Australian Broker Call *Extra* Edition – May 07, 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   ANZ   AQZ   BPT   CHC   CMM   CPU   CRD   DHG   EBO   KGN   LIC   M7T   MIN   MVF   NCK   NXS   PBH   PPT   PRU   QBE   REA   RED   RMD   RRL (2)   SEK   TAH   WGX  

ABC    ADBRI LIMITED

Building Products & Services – Overnight Price: $3.16

Jarden rates ((ABC)) as Neutral (3) –

Adbri has been awarded a $50m Federal government fund grant (“Powering the Regions Fund”) for the Birkenhead project. The grant aims to incentivise regional investment as part of targeting cleaner energy/carbon footprints.

The project is designed to increase production capacity, improve cement grinding efficiencies and further decarbonise the company's South Australian operations, explains the broker.

The analysts believe such an enhanced grinding capacity will help restore recently lost regional share.

Regarding the bid for Adbri from Irish group CRH, Jarden believes the threshold for a counter bid is very high, given the high-quality cash offer and CRH's favourable reputation.

The Neutral rating and $3.20 target are maintained.

This report was published on April 26, 2024.

Target price is $3.20 Current Price is $3.16 Difference: $0.04
If ABC meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.20, suggesting upside of 1.3%(ex-dividends)
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 17.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.48.

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 20.4.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.63.

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 19.6.

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

ANZ    ANZ GROUP HOLDINGS LIMITED

Banks – Overnight Price: $28.77

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

ANZ Bank reports 1H results on May 7 and Goldman Sachs forecasts cash earnings will fall by -4% on the previous corresponding period to $3,683m.

For the sector, the broker forecasts margins will trend sequentially lower by around -3bps in the first half.

The broker also expects management to announce a $1bn on-market buyback along with an interim dividend of 81cps. ANZ Bank is the preferred exposure from among the majors. 

Target $27.69. Buy.

This report was published on April 26, 2024.

Target price is $27.69 Current Price is $28.77 Difference: minus $1.08 (current price is over target).
If ANZ meets the Goldman Sachs target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $27.98, suggesting downside of -2.8%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 162.00 cents and EPS of 223.80 cents.
At the last closing share price the estimated dividend yield is 5.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 221.7, implying annual growth of -6.4%.
Current consensus DPS estimate is 162.8, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 13.0.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 162.00 cents and EPS of 207.80 cents.
At the last closing share price the estimated dividend yield is 5.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 223.2, implying annual growth of 0.7%.
Current consensus DPS estimate is 163.8, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 12.9.

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

AQZ    ALLIANCE AVIATION SERVICES LIMITED

Transportation & Logistics – Overnight Price: $3.15

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

Alliance Aviation Services announced the delivery deferral of E190's from AerCap to 12 aircraft in 2024 at a estimated cost of -$128-$144m, against 17 aircraft at a cost of -$182m-$$204m, previously.

ANZ Bank has extended an existing $67m term loan facility from expiration in January 2025, for an additional three years, as well as a $50m increase in the facility for the capital expenditure program.

Wilsons doesn't envisage any change to forecasts, as the company has confirmed in the near term less "parting-out" of aircraft.

Overweight rating unchanged and the target price is raised to $4.47 from $4.35.

This report was published on April 30, 2024.

Target price is $4.47 Current Price is $3.15 Difference: $1.32
If AQZ meets the Wilsons target it will return approximately 42% (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 35.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.85.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 39.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.04.

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

BPT    BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.58

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

Jarden retains its Overweight rating and $1.75 target for Beach Energy following March quarter operational results.

Production missed forecasts by the broker and consensus by -3% and -4%, respectively, largely due to lower Cooper Basin production as a result of rain-related interruptions.

The remaining quarterly data were either in line with prior management guidance/Jarden's expectations or represented a beat.

The realised gas price increased by 9% from the prior quarter to a record $9.7/GJ, and beat the broker's forecast by 4%.

Management's FY24 production guidance is for 18.0-18.5mmboe, down from prior guidance of 18-20mmboe. FY24 capex guidance is unchanged.

This report was published on April 26, 2024.

Target price is $1.75 Current Price is $1.58 Difference: $0.165
If BPT meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.94, suggesting upside of 22.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 4.50 cents and EPS of 12.90 cents.
At the last closing share price the estimated dividend yield is 2.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.0, implying annual growth of -9.0%.
Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 9.9.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 6.50 cents and EPS of 21.90 cents.
At the last closing share price the estimated dividend yield is 4.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.8, implying annual growth of 55.0%.
Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 6.4.

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

CHC    CHARTER HALL GROUP

REITs – Overnight Price: $11.79

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

Jarden analyses the outlook for Charter Hall which the analyst highlights is one of the more "volatile" stocks in the REIT sector due to the changing narratives on the outlook for interest rates.

The broker concedes that in the short term the trading environment for Charter Hall is tough with potential pressure on asset prices, a lack of turnover and higher gearing.

Confirmation of a peak in rates, would alleviate some of those headwinds, but for now the the market is looking for another -10% fall in asset values and transaction values will remain at the low end, with an expectation that performance fees will not return.

Post extensive net asset valuations, Jarden still considers that Charter Hall is materially undervalued and there is 21.8% upside to the value per share.

The target is unchanged at $13.60 with an Overweight rating.

This report was published on April 29, 2024.

Target price is $13.60 Current Price is $11.79 Difference: $1.81
If CHC meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $14.29, suggesting upside of 21.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 45.10 cents and EPS of 75.70 cents.
At the last closing share price the estimated dividend yield is 3.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.7, implying annual growth of 82.6%.
Current consensus DPS estimate is 45.1, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 47.80 cents and EPS of 75.40 cents.
At the last closing share price the estimated dividend yield is 4.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.5, implying annual growth of 9.0%.
Current consensus DPS estimate is 47.6, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 14.3.

Market Sentiment: 0.7
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: $4.69

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

The March quarter update from Capricorn Metals was a "non-event" according to Jarden as all the major results had already been announced.

Guidance was reduced slightly to 112-115koz suggesting production of 26-29koz in the June quarter with all in sustaining costs (AISC) slightly higher than original guidance.

Turning to MGGP, the broker doesn't anticipate production until the June half year in 2026.

The Overweight rating is retained and the target price slips to $5.33 from $5.35.

This report was published on May 27, 2024.

Target price is $5.33 Current Price is $4.69 Difference: $0.64
If CMM meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 26.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.43.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 25.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.76.

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

CPU    COMPUTERSHARE LIMITED

Diversified Financials – Overnight Price: $26.26

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

Jarden likes the acquisition of BNY Mellon's Canadian Corporate Trustee business by Computershare, which is due for completion in the 1H25 for -US$63.7m, and consider this could be the first of a number of "bolt-on" acquisitions in North America.

The analyst is also upbeat on the expected stronger margins and the company's deleveraging with net debt/EBITDA falling to 0.85x in December 2023 from 2.02x in December 2021.

Unchanged Overweight rating and $29.20 target price.

This report was published on April 26, 2024.

Target price is $29.20 Current Price is $26.26 Difference: $2.94
If CPU meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $28.98, suggesting upside of 10.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 82.60 cents and EPS of 178.09 cents.
At the last closing share price the estimated dividend yield is 3.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 176.7, implying annual growth of N/A.
Current consensus DPS estimate is 84.0, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 85.60 cents and EPS of 188.30 cents.
At the last closing share price the estimated dividend yield is 3.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 190.5, implying annual growth of 7.8%.
Current consensus DPS estimate is 89.8, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 13.8.

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

CRD    CONRAD ASIA ENERGY LIMITED

Business & Consumer Credit – Overnight Price: $0.89

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

Conrad Asia Energy's March quarter results did not offer many highlights, according to Wilsons.

Looking ahead, the June quarter is expected to mark the sell-down of the Mako gas field to 40% from 50% to lower the capital expenditure by circa -US$30m.

The company reported cash on hand of $11.2m at the end of the quarter.

Overweight rating unchanged and the target is lowered to $1.97 from $2.41.

This report was published on April 30, 2024.

Target price is $1.97 Current Price is $0.89 Difference: $1.08
If CRD meets the Wilsons target it will return approximately 121% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.03 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.70.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 7.77 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.45.

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

DHG    DOMAIN HOLDINGS AUSTRALIA LIMITED

Real Estate – Overnight Price: $3.11

Jarden rates ((DHG)) as Upgrade to Buy from Overweight (1) –

Jarden lowers its target for Domain Holdings Australia to $3.70 from $3.75, but due to recent share price underperformance upgrades the rating to Buy from Overweight.

Among the broker's coverage of companies in the Online Classifieds category, Seek remains the top pick given the market is not currently allowing for the company's $2bn revenue aspiration in A&NZ and Asia by FY28.

The key swing factor Jarden sees for FY24 forecasts across all online classifieds stocks is 2H volumes. Domain has the highest sensitivity to volumes given its margin is lower than its peers, explains the broker.

This report was published on April 23, 2024.

Target price is $3.70 Current Price is $3.11 Difference: $0.59
If DHG meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $3.37, suggesting upside of 8.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 3.80 cents and EPS of 7.80 cents.
At the last closing share price the estimated dividend yield is 1.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.0, implying annual growth of 93.2%.
Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 38.9.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 4.40 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 1.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.2, implying annual growth of 15.0%.
Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 33.8.

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

EBO    EBOS GROUP LIMITED

Healthcare services – Overnight Price: $32.18

Jarden rates ((EBO)) as Upgrade to Overweight from Neutral (2) –

Jarden is upbeat that Ebos Group should be able to re-establish its Australian presence in the PBS following the loss of the Chemist Warehouse contract from FY25 onward.

The broker considers growth will be forthcoming from the Hospital medicines segment, medical consumables, and a new 3PL contract as new facilities are constructed.

In re-casting the earnings outlook for growth in Wholesale, Medical Technoligies and Animal Care, Jarden forecasts a compound 5-year EPS growth rate of circa 7% and around 6% dividend annual growth.

Although more subdued than historically, the analyst expects other growth opportunities to emerge.

The rating is upgraded to Overweight and the target is set at NZ$38 from NZ$37.60.

This report was published on April 29, 2024.

Current Price is $32.18. Target price not assessed.
Current consensus price target is $35.68, suggesting upside of 10.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 107.00 cents and EPS of 161.70 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 150.5, implying annual growth of 13.2%.
Current consensus DPS estimate is 102.2, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 21.4.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 110.00 cents and EPS of 144.20 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 143.5, implying annual growth of -4.7%.
Current consensus DPS estimate is 95.3, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 22.4.

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

KGN    KOGAN.COM LIMITED

Retailing – Overnight Price: $4.71

Jarden rates ((KGN)) as Neutral (3) –

Kogan.com reported a greater than expected slowdown in earnings for February and March compared to January, bringing 3Q24 EBITDA to $9m, highlights Jarden.

The seasonal weakness disappointed forecasts.

Broker earnings forecasts are cut by -18% for FY24 and -28% in FY25, resulting from revenue downgrades and Kogan First 2H24 sales forecasts declining -20%, due to the perceived change in accounting for revenue from this division, against an increase in First membership to $129 from $99 on April 8.

The rating is unchanged at Neutral and the price target falls to $5.40 from $7.50.

This report was published on April 26, 2024.

Target price is $5.40 Current Price is $4.71 Difference: $0.69
If KGN meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $7.17, suggesting upside of 52.2%(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 13.50 cents.
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 13.9, implying annual growth of N/A.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 33.9.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 13.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.9, implying annual growth of 115.1%.
Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 15.8.

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

LIC    LIFESTYLE COMMUNITIES LIMITED

Aged Care & Seniors – Overnight Price: $12.45

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

Jarden is notably disappointed by another downgrade to settlement expectations from Lifestyle Communities, and points to the potential risks to FY24 and FY25 earnings forecasts and consensus estimates.

There is scope for as much as -10% to -15% in further decline in forecasts.

The analyst is more upbeat on management's medium term settlement outlook, with guidance of 50% growth in FY25 to 425-475 settlements, versus Jarden's midpoint of 451 forecast.

With concern over the near term cash conversion and the settlement uncertainty, Jarden is anticipating share price weakness to continue.

Overweight rating and $17 target retained.

This report was published on April 29, 2024.

Target price is $17.00 Current Price is $12.45 Difference: $4.55
If LIC meets the Jarden target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $15.52, suggesting upside of 24.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 11.50 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 0.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.7, implying annual growth of -34.9%.
Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 24.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 12.00 cents and EPS of 81.30 cents.
At the last closing share price the estimated dividend yield is 0.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.7, implying annual growth of 45.4%.
Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 16.9.

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

M7T    MACH7 TECHNOLOGIES LIMITED

Healthcare services – Overnight Price: $0.69

Wilsons rates ((M7T)) as Overweight (1) –

Mach7 Technologies reported 3Q24 sales of $7.4m, with $5m generated from subscription licence revenue, another $1.7 in capital software licensing, and the balance from professional service fees ($0.7m).

Wilsons expects that the company can meet FY24 revenue guidance of $27m-$30m, while cost controls will assist in the company achieving cashflow breakeven in FY24. 

A potential catalyst is the Veteran's Affairs NTP contract  which should reinforce Mach7 Technologies' expertise in the imaging markets and open up other market opportunities, notes the broker. The transition to subscription models is seen as a positive for the company.

Wilsons maintains an Overweight rating and $1.05 target.

This report was published on April 30, 2024.

Target price is $1.05 Current Price is $0.69 Difference: $0.36
If M7T meets the Wilsons target it will return approximately 52% (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 3.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.17.

Forecast for FY25:

Wilsons 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 32.86.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $77.00

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

Production for Mineral Resources in the 3Q was weaker than Goldman Sachs expected due to lower lithium and iron ore volumes, along with weaker realised pricing than the broker predicted. 

Management left FY24 guidance unchanged, but the broker notes costs at Yilgarn (iron ore) and Wodgina (lithium) are tracking at the top end of guidance.

The analyst's target falls by -2% to $47. The Neutral rating is kept because Goldman Sachs considers the stock fully valued by comparison with peers, and the balance sheet is highly geared.

Also, the broker's commodities team predicts a lithium market surplus over 2024-2025 with the price trading at or below marginal cost.

This report was published on April 26, 2024.

Target price is $47.00 Current Price is $77.00 Difference: minus $30 (current price is over target).
If MIN meets the Goldman Sachs target it will return approximately minus 39% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $74.86, suggesting downside of -2.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 20.00 cents and EPS of 155.00 cents.
At the last closing share price the estimated dividend yield is 0.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 49.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 150.4, implying annual growth of 18.1%.
Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 51.2.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 19.00 cents and EPS of 103.00 cents.
At the last closing share price the estimated dividend yield is 0.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 74.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 289.4, implying annual growth of 92.4%.
Current consensus DPS estimate is 116.6, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 26.6.

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

MVF    MONASH IVF GROUP LIMITED

Healthcare services – Overnight Price: $1.50

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

Wilsons points to a subdued March quarter for IVF which is characteristic for the time of the year, but an early Easter made the season even quieter, with Medicare data reporting an -8% fall in stimulated cycles.

The broker doesn't model quarterly results for Monash IVF, however Wilsons is expecting 7% increase from M&A over the 2H24. alongside a net 1% volume/price increase, as well as a $600,000 turnaround in Singapore EBITDA.

The rating is upgraded to Overweight, as the stock has traded sideways for 6 months, the valuation has plateaued and there is considered an intrinsic scarcity value in this particular segment of the healthcare services sector.

The target is lifted to $1.58 with potential upside to $1.80 as forecasts are cast out to FY26.

This report was published on April 30, 2024.

Target price is $1.58 Current Price is $1.50 Difference: $0.085
If MVF meets the Wilsons target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $1.56, suggesting upside of 4.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 5.00 cents and EPS of 7.50 cents.
At the last closing share price the estimated dividend yield is 3.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.6, implying annual growth of 35.7%.
Current consensus DPS estimate is 5.1, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 19.7.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 5.60 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 3.75%.
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 8.4, implying annual growth of 10.5%.
Current consensus DPS estimate is 5.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 17.8.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

NCK    NICK SCALI LIMITED

Furniture & Renovation – Overnight Price: $15.02

Jarden rates ((NCK)) as Upgrade to Buy from Overweight (1) –

Jarden anticipates upside risk to overseas earnings for Nick Scali following the UK acquisition of Fabb Furniture and raises its target to $15.40 from $13.87. The rating is also upgraded to Buy from Overweight.

The broker expects short-term gross profit margin (GPM) synergies and material longer-term sales/store uplifts.

Potential synergies are so significant the broker believes the transaction could be EPS accretive in FY26, lending additional upside to Jarden's new forecast.

Also not incorporated into the analysts' current forecast for Nick Scali, is the broker's conservative prediction Fabb could increase its store footprint by two or three times.

This report was published on April 26, 2024.

Target price is $15.40 Current Price is $15.02 Difference: $0.38
If NCK meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 60.20 cents and EPS of 92.00 cents.
At the last closing share price the estimated dividend yield is 4.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.33.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 64.30 cents and EPS of 90.00 cents.
At the last closing share price the estimated dividend yield is 4.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.69.

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

NXS    NEXT SCIENCE LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.35

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

Canaccord Genuity analysts consider the 1Q24 Next Science results as a miss on what they thought were low expectations for the period.

The strategic shift in sales away from private office to higher "woundcare centres" has yet to show results, the broker comments. Revenues declined -23% this quarter on the previous quarter, but rose 19% on the year.

Xperience remains the best growth driver longer term, according to the analysts, but the financial strength of the company remains questionable despite the cost savings and recent capital raising.

Management retained guidance and aims to be cashflow positive in the 2H24. Canaccord Genuity retains forecasts at the lower end of the market, alongside the 40c target. Speculative Buy.

This report was published on April 24, 2024.

Target price is $0.40 Current Price is $0.35 Difference: $0.05
If NXS meets the Canaccord Genuity target it will return approximately 14% (excluding dividends, fees and charges).

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

PBH    POINTSBET HOLDINGS LIMITED

Gaming – Overnight Price: $0.47

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

Third quarter results for PointsBet Holdings were better than Jarden expected, revealing record net wins across both Australia and Canada. It's felt a historical overspend across both platform technology and marketing is now resulting in increased market share.

Additionally, the company is benefiting from/capitalising upon some internal disruptions/uncertainties at some of its larger competitors (i.e. Sportsbet and Entain), explain the analysts.

While confirming FY24 normalised earnings (EBITDA) loss guidance of -$9m to -$14m, management is now targeting the low end of this range.

The broker's Overweight rating is maintained and the target increased to $1.15 from $1.05. It's felt PointsBet will continue taking share given its proven technology, established brand and overweight sports betting position (particularly in the US).

This report was published on April 26, 2024.

Target price is $1.15 Current Price is $0.47 Difference: $0.685
If PBH meets the Jarden target it will return approximately 147% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 10.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.35.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.35.

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

PPT    PERPETUAL LIMITED

Wealth Management & Investments – Overnight Price: $23.76

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

Funds under management (FUM) for Perpetual missed Jarden's forecast by -1% due to elevated net outflows of -$5.2bn, taking FY24 year-to-date net outflows to -$9.5bn, or -6% per annum of FUM.

Over the period, the Asset Management division enjoyed 6.3% FUM growth, reflecting stronger equity markets and a weaker Australian dollar, explains the broker.

Management raised FY24 cost growth guidance to 32-34% from the top end of its initial 27-31% range.

Jarden is hopeful a detailed strategic review (due by May 8) will provide a positive share price catalyst. The Overweight rating is unchanged and the target falls to $26.50 from $28.10.

This report was published on April 26, 2024.

Target price is $26.50 Current Price is $23.76 Difference: $2.74
If PPT meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $26.83, suggesting upside of 12.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 131.60 cents and EPS of 170.90 cents.
At the last closing share price the estimated dividend yield is 5.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 181.9, implying annual growth of 148.4%.
Current consensus DPS estimate is 132.6, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 13.1.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 152.50 cents and EPS of 197.20 cents.
At the last closing share price the estimated dividend yield is 6.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 208.8, implying annual growth of 14.8%.
Current consensus DPS estimate is 146.2, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 11.4.

Market Sentiment: 0.5
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: $2.22

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

Perseus Mining achieved "robust" March quarter results as production reached 127koz, a beat on Canaccord Genuity forecasts, including lower than expected costs.

The company has acquired 94.99% of OreCorp ((ORR)) post the results and will move to compulsory acquisition, resulting in proforma cash and bullion around US4580m and US$800m in liquidity.

The  balance sheet provides options to restructure the capital base or fund the capital expenditure for Nyanzaga, suggests the broker.

Analyst forecasts are noted to be on the low side with the potential for stronger performance at Yaoure and better than expected costs.

Management has guided to 1H24 production of 226koz-254koz. Buy rating and $3.60 target unchanged.

This report was published on April 24, 2024.

Target price is $3.60 Current Price is $2.22 Difference: $1.38
If PRU meets the Canaccord Genuity target it will return approximately 62% (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

QBE    QBE INSURANCE GROUP LIMITED

Insurance – Overnight Price: $17.19

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

With US insurer Chubb reporting on its first quarter, Goldman Sachs has drawn some readthroughs relevant for the North American business operations of QBE Insurance.

Management at Chubb continues to flag a favourable operating environment in North America with pricing exceeding loss costs, which remained steady. Commentary suggested to the broker a continuing rational market for pricing.

In a potential positive for QBE Insurance, suggest the analysts, Chubb's net earned premium (NEP) grew strongly at around 12% on the previous corresponding period.

The Buy rating and target price of $20.58 are retained for QBE Insurance.

This report was published on April 26, 2024.

Target price is $20.58 Current Price is $17.19 Difference: $3.39
If QBE meets the Goldman Sachs target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $17.96, suggesting upside of 4.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 89.70 cents and EPS of 183.88 cents.
At the last closing share price the estimated dividend yield is 5.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 176.1, implying annual growth of N/A.
Current consensus DPS estimate is 86.5, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 9.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 89.80 cents and EPS of 184.64 cents.
At the last closing share price the estimated dividend yield is 5.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 183.8, implying annual growth of 4.4%.
Current consensus DPS estimate is 90.8, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 9.4.

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

REA    REA GROUP LIMITED

Real Estate – Overnight Price: $179.80

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

Among the broker's coverage of companies in the Online Classifieds category, Seek remains the top pick given the market is not currently allowing for the company's $2bn revenue aspiration in A&NZ and Asia by FY28.

The key swing factor the broker sees for FY24 forecasts across all online classifieds stocks is 2H volumes.

Industry feedback obtained by the analysts indicates average FY25 price increases of around 10.5% for REA Group.

The group is introducing a new 'Luxe listing' product targeting high-end properties, priced at almost double that of PremierePlus. Should Luxe reach 2% of depth listings, it would drive residential revenues around 1.5% higher, according to the broker.

The target for REA Group rises to $159 from $155 and the Underweight rating is maintained.

This report was published on April 23, 2024.

Target price is $159.00 Current Price is $179.80 Difference: minus $20.8 (current price is over target).
If REA meets the Jarden target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $175.34, suggesting downside of -2.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 191.60 cents and EPS of 350.50 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 51.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 342.1, implying annual growth of 26.9%.
Current consensus DPS estimate is 191.7, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 52.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 225.90 cents and EPS of 417.20 cents.
At the last closing share price the estimated dividend yield is 1.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 405.1, implying annual growth of 18.4%.
Current consensus DPS estimate is 230.8, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 44.4.

Market Sentiment: 0.0
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) –

Red 5 reconfirmed the pre-reported 50.1koz 3Q gold production, a decline of -5% on the previous quarter, with sales and all in sustaining costs (AISC) meeting Canaccord Genuity forecasts.

The -17% fall in AISC was due to the rundown of a lower cost stockpile.

Management retained FY24 guidance for production and AISC, with an increase in expected capital expenditure (capex) to -$50m-$53m, up 20% at the midpoint.

The broker adjusts capex to -$53m from -$46m for FY24 and reduced the production forecast to 210koz with AISC estimated at $2026/oz, against 212koz and $2020/oz, previously.

The merger with Silver Lake Resources ((SLR)) has been agreed, with implementation of the deal around June 7, Silver Lake Resources' shareholders will receive 3.434 Red 5 shares for every one of their shares.

Buy rating and 48c target unchanged.

This report was published on April 24, 2024.

Target price is $0.48 Current Price is $0.43 Difference: $0.05
If RED meets the Canaccord Genuity target it will return approximately 12% (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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.00.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.50.

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: $32.61

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

The strong improvement in gross margins resulted in much better than expected 2Q24 results for ResMed, with the company lifting earnings by 27% on the previous corresponding quarter and beating both consensus and Jarden's forecasts.

ResMed also reported stronger device growth and an improvement in operating expenses following a -5% decline in the head count in 2Q24.

Jarden increases the 4Q24 EPS forecast by 6.1% and FY25 by 4.3%. Unchanged Overweight rating and the target price is raised to $32.85 from $31.33.

This report was published on April 26, 2024.

Target price is $32.85 Current Price is $32.61 Difference: $0.24
If RMD meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $35.73, suggesting upside of 9.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 29.25 cents and EPS of 118.83 cents.
At the last closing share price the estimated dividend yield is 0.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 117.8, implying annual growth of N/A.
Current consensus DPS estimate is 29.8, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 27.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 39.34 cents and EPS of 144.88 cents.
At the last closing share price the estimated dividend yield is 1.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 135.9, implying annual growth of 15.4%.
Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 24.0.

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

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.08

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

Regis Resources reported in line production of 91koz with a slight miss on the all in sustaining costs (AISC) according to Canaccord Genuity.

Group revenue reached $309m from 98.8koz sales at an average gold price of $3,126/oz. The company is operating an un-hedged gold price policy.

Management retained production and AISC guidance of 415-455k/oz and $1,995-$2315/oz, respectively. 

The broker maintains 4Q24 forecasts for 104koz and $2,185 AISC, with a slight increase in capital expenditure to -$86m, -$40m extra for expansion plans.

Unchanged Buy rating and target price of $2.55.

This report was published on April 24, 2024.

Target price is $2.55 Current Price is $2.08 Difference: $0.47
If RRL meets the Canaccord Genuity target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $2.22, suggesting upside of 6.7%(ex-dividends)
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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 208.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of N/A.
Current consensus DPS estimate is 0.2, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 26.7.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 1.00 cents and EPS of 38.00 cents.
At the last closing share price the estimated dividend yield is 0.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.4, implying annual growth of 238.5%.
Current consensus DPS estimate is 0.8, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 7.9.

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

---

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

Third quarter operational results for Regis Resources were in line with expectations held by Goldman Sachs, and FY24 guidance was maintained. 

Production missed forecasts by the broker and consensus due to continued weather impacts, while the group cost (AISC) of production
was in line.

For McPhillamys, management is targeting a completed definitive feasibilty study (DFS) in the current June quarter, with a final investment decision by the 2Q of 2025.

The broker's target rises to $2.30 from $2.20, while the Neutral rating is kept on valuation.

This report was published on April 26, 2024.

Target price is $2.30 Current Price is $2.08 Difference: $0.22
If RRL meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $2.22, suggesting upside of 6.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 104.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of N/A.
Current consensus DPS estimate is 0.2, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 26.7.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 2.00 cents and EPS of 34.20 cents.
At the last closing share price the estimated dividend yield is 0.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.4, implying annual growth of 238.5%.
Current consensus DPS estimate is 0.8, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 7.9.

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

SEK    SEEK LIMITED

Jobs & Skilled Labour Services – Overnight Price: $23.93

Jarden rates ((SEK)) as Buy (1) –

Among the broker's coverage of companies in the Online Classifieds category, Seek remains the top pick given the market is not currently allowing for the company's $2bn revenue aspiration in A&NZ and Asia by FY28.

The key swing factor Jarden sees for FY24 forecasts across all online classifieds stocks is 2H volumes.

Should Seek achieve $2bn in revenue, the broker's upside scenario suggests a valuation of approximately $37.

The Buy rating and base case $29 target are maintained.

This report was published on April 23, 2024.

Target price is $29.00 Current Price is $23.93 Difference: $5.07
If SEK meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $27.10, suggesting upside of 13.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 36.60 cents and EPS of 57.30 cents.
At the last closing share price the estimated dividend yield is 1.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.2, implying annual growth of -83.3%.
Current consensus DPS estimate is 37.5, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 49.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 52.00 cents and EPS of 80.00 cents.
At the last closing share price the estimated dividend yield is 2.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.6, implying annual growth of 42.3%.
Current consensus DPS estimate is 52.0, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 34.9.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

TAH    TABCORP HOLDINGS LIMITED

Gaming – Overnight Price: $0.70

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

Recent quarterly updates suggest to Jarden second-tier players such as PointsBet Holdings ((PBH)) and BlueBet Holdings ((BBT)) are taking market share from the larger players in the space, including Tabcorp Holdings.

This market share grab can be partly attributed to the greater proliferation of US sports and more participation by Australian players in NBA playoffs, explains the broker.

Also, the analysts highlight some new sports (e.g. UFC growth) and some high-profile/unique sports impacts such as the Taylor Swift effect on the popularity of the NFL.

Higher margin, new products (e.g. same-game multis) are growing exponentially, which is leading to higher gross margins generally, explains Jarden.

The Overweight rating and 95c target are maintained for Tabcorp Holdings.

This report was published on April 26, 2024.

Target price is $0.95 Current Price is $0.70 Difference: $0.25
If TAH meets the Jarden target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $0.97, suggesting upside of 38.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 1.90 cents and EPS of 2.20 cents.
At the last closing share price the estimated dividend yield is 2.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.8, implying annual growth of -4.4%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 25.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 2.60 cents and EPS of 4.30 cents.
At the last closing share price the estimated dividend yield is 3.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.0, implying annual growth of 78.6%.
Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 14.0.

Market Sentiment: 0.7
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: $2.15

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

Westgold Resources 3Q results reflected a pre-reported lower production of 52.1k/oz, due to wet weather, which impacted on Murchison and Bryah and resulted in a -11% miss on Canaccord Genuity's forecasts.

Management maintained downgraded FY24 guidance at 220-230k/oz and all in sustaining costs of $2,100-$2,300/oz.

The broker is positive on the proposed merger with Canadian Karora Resources (KRR) with the deal expected to offer Westgold Resources shareholders a more diverse suite of asset exposure. 

Karora Resources is forecast to contribute 58% to free cash flows over FY25-FY33. Buy rating and $3.25 target maintained.

This report was published on April 24, 2024.

Target price is $3.25 Current Price is $2.15 Difference: $1.1
If WGX meets the Canaccord Genuity target it will return approximately 51% (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 17.00 cents.
At the last closing share price the estimated dividend yield is 0.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.65.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 2.00 cents and EPS of 44.00 cents.
At the last closing share price the estimated dividend yield is 0.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.89.

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

---

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.

Click to view our Glossary of Financial Terms