing share price the estimated dividend yield is 6.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.7, implying annual growth of 2.5%.
Current consensus DPS estimate is 89.1, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 14.9.

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

TIE    TIETTO MINERALS LIMITED

Gold & Silver – Overnight Price: $0.65

Petra Capital rates ((TIE)) as Buy (1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

From among the broker's gold coverage, the target for Tietto Minerals rises to $1.06 from 83c and the Buy rating is maintained.

This report was published on April 5, 2024.

Target price is $1.06 Current Price is $0.65 Difference: $0.415
If TIE meets the Petra Capital target it will return approximately 64% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 11.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.61.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 9.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.86.

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

TLG    TALGA GROUP LIMITED

New Battery Elements – Overnight Price: $0.74

Petra Capital rates ((TLG)) as Buy (1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within Petra's research coverage of graphite stocks, the target for Talga Group remains at $1.19. Buy.

This report was published on April 5, 2024.

Target price is $1.19 Current Price is $0.74 Difference: $0.45
If TLG meets the Petra Capital target it will return approximately 61% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 28.46.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 41.11.

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

VVA    VIVA LEISURE LIMITED

Travel, Leisure & Tourism – Overnight Price: $1.50

Petra Capital rates ((VVA)) as Buy (1) –

Amid its ongoing acquisition initiative, Viva Leisure is set to acquire Northern Territory fitness company iFitness, with the four acquired clubs to be rebranded to ClubLime.

The initiative aims to expand geograhic reach, and this purchase presents a favourable opportunity to expand Viva Leisure's presence to a new region.

The new clubs will bring Viva Leisure's flagship ClubLime brand to 112 clubs. The Buy rating and target price of $2.52 are retained.

This report was published on April 9, 2024.

Target price is $2.52 Current Price is $1.50 Difference: $1.025
If VVA meets the Petra Capital target it will return approximately 69% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 12.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.36.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 15.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.65.

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

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $29.97

Jarden rates ((WDS)) as Neutral (3) –

In a potential negative for Woodside Energy's Sangomar oil project, according to Jarden, the incoming President of Senegal has expressed a desire to carry out an audit of the oil, gas and mining sectors in the country. No time frame for the audit was provided.

Only minor changes to current fiscal arrangements are likely, suggests the broker, to avoid dissuading future sector investment.

The key risk from the audit is a change of terms in the production sharing contract (PSC), which allows contractors to recover costs, with excess revenues/profits split between contractors and the government, explains the broker.

The $29 target and Neutral rating are maintained.

This report was published on April 8, 2024.

Target price is $29.00 Current Price is $29.97 Difference: minus $0.97 (current price is over target).
If WDS 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 $33.53, suggesting upside of 11.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 171.86 cents and EPS of 215.97 cents.
At the last closing share price the estimated dividend yield is 5.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 192.4, implying annual growth of N/A.
Current consensus DPS estimate is 151.0, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 185.55 cents and EPS of 233.76 cents.
At the last closing share price the estimated dividend yield is 6.19%.
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 178.4, implying annual growth of -7.3%.
Current consensus DPS estimate is 137.2, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 16.8.

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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.10

Petra Capital rates ((WGX)) as Buy (1) –

From April 5: Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to price forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

From among the broker's gold coverage, the target for Westgold Resources rises to $3.19 from $2.33 and the Buy rating is maintained.

Then a follow-up on April 9: Westgold Resources and Karora will merge, with the former retaining a 50.1% proforma ownership and the latter the remaining 49.9%.

The merged company, points out Petra Capital, will be a top five ASX-listed gold producer, and the broker expects this to prove a significant liquidity event for Westgold Resources. 

The company also intends to list shares on the TSX following completion of the merger.

The broker highlights the expanded Westgold Resources will hold five processing plants, seven operating mines and 3,200 square kilometres of highly prospective tenure across two Western Australian gold mines.

The Buy rating and target price of $3.19 are retained.

This report was published on April 9, 2024.

Target price is $3.19 Current Price is $2.10 Difference: $1.09
If WGX meets the Petra Capital target it will return approximately 52% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 3.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 1.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.50.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 10.00 cents and EPS of 28.70 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 7.32.

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

WIN    WIDGIE NICKEL LIMITED

Nickel – Overnight Price: $0.05

Petra Capital rates ((WIN)) as Buy (1) –

Petra Capital's quarterly commodity price update results in a material lift to forecasts for gold and copper prices.

The broker also makes near-term downward adjustments to fprice forecasts for spodumene, rare earth elements, as well as thermal and coking coal.

Within the broker's base metals research coverage, the target for Widgie Nickel falls to 20c from 29c and the Buy rating is maintained.

The broker highlights the company has mining leases inside the Eastern Goldfields of Western Australia, with exposure to critical minerals lithium and nickel.

This report was published on April 5, 2024.

Target price is $0.20 Current Price is $0.05 Difference: $0.15
If WIN meets the Petra Capital target it will return approximately 300% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.33.

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

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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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