Australian Broker Call *Extra* Edition – Jun 03, 2024

This story features AFT PHARMACEUTICALS LIMITED, and other companies. For more info SHARE ANALYSIS: AFP

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)

AFP   AGY   ARX   BRE   DMP (2)   EOS   ERD   ESK   GLN   IPH   MAC   NEU (2)   ORG   PDN   PME   QUB   SFR (2)   SGLLV   SMP   TLC   VGL   WGX  

AFP    AFT PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $2.80

Jarden rates ((AFP)) as Upgrade to Neutral from Underweight (3) –

Both the FY24 earnings (EBIT) result by AFT Pharmaceuticals and FY25 earnings guidance were in line with Jarden's forecasts.

The broker upgrades to Neutral from Underweight on an improved risk/reward balance after expectations were set lower following management's February downgrade. The ratings upgrade is also partly in response to the recent share price decline. 

FY25 earnings growth is underpinned by a margin recovery, and, following management's guidance, Jarden has more confidence the
gross margin can improve from cycling higher impairments and an improving product mix.

Management is also confident the rest-of-the-world (RoW) opportunity is underpinned by US sales and the Hikma Pharmaceuticals relationship.

Hikma and AFT signed an exclusive license and distribution agreement for the commercialisation of Combogesic IV in the US.

The target price rises to NZ$2.90 from NZ$2.80.

This report was published on May 24, 2024.

Current Price is $2.80. Target price not assessed.
The company's fiscal year ends in March.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 1.85 cents and EPS of 14.42 cents.
At the last closing share price the estimated dividend yield is 0.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.42.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 2.77 cents and EPS of 18.12 cents.
At the last closing share price the estimated dividend yield is 0.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.46.

This company reports in NZD. 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

AGY    ARGOSY MINERALS LIMITED

New Battery Elements – Overnight Price: $0.12

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

The Japanese producer of lithium-ion batteries, Amperex Technology Limited has invested US$5m in Argosy Minerals at 14.63cps share, in what Petra Capital considers an endorsement of development progress and product quality.

The strong calibre of this counterparty bodes well for future offtake and financing discussions for the proposed expansion to 12ktpa from 2ktpa at the plant at the Rincon facility, suggests the broker.

Petra Capital feels shares of Argosy will re-rate over the coming months as production rates lift and cash flows improve.

The Buy rating and 31c target are maintained.

This report was published on May 28, 2024.

Target price is $0.31 Current Price is $0.12 Difference: $0.185
If AGY meets the Petra Capital target it will return approximately 148% (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 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.86.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.86.

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

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.57

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

Wilsons analyses the question "why don't Aroa Biosurgery and TELA Bio (NASDAQ:TELA) merge?"

The analyst concludes such a merger makes sense due to several factors, highlighting both companies have closely linked intellectual property and manufacturing processes, making third-party takeovers less feasible.

A merger would also leverage their combined sales force, enhancing productivity and market reach, particularly in the hernia and breast reconstruction markets.

TELA's strong sales team could further accelerate the adoption of Aroa Biosurgery's products.

The broker suggests, despite the complexities, a merger could present a fast-tracked return for shareholders, offering a more significant and expedited return profile for shareholders of both companies.

Overweight rating and $1 target unchanged.

This report was published on May 28, 2024.

Target price is $1.00 Current Price is $0.57 Difference: $0.43
If ARX meets the Wilsons target it will return approximately 75% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.19 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 308.11.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.76 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.46.

This company reports in NZD. 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

BRE    BRAZILIAN RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $3.25

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

Petra Capital recounts the glowing career highlights of Mr Eric Noyrez, who has been appointed Non-Executive Director of Brazilian Rare Earths.

Experience garnered in both the mining and processing sectors of the rare earth industry should provide a strategic advantage for both operational excellence and successful offtake discussions with customers, suggests the analyst.

The Buy rating and $4.29 target are maintained.

This report was published on May 28, 2024.

Target price is $4.29 Current Price is $3.25 Difference: $1.04
If BRE meets the Petra Capital target it will return approximately 32% (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 26.21.

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 29.02.

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

DMP    DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco – Overnight Price: $38.71

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

The analysts at Goldman Sachs came away from the European strategy days hosted by Domino's Pizza Enterprises with a more positive view on the company's commitment to store unit profitability.

Management aims to lift average weekly unit sales (AWUS) largely via average weekly order count (AWOC) with a combination of a higher aggregator contribution and rectification of carry-out issues. New product development and higher brand marketing will also be targeted.

The Neutral rating and $36.30 target are unchanged. Goldman Sachs feels a turnaround in Japan is critical for the company.

This report was published on May 29, 2024.

Target price is $36.30 Current Price is $38.71 Difference: minus $2.41 (current price is over target).
If DMP meets the Goldman Sachs target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $47.25, suggesting upside of 23.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 107.00 cents and EPS of 134.00 cents.
At the last closing share price the estimated dividend yield is 2.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 135.2, implying annual growth of 193.3%.
Current consensus DPS estimate is 102.2, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 28.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 129.00 cents and EPS of 164.00 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 23.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 174.9, implying annual growth of 29.4%.
Current consensus DPS estimate is 128.5, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 21.9.

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

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

Jarden believes franchisee profitability globally is improving for Domino's Pizza Enterprises, led by Germany and the A&NZ region. When coupled with cost-out initiatives, the broker is comfortable with existing 2H forecasts, albeit risk remains in FY25.

The analysts leave forecasts unchanged after the company's European strategy update, which reiterated near-term challenges, plans to overcome these, and longer-term potential.

Steps have been taken by management to improve the cost base, franchise profitability and the value proposition, notes the broker,  as demonstrated by improving pricing compliance in France.

Overweight rating and $48 target remain.

This report was published on May 28, 2024.

Target price is $48.00 Current Price is $38.71 Difference: $9.29
If DMP meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $47.25, suggesting upside of 23.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 132.00 cents and EPS of 136.00 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 135.2, implying annual growth of 193.3%.
Current consensus DPS estimate is 102.2, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 28.4.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 179.00 cents and EPS of 178.70 cents.
At the last closing share price the estimated dividend yield is 4.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 174.9, implying annual growth of 29.4%.
Current consensus DPS estimate is 128.5, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 21.9.

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

EOS    ELECTRO OPTIC SYSTEMS HOLDINGS LIMITED

Hardware & Equipment – Overnight Price: $1.28

Petra Capital rates ((EOS)) as Upgrade to Speculative Buy from Hold (1) –

Petra Capital views Electro Optic Systems in a more positive light following a $35m capital raise via an institutional placement and an additional $2m from a Share Purchase Plan (SPP).

According to the broker, the capital infusion addresses liquidity concerns and will fund working capital and growth initiatives, including long-lead inventory purchases and bank guarantee collateral.

The analyst lowers EPS estimates by -7 and -7% for FY24 and FY25 due to higher working capital and shares on issue.

Upgrade to Speculative Buy and the target lifts to $1.50 from $1.14

This report was published on May 29, 2024.

Target price is $1.50 Current Price is $1.28 Difference: $0.22
If EOS meets the Petra Capital target it will return approximately 17% (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 8.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.88.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.67.

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

ERD    EROAD LIMITED

Transportation & Logistics – Overnight Price: $0.96

Jarden rates ((ERD)) as Neutral (3) –

Eroad delivered a FY24 result consistent with Jarden's estimates. Revenue of NZ$182m (10% year-on-year growth) exceeded the guidance range of NZ$175-$180m.

The broker notes the result was supported by the expanded agreement with Sysco and execution on management's cost-out program. The CoreHub technology and SaaS solutions are being supplied to Sysco for its fleet of over 9,000 trucks. 

Maiden FY25 revenue guidance is NZ$190-195m, just below the broker's NZ$196m forecast, while FY25 normalised EBIT guidance of NZ$5-10m compares to the broker's NZ$10m estimate.

The Neutral rating is unchanged and the target is raised to NZ$1.05 from NZ95c.

This report was published on May 24, 2024.

Current Price is $0.96. Target price not assessed.
The company's fiscal year ends in March.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.95.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.73 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.75.

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

ESK    ETHERSTACK PLC

Telecommunication – Overnight Price: $0.24

Wilsons – Cessation of coverage

This report was published on May 31, 2024.

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

GLN    GALAN LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.23

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

Petra Capital highlights Galan Lithium continues to aim for first production from its high-grade Hombre Muerto West (HMW) project by mid-2025, with 1kt LCE already in contained inventory.

The broker points to Phase 1 of the project as 40% complete, with efforts to secure final funding and stresses it has globally significant project.

Galan Lithium management is also considering various funding options, including prepayment, debt, or equity deals, and $125m is requited to finish HMW.

Buy rating unchanged and the target lowered to 55c from 59c due to dilution from the additional shares and options.

This report was published on June 3, 2024.

Target price is $0.55 Current Price is $0.23 Difference: $0.325
If GLN meets the Petra Capital target it will return approximately 144% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.08.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.65.

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

IPH    IPH LIMITED

Legal – Overnight Price: $6.20

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

Petra Capital notes the latest report indicates IPH's Australian filings are tracking an improving trend, led by the two largest IP agents, Spruson & Ferguson (S&F) and Griffith Hack (GH).

The 10-months to April 2024 filings show the company at -0.5% vs market 0.1%, a notable improvement from the March 2024 -2.2% and 1H24 -3.2%, highlights the analyst.

Rolling 6-month growth for IPH stands at 3.1% against the market's 2.1%. Monthly filings for April saw a significant rise with IPH at 19.5% vs market 9.3%, reversing March’s -8.8% decline.

No earnings forecast changes from Petra Capital. Buy rating and $10.50 target remain.

This report was published on May 29, 2024.

Target price is $10.50 Current Price is $6.20 Difference: $4.3
If IPH meets the Petra Capital target it will return approximately 69% (excluding dividends, fees and charges).
Current consensus price target is $8.35, suggesting upside of 33.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 34.00 cents and EPS of 43.60 cents.
At the last closing share price the estimated dividend yield is 5.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.0, implying annual growth of 57.2%.
Current consensus DPS estimate is 34.2, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 13.9.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 36.50 cents and EPS of 48.20 cents.
At the last closing share price the estimated dividend yield is 5.89%.
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 48.3, implying annual growth of 7.3%.
Current consensus DPS estimate is 36.4, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 12.9.

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

MAC    METALS ACQUISITION LIMITED

Copper – Overnight Price: $21.72

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

Canaccord Genuity analysts have updated their outlook on Metals Acquisition, maintaining a Buy rating with the price target unchanged at $25.00.

The broker highlights the company's strategic investment in Polymetals Resources and potential toll treating agreement to process high-grade zinc ore from the CSA mine.

Financial forecasts remain stable, the broker suggests, with expectations of further project developments and strategic agreements enhancing processing capacity.

This report was published on May 27, 2024.

Target price is $25.00 Current Price is $21.72 Difference: $3.28
If MAC meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).

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

NEU    NEUREN PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $21.64

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

Canaccord Genuity analysts have updated their outlook on Neuren Pharmaceuticals, maintaining a Buy rating and keeping the price target unchanged at $31.00.

The broker highlights positive Phase II data for NNZ-2591 in Pitt Hopkins Syndrome, showing statistically significant improvements across all primary endpoints.

The results strengthen the broker's confidence in NNZ-2591's potential, with a total addressable market of US$5bn. No changes have been made to financial forecasts, with the broker noting success in this trial validates the broader opportunity for NNZ-2591.

Upcoming catalysts include FDA meetings for Phelan McDermid and Phase II readouts for Angelman's Syndrome in 3Q24.

This report was published on May 27, 2024.

Target price is $31.00 Current Price is $21.64 Difference: $9.36
If NEU meets the Canaccord Genuity target it will return approximately 43% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 54.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.07.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 90.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.04.

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

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

Neuren Pharmaceuticals released positive data from its second Phase II trial with NNZ-2591 for Pitt Hopkins syndrome, showing both safety and efficacy, according to Wilsons.

These data follow similar positive outcomes from a trial in Phelan McDermid syndrome and validates NNZ-2591 as a potential treatment for cognitive impacts in orphan neurodevelopmental disorders, notes the analyst.

The consistency of results across trials increases confidence in the upcoming 3Q2024 and 2025 readouts for Angelman and Prader Willi syndromes.

The probability of success for NNZ-2591 in Phase II has been increased to 100%, highlights the broker, leading to a de-risked valuation and uplift in the target price to $30.

Overweight.

This report was published on May 27, 2024.

Target price is $30.00 Current Price is $21.64 Difference: $8.36
If NEU meets the Wilsons target it will return approximately 39% (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 50.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.77.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 32.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 67.41.

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

ORG    ORIGIN ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $10.19

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

Jarden was not surprised Origin Energy and the NSW Government have announced an agreement extending Eraring Power Station's life by a minimum of two years from August 2025 to August 2027, given recent NSW electricity price volatility.

The announcement was broadly in line with both expectations held by the broker and consensus.

The analysts note a key near-term catalyst is Origin's investor briefing on June 12.

The Overweight rating is retained and the target price increases to $10.61 from $10.24.

This report was published on May 24, 2024.

Target price is $10.61 Current Price is $10.19 Difference: $0.42
If ORG meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $9.89, suggesting downside of -4.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 55.00 cents and EPS of 70.60 cents.
At the last closing share price the estimated dividend yield is 5.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.6, implying annual growth of 18.4%.
Current consensus DPS estimate is 59.6, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 50.00 cents and EPS of 93.50 cents.
At the last closing share price the estimated dividend yield is 4.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.7, implying annual growth of 16.7%.
Current consensus DPS estimate is 66.9, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 12.2.

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

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $15.93

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

Canaccord Genuity analysts have updated their outlook on Paladin Energy, maintaining a Buy rating and raising the price target to $16.00 from $15.53.

Following a site visit, the broker highlights commissioning at the Langer Heinrich mine is progressing ahead of expectations, with FY24 production forecasts increased by 30% to 0.66Mlb.

First sales are anticipated in July, with strong operational performance and low downtime at the crushers. The analysts note inflation in Namibia is affecting cost structures but remains manageable.

Financial forecasts have been adjusted, with EBITDA for FY24 revised up to $36.7m, up from $2.1m.

This report was published on May 27, 2024.

Target price is $16.00 Current Price is $15.93 Difference: $0.07
If PDN meets the Canaccord Genuity target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $16.31, suggesting downside of -0.2%(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 4.87 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 326.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 81.34 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.8, implying annual growth of N/A.
Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 29.3.

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

PME    PRO MEDICUS LIMITED

Medical Equipment & Devices – Overnight Price: $120.12

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

Goldman Sachs raises its target for Pro Medicus by 1.5% to $136 following the signing of five new customer contracts with a combined minimum value of $45m per year.

The broker highlights how the product and value proposition is appealing to a broadening range of customers across different sizes and specialties.

New customers include children’s hospitals and private radiology groups where the market is evolving, and more tenders are coming to market, explain the analysts.

The company's total contracted values in FY24 are now greater than $245m, which Goldman suggests will underpin accelerating revenue growth. Buy.

This report was published on May 29, 2024.

Target price is $136.00 Current Price is $120.12 Difference: $15.88
If PME meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $88.40, suggesting downside of -27.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 38.00 cents and EPS of 75.00 cents.
At the last closing share price the estimated dividend yield is 0.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 160.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.1, implying annual growth of 29.3%.
Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 161.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 50.00 cents and EPS of 98.00 cents.
At the last closing share price the estimated dividend yield is 0.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 122.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.7, implying annual growth of 32.8%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 121.7.

Market Sentiment: -0.2
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: $3.59

Jarden rates ((QUB)) as Buy (1) –

Jarden sees only modest ACCC regulatory risks to the consummation of Qube Holdings' deal to acquire the Melbourne International RoRo and Automotive Terminal (MIRRAT) for -$335m.

While Port of Melbourne motor vehicle volumes have been volatile, MIRRAT has been able to grow earnings and revenue yield over time, note the analysts.

Very modest EPS accretion from the transaction is factored into the broker's forecasts. The Buy rating and $3.70 target are unchanged.

This report was published on May 28, 2024.

Target price is $3.70 Current Price is $3.59 Difference: $0.11
If QUB meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.91, suggesting upside of 8.1%(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 24.76.

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 9.0, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 24.5.

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 2.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.4, implying annual growth of 4.1%.
Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 23.5.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $9.25

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

Canaccord Genuity analysts have updated their outlook on Sandfire Resources, maintaining a Buy rating and raising the price target to $10.25 from $9.75.

The update has been inspired by the strong progress at the Motheo operations in Botswana, with the ramp-up to 5.2Mtpa throughput running smoothly and outperforming expectations, the broker comments.

Challenges with ore softness and concentrate filtration are being addressed by installing a new filtration circuit. The analysts highlight the potential for significant value accretion through increased exploration spending, particularly given the recent discovery at A1.

The broker forecasts a US5c dividend for shareholders in FY25.

This report was published on May 27, 2024.

Target price is $10.25 Current Price is $9.25 Difference: $1
If SFR meets the Canaccord Genuity target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $9.02, suggesting downside of -4.6%(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 minus 0.91 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1012.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.5, implying annual growth of N/A.
Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 7.62 cents and EPS of 54.84 cents.
At the last closing share price the estimated dividend yield is 0.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.8, implying annual growth of N/A.
Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 16.9.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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

Wilsons attended the recent site tour of the Motheo operation in Botswana and the analyst noted Sandfire Resources' nearly flawless execution in delivery and ramp-up activities.

The broker highlights management is focused on commissioning the filtration plant and stabilising Motheo’s performance as a 5.2Mtpa operation.

On site management indicated the long-term growth potential with plans to establish a buffer of around 15 years of reserves, and a new geological model expected in 2-3 months to enable targeted drilling.

No changes to the analyst's earnings forecasts.

Downgrade to Market Weight from Overweight, due to recent share price strength. Target retained at $9.90.

This report was published on May 28, 2024.

Target price is $9.90 Current Price is $9.25 Difference: $0.65
If SFR meets the Wilsons target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $9.02, suggesting downside of -4.6%(ex-dividends)
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 8.07 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 114.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.5, implying annual growth of N/A.
Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 40.98 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.8, implying annual growth of N/A.
Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 16.9.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SGLLV    RICEGROWERS LIMITED

Food, Beverages & Tobacco – Overnight Price: $7.23

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

Canaccord Genuity observes continued growth in revenue and profit for Ricegrowers through FY24, driven by successful growth initiatives and international market expansion.

Despite facing challenges such as input cost inflation and currency fluctuations, the broker suggests the company’s diverse portfolio and strong balance sheet position it well for future growth.

The 2024 rice crop is expected to exceed 600,000 tonnes, leading to full carryover storage levels.

Canaccord Genuity retains its Buy rating, while raising the price target to $9.60 from $9.45.

This report was published on May 27, 2024.

Target price is $9.60 Current Price is $7.23 Difference: $2.37
If SGLLV meets the Canaccord Genuity target it will return approximately 33% (excluding dividends, fees and charges).
The company's fiscal year ends in April.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 50.00 cents and EPS of 98.00 cents.
At the last closing share price the estimated dividend yield is 6.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.38.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 52.00 cents and EPS of 103.00 cents.
At the last closing share price the estimated dividend yield is 7.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.02.

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

SMP    SMARTPAY HOLDINGS LIMITED

Business & Consumer Credit – Overnight Price: $1.29

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

Wilsons points to some softness in the top-line, lower operating expenses and drawing down on available tax losses offset the impact for the SmartPay FY24 results.

The broker points to better than expected EPS, 13% above expectations and 24% higher than consensus due to the treatment of tax losses.

Management plans a -NZ$5m-NZ$6m investment to drive the launch of the NZ Acquiring solution in early 2H2025, targeting a 500-800 monthly conversion run-rate.

Wilsons highlight SmartPay  is increasingly targeting larger merchants with higher TTV but lower terminal attach rates.

The broker lowers EBITDA forecasts due to conservative net terminal add assumptions, while the FY26 EPS forecast is upgraded by -4% due to tax losses.

Overweight rating. Price target tweaked to $1.86 from $1.87.

This report was published on May 28, 2024.

Target price is $1.86 Current Price is $1.29 Difference: $0.57
If SMP meets the Wilsons target it will return approximately 44% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 4.81 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.84.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 7.76 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.62.

This company reports in NZD. 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

TLC    LOTTERY CORPORATION LIMITED

Gaming – Overnight Price: $4.87

Jarden rates ((TLC)) as Neutral (3) –

Jarden highlights a strong May month for Lottery Corp with cumulative Division 1 jackpots of $459m for Powerball, and upgrades the 2H Lotteries turnover forecast to $3,834m from $3,706m.

However, an average -1.6% revision to forecast EPS is implemented because increased turnover is mitigated by a slight upward revision to net interest costs and standalone opex, explains the broker.

Neutral rating. The target slips to $5.20 from $5.30.

This report was published on May 27, 2024.

Target price is $5.20 Current Price is $4.87 Difference: $0.33
If TLC meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $5.41, suggesting upside of 10.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 16.20 cents and EPS of 17.80 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 27.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.6, implying annual growth of 47.9%.
Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 27.8.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 15.70 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 3.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of 2.8%.
Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 27.0.

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

VGL    VISTA GROUP INTERNATIONAL LIMITED

Software & Services – Overnight Price: $2.06

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

Canaccord Genuity notes Potentia has placed Vista International into play by acquiring a 19.9% stake at NZ$2.10 per share from two of its largest shareholders; at a 14% premium to the last close.

Potentia is an Australian private equity firm, specialising in technology companies with previous ASX interactions.

The broker highlights Vista International is undergoing a major transformation, with an increase in annual recurring revenue (ARR) to over NZ$175m from NZ$127m by 2025, driven by the migration of its cinema customers to the Vista Cloud platform.

This shift is expected to raise annual recurring revenue to over NZ$300m in the long term.

Vista Group aims to reach free cash flow breakeven by 4Q24.

The analyst views the NZ$2.10 per share acquisition price as undervaluing the company's long-term prospects, suggesting a fair value of NZ$4.30 per share based on comparative SaaS industry metrics.

Buy rating and $2.40 target unchanged.

This report was published on May 27, 2024.

Target price is $2.40 Current Price is $2.06 Difference: $0.34
If VGL meets the Canaccord Genuity target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of minus 0.92 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 222.94.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 EPS of 2.13 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 96.90.

This company reports in NZD. 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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.31

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

Petra Capital highlights the proposed merger between Westgold Resources and Karora Resources faces a challenge from Ramelius Resources (RMS).

Ramelius Resources has submitted an application to the Takeovers Panel to stymie the plan.

According to the broker, the application questions the enforceability of the Westgold Resources/Karora Resources agreement and requests amendments to the break fee and corrective disclosures on merger synergies.

No updates have been made to the analyst's financial forecasts. Buy rating. $2.66 target price.

This report was published on May 30, 2024.

Target price is $2.66 Current Price is $2.31 Difference: $0.35
If WGX meets the Petra Capital target it will return approximately 15% (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 3.00 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.63.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 10.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.00.

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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