Australian Broker Call *Extra* Edition – Aug 01, 2024

This story features 29METALS LIMITED, and other companies. For more info SHARE ANALYSIS: 29M

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)

29M   AGY   ALK   APX   ARF   ARU   ARX (2)   BCB   BSL   CRN   CXL   CXO   DHG   DLI   DSE   FLT (2)   FMG   GL1   GLN   GT1   IGO   ILU   IMM   INR   LGP   LKE   LLL   LNW   LRS   MAC   MP1   MQG   NEC   NST   NWS   NXT   OBM (2)   OFX   OML   PLS (2)   PLT   PME   PNR   PNV   PPT   PRN   PXA   PYC   QOR   REA   RMD   RRL   SDR   SGF   SGLLV   SMP   SMR   SOM   SPK   SWM   SYA (2)   TLS   TPG   VUL   WC8   WDS (2)   WR1  

29M    29METALS LIMITED

Copper – Overnight Price: $0.40

Jarden rates ((29M)) as Underweight (4) –

Jarden continues to harbour concerns over the cash burn for 29Metals and the impact of lower spot price on liquidity for the company.

At June 30 cash on hand declined to $85 from $106m at the previous quarter, and net debt increased to $136m from $103m at the end of the March quarter, the broker highlights, and continues to forecast 29Metals will require a $60m “liquidity event” to remain solvent.

An Underweight rating is retained with a 33c target, up from 28c, due to higher long-term copper price forecasts.

This report was published on July 25, 2024.

Target price is $0.33 Current Price is $0.40 Difference: minus $0.07 (current price is over target).
If 29M meets the Jarden target it will return approximately minus 18% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.55, suggesting upside of 29.8%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 9.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.8, 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 N/A.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.8, 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 15.0.

Market Sentiment: 0.5
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: $0.04

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

Canaccord Genuity adjusts ratings and targets for the lithium exposed companies due to the continued oversupply conditions and the weaker growth in demand.

The broker has “flat lined” its price forecast until 2026 and sees the SC6 pricing in a range between US$1000-US$1500t until 2027.

A Speculative Buy rating on Argosy Minerals is retained and the target lowered to 10c from 27c.

This report was published on July 25, 2024.

Target price is $0.10 Current Price is $0.04 Difference: $0.061
If AGY meets the Canaccord Genuity target it will return approximately 156% (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

ALK    ALKANE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.43

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

Alkane Resources posted a strong performance in the last quarter of FY24, Petra Capital notes, with maiden production from Roswell underground driving a 43% quarter on quarter increase in head grade and lifting June Q production.

Full year ore feed from Roswell will support a production uplift in FY25, with recovery gains from process plant upgrades and from a mill
throughput expansion driving additional production increases.

Petra forecasts this profile, allied to a moderating capital program, will see Alkane generating strong quarterly free cash flows from the Sept quarter 2025.

Target falls to 97c from $1.00, Buy retained.

This report was published on July 26, 2024.

Target price is $0.97 Current Price is $0.43 Difference: $0.535
If ALK meets the Petra Capital target it will return approximately 123% (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 3.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.15.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.06.

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

APX    APPEN LIMITED

IT & Support – Overnight Price: $0.75

Canaccord Genuity rates ((APX)) as Upgrade to Speculative Buy from Hold (3) –

Canaccord Genuity raises its target for Appen to 80c from 60c and upgrades to Speculative Buy from Hold as revenues recovered strongly towards the end of the June quarter. Quartely revenue was US$55m compared to the broker’s US$49m forecast.

Offering light at the end of the tunnel, according to the broker, revenues rose to US$21.1m from $US15.9m in June, all following the loss of Google which exited as a customer in March. Closing cash at June 30 was US$34.7m, a rise of US$2m over the first half.

While this June revenue number run-rates to circa US$130m for the 2H, the analysts conservatively forecast US$117m. 

Canaccord highlights the cash cost base continues to fall, with opex around -US$60m lower on an annualised basis in Q2 than the 1Q of FY23.

This report was published on July 31, 2024.

Target price is $0.80 Current Price is $0.75 Difference: $0.05
If APX meets the Canaccord Genuity target it will return approximately 7% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 7.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.62.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 22.06.

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

ARF    ARENA REIT

REITs – Overnight Price: $3.86

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

Jarden is positive on the recent $58m portfolio acquisition, the four new development sites and the capital raise for Arena REIT, which are all expected to assist in generating growth.

The analyst forecasts the REIT can generate between 5%-6% compound annual growth in funds from operations over the next three years.

Arena REIT pre-released its FY24 results which were in line with the broker’s estimate and the FY25 dividend guidance of 18.25c exceeded previous forecasts.

Overweight rating and $4.30 target remain.

This report was published on July 23, 2024.

Target price is $4.30 Current Price is $3.86 Difference: $0.44
If ARF meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.99, suggesting upside of 1.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 17.40 cents and EPS of 17.60 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.5, implying annual growth of -16.0%.
Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 22.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 18.20 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 4.72%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of 2.9%.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 21.8.

Market Sentiment: 0.0
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: $0.17

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

Canaccord Genuity highlights the conditional approval of US$775m in senior debt funding for the Nolans Rare Earth Project, bringing total debt support to over US$1bn for Arafura Rare Earths.

The broker notes management is focussed on securing further offtake agreements and approximately US$0.8b in equity to meet the total funding requirement of US$1.9b.

Nolans is viewed as an asset with strategic importance by the analyst due to the long mine life and large production capacity of 4.4ktp.a. of NdPr oxides.

Speculative Buy rating and 40c target unchanged.

This report was published on July 23, 2024.

Target price is $0.40 Current Price is $0.17 Difference: $0.23
If ARU meets the Canaccord Genuity target it will return approximately 135% (excluding dividends, fees and charges).

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

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.63

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

Aroa Biosurgery reported 1Q25 results which met expectations at Canaccord Genuity. Management retained FY25 guidance, which is forecast to be the first profitable year for the company.

The broker highlights the Myriad franchise which is anticipated to maintain momentum with the salesforce reaching 50 and around 60% contributing to earnings.

There are no changes to earnings forecasts, and a Buy rating is unchanged. Target price is $1.

This report was published on July 24, 2024.

Target price is $1.00 Current Price is $0.63 Difference: $0.37
If ARX meets the Canaccord Genuity target it will return approximately 59% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.37 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 170.73.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.94 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.49.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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

Following a review of 1Q FY25 results, Wilsons believes Aroa Biosurgery is on track to meet or beat the broker’s forecasts. Management is making a comeback after the guidance mishaps of FY24, suggest the analysts.

The broker notes accounts rose by 24 accounts in the quarter (taking the total to 242) and reminds investors management is now focusing on US Level I and II trauma centres, utilising around 50 sales representatives.

Overweight rating and $1 target unchanged.

This report was published on July 24, 2024.

Target price is $1.00 Current Price is $0.63 Difference: $0.37
If ARX meets the Wilsons target it will return approximately 59% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.19 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 340.54.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.75 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 35.92.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

BCB    BOWEN COKING COAL LIMITED

Coal – Overnight Price: $0.04

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

Operationally, Bowen Coking Coal’s Burton complex is producing well, but transport logistics, closure costs, and prices have offset some of those improvements, Petra Capital notes.

The key element however is the balance sheet. In the June Q report, management discusses options around coal prepayments, working capital facilities, and royalty deferrals.

These are possible, but Petra forecasts that Bowen will need an equity injection in the near-term to cover its upcoming debt and capex commitments. Target falls to 8c from 12c, Buy retained.

This report was published on July 26, 2024.

Target price is $0.08 Current Price is $0.04 Difference: $0.045
If BCB meets the Petra Capital target it will return approximately 129% (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 1.52.

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 2.19.

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

BSL    BLUESCOPE STEEL LIMITED

Steel & Scrap – Overnight Price: $22.16

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

Jarden observes the 2Q2024 earnings reports from US Nucor and Cleveland Cliffs and both came in above the market’s “low” expectations which resulted in a positive share price reaction.

The broker notes these companies managed to address costs in a lower steel price environment and retained steady volumes and robust share buybacks.

There are no changes to the 2H24 earnings forecasts for BlueScope Steel by Jarden, although the analyst has slightly lowered the FY25 EPS estimate.

An Overweight rating and $23.50 target are maintained.

This report was published on July 23, 2024.

Target price is $23.50 Current Price is $22.16 Difference: $1.34
If BSL meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $22.26, suggesting upside of 1.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 50.00 cents and EPS of 207.00 cents.
At the last closing share price the estimated dividend yield is 2.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 206.3, implying annual growth of -5.1%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 50.00 cents and EPS of 145.60 cents.
At the last closing share price the estimated dividend yield is 2.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 174.8, implying annual growth of -15.3%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 12.6.

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

CRN    CORONADO GLOBAL RESOURCES INC

Coal – Overnight Price: $1.44

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

Goldman Sachs is upbeat on 2Q2024 report from Coronado Global Resources as the company appears to have “turned” the corner and announced stronger than expected production and improved costs, for the first time in over three years.

Accordingly, the broker’s EPS forecasts are lifted by 240% for FY24 and 17% for FY25, with lower costs for Curragh and increasing production for Curragh and the US.

Target price is lifted 6% to $1.80 and a Buy rating retained.

This report was published on July 25, 2024.

Target price is $1.80 Current Price is $1.44 Difference: $0.36
If CRN meets the Goldman Sachs target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $1.88, suggesting upside of 30.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 15.26 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.5, implying annual growth of N/A.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 11.5.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 19.84 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.0, implying annual growth of 116.0%.
Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 5.3.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CXL    CALIX LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $1.01

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

Supporting a renewably powered carbon capture and use (CCU) calcining plant, explains Canaccord Genuity, Calix has confirmed it will receive $15m of Federal Government grant funding under the Carbon Capture Technologies Program.

The broker explains the plant will supply captured CO2 to the HyGATE funded Solar Methanol Plant (SM1) and will have two revenue streams: lime and CO2 feedstock for SM1.

The Buy rating and $7.70 target are maintained.

This report was published on July 24, 2024.

Target price is $7.70 Current Price is $1.01 Difference: $6.69
If CXL meets the Canaccord Genuity target it will return approximately 662% (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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.10

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

Canaccord Genuity adjusts ratings and targets for the lithium exposed companies due to the continued oversupply conditions and the weaker growth in demand.

The broker has “flat lined” its price forecast until 2026 and sees the SC6 pricing in a range between US$1000-US$1500t until 2027.

A Hold rating is retained for Core Lithium and the target price is lowered to 11c from 15c.

This report was published on July 25, 2024.

Target price is $0.11 Current Price is $0.10 Difference: $0.015
If CXO meets the Canaccord Genuity target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $0.09, suggesting downside of -6.7%(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.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.7, 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 N/A.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.4, 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: -0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

DHG    DOMAIN HOLDINGS AUSTRALIA LIMITED

Real Estate – Overnight Price: $3.21

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

Following recent June quarter reporting, Goldman Sachs reviews its forecasts for stocks under coverage within the Technology, Media, and Telecommunications (TMT) sector.

For Domain Holdings Australia, the broker’s target falls to $3.40 from $3.60 on softer growth in FY25/25 and higher forecast costs. Neutral.

This report was published on August 1, 2024.

Target price is $3.40 Current Price is $3.21 Difference: $0.19
If DHG meets the Goldman Sachs target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.24, suggesting downside of -0.6%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 8.2, implying annual growth of 98.1%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 39.8.

Forecast for FY25:

Current consensus EPS estimate is 9.2, implying annual growth of 12.2%.
Current consensus DPS estimate is 5.8, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 35.4.

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

DLI    DELTA LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.25

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

Canaccord Genuity adjusts ratings and targets for the lithium exposed companies due to the continued oversupply conditions and the weaker growth in demand.

The broker has “flat lined” its price forecast until 2026 and sees the SC6 pricing in a range between US$1000-US$1500t until 2027.

A Speculative Buy rating is retained and the target price lowered to 50c from 70c.

This report was published on July 25, 2024.

Target price is $0.50 Current Price is $0.25 Difference: $0.25
If DLI meets the Canaccord Genuity target it will return approximately 100% (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

DSE    DROPSUITE LIMITED

Cloud services – Overnight Price: $3.51

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

Canaccord Genuity assesses a beakout 2Q for Dropsuite based on record quarterly net users growth and record direct/indirect partner additions.

Additionally, the broker notes a reduction in Managed Service Providers (MSP) churn to a historically low less than 3% generated a record incremental ARR improvement.

The broker’s Buy rating is retained, and the target rises to $4.50 from $4.00. In the interim since Canaccord’s last research update (when the target was 40c) there has been a 1:10 share consolidation.

This report was published on July 22, 2024.

Target price is $4.50 Current Price is $3.51 Difference: $0.99
If DSE meets the Canaccord Genuity target it will return approximately 28% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 184.74.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 109.69.

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

FLT    FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $22.21

Jarden rates ((FLT)) as Buy (1) –

Jarden observes the Flight Centre Travel FY24 guidance range which upon analysis suggests June results were slightly weaker, although July looks to have picked up again and the company may benefit from airfare deflation leading to increasing demand.

The broker remains upbeat about the FY25 outlook with management reconfirming profit before tax margins over 2% against the market’s expectations of 1.7%.

Jarden tweaks the EBITDA forecasts by 1% for FY24 and -2% for FY25 and expects a compound average EPS growth rate of around 20% between FY24 and FY26.

Buy rating unchanged. Target price raised to $24 from $23.50.

This report was published on July 24, 2024.

Target price is $24.00 Current Price is $22.21 Difference: $1.79
If FLT meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $25.92, suggesting upside of 18.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 56.00 cents and EPS of 88.20 cents.
At the last closing share price the estimated dividend yield is 2.52%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.0, implying annual growth of 315.0%.
Current consensus DPS estimate is 34.2, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 22.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 88.00 cents and EPS of 133.30 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 16.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 136.6, implying annual growth of 42.3%.
Current consensus DPS estimate is 51.2, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 16.0.

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

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

Airfare deflation in FY24 offset an increase in ticket volumes for Flight Centre Travel, observes Wilsons, commenting on updated FY24 guidance for total transaction value (TTV) of $23.7bn, just shy of the broker’s $24.2bn forecast.

The range of FY24 profit (PBT) guidance was narrowed to $316-324m (Wilsons $320m) from $300-340m.

FY24 results are due on August 28. Overweight rating and $28.96 target retained.

This report was published on July 25, 2024.

Target price is $28.96 Current Price is $22.21 Difference: $6.75
If FLT meets the Wilsons target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $25.92, suggesting upside of 18.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 27.20 cents and EPS of 103.30 cents.
At the last closing share price the estimated dividend yield is 1.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.0, implying annual growth of 315.0%.
Current consensus DPS estimate is 34.2, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 22.7.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 35.30 cents and EPS of 141.20 cents.
At the last closing share price the estimated dividend yield is 1.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 136.6, implying annual growth of 42.3%.
Current consensus DPS estimate is 51.2, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 16.0.

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

FMG    FORTESCUE LIMITED

Iron Ore – Overnight Price: $18.87

Goldman Sachs rates ((FMG)) as Sell (5) –

Goldman Sachs revises the Fortescue target price to $15.50 from $16.20 post the June quarter iron ore shipments report, which was slightly higher than forecast, but FY24 shipments were at the lower end of the guidance range.

The company retained unit costs at relatively flat levels around US$18.5t and higher volumes of lower grade ore were shipped, resulting in weaker iron ore realisations than the broker’s estimate.

Management’s FY25 guidance came in below consensus forecasts but were in line with Goldman Sachs expectations.

The broker’s EPS forecasts are unchanged for FY24 and lowered by -7% for FY25

Sell rating unchanged.

This report was published on July 25, 2024.

Target price is $15.50 Current Price is $18.87 Difference: minus $3.37 (current price is over target).
If FMG meets the Goldman Sachs target it will return approximately minus 18% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $19.22, suggesting upside of 1.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 192.28 cents and EPS of 297.57 cents.
At the last closing share price the estimated dividend yield is 10.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 304.3, implying annual growth of N/A.
Current consensus DPS estimate is 209.0, implying a prospective dividend yield of 11.0%.
Current consensus EPS estimate suggests the PER is 6.2.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 83.93 cents and EPS of 158.71 cents.
At the last closing share price the estimated dividend yield is 4.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 228.5, implying annual growth of -24.9%.
Current consensus DPS estimate is 162.3, implying a prospective dividend yield of 8.6%.
Current consensus EPS estimate suggests the PER is 8.3.

This company reports in USD. 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

GL1    GLOBAL LITHIUM RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.26

Canaccord Genuity rates ((GL1)) as Buy (1) –

Canaccord Genuity adjusts ratings and targets for the lithium exposed companies due to the continued oversupply conditions and the weaker growth in demand.

The broker has “flat lined” its price forecast until 2026 and sees the SC6 pricing in a range between US$1000-US$1500t until 2027.

A Speculative Buy rating is retained and the target price lowered to 60c from $1.40.

This report was published on July 25, 2024.

Target price is $0.60 Current Price is $0.26 Difference: $0.345
If GL1 meets the Canaccord Genuity target it will return approximately 135% (excluding dividends, fees and charges).
Current consensus price target is $1.27, suggesting upside of 387.2%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is -3.1, 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:

Current consensus EPS estimate is -4.5, 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.

Market Sentiment: 0.7
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: $0.14

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

Canaccord Genuity adjusts ratings and targets for the lithium exposed companies due to the continued oversupply conditions and the weaker growth in demand.

The broker has “flat lined” its price forecast until 2026 and sees the SC6 pricing in a range between US$1000-US$1500t until 2027.

A Speculative Buy rating is retained and the target price dropped to 75c from $2.25.

This report was published on July 25, 2024.

Target price is $0.75 Current Price is $0.14 Difference: $0.615
If GLN meets the Canaccord Genuity target it will return approximately 456% (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.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents.

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

GT1    GREEN TECHNOLOGY METALS LIMITED

New Battery Elements – Overnight Price: $0.06

Canaccord Genuity rates ((GT1)) as Speculative Buy (1) –

Canaccord Genuity adjusts ratings and targets for the lithium exposed companies due to the continued oversupply conditions and the weaker growth in demand.

The broker has “flat lined” its price forecast until 2026 and sees the SC6 pricing in a range between US$1000-US$1500t until 2027.

A Speculative Buy rating is unchanged and the target price falls to 20c from 70c.

This report was published on July 25, 2024.

Target price is $0.20 Current Price is $0.06 Difference: $0.142
If GT1 meets the Canaccord Genuity target it will return approximately 245% (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

IGO    IGO LIMITED

Nickel – Overnight Price: $5.55

Canaccord Genuity rates ((IGO)) as Sell (5) –

Canaccord Genuity adjusts ratings and targets for the lithium exposed companies due to the continued oversupply conditions and the weaker growth in demand.

The broker has “flat lined” its price forecast until 2026 and sees the SC6 pricing in a range between US$1000-US$1500t until 2027.

A Sell rating remains and the target price falls to $5 from $6.

This report was published on July 25, 2024.

Target price is $5.00 Current Price is $5.55 Difference: minus $0.55 (current price is over target).
If IGO meets the Canaccord Genuity target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.05, suggesting upside of 7.7%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 64.4, implying annual growth of -11.2%.
Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 8.7.

Forecast for FY25:

Current consensus EPS estimate is 17.8, implying annual growth of -72.4%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 31.6.

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

ILU    ILUKA RESOURCES LIMITED

Mineral Sands – Overnight Price: $6.06

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

Iluka Resources reported mineral sands production of 143kt which came in above Canaccord Genuity’s expectations for the June quarter.

Sales volumes were slightly below market consensus estimates but above the broker’s forecast, and the market outlook remains subdued due to weak demand, particularly in China.

Softer-than-expected prices for rutile and synthetic rutile were reported, with anticipated continued softness in 2H’2024.

Management offered no significant updates for the Eneabba Rare Earth Refinery project and the analyst adjusts EBITDA forecasts by -8% for 2024 and 2025.

Hold rating unchanged and the target price lowered to $6.70 from $7.40.

This report was published on July 23, 2024.

Target price is $6.70 Current Price is $6.06 Difference: $0.64
If ILU meets the Canaccord Genuity target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $7.17, suggesting upside of 19.1%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 8.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 1.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.9, implying annual growth of -44.2%.
Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 70.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.8, implying annual growth of 59.9%.
Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 8.4.

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

IMM    IMMUTEP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.34

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

Core to Wilsons investment thesis on Immutep, the analysts maintain confidence in Efti’s synergistic ability to boost and expand anti-PD-L1 blockbusters such as Keytruda.

Wider market attempts to trash Efti and its potential opportunity based on recent topline data from Immutep’s Phase IIb TACTI-003 trial are outlandish, in the broker’s view. An around 20-month survival benefit is hard to criticise, suggests the broker.

The above mentioned opportunity relates to metastatic head and neck cancer (mHNSCC).

Overweight rating retained. Target price falls to $1.05 from $1.13.

This report was published on July 25, 2024.

Target price is $1.05 Current Price is $0.34 Difference: $0.705
If IMM meets the Wilsons target it will return approximately 204% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.58.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 4.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.67.

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

INR    IONEER LIMITED

New Battery Elements – Overnight Price: $0.14

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

Canaccord Genuity adjusts ratings and targets for the lithium exposed companies due to the continued oversupply conditions and the weaker growth in demand.

The broker has “flat lined” its price forecast until 2026 and sees the SC6 pricing in a range between US$1000-US$1500t until 2027.

The Speculative Buy rating and 35c target are retained for ioneer.

This report was published on July 25, 2024.

Target price is $0.35 Current Price is $0.14 Difference: $0.215
If INR meets the Canaccord Genuity target it will return approximately 159% (excluding dividends, fees and charges).

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

LGP    LITTLE GREEN PHARMA LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.10

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

Canaccord Genuity believes Little Green Pharma reported a better quality quarterly result with 12% year-on-year revenue growth; a strong performance from the new CherryCo flower product, with a 19% quarter-on-quarter increase in sales and a broader sales mix.

The broker highlighted margins improved significantly, and the company reduced cash burn, ending the period with $4.3m in cash and $3.4m in debt. 

Hold rating and 17c target unchanged.

This report was published on July 22, 2024.

Target price is $0.17 Current Price is $0.10 Difference: $0.071
If LGP meets the Canaccord Genuity target it will return approximately 72% (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 minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 49.50.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.90.

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

LKE    LAKE RESOURCES N.L.

New Battery Elements – Overnight Price: $0.04

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

Canaccord Genuity adjusts ratings and targets for the lithium exposed companies due to the continued oversupply conditions and the weaker growth in demand.

The broker has “flat lined” its price forecast until 2026 and sees the SC6 pricing in a range between US$1000-US$1500t until 2027.

A Speculative Buy rating remains and the target price declines to 5c from 25c.

This report was published on July 25, 2024.

Target price is $0.05 Current Price is $0.04 Difference: $0.014
If LKE meets the Canaccord Genuity target it will return approximately 39% (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

LLL    LEO LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.51

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

Canaccord Genuity adjusts ratings and targets for the lithium exposed companies due to the continued oversupply conditions and the weaker growth in demand.

The broker has “flat lined” its price forecast until 2026 and sees the SC6 pricing in a range between US$1000-US$1500t until 2027.

Hold rating unchanged and the target price declines to 45c from 50c.

This report was published on July 25, 2024.

Target price is $0.45 Current Price is $0.51 Difference: minus $0.055 (current price is over target).
If LLL meets the Canaccord Genuity target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents.

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

LNW    LIGHT & WONDER INC

Gaming – Overnight Price: $164.86

Jarden rates ((LNW)) as Buy (1) –

Jarden remains upbeat on Light & Wonder and expects the company to generate double-digit earnings growth in FY25 with the Gaming division forecast to be the earnings driver for the company.

Light & Wonder is due to report 2Q2024 results on August 8 and the broker retains a $167 target price and a Buy rating.

This report was published on July 24, 2024.

Target price is $167.00 Current Price is $164.86 Difference: $2.14
If LNW meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $170.00, suggesting upside of 1.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 449.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 36.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 462.6, implying annual growth of 71.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 36.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 598.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 592.4, implying annual growth of 28.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 28.2.

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

LRS    LATIN RESOURCES LIMITED

Mining – Overnight Price: $0.15

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

Canaccord Genuity adjusts ratings and targets for the lithium exposed companies due to the continued oversupply conditions and the weaker growth in demand.

The broker has “flat lined” its price forecast until 2026 and sees the SC6 pricing in a range between US$1000-US$1500t until 2027.

A Speculative Buy rating is unchanged for Latin Resources and the target price falls to 60c from 65c.

This report was published on July 25, 2024.

Target price is $0.60 Current Price is $0.15 Difference: $0.45
If LRS meets the Canaccord Genuity target it will return approximately 300% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents.

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

MAC    METALS ACQUISITION LIMITED

Copper – Overnight Price: $19.50

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

Canaccord Genuity retains a Buy rating and $26 target price on Metals Acquisition post the June quarter report.

Despite a planned maintenance shutdown, the company improved results quarter-on-quarter and production advanced 24% to 10.9kt of copper which was better than the broker’s forecast.

Sales were -30% below expectations due to the timing of shipments, the analyst highlights.

Management reiterated guidance for 2024 and 2025 of 41.5kt and 45.5kt of copper.

This report was published on July 24, 2024.

Target price is $26.00 Current Price is $19.50 Difference: $6.5
If MAC meets the Canaccord Genuity target it will return approximately 33% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.47 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4148.94.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.26 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7500.00.

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

MP1    MEGAPORT LIMITED

Cloud services – Overnight Price: $10.97

Goldman Sachs rates ((MP1)) as Buy (1) –

Following recent June quarter reporting, Goldman Sachs reviews its forecasts for stocks under coverage within the Technology, Media, and Telecommunications (TMT) sector.

For Megaport, the broker’s target falls to $14 from $14.85 due to currency headwinds and minor revenue forecast downgrades due to softer net port additions. Buy.

This report was published on August 1, 2024.

Target price is $14.00 Current Price is $10.97 Difference: $3.03
If MP1 meets the Goldman Sachs target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $14.62, suggesting upside of 29.9%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 8.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 137.2.

Forecast for FY25:

Current consensus EPS estimate is 15.5, implying annual growth of 89.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 72.6.

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

MQG    MACQUARIE GROUP LIMITED

Wealth Management & Investments – Overnight Price: $209.80

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

Goldman Sachs views the 1Q25 report for Macquarie Group as in line with the previous corresponding period.

The broker interpreted management’s comments around revenue contributions from asset realisations in MAM and MacCap to be achieved in the 2H25.

Goldman Sachs tweaks earnings forecasts by -0.4% for FY24 and 2.6% for FY25 and the analyst remains positive on the medium-term outlook for the group.

A Neutral rating is maintained, and the target price is revised to $194.47 from $178.74.

This report was published on July 25, 2024.

Target price is $194.47 Current Price is $209.80 Difference: minus $15.33 (current price is over target).
If MQG meets the Goldman Sachs target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $200.42, suggesting downside of -5.3%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 640.00 cents and EPS of 1037.00 cents.
At the last closing share price the estimated dividend yield is 3.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1083.8, implying annual growth of 18.2%.
Current consensus DPS estimate is 692.3, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 700.00 cents and EPS of 1149.00 cents.
At the last closing share price the estimated dividend yield is 3.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1191.1, implying annual growth of 9.9%.
Current consensus DPS estimate is 744.8, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 17.8.

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

NEC    NINE ENTERTAINMENT CO. HOLDINGS LIMITED

Print, Radio & TV – Overnight Price: $1.46

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

Following recent June quarter reporting, Goldman Sachs reviews its forecasts for stocks under coverage within the Technology, Media, and Telecommunications (TMT) sector.

For Nine Entertainment, the broker’s target falls to $1.90 from $2.10 on weaker forecast advertising revenues across FY25 and FY26, partially offset by lower costs. Buy.

This report was published on August 1, 2024.

Target price is $1.90 Current Price is $1.46 Difference: $0.445
If NEC meets the Goldman Sachs target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $2.19, suggesting upside of 48.8%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 12.2, implying annual growth of 12.1%.
Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY25:

Current consensus EPS estimate is 13.2, implying annual growth of 8.2%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 11.1.

Market Sentiment: 0.8
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: $14.08

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

Northern Star Resources quarterly gold production was in line with the Goldman Sachs expectations and up 19% on the quarter due to the wet weather impacts in the March quarter.

All-in-sustaining costs met the broker’s forecast and cash costs came in some -4% below the analyst’s estimate.

Management’s FY25 guidance revealed softer than expected gold sales and higher than estimated all-in-sustaining costs, the broker observes.

Goldman Sachs revises the EPS forecasts by 11% for FY24 and -16% for FY25, as a result of the quarterly report and FY25 guidance.

The target price is lowered to $14.10 from $14.40 and a Neutral rating remains.

This report was published on July 25, 2024.

Target price is $14.10 Current Price is $14.08 Difference: $0.02
If NST meets the Goldman Sachs target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $15.46, suggesting upside of 8.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 61.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.9, implying annual growth of 12.1%.
Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 25.1.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 101.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 103.3, implying annual growth of 81.5%.
Current consensus DPS estimate is 46.6, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 13.8.

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

NWS    NEWS CORPORATION

Print, Radio & TV – Overnight Price: $44.37

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

Following recent June quarter reporting, Goldman Sachs reviews its forecasts for stocks under coverage within the Technology, Media, and Telecommunications (TMT) sector.

For News Corp, the broker’s target rises to $48.70 from $44.70 on a flow through of of REA Group ((REA)) earnings, offset by weaker forecast advertising revenues and higher ‘other’ costs. Buy.

This report was published on August 1, 2024.

Target price is $48.70 Current Price is $44.37 Difference: $4.33
If NWS meets the Goldman Sachs target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $40.73, suggesting downside of -7.7%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 96.2, implying annual growth of N/A.
Current consensus DPS estimate is 30.6, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 45.9.

Forecast for FY25:

Current consensus EPS estimate is 123.9, implying annual growth of 28.8%.
Current consensus DPS estimate is 30.6, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 35.6.

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

NXT    NEXTDC LIMITED

Cloud services – Overnight Price: $16.75

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

Following recent June quarter reporting, Goldman Sachs reviews its forecasts for stocks under coverage within the Technology, Media, and Telecommunications (TMT) sector.

For NextDC, the broker’s target rises to $19 from $18.59 as slightly lower revenue is offset by lower costs. Buy.

This report was published on August 1, 2024.

Target price is $19.00 Current Price is $16.75 Difference: $2.25
If NXT meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $20.14, suggesting upside of 18.1%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is -9.1, 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:

Current consensus EPS estimate is -11.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

OBM    ORA BANDA MINING LIMITED

Gold & Silver – Overnight Price: $0.44

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

Ora Banda Mining’s 4Q production was in line with Canaccord Genuity’s forecast though costs (AISC) of $2,878/oz were worse than the $2,088/oz expected. FY24 production and sales were in line with management’s guidance.

The broker explains higher costs were due to significant 2H rainfall which impacted throughput and delayed production, along with
one-off costs including -$3.9m in demobilisation charges.

The target falls to 51c from 52c. Speculative Buy.

This report was published on July 24, 2024.

Target price is $0.51 Current Price is $0.44 Difference: $0.07
If OBM meets the Canaccord Genuity target it will return approximately 16% (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 0.00 cents.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.33.

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

Moelis rates ((OBM)) as Buy (1) –

Moelis observes the 4Q24 production for Ora Banda Mining which was lower than forecast and costs came in higher than expected.

Rainfall is attributed as the reason for higher costs and lower production as well as the finishing up of open pit operations, the broker highlights.

Cash also came in much lower than estimated and the broker revises down the EPS forecasts for FY24 and FY25.

A Buy rating remains with Moelis “constructive” on the medium-term outlook.  Target price moves to 47c.

This report was published on July 23, 2024.

Target price is $0.47 Current Price is $0.44 Difference: $0.03
If OBM meets the Moelis target it will return approximately 7% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 88.00.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.00.

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

OFX    OFX GROUP LIMITED

Diversified Financials – Overnight Price: $2.31

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

Fresh from OFX Group’s investor day, where the new Integrated Corporate Platform was showcased, the analysts at Wilsons suggest the company has an opportunity to transform.

The medium-term opportunity, according to the broker, arises from the migration opportunity of around 28,000 back-book Corporate customers and the potential revenue uplift from interchange fees and increased interest income.

OFX Group and Wise (formerly TransferWise) are both companies operating in the international money transfer and foreign exchange services sector.

Hence, Wilsons highlights rapid gains for Wise after management increasingly focused on interchange and interest incomes and the potential for OFX Group.

Overweight rating and $2.60 target unchanged.

This report was published on July 25, 2024.

Target price is $2.60 Current Price is $2.31 Difference: $0.29
If OFX meets the Wilsons target it will return approximately 13% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 15.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.53.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 19.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.79.

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

OML    OOH!MEDIA LIMITED

Out of Home Advertising – Overnight Price: $1.45

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

Following recent June quarter reporting, Goldman Sachs reviews its forecasts for stocks under coverage within the Technology, Media, and Telecommunications (TMT) sector.

For oOh!media, the broker’s target falls to $1.50 from $1.67 on lower forecast Out-of-Home (OOH) industry revenue, partly offset by lower costs. Neutral.

This report was published on August 1, 2024.

Target price is $1.50 Current Price is $1.45 Difference: $0.05
If OML meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $1.93, suggesting upside of 32.9%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 10.7, implying annual growth of 69.8%.
Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY25:

Current consensus EPS estimate is 12.7, implying annual growth of 18.7%.
Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 11.4.

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

PLS    PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $2.93

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

Canaccord Genuity adjusts ratings and targets for the lithium exposed companies due to the continued oversupply conditions and the weaker growth in demand.

The broker has “flat lined” its price forecast until 2026 and sees the SC6 pricing in a range between US$1000-US$1500t until 2027.

The broker retains a Buy rating on Pilbara Minerals and the target is revised to $4 from $4.25.

This report was published on July 25, 2024.

Target price is $4.00 Current Price is $2.93 Difference: $1.07
If PLS meets the Canaccord Genuity target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $3.01, suggesting downside of -1.4%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 11.5, implying annual growth of -85.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 26.5.

Forecast for FY25:

Current consensus EPS estimate is 6.2, implying annual growth of -46.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 49.2.

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

Jarden rates ((PLS)) as Buy (1) –

Jarden emphasises the fall in realised prices for Pilbara Minerals is continuing to impact on the company’s cost curve which detracts what the broker views as a “strong” operating result for the June quarter.

Production came in higher by 2% and sales of 236kt topped the previous record by some 43%, the analyst highlights.

Target price of $3.80 and the Buy rating are unchanged.

Jarden tweaks the FY24 EBITDA forecast by -4% which is around -8% below consensus the broker stresses and points to FY25 guidance as broadly in line with expectations.

This report was published on July 24, 2024.

Target price is $3.80 Current Price is $2.93 Difference: $0.87
If PLS meets the Jarden target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $3.01, suggesting downside of -1.4%(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 10.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.5, implying annual growth of -85.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 26.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 5.00 cents and EPS of 7.40 cents.
At the last closing share price the estimated dividend yield is 1.71%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 39.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.2, implying annual growth of -46.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 49.2.

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

PLT    PLENTI GROUP LIMITED

Business & Consumer Credit – Overnight Price: $0.70

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

Wilsons points to the positive 1Q25 loan originations for Plenti Group, which met the broker’s expectations and the loan book is slightly higher than forecast.

The 90-day arrears has remained stable despite cost of living pressures, the broker observes, and the initial National Australia Bank((NAB))/Plenti Group partnership product in the auto market has launched to the bank’s employees.

Wilsons highlights “strong feedback” from first users of the new product.

There are no changes to the analyst’s earnings forecasts with the $1.30 target and Overweight rating retained.

This report was published on July 23, 2024.

Target price is $1.30 Current Price is $0.70 Difference: $0.595
If PLT meets the Wilsons target it will return approximately 84% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 33.57.

Forecast for FY26:

Wilsons forecasts a full year FY26 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 235.00.

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

PME    PRO MEDICUS LIMITED

Medical Equipment & Devices – Overnight Price: $143.76

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

Following recent June quarter reporting, Goldman Sachs reviews its forecasts for stocks under coverage within the Technology, Media, and Telecommunications (TMT) sector.

For Pro Medicus, the broker’s target rises to $148 from $136 on a slight earnings upgrade driven by adjacent product uptake. Buy.

This report was published on August 1, 2024.

Target price is $148.00 Current Price is $143.76 Difference: $4.24
If PME meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $108.50, suggesting downside of -25.4%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 76.2, implying annual growth of 31.2%.
Current consensus DPS estimate is 39.0, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 191.0.

Forecast for FY25:

Current consensus EPS estimate is 101.7, implying annual growth of 33.5%.
Current consensus DPS estimate is 51.3, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 143.1.

Market Sentiment: -0.2
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) –

It was a strong performance in the last quarter of FY24 for Pantoro, Petra Capital notes, featuring record quarterly production. The Norseman processing plant is running above nameplate and most importantly, processed grades will lift from the current quarter.

Pantoro is targeting to add at least two more underground mines during the next two years to provide additional grade uplift.

Buy and 16c target retained.

This report was published on July 26, 2024.

Target price is $0.16 Current Price is $0.09 Difference: $0.074
If PNR meets the Petra Capital target it will return approximately 86% (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 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 43.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.53.

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

PNV    POLYNOVO LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $2.68

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

PolyNovo pre-released its FY24 revenue. Wilsons notes the US sales increased by 49% to $104.8m, while rest of world sales grew by 73% to $23.3m, slightly offset by -8% lower than expected US sales in 2H24.

Positively the analyst observes, the company gained significant market share in the US, benefiting from Integra’s product recall and the other markets, particularly in Europe, performed well, supported by higher BARDA revenue.

The PolyNovo burn treatment market remains robust according to Wilsons, with pricing driving over 30% of US growth.

The broker’s forecasts, rating and target are under review with expectations for continued market share gains and pricing momentum into FY25.

This report was published on July 24, 2024.

Current Price is $2.68. Target price not assessed.
Current consensus price target is $2.19, suggesting downside of -19.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents.

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 388.6.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.9, implying annual growth of 171.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 143.2.

Market Sentiment: 0.3
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: $22.17

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

Perpetual continues to suffer from net outflows which is weighing on funds under management (FUM) and earnings forecasts, Jarden bemoans with the 4Q24 FUM missing the broker’s forecasts by -4.5%.

The analyst revises earnings forecasts with a -10% cut in FY25 EPS estimates which results in a decline in the target price to $21.75 from $24.

Overweight rating unchanged.

This report was published on July 24, 2024.

Target price is $21.75 Current Price is $22.17 Difference: minus $0.42 (current price is over target).
If PPT meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $24.34, suggesting upside of 11.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 130.80 cents and EPS of 169.90 cents.
At the last closing share price the estimated dividend yield is 5.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 178.7, implying annual growth of 144.0%.
Current consensus DPS estimate is 133.6, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 133.40 cents and EPS of 172.60 cents.
At the last closing share price the estimated dividend yield is 6.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 190.8, implying annual growth of 6.8%.
Current consensus DPS estimate is 145.2, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 11.4.

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

PRN    PERENTI LIMITED

Mining Sector Contracting – Overnight Price: $1.05

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

Canaccord Genuity observes Perenti has secured multiple contract extensions and wins, which suggest strong cash flow performance, particularly in 2H24, with free cash flow expected to be around $188m.

The broker anticipates the company’s largest contract, Khoemacau Zone 5, which has been extended for 12 months will support margins through FY25.

Notably, the analyst views the significant cash conversion, over 95% and capex savings, a reduction to $305m for FY24 as positive for Perenti.

Canaccord Genuity adjusts the EPS forecasts by 3% increase in FY24 and 8% in FY25.

The Buy rating unchanged and the target price raised to $1.28 from $1.25.

This report was published on July 23, 2024.

Target price is $1.28 Current Price is $1.05 Difference: $0.23
If PRN meets the Canaccord Genuity target it will return approximately 22% (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 4.00 cents and EPS of 16.30 cents.
At the last closing share price the estimated dividend yield is 3.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.44.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 4.00 cents and EPS of 17.40 cents.
At the last closing share price the estimated dividend yield is 3.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.03.

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

PXA    PEXA GROUP LIMITED

Real Estate – Overnight Price: $13.80

Goldman Sachs rates ((PXA)) as Upgrade to Buy from Neutral (1) –

Following recent June quarter reporting, Goldman Sachs reviews its forecasts for stocks under coverage within the Technology, Media, and Telecommunications (TMT) sector.

The broker raises its target for Pexa Group to $16 from $14.20 and upgrades to Buy from Neutral based on an improved outlook in the core domestic business, reflective of the ongoing recovery for property markets. The broker also rolls-forward its valuation model.

Milestones in the UK are also been progressively achieved, note the analysts.

This report was published on August 1, 2024.

Target price is $16.00 Current Price is $13.80 Difference: $2.2
If PXA meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $15.61, suggesting upside of 9.8%(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 11.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 116.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.7, 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 96.7.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 35.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 39.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.1, implying annual growth of 118.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 44.3.

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

PYC    PYC THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.09

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

PYC Therapeutics’ 2Q2024 results were in line, with the analyst at Canaccord Genuity expectations highlighting R&D spend and progress in clinical and preclinical assets came in as anticipated.

The broker is looking for further efficacy data for VP-001 (Retinitis Pigmentosa 11), human safety data for PYC-001 (Autosomal Dominant Optic Atrophy), and preclinical data for PYC-003 (Autosomal Dominant Polycystic Kidney Disease).

Cash on hand ended the quarter at $66.8m post net operating cash outflows of -$16.1m for the period with the analyst forecasting R&D spend in the near-term of -$50m-$60m.

Buy rating and 22c target maintained.

This report was published on July 23, 2024.

Target price is $0.22 Current Price is $0.09 Difference: $0.126
If PYC meets the Canaccord Genuity target it will return approximately 134% (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

QOR    QORIA LIMITED

Software & Services – Overnight Price: $0.36

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

Canaccord Genuity assesses strong underlying momentum in key 4Q operating metrics for Qoria. It’s felt the stage is set for strong annual recurring revenue (ARR) growth and operating leverage in FY25 and FY26.

Normalised ARR of $122m came in ahead of the $117-120m guidance range and the broker’s $117m forecast partly driven by new customer growth and cross-sell/upsell from an expanded product offering.

The free cash flow (FCF) loss of -$19m was broadly in line with market expectations, note the analysts.

The Buy rating and 50c target are retained.

This report was published on July 24, 2024.

Target price is $0.50 Current Price is $0.36 Difference: $0.14
If QOR meets the Canaccord Genuity target it will return approximately 39% (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 minus 4.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.83.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.00.

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

REA    REA GROUP LIMITED

Real Estate – Overnight Price: $204.62

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

Following recent June quarter reporting, Goldman Sachs reviews its forecasts for stocks under coverage within the Technology, Media, and Telecommunications (TMT) sector.

For REA Group, the broker’s target rises to $223 from $202 on a stronger listings market in FY24 offset by softer growth in FY25 and FY26, along with a stronger contribution from Move.

Buy rating retained.

This report was published on August 1, 2024.

Target price is $223.00 Current Price is $204.62 Difference: $18.38
If REA meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $207.51, suggesting upside of 1.3%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 345.7, implying annual growth of 28.2%.
Current consensus DPS estimate is 192.5, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 59.3.

Forecast for FY25:

Current consensus EPS estimate is 433.9, implying annual growth of 25.5%.
Current consensus DPS estimate is 244.1, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 47.2.

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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $32.49

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

Jarden previews the 4Q24 ResMed results which are due on August 2.

The broker believes the market will focus on the gross margin with consensus forecasts for a -20bps decline and notably any number which is better than consensus is expected to be positively received by investors.

A further boost for the results would be a pick up in mask growth, Jarden stresses, as well as manufacturing improvements as it transitions to the Airsense11 platform.

An Overweight rating and $32.85 target remain.

This report was published on July 23, 2024.

Target price is $32.85 Current Price is $32.49 Difference: $0.36
If RMD meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $33.34, suggesting upside of 3.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 29.30 cents and EPS of 119.03 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 27.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 119.3, implying annual growth of N/A.
Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 27.1.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 39.40 cents and EPS of 145.12 cents.
At the last closing share price the estimated dividend yield is 1.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 137.4, implying annual growth of 15.2%.
Current consensus DPS estimate is 33.1, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 23.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
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: $1.68

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

Regis Resources released the McPhillamys definitive feasibility study, which estimates pre-production capex at -$996m, with an expected annual production of 187koz and all-in-sustaining costs of $1,580oz.

Canaccord Genuity forecasts the project’s post-tax net present value at $451m, with a payback period of around 6.1 years, based on the input assumptions. The final investment decision for McPhillamys has been deferred to FY26, awaiting approvals.

Buuy rating and $2.50 target unchanged.

This report was published on July 23, 2024.

Target price is $2.50 Current Price is $1.68 Difference: $0.825
If RRL meets the Canaccord Genuity target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $1.98, suggesting upside of 17.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 167.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of N/A.
Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 1.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 0.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.8, implying annual growth of 77.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.7.

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

SDR    SITEMINDER LIMITED

Travel, Leisure & Tourism – Overnight Price: $5.60

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

Following recent June quarter reporting, Goldman Sachs reviews its forecasts for stocks under coverage within the Technology, Media, and Telecommunications (TMT) sector.

For SiteMinder, the broker’s target rises to $5.70 from $5.50 on slight earnings upgrades into FY26 driven by transaction services uptake Neutral.

This report was published on August 1, 2024.

Target price is $5.70 Current Price is $5.60 Difference: $0.1
If SDR meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $6.77, suggesting upside of 20.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

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

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.4, 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.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.0, 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

SGF    SG FLEET GROUP LIMITED

Vehicle Leasing & Salary Packaging – Overnight Price: $3.17

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

Canaccord Genuity transfers coverage of SG Fleet and retains a Buy rating with an increase in the target price to $3.65 from $3.58.

The new analyst highlights the company is still exposed to the vehicle risks for the end-of-lease component which it expects will continue to decline as used car prices “normalise”.

The broker tweaks the FY24 EPS forecast by 1.6% and  -0.4% in FY25.

This report was published on July 23, 2024.

Target price is $3.65 Current Price is $3.17 Difference: $0.48
If SGF meets the Canaccord Genuity target it will return approximately 15% (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 18.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 5.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.32.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 19.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 5.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.93.

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

SGLLV    RICEGROWERS LIMITED

Food, Beverages & Tobacco – Overnight Price: $8.58

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

Canaccord Genuity believes SunRice’s acquisition of SavourLife, a premium dog food company, is a strategic expansion into the branded companion animal market.

SavourLife will be integrated into SunRice’s CopRice business, with the transaction expected to close by 30 August 2024 and the broker notes the acquisition will be funded by existing cash reserves and available debt facilities.

Canaccord Genuity forecasts the acquisition will be relatively earnings neutral and low risk as SunRice is already a manufacturer for the SavourLife dog food range and it believes there will be synergies in streamlined supply chains and distribution.

The broker rates Ricegrowers as Buy with an unchanged $10 target.

This report was published on July 23, 2024.

Target price is $10.00 Current Price is $8.58 Difference: $1.42
If SGLLV meets the Canaccord Genuity target it will return approximately 17% (excluding dividends, fees and charges).
The company’s fiscal year ends in April.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 55.00 cents and EPS of 104.00 cents.
At the last closing share price the estimated dividend yield is 6.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.25.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 57.00 cents and EPS of 105.00 cents.
At the last closing share price the estimated dividend yield is 6.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.17.

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

SMP    SMARTPAY HOLDINGS LIMITED

Business & Consumer Credit – Overnight Price: $1.15

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

Wilsons highlights the “hard line” being adopted by the NZ regulator ComCom against major payment networks like Visa and Mastercard, in driving up costs and challenging competitors.

The broker envisages this will have a limited impact on SmartPay in NZ.

Overweight rating and $1.86 target price retained.

This report was published on July 23, 2024.

Target price is $1.86 Current Price is $1.15 Difference: $0.71
If SMP meets the Wilsons target it will return approximately 62% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.97 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.97.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.12 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.16.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SMR    STANMORE RESOURCES LIMITED

Coal – Overnight Price: $3.72

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

Stanmore Resources has reported another solid quarterly production result, with operations delivering in line with Petra Capital’s forecasts and 2024 guidance remaining unchanged.

With better cash generation expected in the second half as capital projects are delivered, a rapidly strengthening balance sheet will provide a solid foundation to fund the next stage of growth, Petra suggests, with both organic and inorganic options likely being considered.

While yet to incorporate new projects into forecasts, Petra is increasingly confident in Stanmore’s ability to balance spending on growth and dividends.

Target falls to $5.73 from $5.77, Buy retained.

This report was published on July 26, 2024.

Target price is $5.73 Current Price is $3.72 Difference: $2.01
If SMR meets the Petra Capital target it will return approximately 54% (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 15.72 cents and EPS of 60.58 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.14.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 17.70 cents and EPS of 50.60 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.35.

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

SOM    SOMNOMED LIMITED

Medical Equipment & Devices – Overnight Price: $0.40

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

Wilsons raises its target for SomnoMed to 36c from 23c after unwinding a -40% valuation discount upon gaining increased confidence on the operations and finances in Q4.

While noting (for years) how RestAssure (which may be launched in 2025 subject to US approval) may transform the business, the broker is yet to ascribe any value for the product in forecasts.

The Market Weight rating is maintained.

This report was published on July 25, 2024.

Target price is $0.36 Current Price is $0.40 Difference: minus $0.035 (current price is over target).
If SOM meets the Wilsons 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:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.80.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 35.91.

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

SPK    SPARK NEW ZEALAND LIMITED

Telecommunication – Overnight Price: $3.93

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

Following recent June quarter reporting, Goldman Sachs reviews its forecasts for stocks under coverage within the Technology, Media, and Telecommunications (TMT) sector.

The broker lowers its target for Spark New Zealand to NZ$4.50 from NZ$4.90 noting softer enterprise revenue is being partially offset by lower costs. The rating is upgraded to Neutral from Sell on valuation.

Goldman’s preference among A&NZ telcos is Telstra Group, while TPG Telecom is least preferred and is downgraded to Sell from Neutral.

This report was published on August 1, 2024.

Current Price is $3.93. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 25.57 cents and EPS of 20.22 cents.
At the last closing share price the estimated dividend yield is 6.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.44.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 25.57 cents and EPS of 22.16 cents.
At the last closing share price the estimated dividend yield is 6.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.74.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SWM    SEVEN WEST MEDIA LIMITED

Print, Radio & TV – Overnight Price: $0.18

Goldman Sachs rates ((SWM)) as Sell (5) –

Following recent June quarter reporting, Goldman Sachs reviews its forecasts for stocks under coverage within the Technology, Media, and Telecommunications (TMT) sector.

For Seven West Media, the broker’s target falls to 14c from 21c on weaker forecast advertising revenues partially offset by lower costs. Sell.

This report was published on August 1, 2024.

Target price is $0.14 Current Price is $0.18 Difference: minus $0.04 (current price is over target).
If SWM meets the Goldman Sachs target it will return approximately minus 22% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.28, suggesting upside of 55.6%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 5.9, implying annual growth of -37.3%.
Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 9.4%.
Current consensus EPS estimate suggests the PER is 3.1.

Forecast for FY25:

Current consensus EPS estimate is 5.5, implying annual growth of -6.8%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 11.1%.
Current consensus EPS estimate suggests the PER is 3.3.

Market Sentiment: 0.0
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

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

Canaccord Genuity adjusts ratings and targets for the lithium exposed companies due to the continued oversupply conditions and the weaker growth in demand.

The broker has “flat lined” its price forecast until 2026 and sees the SC6 pricing in a range between US$1000-US$1500t until 2027.

A Speculative Buy rating is maintained on Sayona Mining with a lower target price of 5c from 6c.

This report was published on July 25, 2024.

Target price is $0.05 Current Price is $0.03 Difference: $0.019
If SYA meets the Canaccord Genuity target it will return approximately 61% (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.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents.

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

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

In its June Q result, Sayona Mining has reported solid production metrics at North American Lithium, with both plant utilisation and recoveries improving to 83% and 68% respectively, equivalent to almost a nameplate run-rate, Petra Capital notes.

NAL continues to suffer from low prices and wide discounts to visible prices, estimated at -20-30%. This is expected to improve as more sales go to long term customers and as logistics cost decline.

In addition, notes Petra, over the course the second half, most deliveries will go under the Piedmont Lithium ((PLL)) contract, which currently results in  higher realised prices for NAL.

Sayona is still the only spodumene supplier in North America. Target rises to 15c from 14c, Buy retained.

This report was published on July 26, 2024.

Target price is $0.15 Current Price is $0.03 Difference: $0.119
If SYA meets the Petra Capital target it will return approximately 384% (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 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 3.44.

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 31.00.

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

TLS    TELSTRA GROUP LIMITED

Telecommunication – Overnight Price: $3.94

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

Following recent June quarter reporting, Goldman Sachs reviews its forecasts for stocks under coverage within the Technology, Media, and Telecommunications (TMT) sector.

The broker maintains its Buy rating and $4.30 target for Telstra Group.

Goldman’s preference among A&NZ telcos is for Telstra Group, while TPG Telecom is least preferred and is downgraded to Sell from Neutral.

This report was published on August 1, 2024.

Target price is $4.30 Current Price is $3.94 Difference: $0.36
If TLS meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $4.12, suggesting upside of 4.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 18.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 4.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of 6.0%.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 22.3.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 19.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 4.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.8, implying annual growth of 6.2%.
Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 21.0.

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

TPG    TPG TELECOM LIMITED

Telecommunication – Overnight Price: $4.75

Goldman Sachs rates ((TPG)) as Downgrade to Sell from Neutral (5) –

Following recent June quarter reporting, Goldman Sachs reviews its forecasts for stocks under coverage within the Technology, Media, and Telecommunications (TMT) sector.

The broker lowers its target for TPG Telecom to $4.35 from $4.90 on lower earnings forecasts and a lower assumed multiple. The rating is downgraded to Sell from Neutral.

Goldman’s preference among A&NZ telcos is for Telstra Group, while TPG Telecom is least preferred.

This report was published on August 1, 2024.

Target price is $4.35 Current Price is $4.75 Difference: minus $0.4 (current price is over target).
If TPG meets the Goldman Sachs target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.18, suggesting upside of 10.9%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 18.00 cents and EPS of 8.30 cents.
At the last closing share price the estimated dividend yield is 3.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 57.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.2, implying annual growth of 551.5%.
Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 27.2.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 18.00 cents and EPS of 8.90 cents.
At the last closing share price the estimated dividend yield is 3.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.8, implying annual growth of 9.3%.
Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 24.8.

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

VUL    VULCAN ENERGY RESOURCES LIMITED

New Battery Elements – Overnight Price: $4.57

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

Canaccord Genuity adjusts ratings and targets for the lithium exposed companies due to the continued oversupply conditions and the weaker growth in demand.

The broker has “flat lined” its price forecast until 2026 and sees the SC6 pricing in a range between US$1000-US$1500t until 2027.

The Speculative Buy and $11.50 target are unchanged for Vulcan Energy Resources.

This report was published on July 25, 2024.

Target price is $11.50 Current Price is $4.57 Difference: $6.93
If VUL meets the Canaccord Genuity target it will return approximately 152% (excluding dividends, fees and charges).

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

WC8    WILDCAT RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.26

Canaccord Genuity rates ((WC8)) as Speculative Buy (1) –

Canaccord Genuity adjusts ratings and targets for the lithium exposed companies due to the continued oversupply conditions and the weaker growth in demand.

The broker has “flat lined” its price forecast until 2026 and sees the SC6 pricing in a range between US$1000-US$1500t until 2027.

The Speculative Buy rating is unchanged and the target price lowered to 60c from $1 for Wildcat Resources.

This report was published on July 25, 2024.

Target price is $0.60 Current Price is $0.26 Difference: $0.345
If WC8 meets the Canaccord Genuity target it will return approximately 135% (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: $27.60

Jarden rates ((WDS)) as Neutral (3) –

Woodside Energy has announced it will pursue LNG growth via the acquisition of US-based LNG infrastructure developer Tellurian Inc, with the key asset being the proposed (but fully permitted) Driftwood LNG project, which could increase Woodside’s LNG production capacity by 50% by 2030.

However, the acquisition represents a pivot from the company’s traditional approach, Jarden notes. If Phase 1 proceeds it would add substantial Henry Hub price exposure to Woodside’s portfolio, more than half forecast free cash flow over the next five years.

This may impact the company’s 80% payout ratio to maintain gearing below 20%, the broker warns. Jarden believes it will take some time for the market to warm to the proposed transaction and retains a Neutral rating and $29.15 target.

This report was published on July 23, 2024.

Target price is $29.15 Current Price is $27.60 Difference: $1.55
If WDS meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $31.08, suggesting upside of 10.5%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 181.60 cents and EPS of 229.51 cents.
At the last closing share price the estimated dividend yield is 6.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 198.2, implying annual growth of N/A.
Current consensus DPS estimate is 156.2, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 157.18 cents and EPS of 198.54 cents.
At the last closing share price the estimated dividend yield is 5.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.2, implying annual growth of -9.1%.
Current consensus DPS estimate is 152.6, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 15.6.

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

Jarden rates ((WDS)) as Neutral (3) –

Maintenance issues for Woodside Energy are attributed by Jarden as the main reason for a -4% lower-than-expected production report for the latest quarterly results as well as the 4% increase in capex at Scarborough.

The analyst points to Sangomar production which is better than forecast.

Notably, Jarden emphasies the proposed acquisition of Tellurian and its US Gulf Coast Driftwood LNG development will take some time for the market to consider.

A Neutral rating is retained, and the target price is adjusted to $28.50 from $29.10.

This report was published on July 23, 2024.

Target price is $28.50 Current Price is $27.60 Difference: $0.9
If WDS meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $31.08, suggesting upside of 10.5%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 181.60 cents and EPS of 229.51 cents.
At the last closing share price the estimated dividend yield is 6.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 198.2, implying annual growth of N/A.
Current consensus DPS estimate is 156.2, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 157.18 cents and EPS of 198.54 cents.
At the last closing share price the estimated dividend yield is 5.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.2, implying annual growth of -9.1%.
Current consensus DPS estimate is 152.6, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 15.6.

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

WR1    WINSOME RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.62

Canaccord Genuity rates ((WR1)) as Buy (1) –

Canaccord Genuity adjusts ratings and targets for the lithium exposed companies due to the continued oversupply conditions and the weaker growth in demand.

The broker has “flat lined” its price forecast until 2026 and sees the SC6 pricing in a range between US$1000-US$1500t until 2027.

A Speculative Buy rating is unchanged and the target price lowered to $1.75 from $2 for Winsome Resources.

This report was published on July 25, 2024.

Target price is $1.75 Current Price is $0.62 Difference: $1.13
If WR1 meets the Canaccord Genuity target it will return approximately 182% (excluding dividends, fees and charges).

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

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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.

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