Australian Broker Call *Extra* Edition – Jun 11, 2024

This story features ADACEL TECHNOLOGIES LIMITED, and other companies. For more info SHARE ANALYSIS: ADA

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)

ADA   APM   ASX   BMT   CAA   CIA (2)   CNB   CSC   CTP   DDR   DXB   EVO   IPG   KCN   LOV (2)   LRS   MAC   NCK   NTU   NWC (2)   PER   QAN   SFX   SGLLV   SNL   SSM   STX   TLX (2)   TRS   WGX   XRO  

ADA    ADACEL TECHNOLOGIES LIMITED

Software & Services – Overnight Price: $0.64

Taylor Collison rates ((ADA)) as Outperform (2) –

Taylor Collison considers the sell-off in Adacel Technologies shares an opportunity, despite the recent financial results being below expectations.

The broker's positive outlook is based on recently-signed five-year contracts with quality government or quasi-government entities, noting these have been previously performed by the company and therefore the margins can be reliably estimated.

The remote tower business is currently causing a drag on profits but this is expected to be rectified in the next 12 months. The broker believes the stock is significantly undervalued and retains an Outperform rating. No target is provided.

This report was published on May 22, 2024.

Current Price is $0.64. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY24:

Taylor Collison forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.81 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.80.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 5.20 cents and EPS of 5.20 cents.
At the last closing share price the estimated dividend yield is 8.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.31.

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

APM    APM HUMAN SERVICES INTERNATIONAL LIMITED

Healthcare – Overnight Price: $1.39

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

APM Human Services International has entered into a scheme implementation deed for the acquisition by Ancora, an entity controlled by Madison Dearborn Partners. The cash offer has been increased to $1.45 from $1.40.

The company has updated on guidance, expecting underlying EBITDA for FY24 to be around the lower end of the range provided in April, being $280-290m.

Canaccord Genuity expects the deal will proceed, given management support and the current 29% ownership position of Madison Dearborn. Hold maintained. Target rises to $1.45 from $1.30.

This report was published on June 3, 2024.

Target price is $1.45 Current Price is $1.39 Difference: $0.065
If APM meets the Canaccord Genuity target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $1.43, suggesting upside of 3.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 5.15 cents and EPS of 10.40 cents.
At the last closing share price the estimated dividend yield is 3.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.3, implying annual growth of -20.6%.
Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 6.87 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.2, implying annual growth of 9.7%.
Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 13.6.

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

ASX    ASX LIMITED

Wealth Management & Investments – Overnight Price: $64.32

Jarden rates ((ASX)) as Neutral (3) –

Jarden says preliminary futures data suggest momentum from the strong April month continued into May. The broker forecasts an increase in daily average volume growth of 26% (about 12% above consensus forecasts) for the month.

Preliminary cash markets data suggest equity turnover rose 3% in May. The broker is awaiting FY25 cost growth guidance before taking too much heart from the revenue increase.

Neutral rating retained. Target price edges up to $63.70 from $63.60.

This report was published on June 3, 2024.

Target price is $63.70 Current Price is $64.32 Difference: minus $0.62 (current price is over target).
If ASX meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $62.68, suggesting downside of -1.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 211.50 cents and EPS of 248.80 cents.
At the last closing share price the estimated dividend yield is 3.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 245.0, implying annual growth of 49.5%.
Current consensus DPS estimate is 208.0, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 26.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 226.50 cents and EPS of 266.40 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 24.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 254.7, implying annual growth of 4.0%.
Current consensus DPS estimate is 216.1, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 25.0.

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

BMT    BEAMTREE HOLDINGS LIMITED

Healthcare services – Overnight Price: $0.22

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

Beamtree Holdings continues to break ground in Saudi Arabia with a significant contract win worth $3.6m that represents around 16% of the previous year's revenue.

Petra Capital considers this a strong gain for the business as it builds upon the investment that has been made in that country to date. It is also in the private sector, in contrast with its traditional "hunting ground" in the public sector.

The broker forecasts 27% revenue growth for FY25 and retains a Buy rating and 61 cents target.

This report was published on May 30, 2024.

Target price is $0.61 Current Price is $0.22 Difference: $0.39
If BMT meets the Petra Capital target it will return approximately 177% (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 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.71.

Forecast for FY25:

Petra Capital forecasts a full year FY25 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 73.33.

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

CAA    CAPRAL LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $9.15

Taylor Collison rates ((CAA)) as Outperform (2) –

Taylor Collison considers it prudent to highlight deteriorating macro conditions, particularly in the residential housing sector, although Capral has strengthened its geographical position with recent board appointments.

The broker remains upbeat on the underlying fundamentals of the business which reinforce the medium-longer term investment thesis and FY24 forecasts are unchanged.

Sector consolidation continues with the acquisition of Aluminium Trade Centre, a distribution centre that generates $10m in revenue from Victoria.

The Outperform rating is retained with no target price provided.

This report was published on May 24, 2024.

Current Price is $9.15. Target price not assessed.
The company's fiscal year ends in December.

Forecast for FY24:

Taylor Collison forecasts a full year FY24 dividend of 0.00 cents and EPS of 146.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.25.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 0.00 cents and EPS of 141.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.48.

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

CIA    CHAMPION IRON LIMITED

Iron Ore – Overnight Price: $6.59

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

Champion Iron posted a record EBITDA outcome of CAD553m for FY24, largely in line with Goldman Sachs estimates. The balance sheet is considered well able to fund growth and ongoing capital returns.

Improvements in rail volume and a draw down in iron ore inventory at site are still expected from the September quarter. There were no major updates on projects with the results.

Goldman Sachs models Kami but does not include the project in its base case as it is contingent on a joint venture partner, permits, FID and financing agreements. Buy rating retained. Target is steady at $9.30.

This report was published on May 31, 2024.

Target price is $9.30 Current Price is $6.59 Difference: $2.71
If CIA meets the Goldman Sachs target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 31.66 cents and EPS of 80.00 cents.
At the last closing share price the estimated dividend yield is 4.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.24.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 EPS of 87.89 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.50.

This company reports in CAD. 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

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Jarden rates ((CIA)) as Buy (1) –

Jarden says while Champion Iron has provided no FY25 guidance, the broker expects sales will be skewed to the second half given new haulage services will be added in June and August, at which point it expects sales will push ahead to exceed production, with drawdown of inventories forecast for 2.5 years.

The broker expects low cost organic growth out to FY27 and expects federal critical minerals recognition could unlock -CA$1.7bn in savings for Kami.

Buy rating retained. Target price edges up to $8.01 from $7.95.

This report was published on May 31, 2024.

Target price is $8.01 Current Price is $6.59 Difference: $1.42
If CIA meets the Jarden target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 15.78 cents and EPS of 108.96 cents.
At the last closing share price the estimated dividend yield is 2.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.05.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 10.14 cents and EPS of 74.25 cents.
At the last closing share price the estimated dividend yield is 1.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.87.

This company reports in CAD. 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

CNB    CARNABY RESOURCES LIMITED

Mining – Overnight Price: $0.54

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

Petra Capital revisits Carnaby Resources' valuation given the company has moved to toll milling as the optimal development path.

The broker's target price falls to $1.44 from $1.60 (which was based on the broker's use of an average standalone/toll milling valuation).

Petra Capital says the scoping study for the project reveals a low-capital expenditure operation, near existing infrastructure and processing facilities near Mt Isa.

Buy rating retained.

This report was published on May 31, 2024.

Target price is $1.44 Current Price is $0.54 Difference: $0.9
If CNB meets the Petra Capital target it will return approximately 167% (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 9.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.81.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 5.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.15.

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

CSC    CAPSTONE COPPER CORP

Copper – Overnight Price: $10.15

Moelis rates ((CSC)) as Initiation of coverage with Buy (1) –

Moelis initiates coverage on Capstone Copper with a Buy rating and $14.50 target, as the recent listing of the stock on ASX has provided domestic investors with an opportunity to gain exposure to a large Canadian-listed copper play that has four assets across the US, Mexico and Chile.

The broker further suggests exposure arrives at a time of limited investment choice locally and a persistent view that copper fundamentals are likely to be very supportive of the commodity price.

Moelis calculates, on current trading, the stock represents an EV/EBITDA multiple of 8.7x, 6.5x and 4.9x on FY24, FY25 and FY26 respectively.

This report was published on June 3, 2024.

Target price is $14.50 Current Price is $10.15 Difference: $4.35
If CSC meets the Moelis target it will return approximately 43% (excluding dividends, fees and charges).

Forecast for FY24:

Moelis forecasts a full year FY24 EPS of 0.61 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1666.67.

Forecast for FY25:

Moelis forecasts a full year FY25 EPS of 0.91 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1110.50.

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

CTP    CENTRAL PETROLEUM LIMITED

NatGas – Overnight Price: $0.06

Wilsons rates ((CTP)) as No Rating (-1) –

Wilsons has identified Central Petroleum as one of its "incubator" stocks, or emerging growth companies. The company is currently producing and drilling additional wells, targeting hydrocarbons, helium and hydrogen.

Its Jacko Bore helium field and Dukas prospect in the Northern Territory are some of the largest targets compared with peers.

The broker assesses, if drilling is successful, the associated uplift in 2P when valued on peer multiples implies a potential for a more than a 4x increase to the enterprise value. No target or rating are provided.

This report was published on June 4, 2024.

Current Price is $0.06. Target price not assessed.

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

DDR    DICKER DATA LIMITED

Hardware & Equipment – Overnight Price: $9.46

Goldman Sachs rates ((DDR)) as Upgrade to Neutral from Sell (3) –

Goldman Sachs assesses Dicker Data has made "good progress" on its EBITDA margins following the Hills SIT and Exeed acquisitions. The headwinds from the backlog are expected to materially ease while PC recovery may commence in the second half of FY24.

Goldman Sachs still downgrades 2024 and 2025 revenue estimates by -8% and -7%, respectively, given a tough operating environment and a slow start to the current year.

Risks are considered "fairly balanced" and the broker upgrades to Neutral from Sell.  Target is reduced to $9.85 from $10.50.

This report was published on June 2, 2024.

Target price is $9.85 Current Price is $9.46 Difference: $0.39
If DDR meets the Goldman Sachs target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $10.45, suggesting upside of 11.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 45.50 cents and EPS of 46.90 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.0, implying annual growth of 0.9%.
Current consensus DPS estimate is 44.8, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 20.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 50.70 cents and EPS of 52.20 cents.
At the last closing share price the estimated dividend yield is 5.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.7, implying annual growth of 12.4%.
Current consensus DPS estimate is 48.8, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 18.2.

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

DXB    DIMERIX LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.57

Petra Capital rates ((DXB)) as Initiation of coverage with Buy (1) –

Petra Capital initiates coverage of Dimerix with a Buy rating and $1.36 target price.

The broker says the company's late stage Phase 3 trial for DMX-200, which targets a rare kidney disease, Focal Segmental Glomerular Sclerosis) is set "to deliver". 

Petra Capital observes there are no approved treatments for the disease and high unmet need and that positive results from the company's trial suggest the company may apply for accelerated approval. 

The broker estimates the addressable market at US$10bn. The company held $35.2m cash at March 2024 and the broker says it is fully funded for the Phase 3 trial through its key analysis stages.

Dimerix expects to complete dosing of last patient for its Part 2 interim analysis in September-October 2024; finalising licensing deals for US and China markets; and get Part 2 ACTION3 results for the product mid 2025.

This report was published on May 31, 2024.

Target price is $1.36 Current Price is $0.57 Difference: $0.785
If DXB meets the Petra Capital target it will return approximately 137% (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 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.96.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.12.

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

EVO    EMBARK EARLY EDUCATION LIMITED

Education & Tuition – Overnight Price: $0.72

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

Canaccord Genuity found the latest trading update from Embark Early Education upbeat, as revenue was in line with assumptions and margins were slightly ahead.

The broker believes the business is positioned to generate organic growth that will be supplemented by acquisitions. No update on recent acquisitions was provided.

The company has announced a 1.5c dividend in March and the same for the June quarter, targeting regular quarterly dividends going forward. Buy rating and $0.96 target.

This report was published on June 4, 2024.

Target price is $0.96 Current Price is $0.72 Difference: $0.24
If EVO meets the Canaccord Genuity target it will return approximately 33% (excluding dividends, fees and charges).

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

IPG    IPD GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $4.28

Taylor Collison rates ((IPG)) as Upgrade to Buy (1) –

IPD Group has provided updated guidance for FY24 that includes adjusted EBITDA of $39-39.5m. Taylor Collison notes limited information beyond the numbers while new major project gains were mentioned without any specifics.

The broker estimates organic EBITDA growth of around 5% but awaits the full year result for more detail. Macro conditions are considered favourable for reaccelerating organic growth in FY25.

Catalysts include major infrastructure projects, a firm start date for the National Vehicle Emissions Standards and an investment boom in data centres. Rating is upgraded to Buy with around 15% upside considered to the broker's DCF valuation of $5.30.

This report was published on May 29, 2024.

Current Price is $4.28. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY24:

Taylor Collison forecasts a full year FY24 dividend of 5.60 cents and EPS of 24.20 cents.
At the last closing share price the estimated dividend yield is 1.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.69.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 5.70 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 1.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.76.

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

KCN    KINGSGATE CONSOLIDATED LIMITED

Gold & Silver – Overnight Price: $1.82

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

Canaccord Genuity highlights recent positive exploration results at the Chatree Gold Mine in Thailand for Kingsgate Consolidated.

The broker is upbeat on the potential for the company with permiiting issues now resolved and full-scale mining operations have resumed at Chatree, with both mills now operational and expected to produce 91koz at US$1,739/oz in FY25.

The Speculative Buy rating and target price of $3.00 are retained.

This report was published on May 29, 2024.

Target price is $3.00 Current Price is $1.82 Difference: $1.18
If KCN meets the Canaccord Genuity target it will return approximately 65% (excluding dividends, fees and charges).

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

LOV    LOVISA HOLDINGS LIMITED

Retailing – Overnight Price: $31.25

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

Canaccord Genuity notes the "material" update on executive changes at Lovisa Holdings.

Questions arise which may be unanswerable for some time, given whether the extended period between CEO changeovers results in any impatience from stakeholders or there is a change in the shape of the global store roll-out.

With no trading update over recent months, the business is assumed to be on track to deliver near FY24 consensus.

The broker cautiously adjusts some operating assumptions for FY25 and downgrades to Hold from Buy. Target is reduced to $29.00 from $31.10.

This report was published on June 4, 2024.

Target price is $29.00 Current Price is $31.25 Difference: minus $2.25 (current price is over target).
If LOV meets the Canaccord Genuity target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $31.01, suggesting downside of -1.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 80.00 cents and EPS of 75.00 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.7, implying annual growth of 19.7%.
Current consensus DPS estimate is 72.2, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 41.4.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 85.00 cents and EPS of 91.00 cents.
At the last closing share price the estimated dividend yield is 2.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.8, implying annual growth of 33.2%.
Current consensus DPS estimate is 83.8, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 31.1.

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

Lovisa Holdings has announced the end of current CEO Victor Herrero's employment contract from May 2025 and John Cheston will be the new CEO.

Wilsons is conscious that the company will be losing a well-connected global retailer with experience in executing a roll out in China and as a result lowers its forecasts for that region until momentum resumes.

Fundamentally, Lovisa is still one-off the most profitable and scalable physical retail formats globally, Wilsons asserts, and should be rewarded with a premium multiple. Overweight. Target is reduced to $30.40 from $34.20.

This report was published on June 4, 2024.

Target price is $30.40 Current Price is $31.25 Difference: minus $0.85 (current price is over target).
If LOV meets the Wilsons target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $31.01, suggesting downside of -1.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 64.10 cents and EPS of 80.90 cents.
At the last closing share price the estimated dividend yield is 2.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.7, implying annual growth of 19.7%.
Current consensus DPS estimate is 72.2, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 41.4.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 93.70 cents and EPS of 118.20 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.8, implying annual growth of 33.2%.
Current consensus DPS estimate is 83.8, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 31.1.

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

LRS    LATIN RESOURCES LIMITED

Mining – Overnight Price: $0.23

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

Latin Resources reported a positive update and upgrade at the Salinas project, with a 11% increase to 78Mt at 1.24% Li2O.

Canaccord Genuity notes the results support an improved economic outlook for the upcoming Definitive Feasibility Study (DFS).

The analyst also highlights ongoing drilling at the Planalto prospect and the Fog’s Block, which could further enhance resource estimates. 

According to the broker, Latin Resources is well positioned with $39m in cash enough to fund operations through 2024 and the expected release of the maiden ore reserve in June 2024 with a final investment decision in 3Q2024.

Speculative Buy. 65c target unchanged.

This report was published on May 29, 2024.

Target price is $0.65 Current Price is $0.23 Difference: $0.415
If LRS meets the Canaccord Genuity target it will return approximately 177% (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 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

MAC    METALS ACQUISITION LIMITED

Copper – Overnight Price: $21.46

Moelis rates ((MAC)) as Initiation of coverage with Buy (1) –

Moelis initiates coverage on Metals Acquisition, an Australian (listed early 2024) and New York-listed copper producer, with a Buy rating and $27 target.

In 2023 the company formally completed a deal to acquire the CSA Cobar, NSW, mine from Glencore.

Going forward, the broker expects volume growth of 13% to FY26 and EBITDA growth of 31%, suggesting this is an attractive proposition for investors in the domestic market keen on copper exposure.

This report was published on June 3, 2024.

Target price is $27.00 Current Price is $21.46 Difference: $5.54
If MAC meets the Moelis target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY24:

Moelis forecasts a full year FY24 EPS of 47.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.08.

Forecast for FY25:

Moelis forecasts a full year FY25 EPS of 124.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.28.

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: $14.09

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

Wilsons consolidates its estimates for Nick Scali UK following its purchase of Fabb Furniture on May 9.

Based on the company's experience with Plush, the broker estimates the division's gross margin will improve 16%, leading to a 57.5% UK store gross margin by 2027.

The broker downgrades near-term EPS forecasts to reflect consolidation of the UK division's losses arising from the 18-month refurbishment and rebranding process, and estimates first full-year profitability by FY27.

Overweight rating retained. Target price rises 13% to $18.30.

This report was published on June 3, 2024.

Target price is $18.30 Current Price is $14.09 Difference: $4.21
If NCK meets the Wilsons target it will return approximately 30% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 64.80 cents and EPS of 98.40 cents.
At the last closing share price the estimated dividend yield is 4.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.32.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 58.50 cents and EPS of 88.80 cents.
At the last closing share price the estimated dividend yield is 4.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.87.

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

NTU    NORTHERN MINERALS LIMITED

Rare Earth Minerals – Overnight Price: $0.05

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

Canaccord Genuity highlights positive recent drilling at the Browns Range Project in Western Australia which showed high-grade heavy rare earths at Wolverine, suggesting potential for extending the mine's life for Northern Minerals.

The broker anticipates a resource update in September 2024, with a  definitive feasability study update expected by December 2024.

Management saw recent board changes with Nick Curtis transitioning from Executive Chairman to Strategic Advisor.

Speculative Buy rating and 5c target unchanged.

This report was published on May 30, 2024.

Target price is $0.05 Current Price is $0.05 Difference: $0.003
If NTU meets the Canaccord Genuity target it will return approximately 6% (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

NWC    NEW WORLD RESOURCES LIMITED

Copper – Overnight Price: $0.04

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

Canaccord Genuity maintains a Speculative Buy rating for New World Resources with a price target of $0.12.

The company recently acquired an option to purchase the Pinafore copper deposit, potentially boosting the feedstock for Antler and exploration efforts continue, including a new drill rig at the Javelin Project.

Canaccord Genuity highlights the Antler Copper Project in Arizona aims to produce 352kt of copper equivalent over a 13-year mine life. 

The analyst expects an upcoming pre-feasibility study for Antler by mid-2024.

This report was published on May 30, 2024.

Target price is $0.12 Current Price is $0.04 Difference: $0.083
If NWC meets the Canaccord Genuity target it will return approximately 224% (excluding dividends, fees and charges).

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

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Wilsons rates ((NWC)) as Initiation of coverage with Overweight (1) –

Wilsons initiates coverage of New World Resources (roughly $100m market cap) with an Overweight rating and 6c target price.

The company's main asset is its 100% owned Antler Copper/Base Metals project in Arizona which Wilsons says is one of the highest grade copper projects it has observed globally.

The company's scoping study last year outlined a 13-year 1.3Mt to 1.5Mt operation, producing 16.4ktpa copper but is still a few years away from production.

The mine's prefeasibility test is due by the end of this month.

The broker also appreciates the geological prospectivity of the adjacent areas and expects an "upsizing" of the resource (and possibly operational scale) over time.

This report was published on June 3, 2024.

Target price is $0.06 Current Price is $0.04 Difference: $0.023
If NWC meets the Wilsons target it will return approximately 62% (excluding dividends, fees and charges).

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

PER    PERCHERON THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.08

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

Wilsons welcomes the "good news" from  Percheron Therapeutics, which has completed recruitment in its Phase IIb trial in Duchenne Muscular Dystrophy.

The broker is convinced the phase IIa data, due in December, will demonstrate significant benefits in key strength measures.

The evidence of strong phase IIb data in six months time should confirm the company's position in this rare disease and the broker suggests it should also invite strategic interest. Overweight rating. Target is $0.27.

This report was published on May 31, 2024.

Target price is $0.27 Current Price is $0.08 Difference: $0.186
If PER meets the Wilsons target it will return approximately 221% (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 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.00.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 6.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.27.

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

QAN    QANTAS AIRWAYS LIMITED

Transportation & Logistics – Overnight Price: $6.20

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

Goldman Sachs retains a positive view on Qantas Airways and views the earnings have structurally improved, due to over -$1bn in cost reductions.

The broker also mentions the investment spend in customer experience is gaining traction, which should lead to operational improvements without the need for additional spending.

Qantas Airways' market valuation remains below pre-covid levels, trading at a significant discount compared to regional and US peers, according to Goldman Sachs.

The analyst anticipates this valuation gap to narrow as the company delivers sustained earnings and capital returns of circa $1.6bn over the next three years.

Earnings forecasts remain unchanged. Buy rating and $8.05 target price.

This report was published on May 29, 2024.

Target price is $8.05 Current Price is $6.20 Difference: $1.85
If QAN meets the Goldman Sachs target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $6.68, suggesting upside of 8.7%(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 85.00 cents.
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 89.5, implying annual growth of -6.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.9.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 30.00 cents and EPS of 96.00 cents.
At the last closing share price the estimated dividend yield is 4.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.4, implying annual growth of 8.8%.
Current consensus DPS estimate is 19.8, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 6.3.

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

SFX    SHEFFIELD RESOURCES LIMITED

Mineral Sands – Overnight Price: $0.34

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

Sheffield Resources has updated on the ramping up of its Thunderbird mineral sands project, with mining rates almost doubling. Final product recoveries are "weak", Petra Capital points out, because of elevated levels of oversized material in the ore.

 The broker assumes the company invests in additional mining equipment and the associated costs will have a material impact on the target, which drops to $0.69 from $1.11.

The joint venture cash balances are expected to be modestly positive at the end of June and a Buy rating is retained on valuation grounds.

This report was published on May 30, 2024.

Target price is $0.69 Current Price is $0.34 Difference: $0.345
If SFX meets the Petra Capital target it will return approximately 100% (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 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.45.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.00.

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: $7.21

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

Following an independent review into rice vesting arrangements, the NSW government has noted an intention to introduce draft legislation to end the exclusive rights to export market Australian-grown rice to international markets by Ricegrowers (SunRice).

Canaccord Genuity is surprised by the recommendations but suggests that, while it is likely to introduce some risk to operating profits, it could afford the company greater flexibility in managing yearly Australian harvest volumes.

The business is currently required to acquire all rice grown by NSW farmers. There is limited risk to the broker's investment thesis, given the timeframe to implementation and the large amount of Australian rice in the system.

Canaccord Genuity retains its Buy rating and $9.60 target.

This report was published on June 4, 2024.

Target price is $9.60 Current Price is $7.21 Difference: $2.39
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 6.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.36.

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 7.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.00.

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

SNL    SUPPLY NETWORK LIMITED

Automobiles & Components – Overnight Price: $23.10

Moelis rates ((SNL)) as Buy (1) –

Moelis found Supply Network's FY24 guidance slightly stronger than previously expected. Revenue is anticipated at around $300m and net profit at $32m. Revenue guidance implies 19% top-line growth, which is significantly stronger than previously guided.

The broker continues to envisage a long-run way for growth through a combination of supportive industry conditions and market share gains.

This should also be underpinned by appropriate investment in capacity to facilitate the growth in customer demand. Target rises to $26 and a Buy rating is retained.

This report was published on June 2, 2024.

Target price is $26.00 Current Price is $23.10 Difference: $2.9
If SNL meets the Moelis target it will return approximately 13% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 51.10 cents and EPS of 76.30 cents.
At the last closing share price the estimated dividend yield is 2.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.28.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 59.60 cents and EPS of 86.40 cents.
At the last closing share price the estimated dividend yield is 2.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.74.

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

SSM    SERVICE STREAM LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $1.23

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

Service Stream has secured two new long-term contracts across utilities and transport valued at a total of $600m that will support ongoing work-in-hand. The contracts are with Yarra Valley Water and a Victorian road maintenance contract.

Canaccord Genuity believes these are sound long-term agreements that will underpin the medium-longer term outlook. Buy rating and $1.45 target maintained.

This report was published on June 3, 2024.

Target price is $1.45 Current Price is $1.23 Difference: $0.225
If SSM meets the Canaccord Genuity target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $1.29, suggesting upside of 9.3%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 7.9, implying annual growth of 997.2%.
Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY25:

Current consensus EPS estimate is 9.0, implying annual growth of 13.9%.
Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 13.1.

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

STX    STRIKE ENERGY LIMITED

NatGas – Overnight Price: $0.19

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

Strike Energy has announced the intersection of 23m of net gas pay in Walyering-7 with porosity an average of 16% across the A and D Cattamarra coal measures.

Wilsons observes, although the volumes might be smaller than originally anticipated, the well provides diversification in the production stream and incremental volumes to the field's productive capacity. No changes are made to forecasts ahead of further data/flow rates.

Overweight rating and $0.33 target retained.

This report was published on June 3, 2024.

Target price is $0.33 Current Price is $0.19 Difference: $0.14
If STX meets the Wilsons target it will return approximately 74% (excluding dividends, fees and charges).
Current consensus price target is $0.26, suggesting upside of 22.2%(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 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.5, 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 42.0.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.4, implying annual growth of 180.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.0.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $17.45

Jarden rates ((TLX)) as Buy (1) –

Jarden raises Telix Pharmaceuticals' target price to $16.62 from $13.94 after the company announced favourable radiographic progression-free survival of 8.8 months in its prostate trial.

The trial is not designed to prove efficacy, but Jarden says it is encouraging nevertheless, and increases the company's Phase 3 trial's likely success rating to 60% from 40%.

EPS forecasts are steady. Buy rating retained.

This report was published on May 31, 2024.

Target price is $16.62 Current Price is $17.45 Difference: minus $0.83 (current price is over target).
If TLX meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 19.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 87.69.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 38.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.56.

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

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

Telix Pharmaceuticals has reported a median radiographic progression free survival rate of 8.8 months for patients treated with TLX591 for metastatic castrate resistant prostate cancer in its phase1 "SELECT" trial.

Wilsons explains this trial was undertaken to consolidate the company's understanding of dosing and safety.

The main "comfort" Wilsons draws from the read is that the preliminary efficacy signal is at least in the ballpark, ahead of the key "GLOBAL" phase III trial.

It remains too early to extrapolate the result and the broker retains an Overweight rating and $20 target.

This report was published on May 31, 2024.

Target price is $20.00 Current Price is $17.45 Difference: $2.55
If TLX meets the Wilsons target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 10.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 172.77.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 20.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 83.89.

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

TRS    REJECT SHOP LIMITED

Household & Personal Products – Overnight Price: $3.30

Jarden rates ((TRS)) as Downgrade to Overweight from Buy (2) –

Jarden downgrades its rating for Reject Shop to Overweight from Buy, the broker observing a recovery from supermarkets to volume growth and expansion of private label and everyday essentials as inflation moderates.

This means discounters will have their work cut out to remain competitive, especially given intensifying online trade from retailers such as Temu.

Jarden expects sales will grow slower than previously forecast but the outlook is still rosy, the broker forecasting a three-year compound annual growth rate of 34%.

The broker says the company now has to propel the flywheel to boost purchase frequency. Target price falls to $5.80 from $6.

This report was published on May 31, 2024.

Target price is $5.80 Current Price is $3.30 Difference: $2.5
If TRS meets the Jarden target it will return approximately 76% (excluding dividends, fees and charges).
Current consensus price target is $4.18, suggesting upside of 26.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 12.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.6, implying annual growth of -49.9%.
Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 24.3.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 29.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.8, implying annual growth of 75.0%.
Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 13.9.

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: $2.41

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

Petra Capital suspects the application by Ramelius Resources ((RMS)) to the Takeovers Panel regarding the proposed merger between Westgold Resources and Canada's Karora Resources is a sign Ramelius intends to stymie the merger.

The Murchison operations of Westgold are immediately north of the Mount Magnet hub and Ramelius has had a long-stated objective to acquire a third production hub.

A sitting panel has not been appointed at this stage and no decision has been made on whether to conduct proceedings.

The broker's base case assumes the proposed merger is successful, while calculating the price Ramelius would have to offer would be a "higher" $3.19 a share. Buy rating and $2.66 target retained.

This report was published on May 30, 2024.

Target price is $2.66 Current Price is $2.41 Difference: $0.25
If WGX meets the Petra Capital target it will return approximately 10% (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 1.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.52.

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 4.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.48.

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

XRO    XERO LIMITED

Accountancy – Overnight Price: $129.29

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

Goldman Sachs retains a Buy rating and a $164 target price post the company's announcement of a 7-12% price increase across its UK product portfolio effective 12 September 2024, which is similar to previous increases in Australia, notes the analyst.

The company has also improved payroll functionality and streamlined its plan structure in the UK, with a faster migration timeline for legacy plans expected by March 2025.

The broker expects these changes will support revenue forecasts for FY25/26 and anticipates ARPU growth of 5.5% in ANZ and 2% internationally in FY25.

Goldman Sachs highlights potential concerns over subscriber growth are overdone as higher near-term revenues are expected to allow for greater product investment.

This report was published on May 30, 2024.

Target price is $164.00 Current Price is $129.29 Difference: $34.71
If XRO meets the Goldman Sachs target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $140.82, suggesting upside of 10.3%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 158.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 81.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 145.2, 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 87.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 206.18 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 62.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 193.2, implying annual growth of 33.1%.
Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 66.1.

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

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