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

This story features A2 MILK COMPANY LIMITED, and other companies. For more info SHARE ANALYSIS: A2M

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)

A2M   AEE   AMP   BGL   BOE   CGF   CIP   CMM (2)   DEG   EVN   FEX   GOR   HUB   IFL   KAR   LTR (2)   MAQ   MFG   NST   NWL   PPT   PTM   RRL   SFR   WGX  

A2M    A2 MILK COMPANY LIMITED

Dairy – Overnight Price: $6.82

Jarden rates ((A2M)) as Overweight (2) –

Jarden observes the a2 Milk Co share price is up some 60% in 2024 to date and attributes the rise to higher China newborns in 2023; the launch of new products and strong execution on the China label in the 1H24.

The company has continued to introduce new products in the 2H24, including the second English label and two new nutritional products Move and Immune for adults. Jarden forecasts a2 Milk Co will invest -NZ$500m across FY25/FY26.

Jarden raises EPS estimates by 3% for FY24 and 4% for FY25, having incorporated the increased spend and a higher return on capital employed.

Target rises to NZ$7.55 from NZ$6.50. Overweight rating unchanged.

This report was published on July 3, 2024.

Current Price is $6.82. Target price not assessed.
Current consensus price target is $6.54, suggesting downside of -4.5%(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 22.93 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.2, 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 32.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 25.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.3, implying annual growth of 19.3%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 27.1.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

AEE    AURA ENERGY LIMITED

Energy – Overnight Price: $0.13

Petra Capital rates ((AEE)) as No Rating (-1) –

Petra Capital highlights Aura Energy expects a final investment decision on its Tiris project in the 1Q 2025.

The broker notes water resource drilling in the Taoudeni Basin starting in July, mine plan optimisation post-resource upgrade to 91mlbs,, and engagement with Lycopodium for process plant performance and cost optimisation.

Financing arrangements are also underway, with Orimco appointed to manage debt funding, Petra Capital observes with first uranium production anticipated in 2H2026. 

The Buy rating and 45c target are retained.

This report was published on July 5, 2024.

Target price is $0.45 Current Price is $0.13 Difference: $0.32
If AEE meets the Petra Capital target it will return approximately 246% (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 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 2.60.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 2.60.

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

AMP    AMP LIMITED

Wealth Management & Investments – Overnight Price: $1.11

Jarden rates ((AMP)) as Neutral (3) –

Jarden assesses the higher-for-longer possibility for domestic interest rates on the wealth management sector.

The broker trims EPS forecasts across most of the wealth and asset management coverage, accounting for higher domestic interest rates, strong 4Q24 global equity returns against weaker domestic returns and a higher Australian dollar.

Jarden revises the AMP EPS forecasts down by -1% in FY24 and -3.3% in FY25.

Neutral rating and target price lifted to $1.20 from $1.17.

This report was published on July 3, 2024.

Target price is $1.20 Current Price is $1.11 Difference: $0.085
If AMP meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.13, suggesting upside of 2.0%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 5.00 cents and EPS of 7.80 cents.
At the last closing share price the estimated dividend yield is 4.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.4, implying annual growth of 915.9%.
Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 17.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 7.00 cents and EPS of 10.10 cents.
At the last closing share price the estimated dividend yield is 6.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.7, implying annual growth of 35.9%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 13.0.

Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $1.97

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

Goldman Sachs still prefers near-term margins/returns over long-term ounces when selecting exposures in the Australian Gold sector. Assets with less execution risk and those best positioned to capture increases in gold pricing are also favoured.

The analysts remain wary on gold stocks continuing to underperform on higher costs/capex guidance for FY25 in upcoming quarterly results.

For Bellevue Gold, Goldmans notes a strong production outlook via ramp-up of the Bellevue mine, along with low-cost expansion optionality. It’s felt the company has an attractive long-term cost profile due to superior gold grades.

The Buy rating and $2.20 target are unchanged.

This report was published on July 9, 2024.

Target price is $2.20 Current Price is $1.97 Difference: $0.23
If BGL meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.07, suggesting upside of 2.3%(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 7.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.8, 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 29.7.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 18.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.6, implying annual growth of 173.5%.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 10.9.

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

BOE    BOSS ENERGY LIMITED

Uranium – Overnight Price: $3.75

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

According to management, Boss Energy will produce at least 850klbs of U308 by 30 June, 2025, (including 57klbs produced in FY24), but consensus and Canaccord Genuity were forecasting 1.1mlbs and 1.2mlbs, respectively.

Higher uranium grades have failed to translate into better production than outlined in the definitive feasibility study (DFS), observe the analysts. The broker’s FY25 production forecast for Honeymoon and Alta Mesa are trimmed to 860klbs and 202klbs, respectively.

The Speculative Buy rating is retained, and the target falls to $5.85 from $6.00.

This report was published on July 5, 2024.

Target price is $5.85 Current Price is $3.75 Difference: $2.1
If BOE meets the Canaccord Genuity target it will return approximately 56% (excluding dividends, fees and charges).
Current consensus price target is $5.05, suggesting upside of 26.9%(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 12.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.1, implying annual growth of 183.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 39.4.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 16.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of 79.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 22.0.

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

CGF    CHALLENGER LIMITED

Wealth Management & Investments – Overnight Price: $6.82

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

Jarden assesses the higher-for-longer possibility for domestic interest rates on the wealth management sector.

The broker trims the EPS forecasts across most of the wealth and asset management coverage, accounting for higher domestic interest rates, strong 4Q24 global equity returns against weaker domestic returns and a higher Australian dollar.

Jarden makes marginal changes to Challenger’s EPS forecasts. An Overweight rating retained and the target is lowered to $7.50 from $7.55.

This report was published on July 3, 2024.

Target price is $7.50 Current Price is $6.82 Difference: $0.68
If CGF meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $7.49, suggesting upside of 8.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 25.30 cents and EPS of 54.90 cents.
At the last closing share price the estimated dividend yield is 3.71%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.2, implying annual growth of 2.5%.
Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 16.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 26.20 cents and EPS of 60.10 cents.
At the last closing share price the estimated dividend yield is 3.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.3, implying annual growth of 32.6%.
Current consensus DPS estimate is 27.4, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 12.1.

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

CIP    CENTURIA INDUSTRIAL REIT

REITs – Overnight Price: $3.04

Moelis rates ((CIP)) as Buy (1) –

Centuria Industrial REIT’s discount to net tangible assets (NTA) has recently widened to around -22%. This gap is too wide, suggests Moelis, especially as the REIT’s weighted average capitalisation rate (WACR) has risen by 160bps since June of 2022.

The broker points out rental growth across key markets continues to be supported by low vacancy rates across all major industrial markets, noting the national vacancy rate remains at less than 2%.

Separately, in an addition to the existing data centre portfolio, the REIT has acquired a data centre in Malaga, WA, for -$39m. 

The Buy rating is unchanged and the target moves up to $3.72 from $3.71.

This report was published on July 9, 2024.

Target price is $3.72 Current Price is $3.04 Difference: $0.68
If CIP meets the Moelis target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $3.52, suggesting upside of 13.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 16.00 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 5.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.2, implying annual growth of N/A.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 16.20 cents and EPS of 17.60 cents.
At the last closing share price the estimated dividend yield is 5.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 4.1%.
Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 17.3.

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $5.15

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

Preliminary June quarter production numbers for Capricorn Metals of 27koz are in line with forecasts by Canaccord Genuity and consensus.

Management has guided to FY25 production of between 110-120koz (AISC not provided), which compares to the 116koz forecast by the broker.

The Buy rating and $6.40 target are maintained.

This report was published on July 5, 2024.

Target price is $6.40 Current Price is $5.15 Difference: $1.25
If CMM meets the Canaccord Genuity target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $5.78, suggesting upside of 12.2%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 21.3, implying annual growth of 1705.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 24.2.

Forecast for FY25:

Current consensus EPS estimate is 38.8, implying annual growth of 82.2%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 13.3.

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

Goldman Sachs still prefers near-term margins/returns over long-term ounces when selecting exposures in the Australian Gold sector. Assets with less execution risk and those best positioned to capture increases in gold pricing are also favoured.

The analysts remain wary on gold stocks continuing to underperform on higher costs/capex guidance for FY25 in upcoming quarterly results.

For Capricorn Metals, the target rises to $5.25 from $5.10. The broker’s Neutral rating is unchanged. It’s felt Capricorn has a strong five-year production outlook on the ramp-up of Mt. Gibson.

This report was published on July 9, 2024.

Target price is $5.25 Current Price is $5.15 Difference: $0.1
If CMM meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $5.78, suggesting upside of 12.2%(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 28.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.3, implying annual growth of 1705.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 24.2.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 41.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.8, implying annual growth of 82.2%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 13.3.

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

DEG    DE GREY MINING LIMITED

Gold & Silver – Overnight Price: $1.17

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

Goldman Sachs still prefers near-term margins/returns over long-term ounces when selecting exposures in the Australian Gold sector. Assets with less execution risk and those best positioned to capture increases in gold pricing are also favoured.

The analysts remain wary on gold stocks continuing to underperform on higher costs/capex guidance for FY25 in upcoming quarterly results.

For De Grey Mining, the target falls to $1.35 from $1.43. Buy. De Grey Mining and Gold Road Resources remain the standouts at a discount to the rest of this broker’s coverage.

This report was published on July 9, 2024.

Target price is $1.35 Current Price is $1.17 Difference: $0.185
If DEG meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $1.76, suggesting upside of 50.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 116.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.3, 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 390.0.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.2, implying annual growth of -33.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 585.0.

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

EVN    EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $3.73

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

Goldman Sachs still prefers near-term margins/returns over long-term ounces when selecting exposures in the Australian Gold sector. Assets with less execution risk and those best positioned to capture increases in gold pricing are also favoured.

The analysts remain wary on gold stocks continuing to underperform on higher costs/capex guidance for FY25 in upcoming quarterly results.

Both Northern Star Resources and Evolution Mining have the best gold production outlook in Goldman’s view, with production growing in the majority of the next five years.

The Buy rating is kept for Evolution Mining and the target rises to $4.15 from $4.00.

This report was published on July 9, 2024.

Target price is $4.15 Current Price is $3.73 Difference: $0.42
If EVN meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $4.02, suggesting upside of 6.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 25.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.8, implying annual growth of 178.3%.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 39.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.2, implying annual growth of 70.2%.
Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 9.0.

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

FEX    FENIX RESOURCES LIMITED

Iron Ore – Overnight Price: $0.37

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

Fenix Resources has restarted mining at its Shine Iron Ore Mine, targeting initial production for December 2024.

Petra Capital highlights this decision accelerates the timeline significantly from the previously forecast late 2026 start. The mine’s pre-production capital expenditure is relatively low at -$7.4m, with existing infrastructure in place.

The broker expects initial production to be 100,000 tonnes per month, with a potential total resource of 15.1Mt at 58.2% Fe.

Buy rating unchanged. Target price lifted to 49c from 44c.

This report was published on July 5, 2024.

Target price is $0.49 Current Price is $0.37 Difference: $0.12
If FEX meets the Petra Capital target it will return approximately 32% (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 2.00 cents and EPS of 5.10 cents.
At the last closing share price the estimated dividend yield is 5.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.25.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 3.10 cents and EPS of 6.10 cents.
At the last closing share price the estimated dividend yield is 8.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.07.

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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.75

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

Goldman Sachs still prefers near-term margins/returns over long-term ounces when selecting exposures in the Australian Gold sector. Assets with less execution risk and those best positioned to capture increases in gold pricing are also favoured.

The analysts remain wary on gold stocks continuing to underperform on higher costs/capex guidance for FY25 in upcoming quarterly results.

For Gold Road Resources, the target rises to $2.10 from $1.95. Buy.

This report was published on July 9, 2024.

Target price is $2.10 Current Price is $1.75 Difference: $0.345
If GOR meets the Goldman Sachs target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $2.06, suggesting upside of 16.5%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 27.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.8, implying annual growth of 10.0%.
Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 37.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of 47.5%.
Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 10.2.

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

HUB    HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $46.42

Jarden rates ((HUB)) as Neutral (3) –

Jarden assesses the higher-for-longer possibility for domestic interest rates on the wealth management sector.

The broker trims the EPS forecasts across most of the wealth and asset management coverage, accounting for higher domestic interest rates, strong 4Q24 global equity returns against weaker domestic returns and a higher Australian dollar.

Jarden adjusts the Hub24 EPS forecasts by -0.5% and -2.4% for FY24/FY25, respectively.

Neutral rating retained and the target priced raised to $43.80 from $41.75.

This report was published on July 3, 2024.

Target price is $43.80 Current Price is $46.42 Difference: minus $2.62 (current price is over target).
If HUB meets the Jarden target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $43.90, suggesting downside of -5.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 41.60 cents and EPS of 82.00 cents.
At the last closing share price the estimated dividend yield is 0.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 56.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.0, implying annual growth of 71.9%.
Current consensus DPS estimate is 38.6, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 56.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 55.30 cents and EPS of 108.00 cents.
At the last closing share price the estimated dividend yield is 1.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 91.4, implying annual growth of 11.5%.
Current consensus DPS estimate is 51.5, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 50.8.

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

IFL    INSIGNIA FINANCIAL LIMITED

Wealth Management & Investments – Overnight Price: $2.32

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

Jarden assesses the higher-for-longer possibility for domestic interest rates on the wealth management sector.

The broker trims the EPS forecasts across most of the wealth and asset management coverage, accounting for higher domestic interest rates, strong 4Q24 global equity returns against weaker domestic returns and a higher Australian dollar.

Jarden revises the Insignia Financial EPS forecasts by -1.6 for FY24 and -0.1% for FY25.

Overweight rating unchanged and the target price lowered to $2.80 from $2.95.

This report was published on July 3, 2024.

Target price is $2.80 Current Price is $2.32 Difference: $0.48
If IFL meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $2.60, suggesting upside of 12.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 20.30 cents and EPS of 29.70 cents.
At the last closing share price the estimated dividend yield is 8.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.2, implying annual growth of 2236.0%.
Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 7.9%.
Current consensus EPS estimate suggests the PER is 7.9.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 22.70 cents and EPS of 30.40 cents.
At the last closing share price the estimated dividend yield is 9.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of 4.5%.
Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 8.4%.
Current consensus EPS estimate suggests the PER is 7.6.

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

KAR    KAROON ENERGY LIMITED

Crude Oil – Overnight Price: $1.81

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

Wilsons highlight the downgrade in Karoon Energy’s June quarter production forecast due to a 3-week maintenance shutdown, with an expected reduction in output to 2.1mboe.

The company’s 2024 production guidance has been adjusted to 10.8mboe, down -6%, cites the broker.

Karoon Energy has also restarted production at the Bauna oil field, with daily output peaking at 31kbbls/d and stabilising at 25kbbls/d.  Additional production drilling at Who Dat South well is possible later in the year, Wilsons suggests.

Overweight rating unchanged and the target lowered by -4% to $2.59.

This report was published on July 8, 2024.

Target price is $2.59 Current Price is $1.81 Difference: $0.775
If KAR meets the Wilsons target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $2.61, suggesting upside of 41.1%(ex-dividends)
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 39.79 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.1, implying annual growth of N/A.
Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 3.9.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 54.57 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.0, implying annual growth of -10.8%.
Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 4.4.

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

LTR    LIONTOWN RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.93

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

Liontown Resources announced a five-year US$250m convertible note agreement with LG Energy Solutions, improving the funding flexability and increasing the offtake agreement to 10-years with LG Energy Solutions.

The Kathleen Valley Project remains on budget, with first spodumene production expected later this month.

The target price is revised down to $1.15 from $1.35 and a Neutral rating is retained.

This report was published on July 3, 2024.

Target price is $1.15 Current Price is $0.93 Difference: $0.22
If LTR meets the Goldman Sachs target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $1.18, suggesting upside of 23.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 46.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.3, 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:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 31.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.3, 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.

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 ((LTR)) as Overweight (1) –

Wilsons observes Liontown Resources is due to commence production at its Kathleen Valley project in late July.

The company recently secured a US$250m debt package from LG Energy Solution, boosting its cash balance to approximately $500m, the broker notes, which should cover all remaining project costs.

With an additional US$250m in liquidity, Wilsons believe the company is well-positioned for the project’s ramp-up to a steady production rate of 3mtpa.

Despite current weak lithium prices, the analyst forecasts strong free cash flow yields of 8% in 2025 and 20% in 2026.

Overweight rating and the target is lowered by -5% to $1.75.

This report was published on July 8, 2024.

Target price is $1.75 Current Price is $0.93 Difference: $0.82
If LTR meets the Wilsons target it will return approximately 88% (excluding dividends, fees and charges).
Current consensus price target is $1.18, suggesting upside of 23.3%(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 1.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 58.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.3, 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:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 34.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.3, 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.

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

MAQ    MACQUARIE TECHNOLOGY GROUP LIMITED

Telecommunication – Overnight Price: $95.16

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

Canaccord Genuity raises its target for Macquarie Technology to $118 from $90.25 on a reappraisal of the data centre business, because of the positive outlook for colocation pricing and emerging demand for stabilised data centre assets.

The broker also highlights the premium attached to the company’s developments due to confirmed power allocations. For example, there have been significant increases in the key Northern Virginia market in the US for similar set-ups.

Also, management’s purchase of the lease on the Talavera Road site provides significant flexibility over the key IC3 Super West development, explains the analyst. Buy.

This report was published on July 5, 2024.

Target price is $118.00 Current Price is $95.16 Difference: $22.84
If MAQ meets the Canaccord Genuity target it will return approximately 24% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 130.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 72.98.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 152.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 62.61.

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

MFG    MAGELLAN FINANCIAL GROUP LIMITED

Wealth Management & Investments – Overnight Price: $9.51

Jarden rates ((MFG)) as Neutral (3) –

Jarden lifts its FY24 EPS forecast for Magellan Financial by 6.9% largely because of significantly higher performance fees in 2024 given market tailwinds.

A 3.4% lift for the broker’s FY25 EPS estimate reflects higher June funds under management (FUM) and an improved institutional net flow outlook.

The Neutral rating remains as the analysts expect the journey to more consistent stable to positive net flows is likely to remain challenging. The target rises to $9.50 from $9.30.

In a previous update on July 3, Jarden had assessed the higher-for-longer possibility for domestic interest rates on the wealth management sector.

The broker trimmed the EPS forecasts across most of the wealth and asset management coverage, accounting for higher domestic interest rates, strong 4Q24 global equity returns against weaker domestic returns and a higher Australian dollar.

This report was published on July 5, 2024.

Target price is $9.50 Current Price is $9.51 Difference: minus $0.01 (current price is over target).
If MFG meets the Jarden target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.95, suggesting downside of -7.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 60.30 cents and EPS of 93.50 cents.
At the last closing share price the estimated dividend yield is 6.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 90.7, implying annual growth of -9.3%.
Current consensus DPS estimate is 61.4, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 50.20 cents and EPS of 79.60 cents.
At the last closing share price the estimated dividend yield is 5.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.0, implying annual growth of -23.9%.
Current consensus DPS estimate is 57.6, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 14.0.

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $13.02

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

Goldman Sachs still prefers near-term margins/returns over long-term ounces when selecting exposures in the Australian Gold sector. Assets with less execution risk and those best positioned to capture increases in gold pricing are also favoured.

The analysts remain wary on gold stocks continuing to underperform on higher costs/capex guidance for FY25 in upcoming quarterly results.

Both Northern Star Resources and Evolution Mining have the best gold production outlook in Goldman’s view, with production growing in the majority of the next five years.

The Neutral rating is kept for Northern Star Resources and the target slips to $14.40 from $14.50.

This report was published on July 9, 2024.

Target price is $14.40 Current Price is $13.02 Difference: $1.38
If NST meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $15.82, suggesting upside of 18.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 55.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.0, implying annual growth of 10.3%.
Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 23.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 120.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.1, implying annual growth of 114.5%.
Current consensus DPS estimate is 48.2, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 11.1.

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

NWL    NETWEALTH GROUP LIMITED

Wealth Management & Investments – Overnight Price: $21.91

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

Jarden assesses the higher-for-longer possibility for domestic interest rates on the wealth management sector.

The broker trims the EPS forecasts across most of the wealth and asset management coverage, accounting for higher domestic interest rates, strong 4Q24 global equity returns against weaker domestic returns and a higher Australian dollar.

Jarden adjusts Netwealth Group’s EPS forecasts by -0.5% and -1.1% for FY24/FY25, respectively.

The Underweight rating is retained and the target price lifted to $17.30 from $17.

This report was published on July 3, 2024.

Target price is $17.30 Current Price is $21.91 Difference: minus $4.61 (current price is over target).
If NWL meets the Jarden target it will return approximately minus 21% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $18.80, suggesting downside of -15.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 30.50 cents and EPS of 34.90 cents.
At the last closing share price the estimated dividend yield is 1.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 62.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.5, implying annual growth of 25.3%.
Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 64.1.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 38.70 cents and EPS of 44.00 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 49.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.3, implying annual growth of 25.5%.
Current consensus DPS estimate is 36.9, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 51.1.

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

PPT    PERPETUAL LIMITED

Wealth Management & Investments – Overnight Price: $21.65

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

Jarden assesses the higher-for-longer possibility for domestic interest rates on the wealth management sector.

The broker trims the EPS forecasts across most of the wealth and asset management coverage, accounting for higher domestic interest rates, strong 4Q24 global equity returns against weaker domestic returns and a higher Australian dollar.

Jarden adjusts the Perpetual EPS forecasts by -0.1% for FY24. No change to FY25 estimates.

Overweight rating and target revised to $24.00 from $24.55.

This report was published on July 3, 2024.

Target price is $24.00 Current Price is $21.65 Difference: $2.35
If PPT meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $25.25, suggesting upside of 14.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 148.10 cents and EPS of 169.70 cents.
At the last closing share price the estimated dividend yield is 6.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 177.9, implying annual growth of 142.9%.
Current consensus DPS estimate is 133.2, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.4.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 153.70 cents and EPS of 191.70 cents.
At the last closing share price the estimated dividend yield is 7.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 205.1, implying annual growth of 15.3%.
Current consensus DPS estimate is 148.8, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 10.7.

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

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments – Overnight Price: $1.06

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

Jarden assesses the higher-for-longer possibility for domestic interest rates on the wealth management sector.

The broker trims the EPS forecasts across most of the wealth and asset management coverage, accounting for higher domestic interest rates, strong 4Q24 global equity returns against weaker domestic returns and a higher Australian dollar.

Jarden revises the Platinum Asset Management EPS forecasts by -3.4% and -6.7% for FY24/FY25, respectively.

Underweight rating unchanged and the target lowered to $1.05 from $1.15.

This report was published on July 3, 2024.

Target price is $1.05 Current Price is $1.06 Difference: minus $0.01 (current price is over target).
If PTM 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 $1.08, suggesting upside of 5.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 9.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.2, implying annual growth of -20.6%.
Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 11.3%.
Current consensus EPS estimate suggests the PER is 9.2.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 8.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of -13.4%.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 8.7%.
Current consensus EPS estimate suggests the PER is 10.6.

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

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.85

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

Goldman Sachs still prefers near-term margins/returns over long-term ounces when selecting exposures in the Australian Gold sector. Assets with less execution risk and those best positioned to capture increases in gold pricing are also favoured.

The analysts remain wary on gold stocks continuing to underperform on higher costs/capex guidance for FY25 in upcoming quarterly results.

For Regis Resources, the broker’s target falls to $2.10 from $2.30 and the Neutral rating is maintained. It’s hoped the McPhillamys mine may arrest production declines.

This report was published on July 9, 2024.

Target price is $2.10 Current Price is $1.85 Difference: $0.25
If RRL meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $2.18, suggesting upside of 14.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.5, 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 22.5.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 26.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 289.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 5.8.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $8.96

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

Wilsons believes investors should be unconcerned by the relatively short reserve life at Sandfire Resources’ Matsa operations in Spain.

Supported by the recently updated resource and reserve statement, the broker forecasts a 30-year mine life, with the current processing facility running at close to capacity (4.7Mtpa) for that period.

The statement revealed a 4% increase in contained copper and an 8% increase in contained zinc since the previous ore reserve estimate at June 30, 2023.

The Market Weight rating and $9.90 target are maintained.

This report was published on July 5, 2024.

Target price is $9.90 Current Price is $8.96 Difference: $0.94
If SFR meets the Wilsons target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $9.51, suggesting upside 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 8.08 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 110.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.7, 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 534.7.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 41.01 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.7, implying annual growth of 4235.3%.
Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 12.3.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
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: $2.54

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

Westgold Resources reported what Petra Capital considers a strong operational performance at its Murchison/Bryah operations, with June quarter production of approximately 53koz and an increase in cash, bullion, and liquid assets by $16m to $263m.

The company also declared a final fully franked dividend of 1.25c per share, bringing the total dividend for FY24 to 2.25c per share.

Petra Capital believes the company is well-positioned for the upcoming merger with Karora ((KRR)), which is expected to elevate it into the ASX’s Top-5 gold producers.Completion is expected by July 31.

Buy rating with a $2.67 target price.

This report was published on July 5, 2024.

Target price is $2.67 Current Price is $2.54 Difference: $0.13
If WGX meets the Petra Capital target it will return approximately 5% (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 2.00 cents and EPS of 12.20 cents.
At the last closing share price the estimated dividend yield is 0.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.82.

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 3.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.10.

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

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