Daily Market Reports | Aug 20 2024
This story features AGL ENERGY LIMITED, and other companies. For more info SHARE ANALYSIS: AGL
An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
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COMPANIES DISCUSSED IN THIS ISSUE
Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
AGL AOV APZ ARF ASK ASX BWP (2) CAR CBA (2) COF COH CPU (2) CQE (3) CQR DHG (2) DXI EGG EVN GMG GQG HDN (2) IMM LIC (2) LRS MDR MFG NAB (2) NDO (2) NEU NWH (3) ORA ORG PDI PLS (2) PME PWH (2) PXA PYC REA RGN SVW TLS TWE VVA WDS (2) WGX
AGL AGL ENERGY LIMITED
Infrastructure & Utilities – Overnight Price: $11.98
Goldman Sachs rates ((AGL)) as Neutral (3) –
Goldman Sachs found the FY24 result from AGL Energy was strong and ahead of expectations. The company has a $250m agreement to acquire Firm Power and Terrain Solar, which owns a pipeline of 6.1 gigawatts of battery developments and 2 gigawatts of solar and wind developments.
Although the prioritisation of battery developments that are targeting 7-11% returns should offer strong earnings growth once operational, the broker is cautious about limited free cash flow and the risk of gas portfolio margin compression.
Estimates for EBITDA are raised by 3% for FY25 and FY26 and the target lifted 9% to $11.30. Neutral.
This report was published on August 14, 2024.
Target price is $11.30 Current Price is $11.98 Difference: minus $0.68 (current price is over target).
If AGL meets the Goldman Sachs target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $12.22, suggesting upside of 1.3%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 58.00 cents and EPS of 96.00 cents.
At the last closing share price the estimated dividend yield is 4.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.48.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 93.2, implying annual growth of -11.8%.
Current consensus DPS estimate is 54.3, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 12.9.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 44.00 cents and EPS of 80.00 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 14.98.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 97.3, implying annual growth of 4.4%.
Current consensus DPS estimate is 58.7, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 12.4.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
AOV AMOTIV LIMITED
Automobiles & Components – Overnight Price: $10.71
Goldman Sachs rates ((AOV)) as Buy (1) –
The FY24 result from Amotiv, which was in line with May guidance, appears to Goldman Sachs to have alleviated some concerns regarding new business despite the challenging environment.
As the second half impacts from Toyota have now been cycled, the broker expects topline growth will return as volatility in new vehicles is reduced and supply stabilises.
Goldman Sachs retains a Buy rating and $13 target, assessing the stock is trading at a cyclical low while market challenges persist and, as this abates in 2025, it should benefit.
This report was published on August 14, 2024.
Target price is $13.00 Current Price is $10.71 Difference: $2.29
If AOV meets the Goldman Sachs target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $12.92, suggesting upside of 20.7%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 44.00 cents and EPS of 80.00 cents.
At the last closing share price the estimated dividend yield is 4.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.39.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 84.8, implying annual growth of 19.9%.
Current consensus DPS estimate is 45.8, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 12.6.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 48.00 cents and EPS of 89.00 cents.
At the last closing share price the estimated dividend yield is 4.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.03.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 94.8, implying annual growth of 11.8%.
Current consensus DPS estimate is 47.1, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 11.3.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
APZ ASPEN GROUP LIMITED
Real Estate – Overnight Price: $2.15
Moelis rates ((APZ)) as Buy (1) –
Aspen Group delivered FY24 operating earnings above guidance and FY25 guidance was similarly upgraded. Residential rental income was up 36% year on year.
This was a function, Moelis notes, of strong organic growth, the completion of refurb projects, most notably across the Perth apartment portfolio, and the acquisition of apartment buildings in Sydney and Melbourne.
The estimated market rent for Aspen’s assets at reporting date was 12% higher than the FY24 average. Aspen’s current share price remains attractive in Moelis’ view, amidst an under-supplied housing market.
Target rises to $2.53 from $2.48, Buy retained.
This report was published on August 19, 2024.
Target price is $2.53 Current Price is $2.15 Difference: $0.38
If APZ meets the Moelis target it will return approximately 18% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 9.50 cents and EPS of 15.20 cents.
At the last closing share price the estimated dividend yield is 4.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.14.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 10.10 cents and EPS of 16.10 cents.
At the last closing share price the estimated dividend yield is 4.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.35.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
ARF ARENA REIT
REITs – Overnight Price: $3.98
Moelis rates ((ARF)) as Hold (3) –
Arena REIT’s pre-reported results were in line with Moelis’ estimates. Operator occupancy remained at its highest level on record,
following a substantial uptick in government stimulus in July’23.
The equity raise should allow ample headroom for Arena to keep its development pipeline well stocked over the medium to long term, Moelis suggests.
The broker continues to note Arena’s high portfolio and earnings quality, sound business model and strong track record for operational and capital management. At a 19% premium to net tangible asset valuation Moelis sees the current share price as fair.
Target rises to $3.89 from $3.85, Hold retained.
This report was published on August 16, 2024.
Target price is $3.89 Current Price is $3.98 Difference: minus $0.09 (current price is over target).
If ARF meets the Moelis target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.04, suggesting upside of 1.1%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 18.30 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 4.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.28.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.5, implying annual growth of 15.0%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 21.6.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 19.50 cents and EPS of 19.90 cents.
At the last closing share price the estimated dividend yield is 4.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 19.3, implying annual growth of 4.3%.
Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 20.7.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
ASK ABACUS STORAGE KING
REITs – Overnight Price: $1.20
Jarden rates ((ASK)) as Neutral (3) –
Abacus Storage King has provided a solid operational update, Jarden suggests, with funds from operations underpinned by strong performance across portfolios while the overall sector continues to benefit from structural tailwinds.
Underlying FY25 guidance looks a little soft but the broker believes guidance could prove conservative. The capital structure is in good shape and should provide the REIT with future growth optionality in the medium term.
Trading at a -21% discount to updated net tangible asset value, but with a relatively low yield, Jarden sees the risk-reward as fairly balanced. Neutral and $1.30 target retained.
This report was published on August 19, 2024.
Target price is $1.30 Current Price is $1.20 Difference: $0.1
If ASK meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.37, suggesting upside of 15.8%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 EPS of 6.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.75.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 6.3, implying annual growth of -40.1%.
Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 18.7.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 6.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.05.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 6.4, implying annual growth of 1.6%.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 18.4.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
ASX ASX LIMITED
Wealth Management & Investments – Overnight Price: $63.87
Goldman Sachs rates ((ASX)) as Sell (5) –
Net profit from ASX in the second half was slightly below Goldman Sachs estimates. The company has indicated it is too early to know if the ASIC filing of civil proceedings will affect expenses guidance.
The broker takes no view on the outcome but believes uncertainty could weigh on the share price. Some revenue tailwinds are expected, with rate futures benefiting from the changing rate environment and a stable macro environment supporting capital markets.
Sell rating maintained amid a benign view of the earnings growth profile. Target is $59.
This report was published on August 18, 2024.
Target price is $59.00 Current Price is $63.87 Difference: minus $4.87 (current price is over target).
If ASX meets the Goldman Sachs target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $60.12, suggesting downside of -5.3%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 217.00 cents and EPS of 255.00 cents.
At the last closing share price the estimated dividend yield is 3.40%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.05.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 251.2, implying annual growth of 2.6%.
Current consensus DPS estimate is 213.9, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 25.3.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 221.00 cents and EPS of 260.00 cents.
At the last closing share price the estimated dividend yield is 3.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.57.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 260.1, implying annual growth of 3.5%.
Current consensus DPS estimate is 218.3, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 24.4.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
BWP BWP TRUST
REITs – Overnight Price: $3.67
Jarden rates ((BWP)) as Underweight (4) –
BWP Trust’s FY24 FFO fell shy of Jarden’s forecasts but DPU and the broker observes DPU guidance suggests a return to growth from FY25.
Jarden says management’s presentation points to more active asset recycling, and the broker expects the Newmark Property REIT acquisition should help boost scale and growth.
Underweight rating retained on valuation. Target price is steady at $3.55.
This report was published on August 14, 2024.
Target price is $3.55 Current Price is $3.67 Difference: minus $0.12 (current price is over target).
If BWP meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.65, suggesting downside of -0.1%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 18.90 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 5.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.63.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.4, implying annual growth of -32.6%.
Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 19.8.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 19.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.44.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 19.4, implying annual growth of 5.4%.
Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 18.8.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Moelis rates ((BWP)) as Upgrade to Hold from Sell (3) –
BWP Trust delivered FY24 earnings and distribution in line with Moelis’ expectations. BWP has successfully integrated the Newmark Property REIT portfolio following the transaction completing late June.
While the transaction is marginally dilutive to earnings, strategically it increases portfolio quality given NPR’s assets are younger and in modern format, and it provides scale benefits to BWP, the broker notes.
It also has a positive impact on BWP’s weighted average lease expiry. BWP was more active in acquiring and divesting assets than has been the case in recent years, Moelis notes.
Given demand for Bunnings ((WES)) assets, the broker believes we’re nearing the end of the asset devaluation cycle. Upgrade to Hold from Sell, target rises to $3.74 from $3.61.
This report was published on August 20, 2024.
Target price is $3.74 Current Price is $3.67 Difference: $0.07
If BWP meets the Moelis target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $3.65, suggesting downside of -0.1%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 18.60 cents and EPS of 18.80 cents.
At the last closing share price the estimated dividend yield is 5.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.52.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.4, implying annual growth of -32.6%.
Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 19.8.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 19.10 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 5.20%.
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 19.4, implying annual growth of 5.4%.
Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 18.8.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CAR CAR GROUP LIMITED
Automobiles & Components – Overnight Price: $36.45
Goldman Sachs rates ((CAR)) as Buy (1) –
Among the four classified names, Goldman Sachs retains a preference for CAR Group, given a track record of consistent execution with yield growth and operating expenditure performance.
Revenue growth in Korea accelerated throughout FY24 while US/Brazil decelerated. Buy rating and $40.90 target.
This report was published on August 18, 2024.
Target price is $40.90 Current Price is $36.45 Difference: $4.45
If CAR meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $38.48, suggesting upside of 4.7%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 81.00 cents and EPS of 101.00 cents.
At the last closing share price the estimated dividend yield is 2.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 36.09.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 97.6, implying annual growth of 47.2%.
Current consensus DPS estimate is 82.3, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 37.7.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 89.00 cents and EPS of 110.00 cents.
At the last closing share price the estimated dividend yield is 2.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.14.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 112.6, implying annual growth of 15.4%.
Current consensus DPS estimate is 94.4, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 32.6.
Market Sentiment: 0.8
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: $139.25
Goldman Sachs rates ((CBA)) as Sell (5) –
FY24 cash earnings from CommBank were slightly ahead of estimates. Goldman Sachs notes the dividend reinvestment plan will be done with no discount and neutralised by an on-market buyback. Estimates for FY25 and FY26 are revised up by 4.5% and 3.9%, respectively.
The main positive was the resilience of net interest margins, although Goldman Sachs notes some early signs of asset quality deteriorating and this will be further exacerbated by the pressure on real household disposable income.
Mortgage competition is also re-emerging. Sell rating maintained. Target is $94.80.
This report was published on August 14, 2024.
Target price is $94.80 Current Price is $139.25 Difference: minus $44.45 (current price is over target).
If CBA meets the Goldman Sachs target it will return approximately minus 32% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $99.48, suggesting downside of -28.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 465.00 cents and EPS of 582.50 cents.
At the last closing share price the estimated dividend yield is 3.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.91.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 593.8, implying annual growth of 4.7%.
Current consensus DPS estimate is 475.0, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 23.6.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 465.00 cents and EPS of 587.70 cents.
At the last closing share price the estimated dividend yield is 3.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.69.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 611.4, implying annual growth of 3.0%.
Current consensus DPS estimate is 488.3, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 22.9.
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Jarden rates ((CBA)) as Underweight (4) –
On the back of the CommBank FY24 results, Jarden revises EPS forecasts by 1%-2%. The earnings report came in 1% higher than consensus and was in line with the broker’s estimate.
The analyst observes a net interest margin of 2.0% was 1 basis point above forecasts. Bad and doubtful debts were better than expected, but Jarden notes a further decline in credit quality with mortgage arrears trending higher.
A 2H24 dividend of $2.50 lifted the FY24 payout ratio to 79%. Underweight rating unchanged. Target price revised to $106 from $105.
This report was published on August 14, 2024.
Target price is $106.00 Current Price is $139.25 Difference: minus $33.25 (current price is over target).
If CBA meets the Jarden target it will return approximately minus 24% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $99.48, suggesting downside of -28.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 468.00 cents and EPS of 588.50 cents.
At the last closing share price the estimated dividend yield is 3.36%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.66.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 593.8, implying annual growth of 4.7%.
Current consensus DPS estimate is 475.0, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 23.6.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 474.00 cents and EPS of 604.10 cents.
At the last closing share price the estimated dividend yield is 3.40%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.05.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 611.4, implying annual growth of 3.0%.
Current consensus DPS estimate is 488.3, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 22.9.
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
COF CENTURIA OFFICE REIT
REITs – Overnight Price: $1.20
Jarden rates ((COF)) as Underweight (4) –
Centuria Office REIT’s FY24 result broadly met forecasts but FY25 guidance proved a big miss on consensus forecasts.
Jarden observes issues with existing and near-term vacancy in non-CBD office markets and expects asset sales may be the solution to rising gearing pressures.
While the company is trading -31% below net tangible assets, the broker says office risks suggests dynamics have not yet bottomed.
Underweight rating and $1.20 target price retained.
This report was published on August 15, 2024.
Target price is $1.20 Current Price is $1.20 Difference: $0.005
If COF meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $1.30, suggesting upside of 9.0%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 11.70 cents and EPS of 13.50 cents.
At the last closing share price the estimated dividend yield is 9.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.85.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 10.9, implying a prospective dividend yield of 9.2%.
Current consensus EPS estimate suggests the PER is 9.2.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 14.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.48.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.2, implying annual growth of 2.3%.
Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 8.9%.
Current consensus EPS estimate suggests the PER is 9.0.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
COH COCHLEAR LIMITED
Medical Equipment & Devices – Overnight Price: $307.48
Jarden rates ((COH)) as Neutral (3) –
Cochlear’s FY24 results disappointed consensus by -3.4%, although upward adjustments saw it land just below the midpoint of guidance, observes Jarden.
FY25 guidance proved the major miss, falling -6.9% below consensus forecasts due to slowing growth in processor upgrades after a period of strong demand – most likely due to affordability, surmises Jarden, and the company advises no signs of affordability pressures, as evidenced by the drop-out rate to date.
Jarden considers guidance is likely to be conservative given strong CI volume in the final quarter. EPS forecasts fall -11.9% in FY25; and -8.5% in FY26.
Neutral rating retained, the broker expecting single-sided deafness should provide growth and given better access to the elderly thanks to changes to reimbursement eligibility. Target price rises to $262.22 from $244.36.
This report was published on August 15, 2024.
Target price is $266.22 Current Price is $307.48 Difference: minus $41.26 (current price is over target).
If COH meets the Jarden target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $278.67, suggesting downside of -10.4%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 457.80 cents and EPS of 651.60 cents.
At the last closing share price the estimated dividend yield is 1.49%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 47.19.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 600.2, implying annual growth of 10.2%.
Current consensus DPS estimate is 452.9, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 51.8.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 531.80 cents and EPS of 757.60 cents.
At the last closing share price the estimated dividend yield is 1.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 40.59.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 650.3, implying annual growth of 8.3%.
Current consensus DPS estimate is 498.8, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 47.8.
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CPU COMPUTERSHARE LIMITED
Diversified Financials – Overnight Price: $28.63
Goldman Sachs rates ((CPU)) as Buy (1) –
FY24 results from Computershare were largely in line with expectations. Goldman Sachs assesses the balance sheet provides further opportunity for potential accretive acquisitions/buybacks.
There were no major changes to existing cost reduction plans. Operating expense growth is elevated but expected to be managed at or below inflation going forward.
Buy rating retained. Target increases to $31.00 from $29.50.
This report was published on August 14, 2024.
Target price is $31.00 Current Price is $28.63 Difference: $2.37
If CPU meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $29.80, suggesting upside of 6.2%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 86.00 cents and EPS of 190.61 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.02.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 188.4, implying annual growth of N/A.
Current consensus DPS estimate is 87.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 14.9.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 86.00 cents and EPS of 192.13 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.90.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 196.2, implying annual growth of 4.1%.
Current consensus DPS estimate is 92.5, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 14.3.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Jarden rates ((CPU)) as Overweight (2) –
Jarden highlights better than expected earnings for Computershare, noting Issuer Services/Employee Share Plans outperformed the weaker results from the Global Corporate Trust operations.
Management upped the FY25 EPS guidance by 8% accompanied by a 15% improvement in margins.
Jarden revises EPS forecasts by 2.4% for FY25 and 4% for FY26.
Overweight rating unchanged. Target prices revised to $30.10 from $29.20.
This report was published on August 14, 2024.
Target price is $30.10 Current Price is $28.63 Difference: $1.47
If CPU meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $29.80, suggesting upside of 6.2%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 87.20 cents and EPS of 193.05 cents.
At the last closing share price the estimated dividend yield is 3.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.83.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 188.4, implying annual growth of N/A.
Current consensus DPS estimate is 87.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 14.9.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 93.20 cents and EPS of 206.92 cents.
At the last closing share price the estimated dividend yield is 3.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.84.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 196.2, implying annual growth of 4.1%.
Current consensus DPS estimate is 92.5, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 14.3.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CQE CHARTER HALL SOCIAL INFRASTRUCTURE REIT
Childcare – Overnight Price: $2.66
Canaccord Genuity rates ((CQE)) as Upgrade to Buy from Hold (1) –
Charter Hall Social Infrastructure REIT delivered FY24 results that were in line with expectations. The FY25 distribution guidance was -9% below Canaccord Genuity’s forecasts.
This stemmed from a hedging reset, which the broker believes will increase the level of growth over the medium to longer term as it essentially brings forward debt costs.
The valuation is also becoming more attractive on a yield spread basis and, with the ongoing recycling of portfolio assets, in turn could support a narrowing of the discount to NTA. The broker upgrades to Buy from Hold and reduces the target to $2.84 from $2.95.
This report was published on August 15, 2024.
Target price is $2.84 Current Price is $2.66 Difference: $0.18
If CQE meets the Canaccord Genuity target it will return approximately 7% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 15.00 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 5.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.27.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 16.00 cents and EPS of 16.30 cents.
At the last closing share price the estimated dividend yield is 6.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.32.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Jarden rates ((CQE)) as Neutral (3) –
Charter Hall Social Infrastructure REIT’s FY24 result appears to have broadly met Jarden’s forecasts save for FY25 dividend guidance which missed both consensus’ and the broker’s forecasts as management restructured the company’s FY25 hedging profile.
Jarden describes it as a story of short-term pain for medium-term gain, the step removing a large overhang for the stock, and the broker observes the company’s hedge rate fell and that an easing in rate futures should benefit outer years.
The broker forecasts medium-term top line growth, as rent reviews covering 48% of income flow in over the next five years. Jarden believes the company can switch from defence from offence.
The broker also believes the company is set to gain ground against peers following its recent underperformance, the broker observing the company is trading at a -32% discount to net tangible assets.
Neutral rating and $2.75 target price retained.
This report was published on August 14, 2024.
Target price is $2.75 Current Price is $2.66 Difference: $0.09
If CQE meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
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 16.40 cents.
At the last closing share price the estimated dividend yield is 6.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.22.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 15.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.73.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Moelis rates ((CQE)) as Upgrade to Buy from Hold (1) –
Charter Hall Social Infrastructure REIT reported results which met Moelis’ expectations. Average daily fees rose 9.5% year-on-year and gearing rose to 33.7% from 33.25%.
Management revised the hedging structure which results in higher interest rates in the short term, the analyst states.
Target price unchanged at $3.02. The REIT is upgraded to Buy from Hold.
This report was published on August 14, 2024.
Target price is $3.02 Current Price is $2.66 Difference: $0.36
If CQE meets the Moelis target it will return approximately 14% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 15.00 cents and EPS of 15.30 cents.
At the last closing share price the estimated dividend yield is 5.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.39.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 16.00 cents and EPS of 16.30 cents.
At the last closing share price the estimated dividend yield is 6.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.32.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CQR CHARTER HALL RETAIL REIT
REITs – Overnight Price: $3.52
Jarden rates ((CQR)) as Overweight (2) –
Charter Hall Retail REIT’s result showed strong net operating income (NOI) growth and asset recycling driving attractive top line growth, Jarden suggests.
The broker believes the decision to bring forward the weighted average cost of debt headwinds to FY25 makes sense as it should
allow funds from operations (FFO) growth to more closely match the steady NOI growth profile from FY26 onwards.
The hedge book reset suggests FY25 FFO should be a trough. Jarden believes valuation is well supported at a -21% discount to net tangible asset (NTA) valuation and a 7% yield, especially as it sees both NTA and FFO at trough levels.
Overweight and $3.90 target retained.
This report was published on August 19, 2024.
Target price is $3.90 Current Price is $3.52 Difference: $0.38
If CQR meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.77, suggesting upside of 6.4%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 EPS of 27.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.66.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 26.7, implying annual growth of 802.0%.
Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 13.3.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 27.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.94.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 26.7, implying annual growth of N/A.
Current consensus DPS estimate is 24.9, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 13.3.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
DHG DOMAIN HOLDINGS AUSTRALIA LIMITED
Real Estate – Overnight Price: $2.87
Goldman Sachs rates ((DHG)) as Neutral (3) –
Domain Holdings Australia delivered a FY24 result that was slightly below estimates. Goldman Sachs considers the main positives were the growth in residential listings anticipated in FY25, with the first six weeks of trading up 4%, amid strong momentum and expanding markets.
The business is also set to deliver strong yield growth, given 8% price increases and continued depth uptake. The negatives included challenges in developer business as high construction costs continue to impact project approvals. Neutral retained. Target is $3.40 and unchanged.
This report was published on August 17, 2024.
Target price is $3.40 Current Price is $2.87 Difference: $0.53
If DHG meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $3.30, suggesting upside of 17.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 5.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 1.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.89.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 8.9, implying annual growth of 32.4%.
Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 31.5.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 6.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 2.09%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.70.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.6, implying annual growth of 19.1%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 26.4.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Jarden rates ((DHG)) as Overweight (2) –
Domain Holdings Australia’s FY24 result was broadly in line with Jarden though the quality was somewhat below expectations. Revenue growth was a miss, while cost growth was better than forecast.
The broker’s FY25 earnings forecast reflects a marginally softer residential volume assumption than Domain’s outlook. Looking at FY25 guidance and forecasts, Jarden suggests market listing volumes and geographic mix are the key swing factors as usual.
The broker lowers its target to $3.40 from $3.55 but maintains Overweight given a 15%-plus one year implied total shareholder return.
This report was published on August 19, 2024.
Target price is $3.40 Current Price is $2.87 Difference: $0.53
If DHG meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $3.30, suggesting upside of 17.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 7.10 cents and EPS of 8.40 cents.
At the last closing share price the estimated dividend yield is 2.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 34.17.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 8.9, implying annual growth of 32.4%.
Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 31.5.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 8.10 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.70.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.6, implying annual growth of 19.1%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 26.4.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
DXI DEXUS INDUSTRIA REIT
REITs – Overnight Price: $2.85
Moelis rates ((DXI)) as Buy (1) –
Dexus Industria REIT reported FY24 earnings and dividend in line with upgraded guidance. Average rent reviews were 4.4% across the portfolio and FY25 guidance is in line with Moelis’ estimates.
Net tangible asset (NTA) valuation fell -2.4% in the past six months, from $3.32 to $3.24, with the portfolio cap rate expanding from 5.77% to 5.98%.
Look-through gearing fell from 28.1% in Dec’23 to 27.3% following the sale of two industrial assets and the impact of revaluations.
Moelis views NTA as slightly understated in the context of market income growth and strong leasing outcomes at a number of assets, and notes ongoing development upside with a balance sheet that retains ample capacity.
Target rises to $3.32 from $3.21, Buy retained.
This report was published on August 20, 2024.
Target price is $3.32 Current Price is $2.85 Difference: $0.47
If DXI meets the Moelis target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $3.05, suggesting upside of 8.2%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 16.40 cents and EPS of 17.90 cents.
At the last closing share price the estimated dividend yield is 5.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.92.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.8, implying annual growth of N/A.
Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 15.8.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 17.40 cents and EPS of 18.90 cents.
At the last closing share price the estimated dividend yield is 6.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.08.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.1, implying annual growth of 1.7%.
Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 15.6.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
EGG ENERO GROUP LIMITED
Media – Overnight Price: $1.15
Canaccord Genuity rates ((EGG)) as Buy (1) –
Enero Group delivered a FY24 result that confirmed a disappointing second half, as signalled in the May update. Canaccord Genuity assesses the latest trading update shows conditions are broadly unchanged, which leads to a lowering of earnings estimates.
TH&C continues to operate in a challenging industry but is benefiting from cost initiatives while now entering a period of softer comparables, although the US business is affected by confidence and the impending US election.
There are some early signs of recovery in OBMedia, the broker adds, while the sale process for the company’s 51% holding remains in train. Buy rating retained. Target is reduced to $2.00 from $2.15.
This report was published on August 16, 2024.
Target price is $2.00 Current Price is $1.15 Difference: $0.85
If EGG meets the Canaccord Genuity target it will return approximately 74% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 3.93 cents and EPS of 13.10 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.78.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 5.01 cents and EPS of 16.70 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 6.89.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
EVN EVOLUTION MINING LIMITED
Gold & Silver – Overnight Price: $4.21
Jarden rates ((EVN)) as Underweight (4) –
Evolution Mining’s FY24 June result broadly met Jarden’s forecast but FY25 guidance fell shy at the midpoint mainly due to capital expenditure.
The broker observes capital expenditure guidance suggests major work is being brought forward from the latter part of the decade.
The broker suspects the recent sell off in the company’s share price may reflect cost concerns.
Underweight rating retained. Target price falls to $3.13 from $3.19 to reflect higher forecast capital expenditure and implied operating costs.
This report was published on August 15, 2024.
Target price is $3.13 Current Price is $4.21 Difference: minus $1.08 (current price is over target).
If EVN meets the Jarden target it will return approximately minus 26% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.17, suggesting downside of -2.1%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 9.00 cents and EPS of 30.80 cents.
At the last closing share price the estimated dividend yield is 2.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.67.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 33.1, implying annual growth of 50.3%.
Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 12.9.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 8.00 cents and EPS of 30.20 cents.
At the last closing share price the estimated dividend yield is 1.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.94.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 29.8, implying annual growth of -10.0%.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 14.3.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
GMG GOODMAN GROUP
Infra & Property Developers – Overnight Price: $33.89
Jarden rates ((GMG)) as Neutral (3) –
Jarden describes Goodman Group’s FY24 result as typically messy but broadly in line.
The broker appreciates the company’s data centres opportunity, its growing $80bn pipeline, above-average returns and improved multiples for data centre-exposed companies.
The only concern is a lack of detail regarding turnkey projects. Neutral rating and $37.60 target price retained.
This report was published on August 15, 2024.
Target price is $37.60 Current Price is $33.89 Difference: $3.71
If GMG meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $36.19, suggesting upside of 8.1%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 30.00 cents and EPS of 119.30 cents.
At the last closing share price the estimated dividend yield is 0.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.41.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 120.7, implying annual growth of N/A.
Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 27.7.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 132.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.56.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 139.2, implying annual growth of 15.3%.
Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 24.1.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
GQG GQG PARTNERS INC
Wealth Management & Investments – Overnight Price: $2.69
Goldman Sachs rates ((GQG)) as Buy (1) –
The first half result from GQG Partners revealed strong performance fees and net profit that was ahead of Goldman Sachs’ estimates. Net flows remain strong, with benefits from wholesale and sub-advisory.
There was a material increase in expenses although cost-to-income and employee expense ratios were broadly flat.
This suggests to Goldman Sachs there is limited operating leverage and management remains comfortable with current margins as it invests in people and further growth. Buy rating retained. Target is $3.05.
This report was published on August 17, 2024.
Target price is $3.05 Current Price is $2.69 Difference: $0.36
If GQG meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $3.32, suggesting upside of 22.1%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 21.35 cents and EPS of 22.87 cents.
At the last closing share price the estimated dividend yield is 7.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.76.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 22.0, implying annual growth of N/A.
Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 12.4.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 24.40 cents and EPS of 25.92 cents.
At the last closing share price the estimated dividend yield is 9.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.38.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 24.8, implying annual growth of 12.7%.
Current consensus DPS estimate is 22.9, implying a prospective dividend yield of 8.4%.
Current consensus EPS estimate suggests the PER is 11.0.
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
HDN HOMECO DAILY NEEDS REIT
REITs – Overnight Price: $1.27
Jarden rates ((HDN)) as Overweight (2) –
HomeCo Daily Needs REIT’s FY24 result large met consensus and Jarden’s forecasts.
The broker says the company proactively managed weighted-average-cost of debt (WACD) issues through asset recycling, the company purchasing four quality daily needs assets.
The broker observes the company;s WACD is -1.1% below the 5.5% marginal cost of debt and that leasing metrics are holding ground thanks to strong net operating income.
More assets sales will have to flow from the capital structure, says the broker, if the company wishes to leverage opportunities for purchases and developments.
Overweight rating retained on valuation. Target price is steady at $1.40.
This report was published on August 14, 2024.
Target price is $1.40 Current Price is $1.27 Difference: $0.125
If HDN meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.33, suggesting upside of 4.5%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 8.60 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 6.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.17.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 8.8, implying annual growth of 122.8%.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 14.4.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 9.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.01.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 9.3, implying annual growth of 5.7%.
Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 13.7.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Moelis rates ((HDN)) as Hold (3) –
HomeCo Daily Needs REIT reported results which were very much as expected, according to Moelis.
The broker notes strong leasing and renewals with $420m in disposals and $293m recycled into asset acquisitions with an ongoing development pipeline.
Some $71m in development projects were completed in FY24 with gearing unchanged at around 35%.
The REIT is Hold rated with an unchanged $1.35 target price.
This report was published on August 19, 2024.
Target price is $1.35 Current Price is $1.27 Difference: $0.075
If HDN meets the Moelis target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $1.33, suggesting upside of 4.5%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 8.50 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 6.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.49.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 8.8, implying annual growth of 122.8%.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 14.4.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 8.60 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 6.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.49.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 9.3, implying annual growth of 5.7%.
Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 13.7.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
IMM IMMUTEP LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.35
Canaccord Genuity rates ((IMM)) as Buy (1) –
Immutep has presented a further update at the Canaccord Genuity annual growth conference, with the main discussions centring on the mechanism associated with efti, the phase III TACTI-004 design and expectations surrounding further updates from the phase II study in head and neck cancer.
The broker highlights the company’s unique approach and anticipates additional data in head and neck cancer – the part A of the phase II showed confusing results – should add more context regarding the durability of response. Buy rating and $0.95 target.
This report was published on August 16, 2024.
Target price is $0.95 Current Price is $0.35 Difference: $0.595
If IMM meets the Canaccord Genuity target it will return approximately 168% (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
LIC LIFESTYLE COMMUNITIES LIMITED
Aged Care & Seniors – Overnight Price: $8.24
Goldman Sachs rates ((LIC)) as Buy (1) –
Goldman Sachs observes Lifestyle Communities’ settlement outlook for FY25 subsequent to the FY24 result is tracking similarly, with 27 settlements in the year to date and 228 sold and yet to settle. This should be supported by incremental home sales.
While noting the current uncertainty, the broker is of the view that FY25 settlements can at least match FY24.
Goldman Sachs considers there is little growth priced in the current valuation as the stock is trading close to book value and retains a Buy rating. Target is reduced to $11.30 from $12.00.
This report was published on August 14, 2024.
Target price is $11.30 Current Price is $8.24 Difference: $3.06
If LIC meets the Goldman Sachs target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $10.39, suggesting upside of 26.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 11.00 cents and EPS of 54.00 cents.
At the last closing share price the estimated dividend yield is 1.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.26.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 48.0, implying annual growth of 5.1%.
Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 17.1.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 20.00 cents and EPS of 72.00 cents.
At the last closing share price the estimated dividend yield is 2.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.44.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 65.9, implying annual growth of 37.3%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 12.4.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Moelis rates ((LIC)) as Buy (1) –
Lifestyle Communities’ operating earnings fell from 68.1cps in FY23 to 48.1cps in FY24, Moelis notes, in a year marred by a slowdown
in Melbourne housing demand. The development business experienced a meaningful slowdown in settlement rates during FY24.
Management has withdrawn all guidance, and has paused three of its new developments pending completion of nearby communities and more favorable market conditions.
This should limit upside risk to gearing, Moelis suggests, as the developer chooses instead to focus on working through existing inventory. The broker believes Lifestyle Communities’ current share price is highly compelling in the context of passive income.
Buy retained, target falls to $13.10 from $18.90.
This report was published on August 19, 2024.
Target price is $13.10 Current Price is $8.24 Difference: $4.86
If LIC meets the Moelis target it will return approximately 59% (excluding dividends, fees and charges).
Current consensus price target is $10.39, suggesting upside of 26.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 11.00 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 1.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.82.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 48.0, implying annual growth of 5.1%.
Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 17.1.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 14.00 cents and EPS of 65.00 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.68.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 65.9, implying annual growth of 37.3%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 12.4.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
LRS LATIN RESOURCES LIMITED
Mining – Overnight Price: $0.19
Canaccord Genuity rates ((LRS)) as Downgrade to Hold from Speculative Buy (3) –
Pilbara Minerals ((PLS)) has entered a binding agreement to acquire Latin Resources, securing the flagship Salinas lithium project in Brazil, which represents an opportunity to diversify its upstream lithium business.
Canaccord Genuity envisages a low probability of a competing takeover bid.
Latin Resources shareholders will receive seven new Pilbara Minerals shares for each share held, implying an acquisition value of $563m. Rating is downgraded to Hold from Speculative Buy and the target reduced to $0.19 from $0.60.
This report was published on August 16, 2024.
Target price is $0.19 Current Price is $0.19 Difference: $0
If LRS meets the Canaccord Genuity target it will return approximately 0% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.
Forecast for FY24:
Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
MDR MEDADVISOR LIMITED
Healthcare services – Overnight Price: $0.45
Canaccord Genuity rates ((MDR)) as Buy (1) –
MedAdvisor has presented at the Canaccord Genuity conference, with the broker noting growth has been strong across the Australian and US segments.
The revised strategic plan provides a framework to double sales to $250m by FY28 through a combination of organic growth and acquisitions as well as new product development.
Canaccord Genuity also highlights the “sticky” relationships with pharma customers, noting this would not occur if the business was not providing a beneficial product and experience. Buy rating is retained. Target is $0.45.
This report was published on August 15, 2024.
Target price is $0.45 Current Price is $0.45 Difference: $0.005
If MDR meets the Canaccord Genuity target it will return approximately 1% (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 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.25.
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
MFG MAGELLAN FINANCIAL GROUP LIMITED
Wealth Management & Investments – Overnight Price: $10.79
Jarden rates ((MFG)) as Neutral (3) –
Magellan Financial’s FY24 earnings (EPS) outpaced consensus by 3.5% and missed Jarden’s forecast by -1.8%.
The consensus beat was struck on stronger than expected associate profits and slightly improved funds management.
Management announced the acquisition of a 29.5% stake in Vinva Investment Management which holds $22bn in systematic equities at a cost of =$138.5m, adding this deal would not materially impact earnings in FY25 but would be accretive thereafter.
Despite good strategic development, the broker doubts the company will return to sustainable growth in the near term. EPS forecasts fall -1.8% for FY25; -0.9% for fY26; and rise 1.5% in FY27.
Neutral rating retained. Target price rises to $9.70 from $9.50.
This report was published on August 16, 2024.
Target price is $9.70 Current Price is $10.79 Difference: minus $1.09 (current price is over target).
If MFG meets the Jarden target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $9.65, suggesting downside of -5.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 50.90 cents and EPS of 80.80 cents.
At the last closing share price the estimated dividend yield is 4.72%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.35.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 71.5, implying annual growth of -45.8%.
Current consensus DPS estimate is 55.7, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 14.3.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 44.60 cents and EPS of 78.50 cents.
At the last closing share price the estimated dividend yield is 4.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.75.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 73.3, implying annual growth of 2.5%.
Current consensus DPS estimate is 59.4, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 14.0.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
NAB NATIONAL AUSTRALIA BANK LIMITED
Banks – Overnight Price: $36.91
Goldman Sachs rates ((NAB)) as Neutral (3) –
Goldman Sachs slightly revises estimates for FY24 and FY25, down -0.1% and up 1.3%, respectively, after a third quarter trading update from National Australia Bank that was largely in line with expectations.
Bad debts were better while non-performing loans continue to rise. The broker is attracted to the the bank’s SME exposures but considers the valuation difficult to justify. Neutral retained. Target is $34.24.
This report was published on August 16, 2024.
Target price is $34.24 Current Price is $36.91 Difference: minus $2.67 (current price is over target).
If NAB meets the Goldman Sachs target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $31.80, suggesting downside of -13.6%(ex-dividends)
The company’s fiscal year ends in September.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 168.00 cents and EPS of 224.00 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 16.48.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 226.2, implying annual growth of -4.3%.
Current consensus DPS estimate is 167.7, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 16.3.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 168.00 cents and EPS of 229.00 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 16.12.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 231.8, implying annual growth of 2.5%.
Current consensus DPS estimate is 170.5, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 15.9.
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Jarden rates ((NAB)) as Overweight (2) –
National Australia Bank delivered a sound third quarter, Jarden suggests, with beats to margins and bad debts. The update continues to support the broker’s view that bank earnings are resilient with scope for small positive earnings revisions.
The core net interest margin was stable as pressure moderated more than expected, while credit quality is tracking better than expectations (albeit stress is rising), and SME lending volume is sound, the broker notes.
Overall, Jarden sees this as a solid result and lifts its target to $36 from $34. Overweight retained.
This report was published on August 19, 2024.
Target price is $36.00 Current Price is $36.91 Difference: minus $0.91 (current price is over target).
If NAB meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $31.80, suggesting downside of -13.6%(ex-dividends)
The company’s fiscal year ends in September.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 169.00 cents and EPS of 224.00 cents.
At the last closing share price the estimated dividend yield is 4.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.48.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 226.2, implying annual growth of -4.3%.
Current consensus DPS estimate is 167.7, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 16.3.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 169.00 cents and EPS of 231.00 cents.
At the last closing share price the estimated dividend yield is 4.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.98.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 231.8, implying annual growth of 2.5%.
Current consensus DPS estimate is 170.5, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 15.9.
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
NDO NIDO EDUCATION LIMITED
Childcare – Overnight Price: $0.83
Canaccord Genuity rates ((NDO)) as Buy (1) –
Canaccord Genuity found the first half result from Nido Education mixed, with earnings largely below estimates. The mitigating factors included a better than expected tax expense, with 2024 net profit now guided to be around 20% ahead of prospectus forecasts.
The company has lowered 2024 occupancy forecasts to 80% from 82%, primarily because of the discontinuation/adjustment of discounts in July and some softening of occupancy growth.
Up to 4 incubator centres could achieve acquisition metrics prior to the end of the year and this could mean centre purchases in the near term, the broker observes, which could also boost 2024 results. Buy rating and $1.25 target.
This report was published on August 15, 2024.
Target price is $1.25 Current Price is $0.83 Difference: $0.42
If NDO meets the Canaccord Genuity target it will return approximately 51% (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 4.00 cents and EPS of 8.30 cents.
At the last closing share price the estimated dividend yield is 4.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.00.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 4.00 cents and EPS of 7.30 cents.
At the last closing share price the estimated dividend yield is 4.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.37.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Moelis rates ((NDO)) as Buy (1) –
Nido Education delivered first half total Centre revenue and earnings -4% and -25% below Moelis’ estimates respectively, driven by both lower occupancy and lower average fee growth.
The company also flagged that recent sector-wide softening of new enrolments has impacted performance, driven by general cost of living pressures, continued work-from-home and shortages in qualified employees.
2024 company forecasts have been revised back to close to original prospectus forecasts, but the government’s 15% pay increase should attract new labour, Moelis suggests. A maiden dividend implies a 5.8% yield, which will not restrain growth according to Nido.
Buy retained, target $1.26.
This report was published on August 20, 2024.
Target price is $1.26 Current Price is $0.83 Difference: $0.43
If NDO meets the Moelis target it will return approximately 52% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 5.80 cents and EPS of 9.10 cents.
At the last closing share price the estimated dividend yield is 6.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.12.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 5.70 cents and EPS of 8.70 cents.
At the last closing share price the estimated dividend yield is 6.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.54.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
NEU NEUREN PHARMACEUTICALS LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $15.56
Canaccord Genuity rates ((NEU)) as Buy (1) –
Neuren Pharmaceuticals presented at the Canaccord Genuity growth conference with discussions largely focused on the ‘2591 developments.
The broker observes investors were appreciative of the focus on rare paediatric neurodevelopmental disorders and remains keen on the near-term Phelan McDermid opportunity. Buy rating and $29 target.
This report was published on August 16, 2024.
Target price is $29.00 Current Price is $15.56 Difference: $13.44
If NEU meets the Canaccord Genuity target it will return approximately 86% (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 58.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.83.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 88.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.68.
Market Sentiment: 1.0
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: $3.53
Canaccord Genuity rates ((NWH)) as Buy (1) –
NRW Holdings produced earnings in FY24 that were largely in line with forecasts. Guidance for FY25 was ahead of Canaccord Genuity’s expectations amid a doubling of active tenders. The company has already secured $2.9bn in work for the year.
In addition, management expects expenditure should fall -5-10% and that should support free cash flow. The broker continues to envisage upside to the share price and maintains a Buy rating. Target rises to $3.82 from $3.47.
This report was published on August 16, 2024.
Target price is $3.82 Current Price is $3.53 Difference: $0.29
If NWH meets the Canaccord Genuity target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.74, suggesting upside of 6.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 17.10 cents and EPS of 30.20 cents.
At the last closing share price the estimated dividend yield is 4.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.69.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 29.0, implying annual growth of 25.3%.
Current consensus DPS estimate is 15.7, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 12.1.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 18.30 cents and EPS of 32.30 cents.
At the last closing share price the estimated dividend yield is 5.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.93.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 30.4, implying annual growth of 4.8%.
Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 11.5.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Jarden rates ((NWH)) as Overweight (2) –
Jarden upgrades NRW Holdings to Buy from Overweight and raises its target price to $3.85 from $3.20 thanks to a stronger than forecast FY24 result, and expects consensus upgrades.
The broker considers FY25 guidance to be conservative given revenue guidance is already 90% covered by work in hand, which has also de-risked forecasts, says the broker.
Jarden observes active tenders of $5.5bn and a record pipeline. EPS forecasts rise 13.4% in FY25; and 15% for FY26.
The broker appreciates the company’s balance sheet and expects capital management or mergers and acquisitions could be on the cards.
This report was published on August 15, 2024.
Target price is $3.85 Current Price is $3.53 Difference: $0.32
If NWH meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $3.74, suggesting upside of 6.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 19.30 cents and EPS of 30.40 cents.
At the last closing share price the estimated dividend yield is 5.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.61.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 29.0, implying annual growth of 25.3%.
Current consensus DPS estimate is 15.7, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 12.1.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 19.60 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 5.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.09.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 30.4, implying annual growth of 4.8%.
Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 11.5.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Moelis rates ((NWH)) as Buy (1) –
NRW Holdings posted a solid FY24 result, Moelis suggests, with improved segment margins and revenue growth likely eclipsed by
continued earnings growth implied in an encouraging FY25 guidance update.
Group active tenders increased significantly to $5.5bn (versus $2.6bn in the first half), while group pipeline also grew to $16.4bn (versus $15.6bn), with order book stable at $5.5bn.
Continued Civil and MET (minerals, energy & technology) margin improvement and improved Civil utilisation, along with conversion of key mining tenders, represent earnings upside in the form of top line growth and margin expansion in outer years, the broker suggests.
Continued momentum in contract awards and demonstration of margin improvement represent further upside risk in Moelis’ view. Target rises to $3.91 from $3.56, Buy retained.
This report was published on August 19, 2024.
Target price is $3.91 Current Price is $3.53 Difference: $0.38
If NWH meets the Moelis target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.74, suggesting upside of 6.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 18.00 cents and EPS of 28.50 cents.
At the last closing share price the estimated dividend yield is 5.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.39.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 29.0, implying annual growth of 25.3%.
Current consensus DPS estimate is 15.7, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 12.1.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 18.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 5.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.17.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 30.4, implying annual growth of 4.8%.
Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 11.5.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
ORA ORORA LIMITED
Paper & Packaging – Overnight Price: $2.47
Goldman Sachs rates ((ORA)) as Buy (1) –
Besides Saverglass, Orora’s EBIT was ahead of expectations. The main surprise was North America where, respectively, second half revenue and earnings were 7% and 11% ahead of prior estimates.
Goldman Sachs lifts FY25 EBIT estimates by 5%, largely reflecting the uplift in legacy business and a 16% uplift to Saverglass.
Year-on-year Australasian estimates are reduced by -4% to reflect the rebuild of the G3 furnace, which is in turn mitigated by incremental can investment returns and some recovery in wine exports. Buy rating retained. Target is $2.75.
This report was published on August 14, 2024.
Target price is $2.75 Current Price is $2.47 Difference: $0.28
If ORA meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $2.60, suggesting upside of 6.6%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 9.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 3.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.53.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.0, implying annual growth of 14.6%.
Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 14.4.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 11.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 4.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.35.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 19.6, implying annual growth of 15.3%.
Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 12.4.
Market Sentiment: 0.3
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: $9.90
Jarden rates ((ORG)) as Overweight (2) –
Despite the recent provisions of FY24 and FY25 guidance, Origin Energy’s FY24 profit and FY25 guidance missed consensus forecasts by -10% (and the broker by -2%) due to a sharp jump in Energy markets costs to serve (a -9% miss on consensus), observes Jarden.
The broker observes the miss would have been sharply higher were it not for a reclassification of commission costs to electricity gross profits.
The broker notes management has surrendered prior cost-out hopes and expects the market will take time to digest new cost-out targets.
Energy Markets and Octopus Energy both missed consensus earnings (EBITDA) forecasts.
EPS forecasts fall -18.6% in FY25; and -23.9% for FY26.
Overweight rating retained. Target price falls to $10 from $10.70.
This report was published on August 16, 2024.
Target price is $10.00 Current Price is $9.90 Difference: $0.1
If ORG meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $10.66, suggesting upside of 5.8%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 55.00 cents and EPS of 77.10 cents.
At the last closing share price the estimated dividend yield is 5.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.84.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 71.5, implying annual growth of -11.9%.
Current consensus DPS estimate is 53.8, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.1.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 55.00 cents and EPS of 61.50 cents.
At the last closing share price the estimated dividend yield is 5.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.10.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 60.6, implying annual growth of -15.2%.
Current consensus DPS estimate is 53.0, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 16.6.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
PDI PREDICTIVE DISCOVERY LIMITED
Gold & Silver – Overnight Price: $0.24
Canaccord Genuity rates ((PDI)) as Speculative Buy (1) –
Perseus Mining ((PRU)) has taken a 13.82% interest in Predictive Discovery but stated it is not in discussions and has no current intention to acquire control or make a takeover bid.
Canaccord Genuity, therefore, considers this a strategic investment. The company is labeled an attractive M&A target with appeal as an established producer. Speculative Buy rating and $0.45 target maintained.
This report was published on August 15, 2024.
Target price is $0.45 Current Price is $0.24 Difference: $0.21
If PDI meets the Canaccord Genuity target it will return approximately 88% (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: $2.88
Canaccord Genuity rates ((PLS)) as Buy (1) –
Pilbara Minerals has entered a binding agreement to acquire Latin Resources. The company will secure the flagship Salinas lithium project in Brazil and Canaccord Genuity states this deal represents an opportunity to diversify its upstream lithium business.
Canaccord Genuity notes the deal involves scrip which leaves financial strength in place. Latin Resources shareholders will receive seven new Pilbara Minerals shares for each share held, implying an acquisition value of $563m. Buy rating retained. Target is $4.
This report was published on August 16, 2024.
Target price is $4.00 Current Price is $2.88 Difference: $1.12
If PLS meets the Canaccord Genuity target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $2.99, suggesting upside of 4.8%(ex-dividends)
Forecast for FY24:
Current consensus EPS estimate is 11.3, implying annual growth of -85.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 25.2.
Forecast for FY25:
Current consensus EPS estimate is 6.1, implying annual growth of -46.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 46.7.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Jarden rates ((PLS)) as Buy (1) –
Pilbara Minerals has entered into a binding agreement to buy 100% of Latin Resources ((LRS)), gaining 100% of the latter’s Sainas project in Brazil for $590m, all-scrip.
The deal provides for 0.07 Pilbara Minerals shares for every Latin Resources shares, equating to 20c per Latin Resources share representing a 66% premium, calculates Jarden.
The scrip deal preserves Pilbara Minerals’s balance sheet and cash balance of $1.6bn, observes the broker.
Jarden considers the acquisition to be “judiciously anticyclical” and a modest acquisition that would increase Pilbara Minerals’ leverage to any recovery in lithium prices (which the broker expects).
Buy rating retained. Target price eases to $3.70 from $3.80.
This report was published on August 15, 2024.
Target price is $3.70 Current Price is $2.88 Difference: $0.82
If PLS meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $2.99, suggesting upside of 4.8%(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 9.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.09.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.3, implying annual growth of -85.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 25.2.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 50.53.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 6.1, implying annual growth of -46.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 46.7.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
PME PRO MEDICUS LIMITED
Medical Equipment & Devices – Overnight Price: $150.01
Moelis rates ((PME)) as Hold (3) –
Pro Medicus’ 29% increase in FY24 revenue was in line with consensus, while a stronger than expected profit result was due to
costs coming in lower than expected, Moelis notes.
A fully-franked final dividend of 22cps was declared, up 29% year on year, bringing the full year dividend to 40cps, up 33%.
Moelis continues to see Pro Medicus as a high quality company with significant growth potential. However, at more than a 140x FY25 PE, the broker believes this is captured in the price. Target increases to $148.05 from $99.57, Hold retained.
This report was published on August 19, 2024.
Target price is $148.05 Current Price is $150.01 Difference: minus $1.96 (current price is over target).
If PME meets the Moelis target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $128.50, suggesting downside of -13.8%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 52.00 cents and EPS of 100.20 cents.
At the last closing share price the estimated dividend yield is 0.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 149.71.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 102.7, implying annual growth of 29.6%.
Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 145.2.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 64.00 cents and EPS of 124.30 cents.
At the last closing share price the estimated dividend yield is 0.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 120.68.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 135.7, implying annual growth of 32.1%.
Current consensus DPS estimate is 67.8, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 109.9.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
PWH PWR HOLDINGS LIMITED
Automobiles & Components – Overnight Price: $9.37
Goldman Sachs rates ((PWH)) as Buy (1) –
PWR Holdings’ FY24 profit was -7% below consensus with guidance for margins to be impacted in the near term.
Long-term growth prospects remain unchanged, Goldman Sachs posits, with the company investing to increase capacity with the transition to a new Australian facility in FY26.
Goldman Sachs notes timing of revenue and programs can often impact PWR Holdings’ results.
No formal earnings guidance has been provided, however, management expects margins to be impacted in FY25 which is considered a Transition Year’ given the move to the new facility.
Buy retained. Target is lowered to $11.50 from $13.40.
This report was published on August 16, 2024.
Target price is $11.50 Current Price is $9.37 Difference: $2.13
If PWH meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $10.64, suggesting upside of 14.1%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 EPS of 26.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 36.04.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 22.4, implying annual growth of -9.3%.
Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 41.6.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 EPS of 32.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.28.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 28.6, implying annual growth of 27.7%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 32.6.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Moelis rates ((PWH)) as Hold (3) –
PWR Holdings’ FY24 result came in marginally below Moelis’ expectations at the top-line, while increased headcount (for expansion into the aerospace & defence markets) meant that profit was -8% below consensus.
No quantified guidance was provided, although management described FY25 as a “transition year” as the firm navigates the commissioning and transition to the new factory in Australia, which will facilitate the next phase of growth for the company.
This will impact margins in the short term, the broker notes, and an intention to add staff “ahead of the curve” to take advantage of the opportunity in aerospace & defence will impact FY25 margins.
Target falls to $10.97 from $12.61, Hold retained.
This report was published on August 20, 2024.
Target price is $10.97 Current Price is $9.37 Difference: $1.6
If PWH meets the Moelis target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $10.64, suggesting upside of 14.1%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 14.00 cents and EPS of 24.30 cents.
At the last closing share price the estimated dividend yield is 1.49%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 38.56.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 22.4, implying annual growth of -9.3%.
Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 41.6.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 16.30 cents and EPS of 28.70 cents.
At the last closing share price the estimated dividend yield is 1.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.65.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 28.6, implying annual growth of 27.7%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 32.6.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
PXA PEXA GROUP LIMITED
Real Estate – Overnight Price: $13.66
Jarden rates ((PXA)) as Neutral (3) –
ASX’s ((ASX)) FY24 financials reveal it has invested -$75m of capital in Sympli since acquisition, which Jarden estimates is equivalent to an average of 23% relative to ASX’s capex spend over FY18-24 – not an immaterial figure.
The broker thinks significant uncertainty around the political and regulatory path going forward and increased scrutiny over ASX’s capex plans could pose risks for ASX’s long-term commitment to Sympli.
In a scenario in which Sympli lacks ongoing funding and Pexa Group remains a monopoly without pricing controls, this would imply outer year earnings upgrades for Pexa and $2.00 added to Jarden’s valuation.
Neutral and $13.65 target retained.
This report was published on August 19, 2024.
Target price is $13.65 Current Price is $13.66 Difference: minus $0.01 (current price is over target).
If PXA meets the Jarden target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $15.61, suggesting upside of 15.3%(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 8.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 160.71.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 14.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 92.1.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 35.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 38.81.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 32.1, implying annual growth of 118.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 42.2.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
PYC PYC THERAPEUTICS LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.10
Canaccord Genuity rates ((PYC)) as Buy (1) –
PYC Therapeutics presented at the Canaccord Genuity growth conference on its licensing opportunities in recall ophthalmology. The broker notes the company is the only one specifically addressing the RP11 subtype, emphasising its unique and targeted approach.
The broker now looks forward to clinical data updates. Buy rating and $0.22 target.
This report was published on August 15, 2024.
Target price is $0.22 Current Price is $0.10 Difference: $0.12
If PYC meets the Canaccord Genuity target it will return approximately 120% (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
REA REA GROUP LIMITED
Real Estate – Overnight Price: $215.84
Goldman Sachs rates ((REA)) as Buy (1) –
In the wake of the FY24 results, Goldman Sachs retains a preference for REA Group and believes earnings growth can accelerate in FY26. Among the four classifieds stocks only REA Group is targeting margin expansion in FY25.
REA Group was the strongest performer in FY24, benefiting from price, products and mix. Goldman Sachs retains a Buy rating and $221 target.
This report was published on August 18, 2024.
Target price is $221.00 Current Price is $215.84 Difference: $5.16
If REA meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $216.60, suggesting upside of 0.4%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 215.00 cents and EPS of 392.00 cents.
At the last closing share price the estimated dividend yield is 1.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 55.06.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 424.9, implying annual growth of 85.3%.
Current consensus DPS estimate is 236.2, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 50.8.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 255.00 cents and EPS of 464.00 cents.
At the last closing share price the estimated dividend yield is 1.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 46.52.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 501.6, implying annual growth of 18.1%.
Current consensus DPS estimate is 278.4, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 43.0.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
RGN REGION GROUP
REITs – Overnight Price: $2.24
Jarden rates ((RGN)) as Overweight (2) –
Region Group posted a disappointing FY24 result and underwhelming FY25 guidance, Jarden suggests, which is potentially overshadowing signs that the inorganic growth story is gradually returning.
Region continues to face headwinds from the mark to market of its low weighted average cost of debt and ongoing
one-off costs, the broker notes, but this would be offset by improving top line growth and its operating leverage.
Trading at a -7% discount to new net tangible asset valuation and offering a 6.1% dividend yield on FY25 guidance, the risk/reward
looks good to Jarden in the medium term, but messaging around results still needs improvement.
Overweight and $2.50 target retained.
This report was published on August 19, 2024.
Target price is $2.50 Current Price is $2.24 Difference: $0.26
If RGN meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.50, suggesting upside of 11.7%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 EPS of 15.90 cents.
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 15.8, implying annual growth of 960.4%.
Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 14.2.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 16.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.74.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 16.4, implying annual growth of 3.8%.
Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 13.7.
Market Sentiment: 1.0
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: $38.48
Goldman Sachs rates ((SVW)) as Buy (1) –
Guidance from Seven Group, along with the FY24 result, was in line with Goldman Sachs’ estimates. Industrial services EBIT grew 28% and WesTrac appears to be expecting strong sales amid a substantial -$540m investment in working capital.
The broker lifts its estimates for FY25 and FY26 group EBIT by 2% and 8%, respectively, and raises the target to $43.90 from $41.80.
The main risks, the broker suggests, are a benign mining backdrop and any slowdown in infrastructure expenditure. Buy retained.
This report was published on August 14, 2024.
Target price is $43.90 Current Price is $38.48 Difference: $5.42
If SVW meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $41.73, suggesting upside of 7.0%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 97.00 cents and EPS of 243.00 cents.
At the last closing share price the estimated dividend yield is 2.52%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.84.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 229.9, implying annual growth of 82.3%.
Current consensus DPS estimate is 56.2, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 17.0.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 112.00 cents and EPS of 281.00 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.69.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 262.3, implying annual growth of 14.1%.
Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 14.9.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
TLS TELSTRA GROUP LIMITED
Telecommunication – Overnight Price: $3.96
Jarden rates ((TLS)) as Downgrade to Overweight from Buy (2) –
Telstra Group’s FY24 result met consensus forecasts but Jarden considers it to be a lower-quality result, highlighting a reversal of a provision relating to the Digicel acquisition.
Management tightened FY25 guidance, confirming the broker’s view that previous FY25 guidance was conservative.
FY25 EPS forecasts rise 3% (to reflect lower depreciation and amortisation, net interest costs and a lower tax rate); and FY26 EPS forecasts fall -3%.
All up, key businesses revealed strong momentum, observes the broker.
Rating is downgraded to Overweight from Buy. Target price is steady at $4.20.
This report was published on August 16, 2024.
Target price is $4.20 Current Price is $3.96 Difference: $0.24
If TLS meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.18, suggesting upside of 5.6%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 18.50 cents and EPS of 19.10 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 20.73.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 19.4, implying annual growth of 38.1%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 20.4.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 21.00 cents and EPS of 21.10 cents.
At the last closing share price the estimated dividend yield is 5.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.77.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.8, implying annual growth of 7.2%.
Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 19.0.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
TWE TREASURY WINE ESTATES LIMITED
Food, Beverages & Tobacco – Overnight Price: $12.23
Jarden rates ((TWE)) as Buy (1) –
Treasury Wine Estates’ FY24 top line result met forecasts. Jarden observes Penfolds and Americas posted a beat thanks to strong cash flow and rising-multiple businesses.
Jarden tinkers with earnings forecasts.
The broker observes the company is becoming a more efficient higher growth and higher-return-on-investment-capital operation and maintains this is not reflected in the share price, believing the company is well positioned for a re-rate.
The broker forecasts an “undemanding” three-year EPS compound annual growth rate of 18%.
Buy rating retained. Target price falls to $14.20 from $14.60.
This report was published on August 15, 2024.
Target price is $14.60 Current Price is $12.23 Difference: $2.37
If TWE meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $13.71, suggesting upside of 13.2%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 43.00 cents and EPS of 63.10 cents.
At the last closing share price the estimated dividend yield is 3.52%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.38.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 61.7, implying annual growth of 385.8%.
Current consensus DPS estimate is 41.4, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 19.6.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 51.00 cents and EPS of 74.90 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 16.33.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 71.5, implying annual growth of 15.9%.
Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 16.9.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
VVA VIVA LEISURE LIMITED
Travel, Leisure & Tourism – Overnight Price: $1.34
Petra Capital rates ((VVA)) as Buy (1) –
Viva Leisure’s FY24 results met guidance, leading the broker to tinker with forecasts while maintaining a positive view on the company, highlighting an FY24 margin increase to 21.6% from 10.7% in FY23 (22.7% in the June quarter suggesting FY25 momentum).
The broker expects the company to post a strong 32% rise in FY25 earnings (EBITDA) thanks to Viva Pay’s contributions; recently settled purchases in WA; and more Plus Fitness and ClubLime openings and initiatives.
Buy recommendation retained. Target price falls to $2.44 from $2.60.
This report was published on August 15, 2024.
Target price is $2.44 Current Price is $1.34 Difference: $1.1
If VVA meets the Petra Capital target it will return approximately 82% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 15.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.93.
Forecast for FY26:
Petra Capital forecasts a full year FY26 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 7.49.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
WDS WOODSIDE ENERGY GROUP LIMITED
NatGas – Overnight Price: $26.28
Goldman Sachs rates ((WDS)) as Neutral (3) –
Goldman Sachs notes the item guidance ahead of the first half result on August 27 and increases estimates for first half EBITDA by 12%. This primarily adjusts for US$315m in other income including proceeds from the partial Scarborough sale to LNG Japan.
Net profit estimates for the first half are revised up 87%, to include sale proceeds as other income, lower PRRT and income tax. Target is raised to $33.50 from $33.00 to reflect the guidance. Neutral retained.
This report was published on August 16, 2024.
Target price is $33.50 Current Price is $26.28 Difference: $7.22
If WDS meets the Goldman Sachs target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $31.25, suggesting upside of 18.9%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 193.66 cents and EPS of 240.93 cents.
At the last closing share price the estimated dividend yield is 7.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.91.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 218.6, implying annual growth of N/A.
Current consensus DPS estimate is 148.2, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 12.0.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 135.71 cents and EPS of 169.26 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 15.53.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 180.0, implying annual growth of -17.7%.
Current consensus DPS estimate is 152.6, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 14.6.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Jarden rates ((WDS)) as Neutral (3) –
Woodside Energy’s FY24 interim result financial line item guidance missed consensus forecasts by -$232m at the midpoint, observes Jarden.
But the broker notes management has included a gain on the sale of a 10% stake in Scarborough to Japanese interests in its Other income line, triggering a $209m beat on consensus ($206m on Jarden). Expenses outpaced thanks to a deferred tax asset.
All up, Jarden suggests this points to a profit surprise for 2024 and a 62% beat ($683m) on consensus net profit after tax forecasts at the midpoint, which the broker expects will have implications for the dividend.
The broker brings forward its forecast cut in the dividend payout ratio to 65% from 80% to 2024 from 2025 resulting in a -US5c reduction in the forecast 2025 dividend.
(Woodside has committed to more than $9bn of capital if the Driftwood LNG plant acquisitions are finalised and proceed as planned).
2024 EPS forecasts rise 18.5%; but 2024 DPS forecasts fall -4.3%. Neutral rating and $26.60 target price retained.
This report was published on August 15, 2024.
Target price is $26.60 Current Price is $26.28 Difference: $0.32
If WDS meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $31.25, suggesting upside of 18.9%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 167.73 cents and EPS of 262.28 cents.
At the last closing share price the estimated dividend yield is 6.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.02.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 218.6, implying annual growth of N/A.
Current consensus DPS estimate is 148.2, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 12.0.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 117.41 cents and EPS of 182.37 cents.
At the last closing share price the estimated dividend yield is 4.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.41.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 180.0, implying annual growth of -17.7%.
Current consensus DPS estimate is 152.6, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 14.6.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
WGX WESTGOLD RESOURCES LIMITED
Gold & Silver – Overnight Price: $3.00
Petra Capital rates ((WGX)) as Buy (1) –
Westgold Resources’ plans to expand its Bluebird-South Junction mine appear to have pleased Petra Capital, the broker revising up its FY25 and FY26 gold production forecasts.
The broker observes the reserve is growing quickly, a big drilling program is in place, and expects production from the South Junction to start in August, its width allowing a more efficient mining method to be deployed.
FY26 is called out as the big year, the broker upgrading its production forecasts by 30%.
FY25 EPS forecasts rise 91% in FY25 and 54% in FY26.
Buy rating retained. Target price rises to $3.10 from $2.79.
This report was published on August 15, 2024.
Target price is $3.10 Current Price is $3.00 Difference: $0.1
If WGX meets the Petra Capital target it will return approximately 3% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY24:
Petra Capital forecasts a full year FY24 dividend of 2.25 cents and EPS of 14.20 cents.
At the last closing share price the estimated dividend yield is 0.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.13.
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 10.00 cents and EPS of 27.30 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.99.
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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