Australian Broker Call *Extra* Edition – May 13, 2024

This story features ALLIGATOR ENERGY LIMITED, and other companies. For more info SHARE ANALYSIS: AGE

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)

AGE   ASG   ASN   BRE   GDF   IMM   IPX   LEL   LIN (2)   LOV   MAH   MEI (2)   MQG   NAB   NST   NWC   QUB   SOM   WA1   WOW  

AGE    ALLIGATOR ENERGY LIMITED

Uranium – Overnight Price: $0.06

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

Petra Capital had only initiated coverage on Alligator Energy in mid-April with a Buy rating and 11c target price.

By now, the company announced successful resource extension drilling results at its Samphire Uranium Project in South Australia, which confirmed thick, high-grade intersections.

This positive outcome supports the potential expansion of the existing Blackbush Resource, suggests the broker, while it aligns with the pre-drill Exploration Target for Blackbush Extension 1 & 2.

This report was published on May 3, 2024.

Target price is $0.11 Current Price is $0.06 Difference: $0.048
If AGE meets the Petra Capital target it will return approximately 77% (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

ASG    AUTOSPORTS GROUP LIMITED

Automobiles & Components – Overnight Price: $2.58

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

Wilsons maintains an Overweight rating on Autosports Group, with a revised target price of $3.69, down from $3.85, on lowered forecasts.

Trimmed earnings forecasts are the result of an -11% decrease in unit sales volumes in the luxury segment year-to-date, primarily attributed to supply constraints at Australian ports rather than a drop in demand.

The broker maintains the outlook remains positive for the luxury segment's demand, with the supply issues seen as a temporary setback.

The next updates will likely focus on resolving these supply chain disruptions and assessing their continued impact on sales and profitability, the broker suggests.

This report was published on May 6, 2024.

Target price is $3.69 Current Price is $2.58 Difference: $1.11
If ASG meets the Wilsons target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $3.08, suggesting upside of 19.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 20.50 cents and EPS of 35.60 cents.
At the last closing share price the estimated dividend yield is 7.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.4, implying annual growth of 8.8%.
Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 7.6%.
Current consensus EPS estimate suggests the PER is 7.3.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 21.00 cents and EPS of 35.40 cents.
At the last closing share price the estimated dividend yield is 8.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.7, implying annual growth of -13.3%.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 8.4.

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

ASN    ANSON RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.12

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

Petra Capital maintains a Buy rating on Anson Resources with a reduced target price to $0.41 from $0.49 in reflection of a revised start-up and higher equity dilution anticipated for Anson's operations.

The broker states the company has achieved a significant milestone by signing a binding offtake term sheet with LG Energy Solution (LGES) for 4ktpa of battery grade Lithium Carbonate, set to start from July 2027.

This offtake agreement, which represents about 40% of the planned 10ktpa nameplate production from the Paradox Project in Utah, is considered a strong validation of Anson’s Direct Lithium Extraction (DLE) process and product quality.

This report was published on May 3, 2024.

Target price is $0.41 Current Price is $0.12 Difference: $0.285
If ASN meets the Petra Capital target it will return approximately 228% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.25.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 62.50.

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

BRE    BRAZILIAN RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $3.06

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

Brazilian Rare Earths is expected to continue its growth trajectory according to Petra Capital.

The broker highlights ongoing high-grade drilling at the Monte Alto project, averaging 17.6% rare earth oxide (TREO), significantly higher than peer averages.

Upcoming drilling at the Pele project will start soon with a Maiden Resource expected by late 2024 to early 2025. Financial projections indicate substantial revenue growth from $0 in 2024 to $317m by 2028, with a shift to profitability anticipated.

The Buy rating is retained and the target price is revised to $4.29 from $3.61

This report was published on May 6, 2024.

Target price is $4.29 Current Price is $3.06 Difference: $1.23
If BRE meets the Petra Capital target it will return approximately 40% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 12.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 24.68.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 11.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 27.32.

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

GDF    GARDA PROPERTY GROUP

REITs – Overnight Price: $1.20

Moelis rates ((GDF)) as Buy (1) –

Garda Property reported April valuations and Moelis notes a minor -0.75% decrease in book values due to cap rate expansion, impacting several properties differently.

Financial forecasts have remained unchanged.

The group's portfolio is heavily weighted in Brisbane industrial assets (83%), which is showing resilience despite recent valuation adjustments, with rent growth offsetting cap rate expansions.

The broker estimates gearing is at 31% by June 2024. Buy rating and $1.60 target retained.

This report was published on May 6, 2024.

Target price is $1.60 Current Price is $1.20 Difference: $0.4
If GDF meets the Moelis target it will return approximately 33% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 6.30 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 5.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.00.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 6.50 cents and EPS of 6.70 cents.
At the last closing share price the estimated dividend yield is 5.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.91.

Market Sentiment: 1.0
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: $0.46

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

The broker highlights the initial positive results from the Phase II EFTISARC-NEO trial in soft tissue sarcoma (STS), where eftilagimod Alpha combined with Keytruda and radiation showed a near-complete response in four out of six patients.

These findings, although based on a small sample, support the potential of efti in enhancing response rates in STS—a setting where Keytruda alone typically shows low effectiveness, the broker explains.

Canaccord Genuity views upcoming clinical readouts across various indications as potential value inflection points for Immutep. No changes have been made to financial forecasts, with the analysis excluding STS due to the early nature of the data.

Canaccord Genuity maintains a Buy rating on Immutep, with a target price of $1.00.

This report was published on May 3, 2024.

Target price is $1.00 Current Price is $0.46 Difference: $0.54
If IMM meets the Canaccord Genuity target it will return approximately 117% (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

IPX    IPERIONX LIMITED

Industrial Metals – Overnight Price: $2.12

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

Canaccord Genuity maintains a Speculative Buy rating on IperionX, with an unchanged target price of $3.60. The report highlights IperionX's progress in establishing its titanium metal production facilities in Virginia, US, using patented process technologies aimed at lowering production costs compared to conventional methods.

The first phase of production is expected to commence in mid-2024 with an initial capacity of 125 tonnes per annum, potentially scaling to 2,000 tonnes by mid-2026. The broker notes, based on current cost and pricing assumptions, this could yield an EBITDA of US$150m annually, rising to over US$300m as capacity expands to 4,000 tonnes.

The broker also highlights the partnerships with United Star Holdings and Vegas Fasteners are developing, which could lead to commercial-scale product supply agreements, underpinning the potential for a re-rating of IperionX's stock.

The report also acknowledges the fragility of the North American titanium supply chain, exacerbated by geopolitical tensions affecting titanium sponge feedstock predominantly controlled by China and Russia.

This report was published on May 3, 2024.

Target price is $3.60 Current Price is $2.12 Difference: $1.48
If IPX meets the Canaccord Genuity target it will return approximately 70% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 70.67.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 70.67.

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

LEL    LITHIUM ENERGY LIMITED

New Battery Elements – Overnight Price: $0.50

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

Petra Capital maintains a Buy rating on Lithium Energy with a revised price target of $0.75 per share, down from a previous valuation of $1.85.

This change follows the announcement of the company's agreement to sell its 90% interest in the Solaroz Lithium Project for $97m in cash to CNGR Advanced Materials Co, a major player in the battery materials sector from China.

The broker calculates the sale equates to approximately $0.865 per share, and after estimated tax and costs, the net proceeds are expected to range between $74m and $85m.

Including the $10m valuation for the graphite assets from the proposed Axon spinoff, the broker states this supports the new target price of $0.75 per share.

Petra Capital sees the next key milestones in the lodgment of the Axon Graphite prospectus in the June quarter and the expected closure of the Solaroz transaction in the December quarter.

This report was published on May 3, 2024.

Target price is $0.75 Current Price is $0.50 Difference: $0.25
If LEL meets the Petra Capital target it will return approximately 50% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.55.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 45.45.

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

LIN    LINDIAN RESOURCES LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $0.14

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

Canaccord Genuity maintains a Speculative Buy rating on Lindian Resources, with a target price of $0.50. Confidence in Lindian's Kangankunde Rare Earth Project in Malawi has increased following positive infill drilling results.

Lindian's phased development approach aims to reduce risks and expedite market entry, the broker explains, with the first stage projected to cost -US$45m in capex, expected to generate substantial EBITDA.

The company has secured an offtake agreement with the Gerald Group for monazite concentrate, bolstering the project's bankability.

This report was published on May 3, 2024.

Target price is $0.50 Current Price is $0.14 Difference: $0.365
If LIN meets the Canaccord Genuity target it will return approximately 270% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.50.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.

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

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

Petra Capital maintains a Buy rating on Lindian Resources with a revised net present value price target of $0.69 per share, up from $0.59.

This adjustment reflects lower anticipated equity dilution and positive updates from the Kangankunde Rare Earths Project in Malawi.

The broker posits the project's Feasibility Study is set to be published in the June quarter, highlighting the potential for a 440ktpa Stage 1 operation with a forecast production of over 9ktpa of total rare earth oxides (TREO) starting from mid-2025.

Petra Capital nominates Lindian Resources for (potentially) significant market re-rating, given the project’s robust economics and strategic importance in the rare earths market.

Earnings estimates have been lowered (deeper losses in FY24 and FY25).

This report was published on May 3, 2024.

Target price is $0.69 Current Price is $0.14 Difference: $0.555
If LIN meets the Petra Capital target it will return approximately 411% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 45.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.14.

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

LOV    LOVISA HOLDINGS LIMITED

Retailing – Overnight Price: $31.77

Jarden rates ((LOV)) as Buy (1) –

Lovisa Holdings remains a top quality retailer according to Jarden and further share price upside is expected.

2H24 earnings expectations are favourable due to the positive year-on-year comparison.

Pandora which is not covered, reported strong 1Q24 results and lifted guidance, supporting the analyst's assessment the US is improving and UK/Europe are resilient as value performs better than premium/luxury jewelry,

Net stores roll out expectations have also been tapered.

Buy rating and $28.69 target unchanged.

This report was published on May 3, 2024.

Target price is $28.69 Current Price is $31.77 Difference: minus $3.08 (current price is over target).
If LOV meets the Jarden target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $30.36, suggesting downside of -4.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 61.00 cents and EPS of 73.70 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.1, implying annual growth of 23.5%.
Current consensus DPS estimate is 74.4, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 40.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 75.00 cents and EPS of 93.30 cents.
At the last closing share price the estimated dividend yield is 2.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.6, implying annual growth of 28.8%.
Current consensus DPS estimate is 86.4, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 31.6.

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

MAH    MACMAHON HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.25

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

Petra Capital reiterates a Buy rating on Macmahon Holdings with a target price of $0.30 per share, following the announcement of a three-year contract extension at the Boston Shaker underground mine, part of the Tropicana project operated by AngloGold.

This extension is expected to deliver an annual revenue of approximately $117m and does not require additional capital expenditure, the broker highlights. The contract's total value is $352m.

This report was published on May 3, 2024.

Target price is $0.30 Current Price is $0.25 Difference: $0.05
If MAH meets the Petra Capital target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 1.00 cents and EPS of 3.80 cents.
At the last closing share price the estimated dividend yield is 4.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.58.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 1.50 cents and EPS of 4.80 cents.
At the last closing share price the estimated dividend yield is 6.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.21.

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

MEI    METEORIC RESOURCES NL

Gold & Silver – Overnight Price: $0.21

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

Canaccord Genuity maintains a Speculative Buy rating on Meteoric Resources, with a target price of $0.45. The report highlights a significant development for the company with the signing of a Memorandum of Understanding (MoU) with Neo Performance Materials.

This MoU outlines a potential offtake agreement for up to 3,000 tonnes of total rare earth oxides (TREO) annually from Meteoric's Caldeira project in Brazil, with an initial focus on neodymium-praseodymium (NdPr) and dysprosium-terbium (Dy/Tb) oxides.

The collaboration also includes a right of first refusal for additional volumes with the broker explaining this reinforces the project's scalability and potential market impact.

Should the formal offtake agreement proceed, the material would be processed at Neo's facilities in Estonia, enhancing the strategic value of Meteoric's output within global supply chains for critical materials, the broker suggests.

This report was published on May 3, 2024.

Target price is $0.45 Current Price is $0.21 Difference: $0.235
If MEI meets the Canaccord Genuity target it will return approximately 109% (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 0.00 cents.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.

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

Petra Capital reiterates a Buy rating on Meteoric Resources with an unchanged target price of $0.38 per share.

Meteoric Resources announced a non-binding memorandum of understanding (MOU) with Neo Performance Materials for the off-take of 3,000 tonnes of total rare earth oxides (TREO) annually from its Caldeira project in Brazil, which includes 900 tonnes of contained neodymium-praseodymium (NdPr).

The broker states this agreement highlights the market's confidence in Caldeira, considered one of the best undeveloped ionic rare earth deposits globally.

This report was published on May 3, 2024.

Target price is $0.38 Current Price is $0.21 Difference: $0.165
If MEI meets the Petra Capital target it will return approximately 77% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 53.75.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 35.83.

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

MQG    MACQUARIE GROUP LIMITED

Wealth Management & Investments – Overnight Price: $193.27

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

Goldman Sachs maintains a Neutral rating on Macquarie Group, with a revised 12-month price target of $178.74, down from $186.38.

This change reflects a reduction in expected net profit after tax (NPAT) for FY25 to FY27 due to slight downgrades in revenue forecasts and an increase in expenses, offset by a lower tax rate.

Macquarie Group's FY24 net profit after tax was $3,522m, marking a -32% decline year-on-year though the result beat Goldman Sachs' estimate by 1%.

The broker believes the medium-term outlook remains positive, supported by an improving macroeconomic environment and potential benefits from global decarbonisation efforts.

Macquarie Group is well-positioned to leverage opportunities as interest rates peak, suggests the broker, with the rate-cutting cycle expected to start in November.

This report was published on May 6, 2024.

Target price is $183.82 Current Price is $193.27 Difference: minus $9.45 (current price is over target).
If MQG meets the Goldman Sachs target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $193.08, suggesting downside of -0.1%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 640.00 cents and EPS of 1041.00 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1079.3, implying annual growth of 17.8%.
Current consensus DPS estimate is 678.6, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 17.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 690.00 cents and EPS of 1120.00 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1163.4, implying annual growth of 7.8%.
Current consensus DPS estimate is 700.8, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 16.6.

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

NAB    NATIONAL AUSTRALIA BANK LIMITED

Banks – Overnight Price: $33.81

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

National Australia Bank reported in-line results according to Jarden.

Net interest margins were better than expected, up 1bps due to Markets & Treasury operations. Credit also remains "benign" which aligns with the analyst's view on this cycle,

Business credit growth remained resilient and the pipeline remains robust, concludes Jarden. The broker adjusts FY24 EPS by 0.5% and 1.1% for FY25.

National Australia Bank remains the broker's top pick in the sector. Overweight rating. Target price lifts to $34 from $33.80.

This report was published on May 10, 2024.

Target price is $34.00 Current Price is $33.81 Difference: $0.19
If NAB meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $30.24, suggesting downside of -10.6%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 169.00 cents and EPS of 224.00 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 222.5, implying annual growth of -5.9%.
Current consensus DPS estimate is 168.5, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 169.00 cents and EPS of 228.40 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 225.0, implying annual growth of 1.1%.
Current consensus DPS estimate is 169.7, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 15.0.

Market Sentiment: -0.5
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: $14.67

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

Northern Star Resources will update guidance at the June quarter production report in late July, which the Jarden analyst notes could disappoint the market and fail to meet consensus estimates.

The broker's forecast at 1.79moz at $1,824/oz is well below consensus and the prospect of higher capital at Pogo and KCGM could also disappoint.

Accounting for the higher capital spending, forecasts are trimmed. Overweight rating. Target price is lowered to $13.50 from $14.10.

This report was published on May 2, 2024.

Target price is $13.50 Current Price is $14.67 Difference: minus $1.17 (current price is over target).
If NST meets the Jarden target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $15.13, suggesting upside of 3.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 27.00 cents and EPS of 52.00 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.7, implying annual growth of -2.1%.
Current consensus DPS estimate is 32.8, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 29.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 27.00 cents and EPS of 65.90 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.9, implying annual growth of 93.0%.
Current consensus DPS estimate is 42.6, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 15.3.

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

NWC    NEW WORLD RESOURCES LIMITED

Copper – Overnight Price: $0.04

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

Petra Capital notes the 15% rise in copper prices over the past three months has increased investor interest in developers like New World Resources, 

The company is progressing with permitting at its high-grade Antler Project in Arizona, targeting pre-construction by the end of 2025.

The broker highlights it is well-funded following a recent $20.4m capital raise and expected to support exploration/development through to a Final Investment Decision in December 2025 quarter.

No changes are made to forecasts. Buy rating and 12c target price are unchanged.

This report was published on May 8, 2024.

Target price is $0.12 Current Price is $0.04 Difference: $0.081
If NWC meets the Petra Capital target it will return approximately 208% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.50.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 39.00.

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

QUB    QUBE HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $3.58

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

Qube Holdings upgraded FY24/FY25 guidance of 10%-15% growth compared to 5%-10% previously.

Strength is being generated from NZ Forestry and Agriculture. Patrick remains robust although Jarden points to some possible risks to Bulk Commodities.

The broker's FY24/FY25 EPS are upgraded by 3%.

The rating is raised to Buy from Overweight and the target lifted to $3.70 from $3.60.

This report was published on May 2, 2024.

Target price is $3.70 Current Price is $3.58 Difference: $0.12
If QUB meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.71, suggesting upside of 3.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 8.00 cents and EPS of 14.50 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 24.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.8, implying annual growth of 48.4%.
Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 24.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 8.70 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 2.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 2.7%.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 23.6.

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

SOM    SOMNOMED LIMITED

Medical Equipment & Devices – Overnight Price: $0.20

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

Wilsons maintains a Market Weight rating on SomnoMed with a revised target price of $0.23, down from $0.45.

This adjustment is prompted by an operational review revealing capacity constraints, leading to a guidance downgrade and a capital raising.

The broker explains funds raised are intended to clear debt, invest in manufacturing, and stabilise the core business before launching RestAssure, a new 'connected care' platform for oral appliance sleep apnoea therapy.

This report was published on May 6, 2024.

Target price is $0.23 Current Price is $0.20 Difference: $0.03
If SOM meets the Wilsons target it will return approximately 15% (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 4.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.17.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.76.

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

WA1    WA1 RESOURCES LIMITED

Industrial Metals – Overnight Price: $20.17

Canaccord Genuity rates ((WA1)) as Speculative Buy (1) –

Canaccord Genuity maintains a Speculative Buy rating on WA1 Resources Ltd., raising the target price to $27.50 from $17.50.

The higher target reflects improved valuation metrics based on the company's progress in metallurgical test work and advanced recovery studies at the Luni niobium project in Western Australia.

As per the broker's assessment, initial test results from the flotation studies have demonstrated viable recovery processes, supporting a more optimistic assessment of the project’s economic viability.

WA1 Resources continues to advance its exploration and development agenda, with a Maiden Resource Estimate expected in the coming months, the broker adds.

This report was published on May 3, 2024.

Target price is $27.50 Current Price is $20.17 Difference: $7.33
If WA1 meets the Canaccord Genuity target it will return approximately 36% (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

WOW    WOOLWORTHS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $30.72

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

Woolworths Group experienced a challenging 3Q according to Jarden with a 2.8% lift in sales year-on-year.

Australian food lost market share to Coles Group ((COL)). Breakeven at BigW is now not expected in the 2H24 and supply chain costs of -$90m-$100m are forecast in FY25.

Despite the downbeat results, Jarden points to a more upbeat tone from management on recent trends.

The broker's FY24 EPS forecasts are trimmed -1.5% and -4% for FY25. Overweight retained. Target is reduced to $39.90 from $40.40.

This report was published on May 10, 2024.

Target price is $39.90 Current Price is $30.72 Difference: $9.18
If WOW meets the Jarden target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $32.83, suggesting upside of 6.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 108.00 cents and EPS of 148.00 cents.
At the last closing share price the estimated dividend yield is 3.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 137.7, implying annual growth of 3.3%.
Current consensus DPS estimate is 113.2, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 22.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 113.00 cents and EPS of 156.30 cents.
At the last closing share price the estimated dividend yield is 3.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.2, implying annual growth of 3.3%.
Current consensus DPS estimate is 103.7, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 21.6.

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

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