Daily Market Reports | Apr 22 2024
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.
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
AEE AGN COE DYL EVN (2) HUB INR LGP LOT MAH MAQ PNR QAN QBE WGX
AEE AURA ENERGY LIMITED
Energy - Overnight Price: $0.17
Petra Capital rates ((AEE)) as No Rating (-1) -
Aura Energy has announced a refresh of its legacy uranium offtake agreement with Curzon Group, with pricing to be 50% fixed and 50% prevailing spot.
Petra Capital points out the fixed pricing increases 70% to US$75 a pound from a previous US$44 a pound, reflecting higher term contracting prices since the last iteration of the agreement.
It is expected the pricing update will add US$41m in revenue over the seven year term of the contract.
The Buy rating is retained and the target price increases to 45 cents from 44 cents.
This report was published on April 18, 2024.
Target price is $0.45 Current Price is $0.17 Difference: $0.275
If AEE meets the Petra Capital target it will return approximately 157% (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 35.00.
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 8.33.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AGN ARGENICA THERAPEUTICS LIMITED
Pharmaceuticals & Biotech/Lifesciences - Overnight Price: $0.57
Petra Capital rates ((AGN)) as Buy (1) -
Argenica Therapeutics has successfully raised $12m, leaving the company fully funded through its ongoing Phase 2 Seancon stroke trial, points out Petra Capital.
As per the broker, the additional capital also strengthens the company's balance sheet ahead of partnering negotiations.
The trial has reached first dosing milestones faster than expected according to the broker, with the first five patients dosed in less than two weeks.
The Buy rating is retained and the target price decreases to $1.00 from $1.09.
This report was published on April 18, 2024.
Target price is $1.00 Current Price is $0.57 Difference: $0.43
If AGN meets the Petra Capital target it will return approximately 75% (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 5.70 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 4.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.63.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
COE COOPER ENERGY LIMITED
Crude Oil - Overnight Price: $0.21
Jarden rates ((COE)) as Overweight (2) -
March quarter production, sales revenues and realised (contracted and spot) gas prices were all in line with Jarden estimates. However, management also noted the re-emergence of issues around the BMG decommisioning program.
"Commissioning and integration of abandonment equipment for the work scope on the upper well abandonment has taken longer than planned, with work on the first upper plug now underway”, the broker has quoted the company.
The broker lowers its target to 23c from 24c and the Overweight rating is maintained.
This report was published on April 17, 2024.
Target price is $0.23 Current Price is $0.21 Difference: $0.015
If COE meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $0.26, suggesting upside of 18.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 215.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 0.6, 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:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 107.50.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 1.2, implying annual growth of 100.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.3.
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: $1.35
Canaccord Genuity rates ((DYL)) as Speculative Buy (1) -
Following a successful $250m capital raising, Deep Yellow is equipped to aggressively progress the Tumas development says Canaccord Genuity.
The March quarter saw the company commence a 650 hole drilling program, aimed at defining six years of proven reserves, commence the tendering and selection process for an EPCM service provider, and commence offtake marketing and financier discussions.
The company expects to appoint an EPCM contractor and commence detailed engineering in the second quarter of the calendar year.
The Speculative Buy rating and target price of $1.92 are retained.
This report was published on April 18, 2024.
Target price is $1.92 Current Price is $1.35 Difference: $0.57
If DYL meets the Canaccord Genuity target it will return approximately 42% (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 68.22.
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 98.54.
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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