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Australian Broker Call *Extra* Edition – Jul 17, 2024

Daily Market Reports | Jul 17 2024

This story features ADRIATIC METALS PLC, and other companies. For more info SHARE ANALYSIS: ADT

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)

ADT   AEE   AGE   AGY   ALK   ARL   ARU   ASN   AZL   BCB   BGL   BKT   BLU   BMN   BRE   CEL   CNB   COI   CXO   FEX   GLN   HZN   JIN   LFG   LIN   LOT   MAY   MEI   MMC   MMI   NST   NWC   ORI   PDI   PNR   PPM   QPM   RED   RHK   RMC   RMS   RNU   RSG   SBM   SFX   SHL   SMR   SPR   STN   STX   SUN   SYA   TLG   TTM   WDS   WGX  

ADT    ADRIATIC METALS PLC

Gold & Silver – Overnight Price: $3.23

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

Canaccord Genuity anticipates further upside for both the gold price and gold equities supported by pending rate cuts and strong margin growth, respectively.

The broker raises its 2024-29 gold price forecasts by an average of 3.4% and increases the long-term (from 2030) estimate by 5% to US$2,712/oz. For silver, the long-term price is increased by 20% to US$33.58/oz.

Across Canaccord’s research coverage of developers and explorers, price targets rise by 3% on average, after FY25 and FY26 earnings (EBITDA) forecasts increase by 2% and 3%, respectively, on the higher gold price estimates.

Adriatic Metals is among the broker’s best developer/explorer ideas. The target rises to $5.50 from $5.35 and the Speculative Buy rating is maintained.

This report was published on July 11, 2024.

Target price is $5.50 Current Price is $3.23 Difference: $2.27
If ADT meets the Canaccord Genuity target it will return approximately 70% (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

AEE    AURA ENERGY LIMITED

Energy – Overnight Price: $0.15

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

No change to Buy rating and 45c target.

This report was published on July 9, 2024.

Target price is $0.45 Current Price is $0.15 Difference: $0.3
If AEE meets the Petra Capital target it will return approximately 200% (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 3.00.

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 3.00.

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

AGE    ALLIGATOR ENERGY LIMITED

Uranium – Overnight Price: $0.05

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

No change in target price of 11c and Buy rating.

This report was published on July 9, 2024.

Target price is $0.11 Current Price is $0.05 Difference: $0.06
If AGE meets the Petra Capital target it will return approximately 120% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 EPS of minus 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 50.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 EPS of minus 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 50.00.

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

AGY    ARGOSY MINERALS LIMITED

New Battery Elements – Overnight Price: $0.08

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Target price revised to 30c from 31c. Buy rating unchanged.

This report was published on July 9, 2024.

Target price is $0.30 Current Price is $0.08 Difference: $0.218
If AGY meets the Petra Capital target it will return approximately 266% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.67.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.71.

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

ALK    ALKANE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.54

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Buy rating unchanged. Target price $1.12 from $1.06.

This report was published on July 9, 2024.

Target price is $1.12 Current Price is $0.54 Difference: $0.58
If ALK meets the Petra Capital target it will return approximately 107% (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 3.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.21.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 8.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.75.

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

ARL    ARDEA RESOURCES LIMITED

Nickel – Overnight Price: $0.50

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

No change to earnings forecasts.

Unchanged target price $1.12 and Buy rating.

This report was published on July 9, 2024.

Target price is $1.12 Current Price is $0.50 Difference: $0.62
If ARL meets the Petra Capital target it will return approximately 124% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 62.50.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 27.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1.81.

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

ARU    ARAFURA RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $0.18

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Buy rating unchanged. Target price 25c from 30c.

This report was published on July 9, 2024.

Target price is $0.25 Current Price is $0.18 Difference: $0.065
If ARU meets the Petra Capital target it will return approximately 35% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 EPS of minus 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 46.25.

Forecast for FY25:

Petra Capital forecasts a full year FY25 EPS of minus 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 37.00.

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

ASN    ANSON RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.15

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Buy rating unchanged. Target price revised to 40c.

This report was published on July 9, 2024.

Target price is $0.40 Current Price is $0.15 Difference: $0.25
If ASN 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 FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 37.50.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 75.00.

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

AZL    ARIZONA LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.02

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Buy rating and 6c target unchanged.

This report was published on July 9, 2024.

Target price is $0.06 Current Price is $0.02 Difference: $0.041
If AZL meets the Petra Capital target it will return approximately 216% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.33.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 19.00.

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

BCB    BOWEN COKING COAL LIMITED

Coal – Overnight Price: $0.05

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Target price rises to 12c from 11c. Buy rating unchanged.

This report was published on July 9, 2024.

Target price is $0.12 Current Price is $0.05 Difference: $0.069
If BCB meets the Petra Capital target it will return approximately 135% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.37.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1.42.

Market Sentiment: 1.0
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: $1.86

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

Canaccord Genuity anticipates further upside for both the gold price and gold equities supported by pending rate cuts and strong margin growth, respectively.

The broker raises its 2024-29 gold price forecasts by an average of 3.4% and increases the long-term (from 2030) estimate by 5% to US$2,712/oz. For silver, the long-term price is increased by 20% to US$33.58/oz.

Across Canaccord’s research coverage of developers and explorers, price targets rise by 3% on average, after FY25 and FY26 earnings (EBITDA) forecasts increase by 2% and 3%, respectively, on the higher gold price estimates.

Among the precious metals producers, the rating and target for Bellevue Gold remain at Speculative Buy and $2.20, respectively.

This report was published on July 11, 2024.

Target price is $2.20 Current Price is $1.86 Difference: $0.335
If BGL meets the Canaccord Genuity target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $2.07, suggesting upside of 10.8%(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 9.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.7, 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 27.8.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 29.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of 153.7%.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 11.0.

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

BKT    BLACK ROCK MINING LIMITED

New Battery Elements – Overnight Price: $0.06

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

Black Rock Mining has finalised offtake agreements for 15ktpa each with Muhui International Trade and Qingdao Yujinxi New Material.

Petra Capital views the next important milestone is the formal approval of POSCO’s US$50m funding support, expected within the next few months.

Buy rating retained and the target lifted to 20c from 17c.

This report was published on July 9, 2024.

Target price is $0.20 Current Price is $0.06 Difference: $0.138
If BKT meets the Petra Capital target it will return approximately 223% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.33.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 62.00.

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

BLU    BLUE ENERGY LIMITED

NatGas – Overnight Price: $0.01

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Unchanged target price of 9c and a Buy rating.

This report was published on July 9, 2024.

Target price is $0.09 Current Price is $0.01 Difference: $0.079
If BLU meets the Petra Capital target it will return approximately 718% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.50.

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

BMN    BANNERMAN ENERGY LIMITED

Uranium – Overnight Price: $3.15

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

No change to target price $5.23 and Buy rating.

This report was published on July 9, 2024.

Target price is $5.23 Current Price is $3.15 Difference: $2.08
If BMN meets the Petra Capital target it will return approximately 66% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 EPS of minus 7.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 43.75.

Forecast for FY25:

Petra Capital forecasts a full year FY25 EPS of minus 7.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 43.75.

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

BRE    BRAZILIAN RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $3.08

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Target price lowered to $4.36 from $5.13. Buy rating unchanged.

This report was published on July 9, 2024.

Target price is $4.36 Current Price is $3.08 Difference: $1.28
If BRE meets the Petra Capital target it will return approximately 42% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 12.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.67.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 11.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 28.00.

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

CEL    CHALLENGER GOLD LIMITED

Gold & Silver – Overnight Price: $0.05

Canaccord Genuity rates ((CEL)) as No Rating (-1) –

Canaccord Genuity anticipates further upside for both the gold price and gold equities supported by pending rate cuts and strong margin growth, respectively.

The broker raises its 2024-29 gold price forecasts by an average of 3.4% and increases the long-term (from 2030) estimate by 5% to US$2,712/oz. For silver, the long-term price is increased by 20% to US$33.58/oz.

Across Canaccord’s research coverage of developers and explorers, price targets rise by 3% on average, after FY25 and FY26 earnings (EBITDA) forecasts increase by 2% and 3%, respectively, on the higher gold price estimates.

The rating and price target for developer/explorer Challenger Gold are currently under review. 

This report was published on July 11, 2024.

Current Price is $0.05. Target price not assessed.

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

CNB    CARNABY RESOURCES LIMITED

Mining – Overnight Price: $0.51

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Buy rating and target raised to $1.53 from $1.44.

This report was published on July 9, 2024.

Target price is $1.53 Current Price is $0.51 Difference: $1.02
If CNB meets the Petra Capital target it will return approximately 200% (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 5.48.

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 8.64.

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

COI    COMET RIDGE LIMITED

NatGas – Overnight Price: $0.20

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Buy rating and 35c target unchanged.

This report was published on July 9, 2024.

Target price is $0.35 Current Price is $0.20 Difference: $0.15
If COI meets the Petra Capital target it will return approximately 75% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 33.33.

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 66.67.

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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.11

Jarden rates ((CXO)) as Upgrade to Neutral from Sell (3) –

Jarden revises the rating on Core Lithium to Neutral from Sell and the target price is lowered to 10c from 12c.

The target price is based on the assumption by the analyst that Finniss will return to operation, supported by lithium price and the enterprise value of $110m can be justified, notes Jarden, on the basis of a strong cash position and residual salvage value of the Finniss infrastructure.

This report was published on July 8, 2024.

Target price is $0.10 Current Price is $0.11 Difference: minus $0.01 (current price is over target).
If CXO meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 9.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1.18.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 12.22.

Market Sentiment: -0.5
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: $0.41

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Buy rating and no change in target price of 49c.

This report was published on July 9, 2024.

Target price is $0.49 Current Price is $0.41 Difference: $0.085
If FEX meets the Petra Capital target it will return approximately 21% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 EPS of 6.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.43.

Forecast for FY25:

Petra Capital forecasts a full year FY25 EPS of 8.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.71.

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

GLN    GALAN LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.16

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Target price is revised to 51c from 55c. Buy rating unchanged.

This report was published on July 9, 2024.

Target price is $0.51 Current Price is $0.16 Difference: $0.35
If GLN meets the Petra Capital target it will return approximately 219% (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

HZN    HORIZON OIL LIMITED

Crude Oil – Overnight Price: $0.20

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Buy rating and 20c target unchanged.

This report was published on July 9, 2024.

Target price is $0.20 Current Price is $0.20 Difference: $0
If HZN meets the Petra Capital target it will return approximately 0% (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 6.71 cents and EPS of 3.96 cents.
At the last closing share price the estimated dividend yield is 33.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.05.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 7.17 cents and EPS of 5.03 cents.
At the last closing share price the estimated dividend yield is 35.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.98.

This company reports in USD. 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

JIN    JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $15.96

Jarden rates ((JIN)) as Downgrade to Underweight from Neutral (4) –

Jumbo Interactive is downgraded to Underweight from Neutral by Jarden with a target price of $15.40, down from $15.70.

The broker forecasts strong upcoming FY24 results but the outlook for FY25 has been tempered by a mean reversion in jackpots towards more historical trends of 23-25 jackpots over $15m per half.

Jarden believe there is downside risk to consensus estimates for FY25.

This report was published on July 8, 2024.

Target price is $15.40 Current Price is $15.96 Difference: minus $0.56 (current price is over target).
If JIN meets the Jarden target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $17.17, suggesting upside of 7.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 54.00 cents and EPS of 69.00 cents.
At the last closing share price the estimated dividend yield is 3.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.9, implying annual growth of 43.3%.
Current consensus DPS estimate is 59.8, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 22.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 50.00 cents and EPS of 73.80 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.5, implying annual growth of 7.8%.
Current consensus DPS estimate is 62.7, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 20.6.

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

LFG    LIBERTY FINANCIAL GROUP LIMITED

Diversified Financials – Overnight Price: $3.66

Jarden rates ((LFG)) as Neutral (3) –

Jarden has revised its EPS forecasts for the non-bank sector, cutting earnings forecasts.

The sector is experiencing improved funding costs, but the benefits are being tempered by increased lending competition and rising asset finance arrears.

Mortgage flows are stabilising, but net book growth is not expected until FY26 and mortgage arrears remain below pre covid levels.

Jarden remains constructive on the sector, preferring Pepper Money, followed by Liberty Financial and Resimac.

Jarden revises EPS forecasts by -1% for FY24 and -6.3% for FY25 with a lower target price of $4 from $4.20.

This report was published on July 5, 2024.

Target price is $4.00 Current Price is $3.66 Difference: $0.34
If LFG meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 25.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 6.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.13.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 28.00 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 7.65%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.47.

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

LIN    LINDIAN RESOURCES LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $0.12

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Buy rating unchanged. Target price revised to 63c from 72c.

This report was published on July 9, 2024.

Target price is $0.63 Current Price is $0.12 Difference: $0.51
If LIN meets the Petra Capital target it will return approximately 425% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 40.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 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 6.00.

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

LOT    LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.34

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

No change in target price of 50c and Buy rating.

This report was published on July 9, 2024.

Target price is $0.50 Current Price is $0.34 Difference: $0.155
If LOT meets the Petra Capital target it will return approximately 45% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 86.25.

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 115.00.

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

MAY    MELBANA ENERGY LIMITED

Crude Oil – Overnight Price: $0.03

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

No change in target price of 8c and Buy rating.

This report was published on July 9, 2024.

Target price is $0.08 Current Price is $0.03 Difference: $0.054
If MAY meets the Petra Capital target it will return approximately 208% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.00.

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

MEI    METEORIC RESOURCES NL

Gold & Silver – Overnight Price: $0.14

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Target price revised to 39c from 38c. Buy rating.

This report was published on July 9, 2024.

Target price is $0.39 Current Price is $0.14 Difference: $0.25
If MEI meets the Petra Capital target it will return approximately 179% (excluding dividends, fees and charges).
Current consensus price target is $0.42, suggesting upside of 200.0%(ex-dividends)
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 0.00 cents.

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 N/A.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 140.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is N/A, 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: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

MMC    ANDEAN SILVER LIMITED

Gold & Silver – Overnight Price: $0.98

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

Canaccord Genuity anticipates further upside for both the gold price and gold equities supported by pending rate cuts and strong margin growth, respectively.

The broker raises its 2024-29 gold price forecasts by an average of 3.4% and increases the long-term (from 2030) estimate by 5% to US$2,712/oz. For silver, the long-term price is increased by 20% to US$33.58/oz.

Across Canaccord’s research coverage of developers and explorers, price targets rise by 3% on average, after FY25 and FY26 earnings (EBITDA) forecasts increase by 2% and 3%, respectively, on the higher gold price estimates.

Andean Silver (formerly Mitre Mining) is among the broker’s best developer/explorer ideas. The Speculative Buy rating is maintained and the target increased to $2.50 from $2.30.

This report was published on July 11, 2024.

Target price is $2.50 Current Price is $0.98 Difference: $1.515
If MMC meets the Canaccord Genuity target it will return approximately 154% (excluding dividends, fees and charges).

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

MMI    METRO MINING LIMITED

Coal – Overnight Price: $0.05

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Target price moves to 9.1c from 7.5c and Buy rating unchanged.

This report was published on July 9, 2024.

Target price is $0.09 Current Price is $0.05 Difference: $0.039
If MMI meets the Petra Capital target it will return approximately 75% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.78.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.89.

Market Sentiment: 1.0
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: $13.96

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

Canaccord Genuity anticipates further upside for both the gold price and gold equities supported by pending rate cuts and strong margin growth, respectively.

The broker raises its 2024-29 gold price forecasts by an average of 3.4% and increases the long-term (from 2030) estimate by 5% to US$2,712/oz. For silver, the long-term price is increased by 20% to US$33.58/oz.

Across Canaccord’s research coverage of developers and explorers, price targets rise by 3% on average, after FY25 and FY26 earnings (EBITDA) forecasts increase by 2% and 3%, respectively, on the higher gold price estimates.

Northern Star Resources is among the broker’s best producer ideas. The Buy rating and $19.15 target are maintained.

This report was published on July 11, 2024.

Target price is $19.15 Current Price is $13.96 Difference: $5.19
If NST meets the Canaccord Genuity target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $15.82, suggesting upside of 13.3%(ex-dividends)

Forecast for FY24:

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 2.3%.
Current consensus EPS estimate suggests the PER is 24.9.

Forecast for FY25:

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 3.5%.
Current consensus EPS estimate suggests the PER is 11.6.

Market Sentiment: 0.6
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: $0.03

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

The target price is revised to 13c from 12c. Buy rating.

This report was published on July 9, 2024.

Target price is $0.13 Current Price is $0.03 Difference: $0.097
If NWC meets the Petra Capital target it will return approximately 294% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.50.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 33.00.

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

ORI    ORICA LIMITED

Mining Sector Contracting – Overnight Price: $17.65

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

Jarden issues a cautious tone on Orica post the 9% rally in the share price around upbeat expectations for $1.5bn in acquisitions conducted in FY24.

The analyst has concerns about Orica’s ability to achieve targeted returns, with recent acquisitions like Axis performing below expectations.

EPS forecasts are revised down by- 3% for FY24 and -5% for FY25 due to Jarden’s increased caution on Digital Solutions earnings growth.

Overweight rating unchanged, the target price declines to $18.50 from $18.55.

This report was published on July 8, 2024.

Target price is $18.50 Current Price is $17.65 Difference: $0.85
If ORI meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $19.70, suggesting upside of 11.6%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 39.30 cents and EPS of 79.30 cents.
At the last closing share price the estimated dividend yield is 2.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.6, implying annual growth of 34.5%.
Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 46.20 cents and EPS of 93.20 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.2, implying annual growth of 22.4%.
Current consensus DPS estimate is 54.6, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 16.5.

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

PDI    PREDICTIVE DISCOVERY LIMITED

Gold & Silver – Overnight Price: $0.20

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

Canaccord Genuity anticipates further upside for both the gold price and gold equities supported by pending rate cuts and strong margin growth, respectively.

The broker raises its 2024-29 gold price forecasts by an average of 3.4% and increases the long-term (from 2030) estimate by 5% to US$2,712/oz. For silver, the long-term price is increased by 20% to US$33.58/oz.

Across Canaccord’s research coverage of developers and explorers, price targets rise by 3% on average, after FY25 and FY26 earnings (EBITDA) forecasts increase by 2% and 3%, respectively, on the higher gold price estimates.

Predictive Discovery is among the broker’s best developer ideas. The Speculative Buy rating is maintained and the target increased to 45c from 44c.

This report was published on July 11, 2024.

Target price is $0.45 Current Price is $0.20 Difference: $0.255
If PDI meets the Canaccord Genuity target it will return approximately 131% (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

PNR    PANTORO LIMITED

Gold & Silver – Overnight Price: $0.09

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

The target price is revised to 16c from 15c. Buy rating.

This report was published on July 9, 2024.

Target price is $0.16 Current Price is $0.09 Difference: $0.067
If PNR meets the Petra Capital target it will return approximately 72% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 93.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.65.

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

PPM    PEPPER MONEY LIMITED

Business & Consumer Credit – Overnight Price: $1.46

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

Jarden has revised its EPS forecasts for the non-bank sector, cutting earnings forecasts.

The sector is experiencing improved funding costs, but the benefits are being tempered by increased lending competition and rising asset finance arrears. 

Mortgage flows are stabilising, but net book growth is not expected until FY26 and mortgage arrears remain below pre covid levels.

Jarden remains constructive on the sector, preferring Pepper Money, followed by Liberty Financial and Resimac.

EPS forecasts are tweaked by 0.4% for FY24 and -8.2% for FY25.

Overweight rating retained and the target price adjusted to $1.55 from $1.60.

This report was published on July 5, 2024.

Target price is $1.55 Current Price is $1.46 Difference: $0.09
If PPM meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 9.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 6.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.95.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 10.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 6.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.08.

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

QPM    QUEENSLAND PACIFIC METALS LIMITED

Nickel – Overnight Price: $0.03

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

No change in Buy rating and 11c target.

This report was published on July 9, 2024.

Target price is $0.11 Current Price is $0.03 Difference: $0.077
If QPM meets the Petra Capital target it will return approximately 233% (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 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1.57.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.60.

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

RED    RED 5 LIMITED

Gold & Silver – Overnight Price: $0.42

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Red 5 has a revised target price of 46c from 47c and EPS forecasts for FY25 included Silver Lake Resources.

This report was published on July 9, 2024.

Target price is $0.46 Current Price is $0.42 Difference: $0.04
If RED 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 0.00 cents and EPS of 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 35.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 1.00 cents and EPS of 5.70 cents.
At the last closing share price the estimated dividend yield is 2.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.37.

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

RHK    RED HAWK MINING LIMITED

Iron Ore – Overnight Price: $0.81

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Target price raised to 97c from 95c. Buy rating unchanged.

This report was published on July 9, 2024.

Target price is $0.97 Current Price is $0.81 Difference: $0.165
If RHK meets the Petra Capital target it will return approximately 20% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 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 35.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 38.33.

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

RMC    RESIMAC GROUP LIMITED

Banks – Overnight Price: $0.81

Jarden rates ((RMC)) as Neutral (3) –

Jarden has revised its EPS forecasts for the non-bank sector, cutting earnings forecasts.

The sector is experiencing improved funding costs, but the benefits are being tempered by increased lending competition and rising asset finance arrears. 

Mortgage flows are stabilising, but net book growth is not expected until FY26 and mortgage arrears remain below pre covid levels.

The broker adjusts EPS forecasts by -10.1% for FY25.

Jarden remains constructive on the sector, preferring Pepper Money, followed by Liberty Financial and Resimac.

Neutral rating unchanged and the target price is lowered to 93c from $1.02.

This report was published on July 5, 2024.

Target price is $0.93 Current Price is $0.81 Difference: $0.125
If RMC meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $1.13, suggesting upside of 40.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 7.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 8.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.0, implying annual growth of -33.4%.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 8.0%.
Current consensus EPS estimate suggests the PER is 7.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 7.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 8.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.7, implying annual growth of 24.5%.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 8.7%.
Current consensus EPS estimate suggests the PER is 5.9.

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

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.96

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

Canaccord Genuity anticipates further upside for both the gold price and gold equities supported by pending rate cuts and strong margin growth, respectively.

The broker raises its 2024-29 gold price forecasts by an average of 3.4% and increases the long-term (from 2030) estimate by 5% to US$2,712/oz. For silver, the long-term price is increased by 20% to US$33.58/oz.

Across Canaccord’s research coverage of developers and explorers, price targets rise by 3% on average, after FY25 and FY26 earnings (EBITDA) forecasts increase by 2% and 3%, respectively, on the higher gold price estimates.

Ramelius Resources is among the broker’s best producer ideas. The Buy rating is maintained and the target increased to $2.70 from $2.60.

This report was published on July 11, 2024.

Target price is $2.70 Current Price is $1.96 Difference: $0.74
If RMS meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $2.24, suggesting upside of 14.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 6.00 cents.
At the last closing share price the estimated dividend yield is 3.06%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 169.1%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 8.00 cents.
At the last closing share price the estimated dividend yield is 4.08%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 19.3%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 8.8.

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

RNU    RENASCOR RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.09

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Target price revised to 15c from 16c. Buy rating.

This report was published on July 9, 2024.

Target price is $0.15 Current Price is $0.09 Difference: $0.056
If RNU meets the Petra Capital target it will return approximately 60% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 94.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.27.

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

RSG    RESOLUTE MINING LIMITED

Gold & Silver – Overnight Price: $0.66

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

Canaccord Genuity anticipates further upside for both the gold price and gold equities supported by pending rate cuts and strong margin growth, respectively.

The broker raises its 2024-29 gold price forecasts by an average of 3.4% and increases the long-term (from 2030) estimate by 5% to US$2,712/oz. For silver, the long-term price is increased by 20% to US$33.58/oz.

Across Canaccord’s research coverage of developers and explorers, price targets rise by 3% on average, after FY25 and FY26 earnings (EBITDA) forecasts increase by 2% and 3%, respectively, on the higher gold price estimates.

Resolute Mining is among the broker’s best producer ideas. The Buy rating is maintained and the target increased to $1.55 from $1.40.

This report was published on July 11, 2024.

Target price is $1.55 Current Price is $0.66 Difference: $0.89
If RSG meets the Canaccord Genuity target it will return approximately 135% (excluding dividends, fees and charges).

This company reports in USD. 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

SBM    ST. BARBARA LIMITED

Gold & Silver – Overnight Price: $0.23

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

The target price is revised to 50c from 45c. Buy rating.

This report was published on July 9, 2024.

Target price is $0.50 Current Price is $0.23 Difference: $0.27
If SBM meets the Petra Capital target it will return approximately 117% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 EPS of minus 5.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.18.

Forecast for FY25:

Petra Capital forecasts a full year FY25 EPS of 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.17.

Market Sentiment: 0.5
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: $0.33

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Buy rating and unchanged 68c target.

This report was published on July 9, 2024.

Target price is $0.68 Current Price is $0.33 Difference: $0.35
If SFX meets the Petra Capital target it will return approximately 106% (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 11.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 3.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.00.

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

SHL    SONIC HEALTHCARE LIMITED

Healthcare services – Overnight Price: $26.25

Jarden rates ((SHL)) as Neutral (3) –

Jarden notes the FDA recent regulatory changes and rising collection centre leasing costs are projected to impact on the company’s FY24 net profit.

The broker explains the FDA ruling will bring laboratory developed tests under its regulatory control, which will likely impose significant costs on the lab sector starting FY25, coinciding with scheduled cuts in PAMA reimbursement and ongoing inflationary pressures.

Jarden forecasts revenue growth to $9,618.8m by 2026 from $8,158.0m in 2023 and EPS is forecast to recover to 25.5% growth in 2026 from -31.8% decline in 2024. 

Neutral rating and $26.19 target price unchanged. No changes to EPS forecasts.

This report was published on July 5, 2024.

Target price is $26.19 Current Price is $26.25 Difference: minus $0.06 (current price is over target).
If SHL 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 $29.79, suggesting upside of 13.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 88.30 cents and EPS of 98.90 cents.
At the last closing share price the estimated dividend yield is 3.36%.
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 104.9, implying annual growth of -28.1%.
Current consensus DPS estimate is 92.6, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 25.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 76.50 cents and EPS of 117.10 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 122.2, implying annual growth of 16.5%.
Current consensus DPS estimate is 96.3, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 21.5.

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

SMR    STANMORE RESOURCES LIMITED

Coal – Overnight Price: $3.94

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Target price is raised to $5.77 from $5.26. Buy rating.

This report was published on July 9, 2024.

Target price is $5.77 Current Price is $3.94 Difference: $1.83
If SMR meets the Petra Capital target it will return approximately 46% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 12.81 cents and EPS of 64.03 cents.
At the last closing share price the estimated dividend yield is 3.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.15.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 15.60 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 3.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.91.

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

SPR    SPARTAN RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.06

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

Canaccord Genuity anticipates further upside for both the gold price and gold equities supported by pending rate cuts and strong margin growth, respectively.

The broker raises its 2024-29 gold price forecasts by an average of 3.4% and increases the long-term (from 2030) estimate by 5% to US$2,712/oz. For silver, the long-term price is increased by 20% to US$33.58/oz.

Across Canaccord’s research coverage of developers and explorers, price targets rise by 3% on average, after FY25 and FY26 earnings (EBITDA) forecasts increase by 2% and 3%, respectively, on the higher gold price estimates.

Spartan Resources is among the broker’s best developer ideas. The Speculative Buy rating is maintained and the target increased to $1.20 from $1.15.

This report was published on July 11, 2024.

Target price is $1.20 Current Price is $1.06 Difference: $0.14
If SPR meets the Canaccord Genuity target it will return approximately 13% (excluding dividends, fees and charges).

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

STN    SATURN METALS LIMITED

Gold & Silver – Overnight Price: $0.20

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

The target price is revised to 56c from 50c. Buy rating unchanged.

This report was published on July 9, 2024.

Target price is $0.56 Current Price is $0.20 Difference: $0.36
If STN meets the Petra Capital target it will return approximately 180% (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 7.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 2.86.

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 4.00.

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

STX    STRIKE ENERGY LIMITED

NatGas – Overnight Price: $0.21

Petra Capital rates ((STX)) as Hold (3) –

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

No change in target price of 26c. Buy rating.

This report was published on July 9, 2024.

Target price is $0.26 Current Price is $0.21 Difference: $0.05
If STX meets the Petra Capital target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $0.27, suggesting upside of 26.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.00.

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 N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 30.0.

Forecast for FY25:

Petra Capital 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 13.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.7, implying annual growth of 142.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.4.

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

SUN    SUNCORP GROUP LIMITED

Insurance – Overnight Price: $16.94

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

Suncorp Group’s FY25 CAT budget has increased by 15.1% to $1.565bn due to greater risk retention and inflationary pressures and is above Jarden’s expectations.

Overall, CAT reinsurance costs are expected to remain in line with FY24, thanks to rate-on-line savings.

The broker’s EPS forecasts are revised up by 1.0% for FY24 and 0.1% for FY25.

Overweight rating unchanged and the target price lifts to $17.17 from $17.

This report was published on July 5, 2024.

Target price is $17.17 Current Price is $16.94 Difference: $0.23
If SUN meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $18.00, suggesting upside of 6.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 78.00 cents and EPS of 107.00 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 15.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.8, implying annual growth of 19.7%.
Current consensus DPS estimate is 76.3, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 107.50 cents and EPS of 105.00 cents.
At the last closing share price the estimated dividend yield is 6.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.6, implying annual growth of -5.7%.
Current consensus DPS estimate is 91.8, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 16.5.

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

SYA    SAYONA MINING LIMITED

New Battery Elements – Overnight Price: $0.03

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Target price of 14c unchanged. Buy rating unchanged.

This report was published on July 9, 2024.

Target price is $0.14 Current Price is $0.03 Difference: $0.107
If SYA meets the Petra Capital target it will return approximately 324% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.16 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.63.

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

TLG    TALGA GROUP LIMITED

New Battery Elements – Overnight Price: $0.53

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Target price unchanged at $1.06 and Buy rating.

This report was published on July 9, 2024.

Target price is $1.06 Current Price is $0.53 Difference: $0.535
If TLG meets the Petra Capital target it will return approximately 102% (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 8.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.10.

Forecast for FY25:

Petra Capital forecasts a full year FY25 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 32.81.

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

TTM    TITAN MINERALS LIMITED

Gold & Silver – Overnight Price: $0.05

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

Canaccord Genuity anticipates further upside for both the gold price and gold equities supported by pending rate cuts and strong margin growth, respectively.

The broker raises its 2024-29 gold price forecasts by an average of 3.4% and increases the long-term (from 2030) estimate by 5% to US$2,712/oz. For silver, the long-term price is increased by 20% to US$33.58/oz.

Across Canaccord’s research coverage of developers and explorers, price targets rise by 3% on average, after FY25 and FY26 earnings (EBITDA) forecasts increase by 2% and 3%, respectively, on the higher gold price estimates.

The Speculative Buy rating is kept for developer/explorer Titan Minerals and the target falls to 13c from 14c.

This report was published on July 11, 2024.

Target price is $0.13 Current Price is $0.05 Difference: $0.082
If TTM meets the Canaccord Genuity target it will return approximately 171% (excluding dividends, fees and charges).

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

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $29.37

Jarden rates ((WDS)) as Neutral (3) –

Jarden expects a 3% increase in the June quarter production for Woodside Energy to 46.4mboe due to a higher seasonal output from Bass Strait.

Jarden forecasts a 2H24 Brent Oil price of US$85bbl.

The Neutral rating is retained, while the target price is lowered to $29.15 from $29.23.

This report was published on July 5, 2024.

Target price is $29.15 Current Price is $29.37 Difference: minus $0.22 (current price is over target).
If WDS 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 $32.36, suggesting upside of 10.2%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 157.04 cents and EPS of 198.66 cents.
At the last closing share price the estimated dividend yield is 5.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 190.0, implying annual growth of N/A.
Current consensus DPS estimate is 151.8, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 15.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 163.14 cents and EPS of 221.68 cents.
At the last closing share price the estimated dividend yield is 5.55%.
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 185.7, implying annual growth of -2.3%.
Current consensus DPS estimate is 147.9, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 15.8.

This company reports in USD. 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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.67

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

Petra Capital updates forecasts for the latest mark-to-market commodity assumptions.

The new price forecasts are Gold US$2386oz; Copper US$4.45lb; Lead US0.99c/lb; Zinc US$1.34lb; Nickel US$7.79/lb; Brent crude US$86.90bbl; Uranium US$85lb; Spodumene US$1040t; NdPr US$50kg; Graphite US$470t; Thermal Coal US$132t; Coking Coal US$256t; Iron Ore US$110t; Bauxite US$55t. Currency AUD/USD 0.675.

Target price $2.98 from $2.67 with a Buy rating.

This report was published on July 9, 2024.

Target price is $2.98 Current Price is $2.67 Difference: $0.31
If WGX meets the Petra Capital target it will return approximately 12% (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 0.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.89.

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 3.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.71.

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


Disclaimer:
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.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.

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For more info SHARE ANALYSIS: ADT - ADRIATIC METALS PLC

For more info SHARE ANALYSIS: AEE - AURA ENERGY LIMITED

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For more info SHARE ANALYSIS: WDS - WOODSIDE ENERGY GROUP LIMITED

For more info SHARE ANALYSIS: WGX - WESTGOLD RESOURCES LIMITED