Australian Broker Call *Extra* Edition – Apr 23, 2024

This story features ADRIATIC METALS PLC, and other companies. For more info SHARE ANALYSIS: ADT

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)

ADT   AMP   AOF   BGL   BOQ   CAI   CEL   CGF   CMM   CNU   DEG   EVN (2)   GDG   GMD (2)   GOR (2)   IMM   KCN   NST   ORR   PDI   PPS (2)   PRU   RED   RMD   RMS   RRL   RSG   RXL   SLR   SPR   TIE   TLX (2)  

ADT    ADRIATIC METALS PLC

Gold & Silver – Overnight Price: $4.53

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Speculative Buy rating is maintained for developer/explorer Adriatic Metals and the target price climbs to $5.35 from $4.30. Silver and gold makes up 55% of the the broker's revenue forecast. The overall valuation is moved to a risking of 90% from 85%. 

This report was published on April 18, 2024.

Target price is $5.35 Current Price is $4.53 Difference: $0.82
If ADT meets the Canaccord Genuity target it will return approximately 18% (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

AMP    AMP LIMITED

Wealth Management & Investments – Overnight Price: $1.10

Jarden rates ((AMP)) as Neutral (3) –

Assets under management (AUM) in the 1Q for AMP's Australian Wealth Management division were in line with Jarden's expectations, with slightly stronger market returns offsetting marginally higher net outflows..

Unfortunately, the Bank's loan book contracted by -3.9% over the period, prompting the broker to lower its EPS outlook by around -3%, though FY24 Bank net interest margin (NIM) guidance remains intact.

Total 1Q net flows of -$759m (including pension payments) across Australian Platforms and Master Trusts missed the Jarden's forecast by -23.5%, though was offset by stronger investment returns.

The Neutral rating is maintained given only moderate share price upside to the analyst's new $1.17 target, down from $1.20.

This report was published on April 17, 2024.

Target price is $1.17 Current Price is $1.10 Difference: $0.07
If AMP meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $1.11, suggesting downside of -0.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 5.00 cents and EPS of 7.90 cents.
At the last closing share price the estimated dividend yield is 4.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.0, implying annual growth of 1011.1%.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 16.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 7.00 cents and EPS of 10.20 cents.
At the last closing share price the estimated dividend yield is 6.36%.
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 9.7, implying annual growth of 38.6%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 6.2%.
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

AOF    AUSTRALIAN UNITY OFFICE FUND

REITs – Overnight Price: $1.30

Moelis rates ((AOF)) as Buy (1) –

In Australian Unity Office Fund's fifth divestment since June 2022, notes Moelis, 150 Charlotte St has been sold for $64.5m, a 4% premium to December's book value.

Following settlement, the analyst expects a net cash position of around $60m by June 2025.

This sale suggests to the broker the REIT no longer requires a debt facility, thereby allowing management to close the hedge book, which is currently in the money with a net present value of circa $2.1m.

The broker's Buy rating is maintained and the target price increases to $1.55 from $1.47. It's felt the share price is attractive given potential for further near-term divestments at around book value.

This report was published on April 19, 2024.

Target price is $1.55 Current Price is $1.30 Difference: $0.25
If AOF meets the Moelis target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 5.80 cents and EPS of 7.50 cents.
At the last closing share price the estimated dividend yield is 4.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.33.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 2.90 cents and EPS of 3.50 cents.
At the last closing share price the estimated dividend yield is 2.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.14.

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

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $1.81

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Speculative Buy rating is maintained for producer Bellevue Gold and the target price climbs to $2.25 from $2.00.

This report was published on April 18, 2024.

Target price is $2.25 Current Price is $1.81 Difference: $0.44
If BGL meets the Canaccord Genuity target it will return approximately 24% (excluding dividends, fees and charges).

Market Sentiment: 0.0
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: $6.10

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

Bank of Queensland's 1H profit was better than Jarden anticipated on incrementally less headwinds, though the outcome was driven partly by lower bad debts, temporary margin tailwinds and slower expensing of investment spend.

The 1H net interest margin (NIM) of 1.55% beat forecasts by the broker and consensus for 1.51% and 1.53%, respectively, while the cash profit of $172m exceeded the estimated $160m.

While heading for a multi-year recovery, the analysts suggest a material step-change in the bank's profit/return on equity (ROE) profile still seems elusive.

The target rises to $5.80 from $5.70. Overweight retained.

This report was published on April 18, 2024.

Target price is $5.80 Current Price is $6.10 Difference: minus $0.3 (current price is over target).
If BOQ meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.69, suggesting downside of -8.2%(ex-dividends)
The company's fiscal year ends in August.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 34.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 5.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.3, implying annual growth of 137.5%.
Current consensus DPS estimate is 34.4, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 34.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 5.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.5, implying annual growth of 2.6%.
Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 13.3.

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

CAI    CALIDUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.12

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Speculative Buy rating is maintained for producer Calidus Resources and the target price climbs to 29c from 28c.

This report was published on April 18, 2024.

Target price is $0.29 Current Price is $0.12 Difference: $0.165
If CAI meets the Canaccord Genuity target it will return approximately 132% (excluding dividends, fees and charges).

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

CEL    CHALLENGER GOLD LIMITED

Gold & Silver – Overnight Price: $0.08

Canaccord Genuity rates ((CEL)) as No Rating (-1) –

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively, while across developers/explorers the targets have increase by 11% on average.

The rating and price target for developer/explorer Challenger Gold are currently under review. 

This report was published on April 18, 2024.

Current Price is $0.08. Target price not assessed.

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: $6.80

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

Lower retail fixed-term annuity volumes (due to a more competitive term deposit market) resulted in Challenger's 3Q annuity sales falling short of Jarden's forecast. An inverted yield curve and buoyant equity markets also impacted, note the analysts.

More positively, the quality of sales continues to improve, according to the broker. While total Life sales declined by -13% on the previous corresponding period, Jarden points out the 'lifetime' value of sales (duration × volume) was approximately 7% higher.

Management's strategy to focus on longer-duration and higher margin sales is yielding results, suggest the analysts, as evidenced by upgraded FY24 normalised PBT guidance.

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

This report was published on April 19, 2024.

Target price is $7.55 Current Price is $6.80 Difference: $0.75
If CGF meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $7.25, suggesting upside of 6.2%(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 3.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.4, implying annual growth of 12.5%.
Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 14.4.

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 3.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.2, implying annual growth of 24.9%.
Current consensus DPS estimate is 28.3, implying a prospective dividend yield of 4.1%.
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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $5.21

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Buy rating is maintained for producer Capricorn Metals and the target price climbs to $6.55 from $5.75.

This report was published on April 18, 2024.

Target price is $6.55 Current Price is $5.21 Difference: $1.34
If CMM meets the Canaccord Genuity target it will return approximately 26% (excluding dividends, fees and charges).

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

CNU    CHORUS LIMITED

Telecommunication – Overnight Price: $6.81

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

Following the Commerce Commission's draft determination on the proposed Chorus RP2 expenditure allowances, Jarden reduces the valuation attributed to the company's unregulated business.

The broker's enterprise valuation of the regulated assets is largely unchanged at $4.6bn.

Key takeaways for the analysts include: the company remains well placed for earnings and free cash flow growth in the next regulatory period; and the value of the relatively small unregulated business is still somewhat uncertain.

Jarden retains an Underweight rating and lowers the target to NZ$7.25 from NZ$7.56.

This report was published on April 19, 2024.

Current Price is $6.81. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 43.99 cents and EPS of 2.22 cents.
At the last closing share price the estimated dividend yield is 6.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 306.34.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 48.62 cents and EPS of 4.26 cents.
At the last closing share price the estimated dividend yield is 7.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 159.86.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

DEG    DE GREY MINING LIMITED

Gold & Silver – Overnight Price: $1.33

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively, while across developers/explorers the targets have increase by 11% on average.

The Speculative Buy rating is maintained for developer/explorer De Grey Mining and the target price climbs to $2.70 from $2.35. 

This report was published on April 18, 2024.

Target price is $2.70 Current Price is $1.33 Difference: $1.37
If DEG meets the Canaccord Genuity target it will return approximately 103% (excluding dividends, fees and charges).
Current consensus price target is $1.70, suggesting upside of 31.8%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is -0.8, 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 N/A.

Forecast for FY25:

Current consensus EPS estimate is -0.7, 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 N/A.

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

EVN    EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $4.01

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Buy rating is maintained for producer Evolution Mining and the target price climbs to $4.50 from $4.20. The broker's earnings forecasts fall by -9% over FY25-26 on lower production and higher cost forecasts.

This report was published on April 18, 2024.

Target price is $4.50 Current Price is $4.01 Difference: $0.49
If EVN meets the Canaccord Genuity target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.18, suggesting upside of 7.2%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 24.9, implying annual growth of 179.5%.
Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY25:

Current consensus EPS estimate is 38.6, implying annual growth of 55.0%.
Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 10.1.

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

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

Evolution Mining's 3Q gold production of 185.3koz was a slight miss against the consensus estimate for 185.9koz, but beat Jarden's 180koz prediction.

The broker struggles to see how Evolution will meet the low end (749koz) of FY24 guidance, given an implied June quarter 245koz production result, a 32% rise quarter-on-quarter.

A miss for FY24 guidance may be of little import though, suggest the analysts, when taking into account the elevated spot gold price, which will potentially increase both margin and free cash flow, resulting in lower debt.

The Underweight rating is retained and the target is raised to $3.16 from $3.12.

This report was published on April 19, 2024.

Target price is $3.16 Current Price is $4.01 Difference: minus $0.85 (current price is over target).
If EVN meets the Jarden target it will return approximately minus 21% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.18, suggesting upside of 7.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 9.00 cents and EPS of 17.30 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 23.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.9, implying annual growth of 179.5%.
Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 13.00 cents and EPS of 36.20 cents.
At the last closing share price the estimated dividend yield is 3.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.6, implying annual growth of 55.0%.
Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 10.1.

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

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $2.19

Moelis rates ((GDG)) as Buy (1) –

Moelis assesses a "strong" 3Q result for Generation Development, which revealed a record $154m of sales inflows supported by activity from the 20% 1H growth in adviser numbers.

Closing funds under management (FUM) was $3.2bn, a 29% rise on the previous corresponding period, following quarterly FUM growth of $279m.

Lonsec also performed ahead of the broker's expectations, growing FUM by $683m in the quarter.

Buy rating. Target $2.56. Moelis forecasts circa 35% three-year EPS growth driven primarily by both Investment Bonds and Lonsec.

This report was published on April 19, 2024.

Target price is $2.56 Current Price is $2.19 Difference: $0.37
If GDG 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 2.30 cents and EPS of 5.70 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 38.42.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 3.00 cents and EPS of 7.40 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 29.59.

Market Sentiment: 1.0
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: $1.83

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Buy rating is maintained for producer Genesis Minerals and the target price climbs to $2.90 from $2.40.

This report was published on April 18, 2024.

Target price is $2.90 Current Price is $1.83 Difference: $1.065
If GMD meets the Canaccord Genuity target it will return approximately 58% (excluding dividends, fees and charges).
Current consensus price target is $1.98, suggesting upside of 14.2%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 4.7, 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 36.8.

Forecast for FY25:

Current consensus EPS estimate is 8.1, implying annual growth of 72.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 21.4.

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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Moelis rates ((GMD)) as Hold (3) –

March quarter gold production for Genesis Minerals of 30,474oz at a cost (AISC) of $2,497/oz missed the forecast by Moelis for 38,301oz at an AISC of $2,178/oz. Nonetheless, management still expects to achieve FY24 guidance of between 130-140koz.

The broker notes the likely impact of a legacy toll treating agreement (which concludes on July 1), with 42.7kt processing capacity (equivalent to 14 milling days) allocated to toll treating. 

Moelis believes the company's three-to-four year growth path is already factored into today's share price and retains a Hold rating. Target $2.20.

This report was published on April 19, 2024.

Target price is $2.20 Current Price is $1.83 Difference: $0.365
If GMD meets the Moelis target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $1.98, suggesting upside of 14.2%(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 36.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.7, 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 36.8.

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 18.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.1, implying annual growth of 72.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 21.4.

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: $1.60

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Buy rating is maintained for producer Gold Road Resources and the target price climbs to $2.10 from $1.90.

This report was published on April 18, 2024.

Target price is $2.10 Current Price is $1.60 Difference: $0.495
If GOR meets the Canaccord Genuity target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $1.93, suggesting upside of 18.1%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 10.5, implying annual growth of -2.1%.
Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 15.5.

Forecast for FY25:

Current consensus EPS estimate is 13.9, implying annual growth of 32.4%.
Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 11.7.

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

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Moelis rates ((GOR)) as Hold (3) –

Soft first quarter results for Gold Road Resources were pre-announced, notes Moelis. Rain events over the period in the eastern part of Western Australia negatively impacted on several operations, explains the analyst.

With clear ramifications for the June quarter, plant operations were suspended from March 28 and progressively resumed during April, notes the broker.

The analyst sees risks around improvements in production at the Gruyere mine as the year progresses, and a growing risk guidance will not be met. The Hold rating and $1.70 target price are maintained.

Currently, Moelis suggests investors seek gold exposure elsewhere in the sector.

This report was published on April 19, 2024.

Target price is $1.70 Current Price is $1.60 Difference: $0.095
If GOR meets the Moelis target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $1.93, suggesting upside of 18.1%(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 0.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.5, implying annual growth of -2.1%.
Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 15.5.

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 1.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.9, implying annual growth of 32.4%.
Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 11.7.

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

IMM    IMMUTEP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.35

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

In anticipation of positive Phase I data in the coming year for Immutep's LAG-3 agonist antibody, IMP761, Wilsons is beginning to identify the potential market opportunity for major autoimmune indications, notably rheumatoid arthritis.

Management has announced plans for the first clinical study in mid-2024.This will be a first-in-human safety Phase I trial to enroll around 49 healthy volunteers at the Centre for Human Drug Research (CHDR) in Leiden, Netherlands.

IMP761 provides potential to be a disease modifying solution, explains the broker, as opposed to current approaches which block mediators further downstream in the immune/inflammatory pathway.

The Overweight rating and 90c target are maintained.

This report was published on April 19, 2024.

Target price is $0.90 Current Price is $0.35 Difference: $0.545
If IMM meets the Wilsons target it will return approximately 154% (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

KCN    KINGSGATE CONSOLIDATED LIMITED

Gold & Silver – Overnight Price: $1.57

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Speculative Buy rating is maintained for producer Kingsgate Consolidated and the target price climbs to $3.00 from $2.50.

This report was published on April 18, 2024.

Target price is $3.00 Current Price is $1.57 Difference: $1.43
If KCN meets the Canaccord Genuity target it will return approximately 91% (excluding dividends, fees and charges).

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $15.28

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Buy rating is maintained for producer Northern Star Resources and the target price climbs to $19.25 from $16.35. The broker notes Northern Star has exceptional leverage to rising gold prices, owing to the scale of its operations.

This report was published on April 18, 2024.

Target price is $19.25 Current Price is $15.28 Difference: $3.97
If NST meets the Canaccord Genuity target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $14.41, suggesting downside of -1.4%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 49.9, implying annual growth of -1.7%.
Current consensus DPS estimate is 33.1, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 29.3.

Forecast for FY25:

Current consensus EPS estimate is 94.8, implying annual growth of 90.0%.
Current consensus DPS estimate is 42.2, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 15.4.

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

ORR    ORECORP LIMITED

Gold & Silver – Overnight Price: $0.56

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Hold rating and 57c target are maintained for developer/explorer OreCorp.

This report was published on April 18, 2024.

Target price is $0.57 Current Price is $0.56 Difference: $0.005
If ORR meets the Canaccord Genuity target it will return approximately 1% (excluding dividends, fees and charges).

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

PDI    PREDICTIVE DISCOVERY LIMITED

Gold & Silver – Overnight Price: $0.23

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Speculative Buy rating is maintained for the broker's preferred gold developer Predictive Discovery, and the target price climbs to 45c from 41c.

This report was published on April 18, 2024.

Target price is $0.45 Current Price is $0.23 Difference: $0.225
If PDI meets the Canaccord Genuity target it will return approximately 100% (excluding dividends, fees and charges).

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

PPS    PRAEMIUM LIMITED

Wealth Management & Investments – Overnight Price: $0.47

Moelis rates ((PPS)) as Buy (1) –

Following "solid" 3Q results for Praemium, Moelis expects the SMA business will continue its strong momentum and notes ongoing transitioning of advisor outflows from Powerwrap are largely factored into the broker's forecasts.

Platform funds under administration (FUA) -ex-OneVue- of $24.3bn rose by 12% year-on-year, with quarterly net flows of $201m. A market movement of $1.1bn in the quarter equated to circa 4.9% of the value of Platform FUA as at December 31 last year.

Management pointed to improved cross-selling from non-custodial virtual managed account (VMA) and virtual managed account  administration services (VMAAS). Also, the successful implementation of new fee schedules was highlighted, effective April 1 this year.

The Buy rating and 67c target are maintained.

This report was published on April 19, 2024.

Target price is $0.67 Current Price is $0.47 Difference: $0.2
If PPS meets the Moelis target it will return approximately 43% (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 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.74.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.36.

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 ((PPS)) as Overweight (1) –

A 3Q update on flows and funds under administration (FUA) for Praemium was better than Wilsons was expecting.

Net Flows of $201m compared to the broker's forecast for outflows of -$22m, driven by an easing of Powerwrap outflows, as well as a healthy market movement of 4.9%. These two factors combined to ensure FUA of $24.3bn beat the analysts' forecast by 5%.

Management noted gross outflows from departed advisers at key Powerwrap licensee, Escala, are expected to continue for at least another six months, with an around -$250m/quarter impact.

The overall business is tracking as expected, according to management, but no formal FY24 guidance was provided.

The Overweight rating is unchanged and the target is raised to 56c from 54c.

This report was published on April 23, 2024.

Target price is $0.56 Current Price is $0.47 Difference: $0.09
If PPS meets the Wilsons target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 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 22.38.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.43.

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

PRU    PERSEUS MINING LIMITED

Gold & Silver – Overnight Price: $2.23

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Buy rating is maintained for producer Perseus Mining and the target price climbs to $3.60 from $3.15. The broker feels believe the market is mispricing the accretion potential of the highly likely acquisition of OreCorp's ((ORR)) Nyanzaga operations.

This report was published on April 18, 2024.

Target price is $3.60 Current Price is $2.23 Difference: $1.37
If PRU meets the Canaccord Genuity target it will return approximately 61% (excluding dividends, fees and charges).

Forecast for FY24:

Forecast for FY25:

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

RED    RED 5 LIMITED

Gold & Silver – Overnight Price: $0.43

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

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

This report was published on April 18, 2024.

Target price is $0.48 Current Price is $0.43 Difference: $0.045
If RED meets the Canaccord Genuity target it will return approximately 10% (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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $28.19

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

Eli Lilly Surmount-obstructive sleep apnea (OSA) Phase 3 trial primary endpoints were slightly better than expected, notes Jarden.

There was an apnea-hypopnea index (AHI) reduction of -55% and -62.8% in Study 1 and Study 2, respectively, and the weight loss achieved was consistent with previous trials over a similar period, explains the broker.

Study 2 seems to indicate better results would be possible for OSA patients if they used GLP-1s in combination with CPAP. The analysts note the trial was not designed to determine whether GLP-1 was superior to CPAP therapy.

The Overweight rating and $31.33 target are maintained.

This report was published on April 18, 2024.

Target price is $31.33 Current Price is $28.19 Difference: $3.14
If RMD meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $34.38, suggesting upside of 21.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 29.23 cents and EPS of 115.87 cents.
At the last closing share price the estimated dividend yield is 1.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 117.5, implying annual growth of N/A.
Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 24.1.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 37.61 cents and EPS of 138.86 cents.
At the last closing share price the estimated dividend yield is 1.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 133.9, implying annual growth of 14.0%.
Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 21.2.

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

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.06

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Buy rating is maintained for producer Ramelius Resources and the target price climbs to $2.65 from $2.30. The broker continues to highlight the company's strong free cash flow generation.

This report was published on April 18, 2024.

Target price is $2.65 Current Price is $2.06 Difference: $0.59
If RMS meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $2.21, suggesting upside of 12.8%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 17.9, implying annual growth of 157.6%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 10.9.

Forecast for FY25:

Current consensus EPS estimate is 22.3, implying annual growth of 24.6%.
Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 8.8.

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

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.20

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Buy rating is maintained for producer Regis Resources and the target price climbs to $2.55 from $2.20.

This report was published on April 18, 2024.

Target price is $2.55 Current Price is $2.20 Difference: $0.35
If RRL meets the Canaccord Genuity target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $2.14, suggesting upside of 2.2%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 5.4, 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 38.7.

Forecast for FY25:

Current consensus EPS estimate is 23.6, implying annual growth of 337.0%.
Current consensus DPS estimate is 0.8, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 8.9.

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

RSG    RESOLUTE MINING LIMITED

Gold & Silver – Overnight Price: $0.42

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Buy rating is maintained for producer Resolute Mining and the target price climbs to $1.40 from $1.15.

This report was published on April 18, 2024.

Target price is $1.40 Current Price is $0.42 Difference: $0.975
If RSG meets the Canaccord Genuity target it will return approximately 229% (excluding dividends, fees and charges).

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

RXL    ROX RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.23

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Speculative Buy rating and 50c target are maintained for developer/explorer Rox Resources.

This report was published on April 18, 2024.

Target price is $0.50 Current Price is $0.23 Difference: $0.275
If RXL meets the Canaccord Genuity target it will return approximately 122% (excluding dividends, fees and charges).

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: $1.44

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Buy rating is maintained for producer Silver Lake Resources and the target price climbs to $1.75 from $1.50.

This report was published on April 18, 2024.

Target price is $1.75 Current Price is $1.44 Difference: $0.315
If SLR 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 0.00 cents and EPS of 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.05.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 14.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.25.

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

SPR    SPARTAN RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.64

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Speculative Buy rating is maintained for developer/explorer Spartan Resources and the target price climbs to 85c from 75c.

Spartan Resources continues to screen as one of the most exciting gold development stories in the sector, owing to the rapidly evolving scale, high grades and extensive infrastructure, explain the analysts.

This report was published on April 18, 2024.

Target price is $0.85 Current Price is $0.64 Difference: $0.21
If SPR meets the Canaccord Genuity target it will return approximately 33% (excluding dividends, fees and charges).

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: $0.64

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

Canaccord Genuity highlights ASX-listed gold equities continue to trade at material discounts to their all-time highs, despite all-time high gold prices. These equities are expected to outperform and close the gap to the rising gold price.

Since January, silver has jumped by 21% (versus the 16% rise for the US dollar gold price), but is still some -40% off its April 2011 all-time high of just below US$50/oz, notes the broker.

Canaccord raises its near-term US gold price estimates (2024-26) by an average of 8.3%, and from 2028 by 10.3% to US$2,582/oz. The long-term US silver price forecast is increased by 8.8%, with near-term estimates raised by an average of 7%.

For senior and junior producers under the broker's coverage, target prices rise on average by 12% and 11%, respectively. Across developers/explorers the targets have increase by 11% on average.

The Speculative Buy rating is maintained for producer Tietto Minerals and the target price climbs to 90c from 80c.

This report was published on April 18, 2024.

Target price is $0.90 Current Price is $0.64 Difference: $0.265
If TIE meets the Canaccord Genuity target it will return approximately 42% (excluding dividends, fees and charges).

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $14.10

Jarden rates ((TLX)) as Buy (1) –

In an unexpected trading update, Jarden notes the first quarter for Telix Pharmaceuticals confirmed another acceleration of growth in
Illuccix sales, on a sequential basis. 

US revenues of US$111.8m beat the broker's estimate by 9.6%, while non-us revenues were in line. Strong growth is assumed for the 2H on the back of Illuccix's European approval.

After splitting the consensus forecast for 1H revenue evenly into quarters, the analysts arrive at a 15.5% beat versus consensus in the 1Q. Hence, it's felt management's unchanged FY24 revenue guidance is conservative.

The broker's target rises to $13.52 from $13.27 after raising 2024-2026 revenue forecasts by 8.3%, 2.6% 1.8%, respectively. The Buy rating is maintained.

This report was published on April 18, 2024.

Target price is $13.52 Current Price is $14.10 Difference: minus $0.58 (current price is over target).
If TLX meets the Jarden target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 16.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 83.93.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 35.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.83.

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 ((TLX)) as Overweight (1) –

Telix Pharmaceuticals' 1Q sales beat Wilsons forecast by more than 10%, and management seems likely to upgrade FY24 guidance at 1H results in August.

The outperformance may simply reflect current tailwinds behind prostate-specific membrane antigen (PSMA)-directed PET/CT imaging in the US market, suggest the analysts.

PSMA PET/CT providers are likely to engage with Illuccix’s trouble-free, pass-through reimbursement status for as long as it is available, in the broker's opinion.

The analysts assess an around 150bps share gain for Illuccix, or around 29% share in the US.

Wilsons increases its target for Telix Pharmaceuticals to $14.50 from $14.28 and maintains an Overweight rating.

This report was published on April 18, 2024.

Target price is $14.50 Current Price is $14.10 Difference: $0.4
If TLX meets the Wilsons target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 10.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 139.60.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 20.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 67.79.

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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