Australian Broker Call *Extra* Edition – Apr 18, 2024

This story features ADBRI LIMITED, and other companies. For more info SHARE ANALYSIS: ABC

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)

ABC   AVH   BLD   BSL   CGF   CSR   DMP (2)   DTL   EOS   HUB (2)   IPH   MAQ (2)   PLL   PME   QOR (2)   RMD   RWC   WGX  

ABC    ADBRI LIMITED

Building Products & Services – Overnight Price: $3.14

Jarden rates ((ABC)) as Neutral (3) –

Softer building approvals and starts continue to hold back housing supply, notes Jarden, exacerbating the impact affordability is having on Australian residential activity. February Building Approvals fell for third month in a row.

The broker's recent discussions with domestic homebuilders indicates a further slowing ahead, with build times still longer than pre-covid and ongoing cost pressures from materials and labour shortages.

Adbri is currently under a takeover offer, with a high probability of success, suggest the analysts, given an all-cash offer, a quality counterparty and a binding scheme implementation deed.

The Neutral rating and $3.20 target are maintained.

This report was published on April 16, 2024.

Target price is $3.20 Current Price is $3.14 Difference: $0.06
If ABC meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $3.20, suggesting upside of 1.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 17.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.5, implying annual growth of 9.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of 3.9%.
Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 19.5.

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

AVH    AVITA MEDICAL INC

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $3.09

Wilsons rates ((AVH)) as Downgrade to Market Weight from Overweight (3) –

With Avita Medical slashing its first quarter guidance to US$11.0-11.3m, Wilsons has downgraded on the stock claiming "plain misjudgement failing to incorporate the longer value analysis committee" from the company.

As per the broker, the company's guidance downgrade suggests a a shortfall of 600 kits in the first quarter, which Wilsons believes may reflect lowering hospital stock piles in anticipation of the potential approval of RECELL GO in May.

However, the broker notes no evidence has emerged to back up this thesis, with the revenue shortfall chalked up to a lack of conversion of new trauma accounts.

The rating is downgraded to Market Weight from Overweight and the target price decreases to $3.03 from $5.42.

This report was published on April 17, 2024.

Target price is $3.03 Current Price is $3.09 Difference: minus $0.06 (current price is over target).
If AVH meets the Wilsons target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in December.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 58.59 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.27.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 38.81 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.96.

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

BLD    BORAL LIMITED

Building Products & Services – Overnight Price: $5.72

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

Softer building approvals and starts continue to hold back housing supply, notes Jarden, exacerbating the impact affordability is having on Australian residential activity. February Building Approvals fell for third month in a row.

The broker's recent discussions with domestic homebuilders indicates a further slowing ahead, with build times still longer than pre-covid and ongoing cost pressures from materials and labour shortages.

Boral is currently under a takeover offer. Target $6.30. Neutral.

This report was published on April 16, 2024.

Target price is $6.30 Current Price is $5.72 Difference: $0.58
If BLD meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $5.73, suggesting upside of 0.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 3.60 cents and EPS of 25.20 cents.
At the last closing share price the estimated dividend yield is 0.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of 53.6%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 26.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 12.30 cents and EPS of 30.60 cents.
At the last closing share price the estimated dividend yield is 2.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, implying annual growth of 9.1%.
Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 23.8.

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

BSL    BLUESCOPE STEEL LIMITED

Steel & Scrap – Overnight Price: $23.67

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

Softer building approvals and starts continue to hold back housing supply, notes Jarden, exacerbating the impact affordability is having on Australian residential activity. February Building Approvals fell for third month in a row.

The broker's recent discussions with domestic homebuilders indicates a further slowing ahead, with build times still longer than pre-covid and ongoing cost pressures from materials and labour shortages.

BlueScope Steel is impacted via its exposure to value-add products within Australian Steel Products, explain the analysts

The Overweight rating is retained and the target price decreases to $23.90 from $24.60. Jarden highlights 26% of BlueScope Steel's FY24 forecast earnings are exposed to Australia, and around 75% of Australian earnings exposed to construction.

This report was published on April 16, 2024.

Target price is $23.90 Current Price is $23.67 Difference: $0.23
If BSL meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $23.19, 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 50.00 cents and EPS of 207.50 cents.
At the last closing share price the estimated dividend yield is 2.11%.
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 209.1, implying annual growth of -3.8%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 50.00 cents and EPS of 204.50 cents.
At the last closing share price the estimated dividend yield is 2.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 206.4, implying annual growth of -1.3%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 11.5.

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

CGF    CHALLENGER LIMITED

Wealth Management & Investments – Overnight Price: $6.48

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

Challenger's 3Q annuity sales and assets under management (AUM) update is due on April 18.

Jarden sees moderate downside risk for annuity sales given pressure on fixed-term annuity sales from elevated bank term deposit
pricing, an inverted yield curve and strong 3Q equity markets.

A lengthening sales tenor, driving lower maturity rates, should still be supportive of positive Life AUM growth, in the analysts opinion.

The broker's target falls to $7.50 from $7.55 and the Overweight rating is maintained.

This report was published on April 16, 2024.

Target price is $7.50 Current Price is $6.48 Difference: $1.02
If CGF meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $7.19, suggesting upside of 11.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 25.30 cents and EPS of 54.30 cents.
At the last closing share price the estimated dividend yield is 3.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.3, implying annual growth of 12.2%.
Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 26.20 cents and EPS of 60.10 cents.
At the last closing share price the estimated dividend yield is 4.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.7, implying annual growth of 24.1%.
Current consensus DPS estimate is 28.3, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 11.0.

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

CSR    CSR LIMITED

Building Products & Services – Overnight Price: $8.85

Jarden rates ((CSR)) as Neutral (3) –

Softer building approvals and starts continue to hold back housing supply, notes Jarden, exacerbating the impact affordability is having on Australian residential activity. February Building Approvals fell for third month in a row.

The broker's recent discussions with domestic homebuilders indicates a further slowing ahead, with build times still longer than pre-covid and ongoing cost pressures from materials and labour shortages.

CSR is currently subject to a takeover offer, which Jarden considers has a high chance of success given the all-cash offer, a quality counterparty and the binding scheme implementation deed.

The Neutral rating and $9.00 target are maintained.

This report was published on April 16, 2024.

Target price is $9.00 Current Price is $8.85 Difference: $0.15
If CSR meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $7.37, suggesting downside of -16.7%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 50.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.2, implying annual growth of -0.7%.
Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 19.6.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 47.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.6, implying annual growth of -14.6%.
Current consensus DPS estimate is 30.2, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 22.9.

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

DMP    DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco – Overnight Price: $37.88

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

Jarden maintains an Overweight rating on Domino's Pizza Enterprises, adjusting the target price to $48.00 from $49.00.

The broker notes a cautious but optimistic long-term outlook, highlighting a strategic pause in Japan's roll-out to refine operational efficiencies and market positioning.

Despite near-term challenges, particularly in Japan, the company's potential in Asian and European markets is underscored by strategic adjustments aimed at boosting franchisee profitability and reducing delivery costs.

Financial forecasts for FY25 have been revised downwards as the company navigates current market dynamics, with specific earnings adjustments reflecting a more conservative stance on near-term growth.

Overall, Jarden believes these strategic initiatives will position Domino's Pizza Enterprises for sustainable long-term growth, despite the immediate softening of expansion expectations.

This report was published on April 15, 2024.

Target price is $48.00 Current Price is $37.88 Difference: $10.12
If DMP meets the Jarden target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $49.92, suggesting upside of 31.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 132.00 cents and EPS of 136.00 cents.
At the last closing share price the estimated dividend yield is 3.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 137.5, implying annual growth of 198.3%.
Current consensus DPS estimate is 105.4, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 27.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 179.00 cents and EPS of 178.70 cents.
At the last closing share price the estimated dividend yield is 4.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.9, implying annual growth of 31.6%.
Current consensus DPS estimate is 137.4, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 20.9.

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

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Petra Capital rates ((DMP)) as Downgrade to Hold from Buy (3) –

Petra Capital downgrades its rating for Domino's Pizza Enterprises to Hold from Buy and cuts its target to $40.80 from $47.50 following details released at the company's strategy session.

The broker points to troubles in Japan, combined with ongoing challenges in France, Malaysia, Taiwan and Netherlands. For Japan, the analyst notes inconsistent sales and limited traction for carry-out.

Management conceded the expansion into some prefectures in Japan was too hasty, with store network (and single store metrics) maturity needing to catch-up.

More positively, Petra Capital notes upbeat management commentary around A&NZ and Germany, while savings from a restructure remain on track.

This report was published on April 15, 2024.

Target price is $40.80 Current Price is $37.88 Difference: $2.92
If DMP meets the Petra Capital target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $49.92, suggesting upside of 31.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 111.20 cents and EPS of 138.70 cents.
At the last closing share price the estimated dividend yield is 2.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 137.5, implying annual growth of 198.3%.
Current consensus DPS estimate is 105.4, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 27.5.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 135.40 cents and EPS of 168.80 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.9, implying annual growth of 31.6%.
Current consensus DPS estimate is 137.4, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 20.9.

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

DTL    DATA#3 LIMITED.

IT & Support – Overnight Price: $7.92

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

Jarden downgrades Data#3 to Overweight from Buy, while reducing the target price to $8.65 from $9.15.

The broker acknowledges Data#3's long-term strength, especially as a leading reseller of Microsoft software in Australia, but raises concerns about near-term cyclical risks to service revenues and competitive pressures impacting margins.

Excess capacity and deferred client spending lead to downgraded EPS forecasts for FY25 and FY26. The broker no longer sees potential for near-term re-rating given the adjustments in earnings expectations and market conditions.

This report was published on April 16, 2024.

Target price is $8.65 Current Price is $7.92 Difference: $0.73
If DTL meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $8.03, suggesting upside of 1.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 26.50 cents and EPS of 27.90 cents.
At the last closing share price the estimated dividend yield is 3.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.0, implying annual growth of 16.9%.
Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 28.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 28.00 cents and EPS of 29.50 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.3, implying annual growth of 11.8%.
Current consensus DPS estimate is 27.1, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 25.3.

Market Sentiment: 0.0
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: $1.69

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

Canaccord Genuity maintains a Buy rating on Electro Optic Systems, with the price target steady at $1.95. The company, which operates in aerospace and defence technologies, has reported securing $24m in new contracts that bolster its substantial sales backlog, now standing at $645m.

There have been no changes to the financial forecasts, although the broker notes potential upside if the newly announced contracts are expedited.

Leadership enhancements aim to better align with management's strategic growth ambitions, particularly in defence sales across Europe. Electro Optic Systems has achieved a net cash position, enhancing its financial resilience and supporting its operational and strategic initiatives, the broker highlights.

This report was published on April 16, 2024.

Target price is $1.95 Current Price is $1.69 Difference: $0.26
If EOS meets the Canaccord Genuity target it will return approximately 15% (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 16.90.

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 65.00.

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: $39.36

Moelis rates ((HUB)) as Hold (3) –

Moelis makes modest changes to its outlook for Hub24, largely to reflect a higher market performance in the March quarter. The broker notes this is mostly offset by the $4bn EQT transition portfolio which now looks more back-end weighted than initially expected.

The company reported $3.5bn in net flows for the quarter, with $0.8bn of this from the EQT transition portfolio. 

The investment thesis for Hub24, says Moelis, remains its strong position as a leading specialist platform provider. 

The Hold rating and target price of $41.50 are retained.

This report was published on April 17, 2024.

Target price is $41.50 Current Price is $39.36 Difference: $2.14
If HUB meets the Moelis target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $41.74, suggesting upside of 6.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 42.00 cents and EPS of 83.20 cents.
At the last closing share price the estimated dividend yield is 1.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.1, implying annual growth of 74.2%.
Current consensus DPS estimate is 39.2, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 47.4.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 56.40 cents and EPS of 112.80 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 34.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.5, implying annual growth of 7.7%.
Current consensus DPS estimate is 52.6, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 44.0.

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

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

Wilsons has described Hub24's third quarter as a mixed bag, pointing to softer than expected net flows but healthier market movements. Funds under administration reached $79.7bn, a 1% beat to the broker's expectations.

It is the broker's understanding that pooled cash remains less than 8% of funds under administration, and has stabilised in March. It does, however, believe the interest contribution from pooled cash continues to grow, albeit at a slower rate than funds under administration.

The Overweight rating is retained and the target price decreases to $44.69 from $45.32.

This report was published on April 17, 2024.

Target price is $44.69 Current Price is $39.36 Difference: $5.33
If HUB meets the Wilsons target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $41.74, suggesting upside of 6.1%(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 86.10 cents.
At the last closing share price the estimated dividend yield is 1.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.1, implying annual growth of 74.2%.
Current consensus DPS estimate is 39.2, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 47.4.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 54.00 cents and EPS of 115.80 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.5, implying annual growth of 7.7%.
Current consensus DPS estimate is 52.6, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 44.0.

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

IPH    IPH LIMITED

Legal – Overnight Price: $6.06

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

Canaccord Genuity maintains a Buy rating on IPH Limited, with the target price unchanged at $11.55.

The broker highlights IPH's solid prospects in the A&NZ and Asia IP markets and anticipates margin gains in Canada due to cost management improvements.

Despite challenges in directly correlating patent filings with revenue in the A&NZ segment, the broker notes IPH is actively working to close the filing gap.

Financial forecasts have been slightly revised, with a minor decrease in EBITDA and EPS expected for FY25, but an improvement is projected for FY26.

Canaccord Genuity notes IPH's strong balance sheet and $1.5bn market cap as key supports for its positive outlook on rapid deleveraging and earnings growth.

This report was published on April 16, 2024.

Target price is $11.55 Current Price is $6.06 Difference: $5.49
If IPH meets the Canaccord Genuity target it will return approximately 91% (excluding dividends, fees and charges).
Current consensus price target is $8.91, suggesting upside of 47.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 36.00 cents and EPS of 44.00 cents.
At the last closing share price the estimated dividend yield is 5.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.4, implying annual growth of 58.6%.
Current consensus DPS estimate is 34.8, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 13.3.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 40.00 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 6.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.9, implying annual growth of 7.7%.
Current consensus DPS estimate is 37.2, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 12.4.

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

MAQ    MACQUARIE TECHNOLOGY GROUP LIMITED

Telecommunication – Overnight Price: $75.31

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

Macquarie Technology is set to acquire its existing Macquarie Park data centre campus from Keppel DC REIT at a cost of -$174m, in a transaction expected to close in the second half of FY24. 

Goldman Sachs points out prior to this, Macquarie Technology has entered into sale and leaseback agreements with Keppel DC for the IC2 and IC3 East sites.

The purchase will be funded via a $100m equity placement and a data centre note to be provided by Keppel DC.

The Buy rating and target price of $93.00 are retained.

This report was published on April 17, 2024.

Target price is $93.00 Current Price is $75.31 Difference: $17.69
If MAQ meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
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 136.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.38.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 159.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.36.

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

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

Macquarie Technology has announced a $100m capital raise, which will be used in conjunction with a $90m loan note to acquire the Intellicentre 2 and Intellicentre 3 East sites at its existing Macquarie Park Data Centre Campus.

The purchase will come at a cost of -$174m, or -$190m inclusive of  stamp duty and transaction costs.

The placement is a fixed offer price of $72.59 per share, which Wilsons notes represents a -6.1% discount to the last traded price. 

The Overweight rating and target price of $81.65 are retained.

This report was published on April 17, 2024.

Target price is $81.65 Current Price is $75.31 Difference: $6.34
If MAQ meets the Wilsons target it will return approximately 8% (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 149.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.31.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 120.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 62.71.

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

PLL    PIEDMONT LITHIUM INC

New Battery Elements – Overnight Price: $0.21

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

Canaccord Genuity maintains a Speculative Buy rating on Piedmont Lithium, with a stable target price of $0.60. The broker highlights the issuance of a State Mining Permit in North Carolina as a key milestone, advancing the Piedmont Lithium Project.

This project, which is the only advanced hard rock lithium project in the US, has an estimated capex of -US$988m and cash costs of -US$6,235/t.

The company now progresses towards additional approvals, enhancing its potential for strategic partnerships and possible Department of Energy loan funding.

Financial forecasts remain unchanged following this development, with the broker expressing continued confidence in the project's progression.

This report was published on April 16, 2024.

Target price is $0.60 Current Price is $0.21 Difference: $0.385
If PLL meets the Canaccord Genuity target it will return approximately 179% (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

PME    PRO MEDICUS LIMITED

Medical Equipment & Devices – Overnight Price: $100.18

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

Goldman Sachs has reinitiated coverage on Pro Medicus, finding the company the "clear incumbent technology leader in a growing market".

As per the broker, the company's Visage 7 technology is core to many health institutions and provides efficiency gains in an industry where demand continues to grow and shortages persist. Compared to peers, the technology provides speed and cloud capability advantages.

The broker considers Pro Medicus well positioned into FY25 given large and high profile contracts.

The broker reinitiates with a Buy rating and a target price of $134.00.

This report was published on April 17, 2024.

Target price is $134.00 Current Price is $100.18 Difference: $33.82
If PME meets the Goldman Sachs target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $78.90, suggesting downside of -21.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 38.00 cents and EPS of 74.00 cents.
At the last closing share price the estimated dividend yield is 0.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 135.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.7, implying annual growth of 26.9%.
Current consensus DPS estimate is 37.2, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 135.9.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 50.00 cents and EPS of 97.00 cents.
At the last closing share price the estimated dividend yield is 0.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 103.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.5, implying annual growth of 30.9%.
Current consensus DPS estimate is 48.5, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 103.8.

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

QOR    QORIA LIMITED

Software & Services – Overnight Price: $0.42

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

Canaccord Genuity acknowledges Qoria's enhanced financial guidance for FY24, reflecting an expected early achievement of cash EBITDA breakeven, due to stronger than anticipated business performance.

Management's upgrade follows a notable increase in the annual recurring revenue (ARR) forecast for FY24, marking an upward revision from initial estimates.

Despite the increased investment in capitalised costs, there is no change to cash forecasts. Canaccord Genuity sees significant structural tailwinds for Qoria's consumer products, which are likely to drive future growth.

Canaccord Genuity retains a Buy rating on Qoria with a stable target price of $0.50.

This report was published on April 16, 2024.

Target price is $0.50 Current Price is $0.42 Difference: $0.075
If QOR meets the Canaccord Genuity target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.63.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 21.25.

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

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

A solid third quarter result from Qoria according to Wilsons, with the company reporting good top line traction across its main geographies and core segments.

Annual recurring revenue rose $6m in the quarter, leaving a further $8m to be achieved in the final quarter for Qoria to meet the broker's full year expectations.

Despite the result, Wilsons continues to see FY24 as a year of investment and consolidation for the company, but anticipates the fourth quarter could prove a period of robust sales pipeline conversion.

The Overweight rating is retained and the target price increases to 48 cents from 37 cents.

This report was published on April 16, 2024.

Target price is $0.48 Current Price is $0.42 Difference: $0.055
If QOR meets the Wilsons target it will return approximately 13% (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 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.18.

Forecast for FY25:

Wilsons 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 32.69.

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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $28.88

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

ResMed's 3Q results are due on April 26. Jarden suggests a positive movement in gross margin (the broker forecasts a rise of 40bps on Q2) and further operating leverage would be well received by the market.

The analysts expect device growth will still be positive, an outstanding outcome considering the US is cycling 48% revenue growth.

Jarden highlights the significance of ResMed being on the verge of delivering stronger mask growth versus device growth, which effectively converts a gross margin percentage headwind into a tailwind.

The broker retains an Overweight rating. Target price rises to $31.33 from $31.22.

This report was published on April 16, 2024.

Target price is $31.33 Current Price is $28.88 Difference: $2.45
If RMD meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $34.21, suggesting upside of 18.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 29.22 cents and EPS of 115.81 cents.
At the last closing share price the estimated dividend yield is 1.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 118.3, implying annual growth of N/A.
Current consensus DPS estimate is 30.6, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 37.59 cents and EPS of 138.79 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 134.3, implying annual growth of 13.5%.
Current consensus DPS estimate is 33.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 21.5.

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

RWC    RELIANCE WORLDWIDE CORP. LIMITED

Building Products & Services – Overnight Price: $5.19

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

Softer building approvals and starts continue to hold back housing supply, notes Jarden, exacerbating the impact affordability is having on Australian residential activity. February Building Approvals fell for third month in a row.

The broker's recent discussions with domestic homebuilders indicates a further slowing ahead, with build times still longer than pre-covid and ongoing cost pressures from materials and labour shortages.

The Overweight rating is maintained for Reliance Worldwide. The target slips to $5.25 from $5.30 driven by weaker near-term Australian residential construction activity and a roll forward of the broker's valuation.

This report was published on April 16, 2024.

Target price is $5.25 Current Price is $5.19 Difference: $0.06
If RWC meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $5.43, suggesting upside of 4.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 6.85 cents and EPS of 24.50 cents.
At the last closing share price the estimated dividend yield is 1.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.5, implying annual growth of N/A.
Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 17.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 6.85 cents and EPS of 29.52 cents.
At the last closing share price the estimated dividend yield is 1.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.0, implying annual growth of 15.3%.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 15.3.

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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.18

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

Westgold Resources and Karora Resources have agreed to merge, subject to approval from Karora Resources shareholders. 

Westgold Resources will takeover Karora Resources, with the latter's shareholders receiving 2.524 Westgold Resources shares, 0.3 SpinCo shares and 68 cents cash for each Karora Resources share.

It is Canaccord Genuity's view that the merger offers Westgold Resources shareholders exposure to a more diversified asset base.

The broker points out the final entity would be a top five Australian gold producer with a market capitalisation of $2bn, a resource base of 13m ounces and a reserve of 3.2m ounces.

The Buy rating is retained and the target price decreases to $2.65 from $2.75.

This report was published on April 15, 2024.

Target price is $2.65 Current Price is $2.18 Difference: $0.47
If WGX meets the Canaccord Genuity target it will return approximately 22% (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 1.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 0.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.47.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 1.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 0.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.41.

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

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