Australian Broker Call *Extra* Edition – Aug 06, 2024

This story features ALCIDION GROUP LIMITED, and other companies. For more info SHARE ANALYSIS: ALC

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)

ALC   ALK   ANZ   BMN   BOE   BSA   CBA   CCP   CCR   CIA (2)   CIP (2)   CMM   CRD   EHL   EVS   FMG   FPR   GOR (2)   HGO   IAG   IGO (2)   IMD   IPD   KAR (2)   KGN   LIC   LOT   LRK   MAH   MDR   MIN (2)   MND   MPL   NAN   NHF   NST (2)   NWC   NWH   NXS (2)   ORA (2)   ORG   PBH   PEK   PEN   PLS   QPM   RED (2)   RIO   RMS   RRL   SDR (3)   SFR (3)   SUN   SVR   SVW   SYR   TLX (2)   TNE   VR8   WGX   WTC  

ALC    ALCIDION GROUP LIMITED

Healthcare services – Overnight Price: $0.07

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

Alcidion Group has been selected as a preferred Electronic Patient Record provider by the North Cumbria NHS.

Canaccord Genuity comments this follows a competitive tender and provides a total contract value in the range of $30-40m over 10 years, depending on negotiation outcomes.

Canaccord Genuity views this contract addition very positively, both in that it indicates activity for procurement within the existing pipeline and that the quantum reflects TCV uplift following the Silverlink acquisition.

The broker continues to see the stock as cheap, with room for further upside as similar NHS contracts may restore investor confidence in the sustainability of top-line growth in the UK.

Buy and 10c target retained.

This report was published on July 24, 2024.

Target price is $0.10 Current Price is $0.07 Difference: $0.035
If ALC meets the Canaccord Genuity target it will return approximately 54% (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 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 16.25.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.50.

Market Sentiment: 0.0
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: $0.40

Moelis rates ((ALK)) as Buy (1) –

Alkane Resources reported 4Q24 production which came in line with revised guidance.

Moelis highlights gold production and all-in-sustaining-costs were slightly better than the analyst’s expectations.

The broker revises EPS forecasts by 2.4% for FY24 and 3.7% for FY25. Buy rating and 65c target unchanged.

This report was published on July 25, 2024.

Target price is $0.65 Current Price is $0.40 Difference: $0.25
If ALK meets the Moelis target it will return approximately 63% (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 3.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.26.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.12.

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

ANZ    ANZ GROUP HOLDINGS LIMITED

Banks – Overnight Price: $27.43

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

Goldman Sachs adjusts its target price by 3.4% to $29.10 post the adjustment in EPS forecasts of 0.9% and 5.8% for FY24 and FY25, respectively, to account for the completed acquisition of Suncorp Bank.

Buy rating unchanged.

This report was published on July 31, 2024.

Target price is $29.10 Current Price is $27.43 Difference: $1.67
If ANZ meets the Goldman Sachs target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $27.32, suggesting downside of -0.5%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 166.00 cents and EPS of 222.00 cents.
At the last closing share price the estimated dividend yield is 6.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 226.3, implying annual growth of -4.4%.
Current consensus DPS estimate is 165.0, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 166.00 cents and EPS of 213.00 cents.
At the last closing share price the estimated dividend yield is 6.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 227.0, implying annual growth of 0.3%.
Current consensus DPS estimate is 167.3, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 12.1.

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

BMN    BANNERMAN ENERGY LIMITED

Uranium – Overnight Price: $2.31

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

Following completion of Bannerman Energy’s FEED and Control Budget Estimate, Canaccord Genuity reviews its estimates.

The broker expects funding will be the next key milestone for the company and that the recent equity raising should prove favourable in this respect.

The broker observes the company has received competitive tenders for 80% of the capital costs. 

Speculative Buy rating retained. Target price falls to $4.33 from $4.65 to reflect dilution. FY24 and FY25 EPS forecasts fall.

This report was published on July 26, 2024.

Target price is $4.33 Current Price is $2.31 Difference: $2.02
If BMN meets the Canaccord Genuity target it will return approximately 87% (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 6.41 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 36.04.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 5.34 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 43.24.

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

BOE    BOSS ENERGY LIMITED

Uranium – Overnight Price: $2.94

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

Boss Energy’s June Q report was in line with recently updated guidance, but the encouraging commentary regarding the ramp-up at Alta Mesa and the progress at Honeymoon are incrementally positive, in Canaccord Genuity’s view.

With a 3.3mlb uranium mineral export permit at Honeymoon (current capacity at 2.45mlbs), the broker continues to see optionality for Boss Energy to materially increase its production.

Speculative Buy and $5.85 target retained.

This report was published on July 25, 2024.

Target price is $5.85 Current Price is $2.94 Difference: $2.91
If BOE meets the Canaccord Genuity target it will return approximately 99% (excluding dividends, fees and charges).
Current consensus price target is $5.01, suggesting upside of 67.6%(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 12.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of 172.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 30.8.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 16.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of 79.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.2.

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

BSA    BSA LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.95

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

Due to a favourable mix of work in the Telecommunications segment, explains Canaccord Genuity, BSA delivered a 4Q earnings (EBITDA) margin of 9.2%, up from 8.8% in the prior quarter.

FY24 underlying earnings of $22.2m beat the broker’s forecast of $20.4m. Litigation settlements have now been fully paid and management is targeting double-digit earnings margins in the medium-term.

Management also announced two new contracts: a renewal with Foxtel; and additional work with the NSW Telco Authority.

Canaccord raises its target to $1.40 from $1.25. Buy.

This report was published on July 31, 2024.

Target price is $1.40 Current Price is $0.95 Difference: $0.45
If BSA meets the Canaccord Genuity target it will return approximately 47% (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 16.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.76.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 17.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.31.

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

CBA    COMMONWEALTH BANK OF AUSTRALIA

Banks – Overnight Price: $124.89

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

Jarden lifts the target price on CommBank to $105 from $102 with a “resilient” result expected at the August 14 earnings report.

The broker believes there is the possibility of upwards earnings revisions due to lower bad debts, better credit growth and net interest margins.

Jarden tweaks earnings forecasts and retains an Underweight rating.

This report was published on July 25, 2024.

Target price is $105.00 Current Price is $124.89 Difference: minus $19.89 (current price is over target).
If CBA meets the Jarden target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $96.69, suggesting downside of -24.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 458.00 cents and EPS of 583.20 cents.
At the last closing share price the estimated dividend yield is 3.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 584.9, implying annual growth of -3.1%.
Current consensus DPS estimate is 457.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 21.8.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 460.00 cents and EPS of 578.30 cents.
At the last closing share price the estimated dividend yield is 3.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 580.0, implying annual growth of -0.8%.
Current consensus DPS estimate is 459.8, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 21.9.

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

CCP    CREDIT CORP GROUP LIMITED

Business & Consumer Credit – Overnight Price: $14.98

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

Canaccord Genuity acknowledges the challenging year Credit Corp experienced in FY24 including the change in amortisation policy to 8 from 6 years for the public debt ledger.

FY25 looks to be off to an improved start, the broker believes, with over 70% of the US purchases secured and FY25 net profit guidance of 11%-23% growth.

Some minor adjustments are made by Canaccord Genuity to EPS forecasts. Unchanged Buy rating and a tweak in the target price to $20.70 from $20.90.

This report was published on July 31, 2024.

Target price is $20.70 Current Price is $14.98 Difference: $5.72
If CCP meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $18.10, suggesting upside of 16.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 70.00 cents and EPS of 138.00 cents.
At the last closing share price the estimated dividend yield is 4.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 126.6, implying annual growth of 69.9%.
Current consensus DPS estimate is 64.7, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 77.00 cents and EPS of 152.00 cents.
At the last closing share price the estimated dividend yield is 5.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 161.5, implying annual growth of 27.6%.
Current consensus DPS estimate is 80.5, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 9.6.

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

CCR    CREDIT CLEAR LIMITED

Diversified Financials – Overnight Price: $0.28

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

Credit Clear provided FY24 guidance which Petra Capital believes the company generated a “strong finish” to the year, including five quarters of positive cash flow generation.

The broker likes the larger customer acquisition strategy which is beginning to produce revenues for the company.

Petra Capital increases FY24 forecasts to meet guidance and upgrades EPS forecasts for FY25 on the back of an improved growth outlook.

The target price lifts to 53c from 51c. Buy rating unchanged.

This report was published on August 5, 2024.

Target price is $0.53 Current Price is $0.28 Difference: $0.245
If CCR 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 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 31.67.

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 285.00.

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

CIA    CHAMPION IRON LIMITED

Iron Ore – Overnight Price: $5.87

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

Concentrate production in the 2Q for Champion Iron exceeded Goldman Sachs forecasts by 15% and demonstrated the ability of the Bloom Lake operations to run above nameplate.

Shipments were a record, exceeding by 8% prior forecasts by the broker and consensus due to ongoing improvements in rail transportation.

Buy. The target falls by -5% to $7.60 after the broker updates for the production number, a higher cost base and inventory adjustments.

This report was published on August 2, 2024.

Target price is $7.60 Current Price is $5.87 Difference: $1.73
If CIA meets the Goldman Sachs target it will return approximately 29% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 22.45 cents and EPS of 49.38 cents.
At the last closing share price the estimated dividend yield is 3.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.89.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 22.45 cents and EPS of 71.83 cents.
At the last closing share price the estimated dividend yield is 3.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.17.

This company reports in CAD. 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

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Jarden rates ((CIA)) as Buy (1) –

Champion Iron’s June-quarter earnings met consensus forecasts.

Production outpaced consensus by 8%, and sales outpaced by 6% due to an 18% jump in production but Jarden highlights this was largely offset by higher costs arising from inventory rehandling and capital expenditure. Freight costs improved but remained high.

The broker says quarterly iron-ore price adjustments would normally result in a downgrade but management confirmed Fortescue’s ((FMG)) observations demand for high grade ore is strong.

Jarden notes Champion Iron’s 69% low impurity DRPF product is a strategic differentiator, allowing for new markets and improved margins.

EPS forecasts fall in FY25 and FY26 to reflect forecast lower iron-ore price and higher capital expenditure expectations.

Buy rating retained. Target price eases to $7.47 fom $7.58.

This report was published on August 1, 2024.

Target price is $7.47 Current Price is $5.87 Difference: $1.6
If CIA meets the Jarden target it will return approximately 27% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 29.18 cents and EPS of 62.63 cents.
At the last closing share price the estimated dividend yield is 4.97%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.37.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 15.71 cents and EPS of 49.94 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.75.

This company reports in CAD. 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

CIP    CENTURIA INDUSTRIAL REIT

REITs – Overnight Price: $3.07

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

Centuria Industrial REIT’s FY24 result appears to have met Jarden’s forecasts and the broker suspects guidance could prove conservative given the company’s strong progress on leasing and net operating income, which it expects will offset a 60-basis-point rise in the REIT’s weighted average cost of debt.

Jarden raises forecasts to sit 1.1% above FY25 guidance and perceives the risk to be to the upside. FFOps rises 1% in FY25, 0.6% in FY26 and 0.1%. DPU forecasts fall -0.5% in FY25 and FY26.

Overweight rating and $3.65 target price retained.

This report was published on August 1, 2024.

Target price is $3.65 Current Price is $3.07 Difference: $0.58
If CIP meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $3.44, suggesting upside of 11.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 16.30 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 5.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of 133.5%.
Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 17.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 16.40 cents and EPS of 17.80 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of 1.7%.
Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 17.1.

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

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Moelis rates ((CIP)) as Buy (1) –

FY24 funds from operations (FFO) of 17.2cpu and a dividend of 16.0cpu were in line with forecasts by Moelis.

For FY25, management is targeting FFO and a dividend of 17.5cpu and 16.3cpu, respectively.

Ongoing market rental growth continues to limit downside risk to this REIT’s net tangible assets (NTA), suggests the broker, and the current discount provides an attractive entry point. Buy. The $3.72 target is unchanged.

This report was published on August 1, 2024.

Target price is $3.72 Current Price is $3.07 Difference: $0.65
If CIP meets the Moelis target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $3.44, suggesting upside of 11.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 16.20 cents and EPS of 17.60 cents.
At the last closing share price the estimated dividend yield is 5.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of 133.5%.
Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 17.4.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 16.50 cents and EPS of 18.10 cents.
At the last closing share price the estimated dividend yield is 5.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of 1.7%.
Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 17.1.

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $5.51

Jarden rates ((CMM)) as Upgrade to Buy from Overweight (1) –

Jarden raises its target for Capricorn Metals to $6.28 from $5.80 and upgrades to Buy from Overweight.

The broker sees a clearer pathway to material, low-risk but strong margin growth, and believes the expansion will proceed at Karlawinda.

A supportive macroeconomic backdrop for the gold price further strengthens the ananlyst’s view.

This report was published on August 6, 2024.

Target price is $6.28 Current Price is $5.51 Difference: $0.77
If CMM meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $5.79, suggesting upside of 5.7%(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 27.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.0, implying annual growth of 1594.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 27.4.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 33.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.1, implying annual growth of 90.5%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 14.4.

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

CRD    CONRAD ASIA ENERGY LIMITED

Business & Consumer Credit – Overnight Price: $0.83

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

Conrad Asia Energy’s June-quarter result appears to have met Wilsons’ forecast.

The broker switches its attention to news the company expects to finalise the Sembcorp deals in the next few weeks, which Wilsons believes would be a precursor to a final investment decision at Mako.

Once the deals are signed, the broker expects a re-rating of the company.

Overweight rating retained. Target price eases -1c to $1.92.

This report was published on July 30, 2024.

Target price is $1.92 Current Price is $0.83 Difference: $1.09
If CRD meets the Wilsons target it will return approximately 131% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.04 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 16.48.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 7.17 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.57.

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

EHL    EMECO HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.78

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

Jarden downgrades Emeco Holdings to Overweight from Buy ahead of its FY24 result in response to the recent share price rally.

The broker says all eyes will be peeled to evidence of sustainability of strong pricing, following a robust earnings performance, and expects prudent capital expenditure guidance.

While all looks rosy, the broker remains cautious on Pit’n’Portal for now.

Target price falls to 90c from 95c.

This report was published on July 27, 2024.

Target price is $0.90 Current Price is $0.78 Difference: $0.125
If EHL meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
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 12.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.10.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 13.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.62.

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

EVS    ENVIROSUITE LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.04

Moelis rates ((EVS)) as Buy (1) –

Moelis continues to like EnviroSuite with a Buy rating and 9c target price.

The 3Q24 results produced annual recurring revenue of $62.6m up 11% on the previous corresponding period, the broker notes.

Management reaffirmed guidance for FY24 and the analyst tweaks the sales forecasts, EPS estimates remain unchanged.

This report was published on July 25, 2024.

Target price is $0.09 Current Price is $0.04 Difference: $0.051
If EVS meets the Moelis target it will return approximately 131% (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 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.50.

Forecast for FY25:

Moelis 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 39.00.

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: $18.40

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

Jarden revises down the Fortescue target price to $17.52 from $19.11, even though the iron ore producer generated slightly better than forecast FY24 production.

Management surprised both the broker and the market with an increase in capex guidance for FY25 and weaker than expected iron ore prices have also weighed on future earnings forecasts,

An Underweight rating is retained. Jarden points to possible pressures on the future dividends and the requirement for an additional US$2.7bn in debt for capital requirements.

This report was published on July 25, 2024.

Target price is $17.52 Current Price is $18.40 Difference: minus $0.88 (current price is over target).
If FMG meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $19.22, suggesting upside of 3.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 309.22 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 305.4, implying annual growth of N/A.
Current consensus DPS estimate is 209.8, implying a prospective dividend yield of 11.3%.
Current consensus EPS estimate suggests the PER is 6.1.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 219.48 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 229.4, implying annual growth of -24.9%.
Current consensus DPS estimate is 163.0, implying a prospective dividend yield of 8.8%.
Current consensus EPS estimate suggests the PER is 8.1.

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

FPR    FLEETPARTNERS GROUP LIMITED

Vehicle Leasing & Salary Packaging – Overnight Price: $3.21

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

FleetPartners Group’s June Q update showed new business and asset growth are both trending well, Canaccord Genuity notes, particularly for Australia Fleet and Novated. While positive, this was in line with expectations and a continuation of strong first half momentum.

End-of-lease income was very strong and ahead of expectations, in contrast to the view that EOL income would continue to track
downwards. This is likely partly due to general used car market strength and partly due to mix of FleetPartners’ vehicles, the broker suggests.

But the “beat” is mainly on lower-quality EOL income, Canaccord points out, which is ultimately still on a pathway to more normal levels. Hold and $3.80 target retained.

This report was published on July 24, 2024.

Target price is $3.80 Current Price is $3.21 Difference: $0.59
If FPR meets the Canaccord Genuity target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $3.78, suggesting upside of 15.8%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 32.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.8, implying annual growth of 3.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 31.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.8, implying annual growth of -3.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.6.

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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.71

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

The gold production for the Gold Road Resources 2Q2024 update was slightly lower than Goldman Sachs expectations with continued wet weather impact from Gruyere in the March quarter.

All-in-sustaining costs were better than forecast. The broker expects a ramp up in mining into the 2H2024 which augurs well for 2025.

Goldman Sachs adjusts EPS forecasts by 8% for FY24 and 2% for FY25.

Buy rating unchanged and the target price lowered -2% to $2.05.

This report was published on July 31, 2024.

Target price is $2.05 Current Price is $1.71 Difference: $0.345
If GOR meets the Goldman Sachs target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $2.00, suggesting upside of 18.3%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 12.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.8, implying annual growth of 0.7%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 16.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.6, implying annual growth of 44.4%.
Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 10.8.

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

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Moelis rates ((GOR)) as Upgrade to Buy from Hold (1) –

Moelis upgrades Gold Road Resources to Buy from Hold and raises the target price to $2.10 due to what is viewed as the “strategic” value of Gruyere and circa 17.3% stake in Dug Technology ((DUG)).

The company reported lower-than-expected 2Q24 gold production and management also decreased the FY25 guidance, the broker highlights.

Problems incurred from wet weather in the March quarter continued to impact into the June quarter and the analyst revises EPS estimates by -56.2% for FY24 and -4.25% for FY25.

Buy rated. $2.10 target.

This report was published on July 31, 2024.

Target price is $2.10 Current Price is $1.71 Difference: $0.395
If GOR meets the Moelis target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $2.00, suggesting upside of 18.3%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.70 cents and EPS of 7.60 cents.
At the last closing share price the estimated dividend yield is 0.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.8, implying annual growth of 0.7%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 2.30 cents and EPS of 15.20 cents.
At the last closing share price the estimated dividend yield is 1.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.6, implying annual growth of 44.4%.
Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 10.8.

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

HGO    HILLGROVE RESOURCES LIMITED

Copper – Overnight Price: $0.06

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

Following 2Q operational results for Hillgrove Resources, Canaccord Genuity lowers its target to 10c from 11c due to lower cash forecasts and higher future cost assumptions.

Cash at quarter’s end was $7.4m, missing the broker’s $14.1m forecast on lower tonnes sold with a $4.4m build in unsold concentrate and higher capex than anticipated.

The Speculative Buy rating is kept due to the shorter mine life at the Kanmantoo Copper mine in the Adelaide Hills and ramp-up risks.

This report was published on July 30, 2024.

Target price is $0.10 Current Price is $0.06 Difference: $0.045
If HGO meets the Canaccord Genuity target it will return approximately 82% (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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.50.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1.83.

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

IAG    INSURANCE AUSTRALIA GROUP LIMITED

Insurance – Overnight Price: $6.95

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

In the run up to the Insurance Australia Group FY24 results report on August 21, Goldman Sachs revises the target price to $7.30 from $7.20 and retains a Neutral rating.

The broker has a slight preference for Suncorp over Insurance Australia Group.

This report was published on July 31, 2024.

Target price is $7.30 Current Price is $6.95 Difference: $0.35
If IAG meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $7.34, suggesting upside of 5.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 26.00 cents and EPS of 38.00 cents.
At the last closing share price the estimated dividend yield is 3.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.7, implying annual growth of 8.2%.
Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 18.9.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 29.00 cents and EPS of 39.00 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.3, implying annual growth of 7.1%.
Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 17.7.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $5.03

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

Canaccord Genuity highlights IGO reported lower than expected EBITDA for the June quarter, also missing consensus estimates due a wind down in Cosmos; lower revenues/higher costs from Greenbushes and ongoing nickel problems at Forrestania.

The broker slightly adjusts forecasts for quarterly updated.

Sell rating maintained and the target revised to $4.80 from $5.

This report was published on July 30, 2024.

Target price is $4.80 Current Price is $5.03 Difference: minus $0.23 (current price is over target).
If IGO meets the Canaccord Genuity target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.98, 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 18.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 3.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.4, implying annual growth of -12.6%.
Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 8.0.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 10.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 1.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 62.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of -73.2%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 29.9.

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

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

A higher-than-expected contribution from the joint venture helped IGO report better than expected production and sales for 4Q24, according to Goldman Sachs.

Guidance for Greenbushes in FY25 was in line with the lower forecast cash costs and offset by higher capex. Nickel production continues to move lower.

The broker adjusts EPS forecasts by -15% for FY24 and -78% for FY25.

Buy rating unchanged with the target price revised to $6.75 from $7.15.

This report was published on July 31, 2024.

Target price is $6.75 Current Price is $5.03 Difference: $1.72
If IGO meets the Goldman Sachs target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $5.98, suggesting upside of 17.6%(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 58.00 cents.
At the last closing share price the estimated dividend yield is 3.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.4, implying annual growth of -12.6%.
Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 8.0.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 8.00 cents and EPS of 3.00 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 167.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of -73.2%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 29.9.

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

IMD    IMDEX LIMITED

Mining Sector Contracting – Overnight Price: $2.15

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

Jarden upgrades Imdex’s target price to $2.30 from $1.95 ahead of its FY24 result, the broker spying earnings strength.

The broker concedes near-term conditions remain volatile despite commodity price strength.

EPS forecasts fall -2% in FY25 (the broker sits above consensus); and -1% in FY26. DPS forecasts fall.

Neutral rating retained on valuation.

This report was published on July 27, 2024.

Target price is $2.30 Current Price is $2.15 Difference: $0.15
If IMD meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $2.17, suggesting upside of 1.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 3.00 cents and EPS of 9.60 cents.
At the last closing share price the estimated dividend yield is 1.40%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.6, implying annual growth of 33.3%.
Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 3.80 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.3, implying annual growth of 6.6%.
Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 19.0.

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

IPD    IMPEDIMED LIMITED

Medical Equipment & Devices – Overnight Price: $0.06

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

Wilsons highlights the 4Q24 trading update from ImpediMed met expectations but failed to spark the market’s enthusiasm.

Cashflow was higher than the broker’s forecasts while the signing of new/renewed contracts worth $3.4m came in better than the analyst estimates.

In FY25 management is aiming for a -10% reduction in operating expenses and expects breakeven is deferred until FY27 which Wilsons does not expect will trigger a capital raising.

Overweight rating and 18c target price.

This report was published on July 30, 2024.

Target price is $0.18 Current Price is $0.06 Difference: $0.121
If IPD meets the Wilsons target it will return approximately 205% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.90.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.37.

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

KAR    KAROON ENERGY LIMITED

Crude Oil – Overnight Price: $1.70

Jarden rates ((KAR)) as Buy (1) –

Karoon Energy has updated its capital allocation targets, announcing a 20%-40% net profit payout ratio and the start of an additional share buyback, notes Jarden.

The broker revises the FY24 dividend forecast to 3c and tweaks EPS estimates. Buy rating and a $2.25 target price.

This report was published on July 25, 2024.

Target price is $2.25 Current Price is $1.70 Difference: $0.55
If KAR meets the Jarden target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $2.39, suggesting upside of 37.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 3.00 cents and EPS of 27.20 cents.
At the last closing share price the estimated dividend yield is 1.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.8, implying annual growth of N/A.
Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 14.1%.
Current consensus EPS estimate suggests the PER is 3.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 10.70 cents and EPS of 24.10 cents.
At the last closing share price the estimated dividend yield is 6.29%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of -18.6%.
Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 10.0%.
Current consensus EPS estimate suggests the PER is 4.5.

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

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

Wilsons observes the 20%-40% dividend/share buyback policy of net profits to Karoon Energy shareholders which is subject to board approval and market conditions.

Karoon Energy has also launched a US$25m share buyback and the June quarter results confirmed the 2024 guidance.

No change to Overweight rating and $2.59 target.

This report was published on July 25, 2024.

Target price is $2.59 Current Price is $1.70 Difference: $0.89
If KAR meets the Wilsons target it will return approximately 52% (excluding dividends, fees and charges).
Current consensus price target is $2.39, suggesting upside of 37.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 39.84 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.8, implying annual growth of N/A.
Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 14.1%.
Current consensus EPS estimate suggests the PER is 3.6.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 54.64 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of -18.6%.
Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 10.0%.
Current consensus EPS estimate suggests the PER is 4.5.

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

KGN    KOGAN.COM LIMITED

Retailing – Overnight Price: $4.07

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

Canaccord Genuity retains its Buy rating and $8.00 target for Kogan.com following the release of Q4 results. The Private Label/Exclusive Brands division returned to 7% sales growth, observes the analyst.

The broker expects the Private Label division will be a beneficiary as consumers trade down from branded goods.

This report was published on July 30, 2024.

Target price is $8.00 Current Price is $4.07 Difference: $3.93
If KGN meets the Canaccord Genuity target it will return approximately 97% (excluding dividends, fees and charges).
Current consensus price target is $6.95, suggesting upside of 69.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 14.00 cents and EPS of 19.90 cents.
At the last closing share price the estimated dividend yield is 3.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.9, implying annual growth of N/A.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 29.4.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 20.50 cents and EPS of 29.30 cents.
At the last closing share price the estimated dividend yield is 5.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.8, implying annual growth of 114.4%.
Current consensus DPS estimate is 21.4, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 13.7.

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

LIC    LIFESTYLE COMMUNITIES LIMITED

Aged Care & Seniors – Overnight Price: $8.53

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

Reacting to events several weeks ago, Jarden lowers its target for Lifestyle Communities to $11.70 from $15.00 and downgrades to Overweight from Buy.

The analysts anticipate near-term sales and settlements will remain under pressure until the courts offer a view on the current contract structure, which has attracted negative media coverage.

The broker feels share price weakness is overdone and still sees attractive medium-term growth from underlying demand plus a growing pipeline.

This report was published on August 6, 2024.

Target price is $11.70 Current Price is $8.53 Difference: $3.17
If LIC meets the Jarden target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $11.53, suggesting upside of 32.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 10.00 cents and EPS of 47.90 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.5, implying annual growth of -40.3%.
Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 10.00 cents and EPS of 50.50 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.8, implying annual growth of 17.8%.
Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 15.9.

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

LOT    LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.22

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

Lotus Resources has signed a mining development agreement for Kaylekera, securing a stability agreement ensuring a 10-year period of fiscal stability, advises Petra Capital.

The broker expects this should reduce any remaining investment concerns over Malawi, however, the conditions are more onerous than the broker had anticipated.

The target price is cut to 41c from 59c to reflect both the above and an assumed capital raising.

All up, the broker views the news as a positive, observing it returns control of the development timeline to the company. Buy rating retained.

This report was published on August 6, 2024.

Target price is $0.59 Current Price is $0.22 Difference: $0.37
If LOT meets the Petra Capital target it will return approximately 168% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 73.33.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 73.33.

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

LRK    LARK DISTILLING CO. LIMITED

Food, Beverages & Tobacco – Overnight Price: $0.94

Moelis rates ((LRK)) as Hold (3) –

Moelis observes the Lark Distilling Co equity issue of a $21.5m institutional placement and share purchase plan of up to $11m.

The company also announced a strategic partnership with Seppeltsfield Wines.

The broker likes the “de-risking’ of the balance sheet and the focus on growing sales.

Hold rating maintained and the target price shifts to $1 from $1.02 post the equity raising.

This report was published on July 30, 2024.

Target price is $1.00 Current Price is $0.94 Difference: $0.055
If LRK meets the Moelis target it will return approximately 6% (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 4.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.11.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 7.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.50.

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

MAH    MACMAHON HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.26

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

Jarden downgrades Macmahon to Overweight from Buy following a 45% rally for the shares in the past year.

The broker remains upbeat for FY25 expecting it to be a “transformative year”. Jarden observes an easing WA labour market and appreciates the low capital intensity of recent transaction, which reduces stranded-asset risk

EPS forecasts are steady for FY25; rise 3% for FY25; and 3% for FY26. Target price rises to 28c from 26c.

This report was published on August 5, 2024.

Target price is $0.28 Current Price is $0.26 Difference: $0.025
If MAH meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 1.00 cents and EPS of 3.80 cents.
At the last closing share price the estimated dividend yield is 3.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.71.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 1.20 cents and EPS of 4.50 cents.
At the last closing share price the estimated dividend yield is 4.71%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.67.

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

MDR    MEDADVISOR LIMITED

Healthcare services – Overnight Price: $0.46

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

MedAdvisor released a June Q result in line with guidance. Execution has been very strong across the US and Australian segments, Canaccord Genuity notes, particularly with the THRiV omni-channel offering.

Scale has come sooner than expected, driven by top-line growth, and the broker sees a pathway to improved operating leverage in FY26 onward following an investment period in FY25.

The longer-term structural growth story is “shaping up nicely”, as pharma customers reap benefits of MedAdvisor’s direct to patient marketing tools. Buy and 45c target retained.

This report was published on July 25, 2024.

Target price is $0.45 Current Price is $0.46 Difference: minus $0.005 (current price is over target).
If MDR meets the Canaccord Genuity target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.75.

Forecast for FY25:

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

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $51.99

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

Mineral Resources’s June-quarter operational result revealed mix, iron-ore shipments and lithium prices beating expectations but costs and cash flow disappointed.

Overall, Goldman Sachs is shifting its focus to the balance sheet.

Net debt rose to $4.4bn half on half, from $3.4bn. This included cash proceed from a $600,000 iron-ore prepayment (which the broker says it represents a deferred income liability to be unwound over FY26 to FY28 and Goldman Sachs includes it as a liability in its net asset valuation).

Mineral Resources also increased its undrawn corporate facility by $0.4bn. EPS forecasts fall -15% to -68% across FY25 to FY26.

Sell rating and $47 target price retained. Net asset valuation falls -5%.

This report was published on July 30, 2024.

Target price is $47.00 Current Price is $51.99 Difference: minus $4.99 (current price is over target).
If MIN meets the Goldman Sachs target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $67.14, suggesting upside of 31.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 20.00 cents and EPS of 76.00 cents.
At the last closing share price the estimated dividend yield is 0.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 68.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.5, implying annual growth of -50.9%.
Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 81.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 23.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 0.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 173.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.4, implying annual growth of -56.2%.
Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 186.2.

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

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Jarden rates ((MIN)) as Sell (5) –

Mineral Resources’ FY24 net debt beat Jarden’s forecast by $600m, a discrepancy explained by the receipt of a customer prepayment of $600m, observes the broker.

Jarden says the prepayment “has all the appearances of debt” in that the sum has to be repaid in iron rather than in cash and accrues a similar cost of roughly 8% to 9.25% as do US unsecured notes – something of a magic pudding approach, observes the broker.

The broker says management’s plan to expand Onslow could result in higher-than-forecast capital expenditure.

Sell rating retained on valuation and to reflect governance concerns and a stretched balance sheet, says the broker. Target price falls to $44.70 from $48.50

This report was published on July 27, 2024.

Target price is $44.70 Current Price is $51.99 Difference: minus $7.29 (current price is over target).
If MIN meets the Jarden target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $67.14, suggesting upside of 31.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 20.00 cents and EPS of 33.50 cents.
At the last closing share price the estimated dividend yield is 0.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 155.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.5, implying annual growth of -50.9%.
Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 81.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 60.00 cents and EPS of 32.20 cents.
At the last closing share price the estimated dividend yield is 1.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 161.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.4, implying annual growth of -56.2%.
Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 186.2.

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

MND    MONADELPHOUS GROUP LIMITED

Mining Sector Contracting – Overnight Price: $11.42

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

Jarden cuts Monadelphous Group’s target price to $13.80 from $14.45 ahead of its FY24 result.

While the broker expects top-line guidance should point to earnings upside, the company’s share price under-performance and the unclear phasing of earnings from its FY23 E&C work are weighing against the company.

EPS forecasts are steady in FY24 and rise less than 1% in FY25 and FY26. Overweight rating retained on valuation.

This report was published on July 27, 2024.

Target price is $13.80 Current Price is $11.42 Difference: $2.38
If MND meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $14.60, suggesting upside of 26.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 52.00 cents and EPS of 61.70 cents.
At the last closing share price the estimated dividend yield is 4.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.6, implying annual growth of 12.1%.
Current consensus DPS estimate is 51.3, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 18.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 68.00 cents and EPS of 72.10 cents.
At the last closing share price the estimated dividend yield is 5.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.2, implying annual growth of 16.9%.
Current consensus DPS estimate is 59.7, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 15.8.

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

MPL    MEDIBANK PRIVATE LIMITED

Insurance – Overnight Price: $3.83

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

Goldman Sachs expects Medibank Private’s FY24 results will fall towards the bottom end of guidance ranges.

Looking ahead to FY25, the broker expects industry growth will likely fall, observing strong competition, but expects margins are likely to hold with potential upside risk from reserve releases (while keeping a keen eye to cybercrime costs).

The broker appreciates the company’s balance sheet.

Neutral rating retained. Target price rises to $3.88 from $3.70.

This report was published on July 30, 2024.

Target price is $3.88 Current Price is $3.83 Difference: $0.05
If MPL meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.92, suggesting upside of 3.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 16.70 cents and EPS of 17.60 cents.
At the last closing share price the estimated dividend yield is 4.36%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.2, implying annual growth of 8.8%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 18.7.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 17.30 cents and EPS of 21.70 cents.
At the last closing share price the estimated dividend yield is 4.52%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.3, implying annual growth of 5.4%.
Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 17.7.

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

NAN    NANOSONICS LIMITED

Medical Equipment & Devices – Overnight Price: $2.99

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

Wilsons is encouraged by data pre-released by Nanosonics ahead of FY24 results showing the gross margin achieved the top end of the 76%-78% full year range, which implies 76.3% for the 2H.

A highlight of this margin outcome, according to the analysts, is a higher proportion of capital in the mix compared to the 1H. It’s also noted the margin was achieved despite a slight currency headwind.

Wilsons increases its valuation for Trophon by 23%, resulting in a new $4.00 target, up from $3.45.

The Overweight rating is maintained.

This report was published on August 2, 2024.

Target price is $4.00 Current Price is $2.99 Difference: $1.01
If NAN meets the Wilsons target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $3.40, suggesting upside of 14.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 90.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.0, implying annual growth of -54.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 99.3.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 115.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.3, implying annual growth of 43.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 69.3.

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

NHF    NIB HOLDINGS LIMITED

Insurance – Overnight Price: $7.02

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

Goldman Sachs expects nib Holdings’ FY24 results will fall towards the bottom end of guidance ranges.

Looking ahead to FY25, the broker expects industry growth will likely fall, observing strong competition, but expects margins are likely to hold with potential upside risk from reserve releases (while keeping a keen eye to the new CEO).

The broker appreciates the company’s balance sheet. The broker tinkers with EPS and DPS forecasts.

Buy rating and $8.10 target price retained.

This report was published on July 30, 2024.

Target price is $8.10 Current Price is $7.02 Difference: $1.08
If NHF meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $8.13, suggesting upside of 17.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 30.80 cents and EPS of 41.90 cents.
At the last closing share price the estimated dividend yield is 4.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.5, implying annual growth of 7.4%.
Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 30.50 cents and EPS of 45.10 cents.
At the last closing share price the estimated dividend yield is 4.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.4, implying annual growth of 6.5%.
Current consensus DPS estimate is 31.2, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 14.6.

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $14.18

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

Northern Star Resources’ June-quarter sales broadly met consensus’ and Canaccord Genuity’s forecasts and guidance, thanks to strong sales and cost beat at Pogo which helped offsetting disappointments at the Kalgoorlie hub (sales timing) and Yandal (fire in the processing plant).

All in sustaining costs proved a miss. Underlying free cash flow, which rose 32% quarter on quarter, proved a miss on the broker’s forecasts.

The company closed the year with net cash of $359m, up $186m in the quarter. Cash and bullion stood at $1.25bn and the company holds $1.5bn in undrawn debt providing total liquidity of more than $2.7bn, observes the broker.

FY25 guidance largely met consensus and the broker’s forecasts, implying a 6% year on year increase at the midpoint, observes Canaccord Genuity.

The broker lowers its sales forecasts and raises capital expenditure all-in-sustaining costs forecasts. Buy rating retained. Target price falls to $18.65 from $19.15.

This report was published on July 25, 2024.

Target price is $18.65 Current Price is $14.18 Difference: $4.47
If NST meets the Canaccord Genuity target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $15.46, suggesting upside of 9.1%(ex-dividends)

Forecast for FY24:

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 24.9.

Forecast for FY25:

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 13.7.

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

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

Jarden noted Northern Star Resources reported a “strong” June quarter trading update, achieving its FY24 sales guidance. The broker expects a robust final dividend of 20c.

Management’s FY25 guidance came in as expected with consensus forecasts having been revised down over the past two months.

Jarden lowers its FY25 production and sales forecasts. An Overweight rating is maintained, and the target price is revised down by -2% to $13.20.

This report was published on July 25, 2024.

Target price is $13.20 Current Price is $14.18 Difference: minus $0.98 (current price is over target).
If NST meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $15.46, suggesting upside of 9.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 28.00 cents and EPS of 59.40 cents.
At the last closing share price the estimated dividend yield is 1.97%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.87.

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 24.9.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 36.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 2.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.51.

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 13.7.

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

NWC    NEW WORLD RESOURCES LIMITED

Copper – Overnight Price: $0.02

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

New World Resources has published an exploration update which Wilsons describes as encouraging but unspectacular. The broker observes the market had been expecting better.

Wilsons observes the market is treating the stock as a “one-hit-wonder” junior explorer/speculator when it is in fact a project developer with an established 11Mt high grade reserves and completed strong prefeasibility study, with new targets in its sights.

Overweight rating and 6c target price retained.

This report was published on July 31, 2024.

Target price is $0.06 Current Price is $0.02 Difference: $0.042
If NWC meets the Wilsons target it will return approximately 233% (excluding dividends, fees and charges).

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

NWH    NRW HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $3.03

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

Jarden downgrades NRW Holdings to Overweight from Buy given the company’s recent share price run. Target price eases to $3.20 from $3.25.

Heading into the company’s FY24 result, the broker expects an in-line result given it has largely been pre-guided.

Hence, eyes will turn to FY25 guidance – the broker perceives the risk to be to the upside.

This report was published on July 27, 2024.

Target price is $3.20 Current Price is $3.03 Difference: $0.17
If NWH meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.12, suggesting downside of -0.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 16.40 cents and EPS of 25.80 cents.
At the last closing share price the estimated dividend yield is 5.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of 41.5%.
Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 11.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 17.40 cents and EPS of 27.90 cents.
At the last closing share price the estimated dividend yield is 5.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.2, implying annual growth of 4.8%.
Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 11.1.

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

NXS    NEXT SCIENCE LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.24

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

Next Science reported its June Q results, missing Canaccord Genuity’s expectations at the top line.

The invigorated strategy into Durable Medical Equipment has broadly surpassed the broker’s initial assumptions since inception, but has been slowing down owing to a strategic shift in target market, and more recently, with a more outsourced sales model.

XPerience impressed, and remains the most relevant and longer term commercial opportunity, in Canaccord’s view, pending successful
clinical outcomes that show an improvement versus standard of care.

The balance sheet is less stretched than it was before, but flawless execution will be required. Speculative Buy and 40c target retained.

This report was published on July 25, 2024.

Target price is $0.40 Current Price is $0.24 Difference: $0.155
If NXS meets the Canaccord Genuity target it will return approximately 63% (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

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

Next Science’s 2Q sales fell short of Wilsons forecast as activity levels in the durable medical equipment (DME) business took longer-than-expected to recover following last year’s restructure.

More positively, the broker highlights good sales for Xperience, noting GPO contract access and prophylactic adoption are both good signs.

The analysts’ target falls to 27c from 34c once new equity capital assumptions are revised, taking into account the potential discount at which funds may need to be raised. Market Weight.

This report was published on August 2, 2024.

Target price is $0.27 Current Price is $0.24 Difference: $0.025
If NXS meets the Wilsons target it will return approximately 10% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.95 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.12.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.51 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.98.

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

ORA    ORORA LIMITED

Paper & Packaging – Overnight Price: $1.92

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

Goldman Sachs tempers its margin and earnings forecasts for North American glass makers but, given positive peer performances in the June quarter, the broker expects Orora can hold its EBIT margins.

In Australia, the broker expects incremental cans investment returns and early recovery in wine exports should largely offset the impact of the company’s G3 furnace rebuild in FY25, trends which augur well for FY26 once the furnace is complete, observes the broker.

The broker is less upbeat on Saverglass, which Goldman Sachs observes lacks the end-market diversification of peers and the broker downgrades its earnings forecasts for Saverglass, resulting in a broader earnings downgrade.

The company’s net debt to EBITDA ratio remains below Orora’s covenant leverage threshold, observes the broker.

Buy rating retained. Target price falls -10% to $2.70 from $3.

This report was published on July 30, 2024.

Target price is $2.70 Current Price is $1.92 Difference: $0.78
If ORA meets the Goldman Sachs target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $2.38, suggesting upside of 23.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 9.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of -20.4%.
Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 8.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.8, implying annual growth of -3.1%.
Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 12.2.

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

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Jarden rates ((ORA)) as Buy (1) –

Jarden is looking for any FY25 guidance changes for Saverglass and North America in the upcoming Orora FY24 results on August 15.

The Buy rating is retained with a change in the target price to $2.50 from $2.55.

This report was published on August 1, 2024.

Target price is $2.50 Current Price is $1.92 Difference: $0.58
If ORA meets the Jarden target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $2.38, suggesting upside of 23.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 10.10 cents and EPS of 15.90 cents.
At the last closing share price the estimated dividend yield is 5.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of -20.4%.
Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 9.90 cents and EPS of 15.20 cents.
At the last closing share price the estimated dividend yield is 5.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.8, implying annual growth of -3.1%.
Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 12.2.

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

ORG    ORIGIN ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $10.22

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

Origin Energy announced FY24 and FY25 guidance as well as final FY24 dividend expectations in the June quarter trading update.

Jarden comments better-than-expected APLNG offset higher provisions for Eraring and an increase in coal costs.

Losses of business customers in energy were offset by improvements in retail customers in electricity and gas.

Jarden revises the EPS forecasts by -3% for FY24 and -2.4% for FY25.

Overweight rating unchanged. Target price moves to $10.70 from $11.

This report was published on July 31, 2024.

Target price is $10.70 Current Price is $10.22 Difference: $0.48
If ORG meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $11.11, suggesting upside of 7.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 55.00 cents and EPS of 70.10 cents.
At the last closing share price the estimated dividend yield is 5.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.8, implying annual growth of 20.4%.
Current consensus DPS estimate is 54.3, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 54.50 cents and EPS of 94.70 cents.
At the last closing share price the estimated dividend yield is 5.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.3, implying annual growth of 4.7%.
Current consensus DPS estimate is 56.1, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 13.3.

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

PBH    POINTSBET HOLDINGS LIMITED

Gaming – Overnight Price: $0.51

Jarden rates ((PBH)) as Upgrade to Buy from Overweight (1) –

Following 4Q results, Jarden upgrades its rating for PointsBet Holdings to Buy from Overweight on signs of stronger profitability going
forward. PointsBet remains the broker’s preferred wagering exposure under coverage on the ASX.

Momentum continues in Australia, note the analysts, while in Canada an impressive net win growth in sports betting was offset by lower-than-expected iGaming net win growth.

The 85c target price is maintained after the broker’s earnings forecast downgrades are matched by the positive impact of a valuation roll-forward.

This report was published on August 1, 2024.

Target price is $0.85 Current Price is $0.51 Difference: $0.345
If PBH meets the Jarden target it will return approximately 68% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 7.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.39.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 84.17.

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

PEK    PEAK RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $0.20

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

Peak Rare Earths has signed a non-binding deal with major shareholder Shenghe that in Canaccord Genuity’s view significantly de-risks and enhances the likelihood of development of its Ngualla Rare Earth Project in Tanzania.

Key details include a project level sell-down and a project funding/development solution.

While rare earth market conditions remain challenging, the broker sees this deal as a major de-risking milestone for Peak, providing it with plenty of leverage to any recovery in NdPr prices.

Speculative Buy and 70c target retained.

This report was published on August 2, 2024.

Target price is $0.70 Current Price is $0.20 Difference: $0.5
If PEK meets the Canaccord Genuity target it will return approximately 250% (excluding dividends, fees and charges).

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

PEN    PENINSULA ENERGY LIMITED

Uranium – Overnight Price: $0.08

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

Peninsula Energy remains on track for first production from Lance before year-end 2024 and first sales late in the first half of 2025.

Leading in to first production both Boss Energy ((BOE)) and Paladin Energy ((PDN)) experienced significant outperformance versus the peer group, Canaccord Genuity notes.

Assuming Peninsula Energy delivers on its timing and budget commitments, the scope for outperformance is even greater in the broker’s view,

Target falls to 20c from 21c on dilution, Speculative Buy retained.

This report was published on July 25, 2024.

Target price is $0.20 Current Price is $0.08 Difference: $0.119
If PEN meets the Canaccord Genuity target it will return approximately 147% (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

PLS    PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $2.83

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

Pilbara Minerals has reported a beat on June Q production and sales. Realised pricing was up 4% quarter on quarter but missed Canaccord Genuity’s assumptions. Costs were down -12%.

Pilbara has completed price reviews with two major offtake customers, with improved pricing expected to be realised in the Sept Q. Recoveries increased to 72.2%, which demonstrates the miner is the best hard rock operator in the market, the broker believes.

FY25 production guidance is in line, with costs and capex slightly higher.

Buy and $4.00 target retained.

This report was published on July 24, 2024.

Target price is $4.00 Current Price is $2.83 Difference: $1.17
If PLS meets the Canaccord Genuity target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $3.01, suggesting upside of 6.6%(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 24.5.

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 45.5.

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

QPM    QUEENSLAND PACIFIC METALS LIMITED

Nickel – Overnight Price: $0.03

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

Queensland Pacific Metals’ June-quarter sales missed Petra Capital’s forecasts but cash at June 30 of $33m was in line and the broker remains upbeat.

The broker observes the company is ramping production at the long-life Moranbah Gas Project, June-quarter supply rising 5% on the March quarter and in line with forecasts. The broker expects production will rise to 50 terrajoules a day by mid 2026 from 30 terrajoules as at August 1.

Management advised pressure was rising in the gathering lines as third-party supply rose, and Petra Capital expects this will need to be fixed as Teviot Brook comes on line.

Buy rating retained. Target price falls to 10c from 11c to reflect dilution from the company’s recent equity raising.

This report was published on August 1, 2024.

Target price is $0.10 Current Price is $0.03 Difference: $0.068
If QPM meets the Petra Capital target it will return approximately 213% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1.78.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.00.

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

RED    RED 5 LIMITED

Gold & Silver – Overnight Price: $0.36

Moelis rates ((RED)) as Buy (1) –

Commenting after Red 5’s Q4 production report, Moelis highlights significant future upside as the merger with Silver Lake Resources is fully amalgamated and when production and cashflow potential of the business is recognised by the market.

The broker makes no significant changes to estimates beyond FY24 and maintains a Buy rating and 58c target.

This report was published on August 1, 2024.

Target price is $0.58 Current Price is $0.36 Difference: $0.22
If RED meets the Moelis target it will return approximately 61% (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 1.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.00.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.59.

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

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

Red 5 delivered a mixed June-quarter result, production and all-in-sustaining costs outpacing on some projects and missing at others, observes Petra Capital.

The broker notes that post merger, Red 5 is now a top-5 ASX gold producer and boasts a strong balance sheet, closing June 30 with $454m in cash and bullion and zero debt, positioning it well for growth.

The broker believes the company to be attractive relative to peers but is awaiting FY25 guidance.

Buy rating retained. Target price eases to 45c from 46c. 

This report was published on August 1, 2024.

Target price is $0.45 Current Price is $0.36 Difference: $0.09
If RED meets the Petra Capital target it will return approximately 25% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 51.43.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 1.00 cents and EPS of 5.30 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.79.

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

RIO    RIO TINTO LIMITED

Bulks – Overnight Price: $118.68

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

The 1H24 EBITDA results for Rio Tinto were in line with Goldman Sachs estimates and consensus.

Pilbara and aluminium were better than forecasts and major projects Simandou, the Pilbara and Oyu Tolgoi are believed to be tracking in line with expectations.

The broker revises the EPS forecasts by -4% for FY24 and 1% for FY25.

The target price is revised by -0.5% to $136 and the Buy rating retained.

This report was published on July 31, 2024.

Target price is $136.00 Current Price is $118.68 Difference: $17.32
If RIO meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $128.25, suggesting upside of 8.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 656.29 cents and EPS of 973.75 cents.
At the last closing share price the estimated dividend yield is 5.53%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1183.3, implying annual growth of N/A.
Current consensus DPS estimate is 710.2, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 10.0.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 671.55 cents and EPS of 1045.48 cents.
At the last closing share price the estimated dividend yield is 5.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1160.6, implying annual growth of -1.9%.
Current consensus DPS estimate is 718.5, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 10.2.

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

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.89

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

Productions and costs (AISC) in the 4Q for Ramelius Resources were broadly in line with Canaccord Genuity’s forecasts. FY24 production came in at the upper end of management’s upgraded guidance and at the lower end of cost guidance.

FY25 group production guidance was in line with expectations held by the broker and consensus. 

The Buy rating is maintained, and the target increased to $2.80 from $2.70.

This report was published on July 30, 2024.

Target price is $2.80 Current Price is $1.89 Difference: $0.91
If RMS meets the Canaccord Genuity target it will return approximately 48% (excluding dividends, fees and charges).
Current consensus price target is $2.38, suggesting upside of 27.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 5.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 2.65%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.5, implying annual growth of 180.6%.
Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 9.5.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 8.00 cents and EPS of 24.00 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 7.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.8, implying annual growth of 27.2%.
Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 7.5.

Market Sentiment: 1.0
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: $1.60

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

Regis Resources’s June-quarter production and all-in-sustaining costs met consensus’ and Canaccord Genuity’s forecasts and guidance with a beat logged on exploration expenditure.

Management FY25 production guidance fell -13% (in-line) and all-in-sustaining costs guidance rose 13% (a miss).

Buy rating retained. Target price falls to $2.30 from $2.50.

This report was published on July 25, 2024.

Target price is $2.30 Current Price is $1.60 Difference: $0.7
If RRL meets the Canaccord Genuity target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $1.98, suggesting upside of 24.2%(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 160.00.

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 12.9.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 1.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 0.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.42.

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 7.3.

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: $5.15

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

Goldman Sachs notes the 4Q24 revenues for SiteMinder were lower than expectations and consensus estimates, due to promotions.

The broker highlights the operations were “solid” including robust contributions from the Americas and EMEA and the company announced its Smart Distribution Program which is expected to be a major contributor in the 2H25.

Neutral rating unchanged. Target price $5.50. The FY24 result is due on August 27.

This report was published on July 31, 2024.

Target price is $5.50 Current Price is $5.15 Difference: $0.35
If SDR meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $6.77, suggesting upside of 30.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 643.75.

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 and EPS of minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 2575.00.

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

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

In the wake of 4Q results for SiteMinder, Jarden lowers its target to $5.85 from $6.02 and downgrades to Overweight from Buy. It’s thought the market will require evidence of new product traction before rewarding investments in growth.

Regardless, the broker believes it is a strategically sound decision by management to reinvest free cash flow (FCF) in revenue growth, having attained free cash flow breakeven in Q4, while also maintaining a reasonable revenue growth rate.

Management reiterated its focus on achieving the 30% organic revenue growth target in the medium-term, which implies to the analysts increased opex investment.

This report was published on August 1, 2024.

Target price is $5.85 Current Price is $5.15 Difference: $0.7
If SDR meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $6.77, suggesting upside of 30.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 8.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 59.88.

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:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 6.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 74.64.

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

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

SiteMinder’s result broadly met Wilsons’ forecasts, reinforcing the broker’s conviction that momentum would continue to grow in the medium term.

The broker upgrades medium term forecasts accordingly, appreciating managements guidance on new products and incremental tailwinds to Demand-Plus following regulatory developments in Europe.

Annual recurring revenue was in line, as was free cash flow.

The surprise announce of the company’s Smart Distribution Program was well received by the broker. FY24 and FY25 EPS forecasts fall to reflect a miss on Subscription ARPU growth. FY26 EPS forecast rise to reflect improved medium-term prospects.

Overweight rating retained. Target price rises to $7.20 from $6.50 at June 13 to reflect growing medium-term conviction.

This report was published on August 1, 2024.

Target price is $7.20 Current Price is $5.15 Difference: $2.05
If SDR meets the Wilsons target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $6.77, suggesting upside of 30.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 8.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 61.31.

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:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 257.50.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $8.42

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

Sandfire Resources’ June-quarter result broadly met consensus and Canaccord Genuity’s forecasts.

The company closed the quarter with a cash balance of US$63m, cutting net debt by -18% to US$396 from US$481m in the previous quarter.

FY25 guidance broadly met forecasts. Buy rating and $11 target price retained.

This report was published on July 26, 2024.

Target price is $11.00 Current Price is $8.42 Difference: $2.58
If SFR meets the Canaccord Genuity target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $9.13, suggesting upside of 8.1%(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 0.76 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1103.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.7, 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 7.63 cents and EPS of 68.68 cents.
At the last closing share price the estimated dividend yield is 0.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.5, implying annual growth of N/A.
Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 12.0.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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

Sandfire Resources’ June-quarter earnings (EBITDA) nosed out Goldman Sachs.

Net debt also outpaced the broker, thanks to stronger than forecasts operational cash flow and a beat on exploration costs and capital expenditure.

Copper production was strong (outpacing consensus by 15%) and a positive inventory accounting adjustment offset weak zinc production at Matsa (a -5% miss on guidance).

EPS forecasts rise 21% for FY24; fall -9% in FY25 and -6% on FY26. Neutral rating retained. Target price falls -2% to $8.50 from $8.70.

This report was published on July 30, 2024.

Target price is $8.50 Current Price is $8.42 Difference: $0.08
If SFR meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $9.13, suggesting upside of 8.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 168.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.7, 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:

Goldman Sachs forecasts a full year FY25 dividend of 25.18 cents and EPS of 62.58 cents.
At the last closing share price the estimated dividend yield is 2.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.5, implying annual growth of N/A.
Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 12.0.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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

Jarden was impressed by Sandfire Resources reporting a -US$85m reduction in net debt for the 4Q24 trading update with strong production and sales results to end the fiscal year.

Motheo underwrote the production and sales strength. The broker highlights growth is expected into FY25, while cost results for both Matsa and Motheo were viewed as impressive.

Target price is revised to $9.10 from $9 and Overweight rating unchanged.

This report was published on July 25, 2024.

Target price is $9.10 Current Price is $8.42 Difference: $0.68
If SFR meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $9.13, suggesting upside of 8.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 7631.26 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 0.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.7, 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:

Jarden forecasts a full year FY25 dividend of 7.63 cents and EPS of 47.16 cents.
At the last closing share price the estimated dividend yield is 0.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.5, implying annual growth of N/A.
Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 12.0.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SUN    SUNCORP GROUP LIMITED

Insurance – Overnight Price: $16.20

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

Goldman Sachs retains a Buy rating and a $18.50 target price, up from $18, in the run up to the FY24 results on August 19.

The broker has a slight preference for Suncorp Group over Insurance Australia Group.

This report was published on July 31, 2024.

Target price is $18.50 Current Price is $16.20 Difference: $2.3
If SUN meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $18.00, suggesting upside of 11.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 78.00 cents and EPS of 107.00 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 109.2, implying annual growth of 20.1%.
Current consensus DPS estimate is 75.9, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 83.00 cents and EPS of 115.00 cents.
At the last closing share price the estimated dividend yield is 5.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 105.0, implying annual growth of -3.8%.
Current consensus DPS estimate is 95.5, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 15.3.

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

SVR    SOLVAR LIMITED

Business & Consumer Credit – Overnight Price: $1.07

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

Solvar announced it has resolved to exit the New Zealand market and refocus its strategy on the Australian consumer lending and commercial markets, where it believes it can achieve higher returns on capital.

Canaccord Genuity agrees there is scope to redeploy capital into the Australian commercial lending market in particular but perceives management taking a measured approach to growing both the consumer and commercial books while also being front-footed on capital management initiatives.

Management has slightly lifted the FY24 guidance range and the company expects to declare a 5cps final dividend, in line with the broker.

Target falls to $1.50 from $1.55, Buy retained.

This report was published on July 25, 2024.

Target price is $1.50 Current Price is $1.07 Difference: $0.425
If SVR meets the Canaccord Genuity target it will return approximately 40% (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 10.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 9.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.27.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 11.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 10.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.17.

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

SVW    SEVEN GROUP HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $36.70

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

Goldman Sachs includes the Boral acquisition in its modeling for Seven Group and revises the earnings forecasts by -4% for FY24 and -4% for FY25.

The broker highlights the downward revision is the result of a downgrade of Beach Energy’s ((BPT)) outlook.

Target price revised to $41.80 from $42.10. Buy rating unchanged.

This report was published on July 31, 2024.

Target price is $41.80 Current Price is $36.70 Difference: $5.1
If SVW meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $40.53, suggesting upside of 8.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 40.00 cents and EPS of 196.00 cents.
At the last closing share price the estimated dividend yield is 1.09%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 222.8, implying annual growth of 35.7%.
Current consensus DPS estimate is 49.4, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 16.7.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 70.00 cents and EPS of 234.00 cents.
At the last closing share price the estimated dividend yield is 1.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 251.8, implying annual growth of 13.0%.
Current consensus DPS estimate is 62.4, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 14.8.

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

SYR    SYRAH RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.24

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

Jarden highlights market conditions for natural graphite remain very challenging, with Chinese prices ranging between US$450-480/t FOB China during the June quarter. This level is well below cost of production for the majority of the global industry, explains the broker.

As a result of this pricing backdrop, Syrah Resources did not transact with the Chinese market, with all 10kt of Q4 sales (the lowest volumes since the March quarter 2021) transacted with ex-China markets.

Jarden lowers its target for Syrah Resources to 66c from 71c after marking-to-market forecast net debt of US$128m. The Overweight rating is maintained.

This report was published on July 31, 2024.

Target price is $0.66 Current Price is $0.24 Difference: $0.42
If SYR meets the Jarden target it will return approximately 175% (excluding dividends, fees and charges).
Current consensus price target is $0.66, suggesting upside of 176.0%(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 16.03 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -12.9, 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 minus 5.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.8, 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.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $17.52

Jarden rates ((TLX)) as Buy (1) –

Telix Pharmaceuticals has issued a five-year $650m 2.375% convertible bond to provide management “with the financial flexibility… to explore opportunities and potentially pursue strategically significant M&A transactions”.

Jarden awaits 1H results on August 22 to understand both the amount of transaction costs associated with an abandoned capital raising in the US, along with the $650m convertible bond issue domestically.

Management decided against a $300m raise as part of a proposed US listing.

Buy rating retained. Target price rises to $22.55 from $22.49.

This report was published on July 31, 2024.

Target price is $22.55 Current Price is $17.52 Difference: $5.03
If TLX meets the Jarden target it will return approximately 29% (excluding dividends, fees and charges).
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 18.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 93.19.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 32.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 54.07.

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

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

The Federal Drug Administration has not accepted Telix Pharmaceuticals’s kidney cancer imaging agent (Zircaix) BLA filing, citing manufacturing issues, not the clinical data.

Wilsons says this pushes back its Zircaix estimates by one quarter resulting in in revenue cuts of -$61m in FY25 and -$17m in FY26 but this does not affect its sum-of-the-parts valuation.

On the upside, the broker views the company’s $650m convertible bond issue as a net positive. EPS forecasts rise for FY24 and FY25.

The broker expects the focus to switch to FY25 R&D expense at the June-half result.

Overweight recommendation retained. Target price rises to $22 from $20.

This report was published on August 1, 2024.

Target price is $22.00 Current Price is $17.52 Difference: $4.48
If TLX meets the Wilsons target it will return approximately 26% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 19.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 89.85.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 29.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 59.59.

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

TNE    TECHNOLOGY ONE LIMITED

IT & Support – Overnight Price: $20.30

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

Wilsons came away from the TechnologyOne investor day highlighting the company is aiming to achieve $1bn in annual recurring revenue in the medium term, a new revised target.

The analyst points to a 15% compound average growth target over the next five years which will double the recurring revenue with growth from existing clients, price/volumes increases, as well as SaaS Plus.

Wilsons revises the target price to $22.28, a 15% increase. No changes to the broker’s earnings estimates.

This report was published on July 31, 2024.

Target price is $22.28 Current Price is $20.30 Difference: $1.98
If TNE meets the Wilsons target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $18.97, suggesting downside of -7.1%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 21.50 cents and EPS of 35.70 cents.
At the last closing share price the estimated dividend yield is 1.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 56.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.2, implying annual growth of 14.2%.
Current consensus DPS estimate is 21.8, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 56.4.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 23.40 cents and EPS of 41.40 cents.
At the last closing share price the estimated dividend yield is 1.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 49.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.4, implying annual growth of 17.1%.
Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 48.2.

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

VR8    VANADIUM RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.05

Petra Capital rates ((VR8)) as Buy (1) –

Petra Capital observes the offtake agreements signed in the June quarter for Vanadium Resources are higher than the Phase 1 expected production of around 11kt of vanadium pentoxide (V2O5).

The company is expected to make a final investment decision by the middle of 2025, and it is in ongoing discussions around debt financing and potential equity investors, notes Petra Capital.

The Buy rating is unchanged with the target price lowered to 16c from 21c.

This report was published on August 2, 2024.

Target price is $0.16 Current Price is $0.05 Difference: $0.11
If VR8 meets the Petra Capital target it will return approximately 220% (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 25.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 7.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 0.63.

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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.81

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

Westgold Resources’ June-quarter appears to have pleased Petra Capital, pre-reported gold production rising slightly and all-in-sustaining costs proving an 18% beat.

An excellent performance from Bryah offset a poor showing at Murchison.

The broker believes the company is well-positioned for a transformative FY25 and says the company’s move into the ranks of top-5 ASX-listed gold producers following the Karora merger should attract investors.

EPS forecasts rise for FY24 and FY25.

Buy rating retained. Target price falls to $2.79 from $2.98 following the merger.

This report was published on August 1, 2024.

Target price is $2.79 Current Price is $2.81 Difference: minus $0.02 (current price is over target).
If WGX meets the Petra Capital target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 2.25 cents and EPS of 14.20 cents.
At the last closing share price the estimated dividend yield is 0.80%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.79.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 12.00 cents and EPS of 25.40 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.06.

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

WTC    WISETECH GLOBAL LIMITED

Cloud services – Overnight Price: $84.26

Jarden rates ((WTC)) as Neutral (3) –

Jarden believes WiseTech Global’s FY24 EBITDA guidance looks conservative. The broker notes it and consensus forecasts are factoring in an acceleration in organic growth in FY25.

Earnings forecasts are changed slightly to account for favourable FX movements and slightly higher Cargowise growth assumptions which lifts EPS estimates by 1% for FY24 and 2.4% for FY25.

Target price is lifted by $4 to $83 and a Neutral rating unchanged.

This report was published on August 25, 2024.

Target price is $83.00 Current Price is $84.26 Difference: minus $1.26 (current price is over target).
If WTC meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $95.86, suggesting upside of 12.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 16.60 cents and EPS of 83.00 cents.
At the last closing share price the estimated dividend yield is 0.20%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 101.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.5, implying annual growth of 25.8%.
Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 104.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 22.80 cents and EPS of 118.40 cents.
At the last closing share price the estimated dividend yield is 0.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 71.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 113.1, implying annual growth of 38.8%.
Current consensus DPS estimate is 21.9, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 75.4.

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

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