Daily Market Reports | Jun 12 2024
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.
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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)
BHP BRE COE (2) FBU GDF GDG GNC IEL MDR NAN SFR TWE
NAN NANOSONICS LIMITED
Medical Equipment & Devices - Overnight Price: $2.83
Wilsons rates ((NAN)) as Overweight (1) -
Wilsons notes the publication of the first data on CORIS, Nanosonics' endoscope channel cleaning device, in the Journal of Hospital Infection.
The study showed CORIS significantly reduced biofilm and other contaminants in endoscope channels compared to manual cleaning methods.
The broker recalls CORIS revenue is expected to commence in FY26, with an estimated $8.9m. Financial forecasts remain unchanged, reflecting confidence in CORIS's potential impact.
The de novo submission for CORIS is expected to be reviewed within 6-9 months from May 1st.
Overweight rating with price target at $3.45.
This report was published on June 5, 2024.
Target price is $3.45 Current Price is $2.83 Difference: $0.62
If NAN meets the Wilsons target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $3.30, suggesting upside of 16.6%(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 3.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 88.44.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.5, implying annual growth of -62.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 113.2.
Forecast for FY25:
Wilsons 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 108.85.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 5.3, implying annual growth of 112.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 53.4.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SFR SANDFIRE RESOURCES LIMITED
Copper - Overnight Price: $8.90
Jarden rates ((SFR)) as Neutral (3) -
Returning from a positive site visit, Jarden is now even more positive about Sandfire Resources' Motheo operation and adds two years of prospective mine life to its modeling (to 2034).
Production volume estimates have also been upgraded. Such a shame that A4 is still running behind schedule (their words).
The broker explains its Neutral rating is balancing between the underlying copper narrative and outlook, and the ongoing challenges that will need to be overcome.
Jarden's target price lifts to $7.40 from $6.80.
This report was published on May 31, 2024.
Target price is $7.40 Current Price is $8.90 Difference: minus $1.5 (current price is over target).
If SFR meets the Jarden target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.37, suggesting upside of 5.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 15.85 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 56.17.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -0.7, implying annual growth of N/A.
Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is N/A.
Forecast for FY25:
Jarden forecasts a full year FY25 EPS of 54.55 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.32.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 62.6, implying annual growth of N/A.
Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 14.2.
This company reports in USD. 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
TWE TREASURY WINE ESTATES LIMITED
Food, Beverages & Tobacco - Overnight Price: $11.97
Goldman Sachs rates ((TWE)) as Buy (1) -
Goldman Sachs observes the reaffirmation of FY24 EBITS guidance by Treasury Wine Estates, which is 2.5% above previous estimates, plus the encouraging performance of the Treasury Americas Luxury Estates segment.
Recent strategic initiatives, including a separate sales and marketing focus for US premium and luxury brands, are expected to drive growth.
Financial forecasts have been adjusted, with the group's FY24 EBITS now expected to be circa $660m. The broker remains optimistic about the continued premiumisation trend and its positive impact on margins.
Goldman Sachs analysts maintain a Buy rating while raising their price target to $13.00.
This report was published on June 5, 2024.
Target price is $13.00 Current Price is $11.97 Difference: $1.03
If TWE meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $13.54, suggesting upside of 13.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 34.00 cents and EPS of 51.00 cents.
At the last closing share price the estimated dividend yield is 2.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.47.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 52.6, implying annual growth of 50.7%.
Current consensus DPS estimate is 35.2, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 22.8.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 42.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.29.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 63.9, implying annual growth of 21.5%.
Current consensus DPS estimate is 42.6, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 18.7.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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