Australian Broker Call *Extra* Edition – Sep 02, 2024

This story features AUSSIE BROADBAND LIMITED, and other companies. For more info SHARE ANALYSIS: ABB

An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely “regularly” depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena’s team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

ABB   AIA   ALK (2)   AMA   ANG   ARU   ASB   ASG   ASN   ATA   AX1   BEN   BHP   BOQ   CEH   CKF   CNU   DRE   EDV   EQT   EVT   FPH   GDI   GNP   GOR   GYG   HAS   IDX   ILU   ING   JIN   JLG   KGN   LBL   LFG   LIN   LOV   LRK   LYC   MEI   MMS   MPL   MXI   MYX   NAN (2)   NHF   NXT   PAN   PFP   PLS   PLY   PPS (2)   PSI   RDY   REG   RUL   SHL   SLH   SNL   SPK   THL   TLX   TYR   VHM   WDS  

ABB    AUSSIE BROADBAND LIMITED

Telecommunication – Overnight Price: $3.37

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

Aussie Broadband reported 27% revenue growth and 35% underlying earnings at the top end of its gudiance range, and its robust balance sheet facilitated a maiden, fully franked 4c dividend. FY25 earnings guidance was reiterated.

While the result was sound, Wilsons feels the 12% share price move was stronger than necessary, and likely discounts the impact of the upcoming Sep Q skewed Origin migration.

Origin migrating will re-base Aussie’s subs growth, the broker notes, there is considerable competition in the digital-first and value-focused segment of the broadband market; and the cost to successfully build a brand may be higher (and take longer) than expected.

Market Weight retained, target rises 9% to $3.62.

This report was published on August 27, 2024.

Target price is $3.62 Current Price is $3.37 Difference: $0.25
If ABB meets the Wilsons target it will return approximately 7% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 4.40 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 1.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.92.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 5.70 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 1.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.04.

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

AIA    AUCKLAND INTERNATIONAL AIRPORT LIMITED

Infrastructure & Utilities – Overnight Price: $6.95

Jarden rates ((AIA)) as Neutral (3) –

After adjusting for flood-related insurance income and expenses, Auckland International Airport delivered normalised profit in the middle of the guidance range and in line with Jarden’s forecasts.

Aeronautical revenue was up 79% on returning international passenger volumes and increased pricing. Retail performed well with revenue up 41%. FY25 guidance assumes 8.6m domestic PAX and 10.5m international, modestly above the broker’s forecasts.

Jarden sees Auckland International Airport as a high-quality asset with a unique position as NZ’s largest airport operator, which has seen it generate meaningful returns over a sustained period, most notably in the unregulated parts of the business.

Target falls to NZ$8.03 from NZ$8.13, Neutral retained.

This report was published on August 23, 2024.

Current Price is $6.95. Target price not assessed.
Current consensus price target is $8.25, suggesting upside of 18.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 13.19 cents and EPS of 18.54 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 37.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.6, implying annual growth of N/A.
Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 37.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 14.76 cents and EPS of 21.03 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.9, implying annual growth of 12.4%.
Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 33.3.

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

ALK    ALKANE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.42

Moelis rates ((ALK)) as Buy (1) –

Alkane Resources posted a FY24 result that was softer than Moelis expected because of higher discretionary expenditure at the corporate level. The broker notes the year was a significant transition period the company as it shifted to new underground operations at Roswell.

The broker looks forward to seeing significant milestones from the Tomingley expansion that should drive a meaningful increase in production in FY25.

The stock is expected to trade “sideways” during the capital expenditure phase on new operations at Roswell and San Antonio until a cash flow inflection point is reached. Buy rating and $0.65 target.

This report was published on August 26, 2024.

Target price is $0.65 Current Price is $0.42 Difference: $0.225
If ALK meets the Moelis target it will return approximately 53% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.69.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.59.

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

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

Alkane Resources delivered FY24 results that were largely in line with Petra Capital. The broker considers FY24 a transition year with the successful start of production from Roswell in the June quarter.

Full year feed from Roswell should support a production uplift of around 70,000 ounces in FY25 and expansion drive increases to 90,000 ounces in FY26.

The rising production profile, as well as of tailing off in capital expenditure, should mean cash flow turns positive from the September quarter of FY25, the broker asserts, retaining a Buy rating and lowering the target to $1.00 from $1.13.

This report was published on August 27, 2024.

Target price is $1.00 Current Price is $0.42 Difference: $0.575
If ALK meets the Petra Capital target it will return approximately 135% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital 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 7.46.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 10.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.94.

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

AMA    AMA GROUP LIMITED

Automobiles & Components – Overnight Price: $0.06

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

FY25 guidance is for AMA Group’s normalised EBITDA (pre-AASB16) to be above the FY24 number of $49m, which allows for an earnings decline in Capital Smart of up to -$9m, notes Canaccord Genuity.

Capital Smart provides rapid repair services for vehicles that have sustained minor to moderate damage.

The earnings decline for Capital Smart relates to early benefits realised from Project Shift that was specific to Capital Smart in FY24, explains the broker.

Management’s growth initiatives include a network expansion within Capital Smart, along with brownfield & greenfield site growth in Collision & Heavy Vehicle.

The Buy rating and 10 cents target are maintained.

This report was published on August 26, 2024.

Target price is $0.10 Current Price is $0.06 Difference: $0.045
If AMA meets the Canaccord Genuity target it will return approximately 82% (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 0.00 cents and EPS of 0.00 cents.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.50.

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

ANG    AUSTIN ENGINEERING LIMITED

Mining Sector Contracting – Overnight Price: $0.54

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

Austin Engineering posted FY24 results that in Petra Capital’s view provide further evidence of the ongoing delivery of Austin 2.0.

Underlying net profit of $29.7m was slightly below forecasts, mainly because of lower revenue that was partially offset at the EBIT line by a better-than-expected margin.

FY25 guidance implies EBIT growth of 24.2% and the broker suspects this is conservative, assessing the business is well-positioned to capitalise on the current operating environment. Buy rating reiterated. Target is reduced to $0.60 from $0.67.

This report was published on August 28, 2024.

Target price is $0.60 Current Price is $0.54 Difference: $0.06
If ANG meets the Petra Capital target it will return approximately 11% (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 2.50 cents and EPS of 5.90 cents.
At the last closing share price the estimated dividend yield is 4.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.15.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 3.50 cents and EPS of 6.90 cents.
At the last closing share price the estimated dividend yield is 6.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.83.

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

ARU    ARAFURA RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $0.17

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

Canaccord Genuity continues to believe neodymium (Nd) and praseodymium (Pr) pricing is at a cycle bottom and is more constructive on price increases into the end-2024 and 2025. However, shorter-term forecasts are marked-to-market and lowered.

The broker’s long-term pricing remains anchored to “incentive” levels of US$120/kg NdPr, and US$430/kg and US$1,600/kg, respectively, for dysprosium (Dy) and terbium (Tb).

For Arafura Rare Earths, the target falls to 25c from 40c. Speculative Buy.

This report was published on August 26, 2024.

Target price is $0.25 Current Price is $0.17 Difference: $0.085
If ARU meets the Canaccord Genuity target it will return approximately 52% (excluding dividends, fees and charges).

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

ASB    AUSTAL LIMITED

Commercial Services & Supplies – Overnight Price: $2.34

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

Austal has settled with the US Department of Justice and Securities and Exchange Commission regarding the investigation into accounting fraud at it is US division.

Petra Capital believes this settlement has made the business more attractive to potential suitors and more able to secure funding to complete the plant upgrade of its main US shipyard.

The company will release FY24 results on August 30, and is guiding to revenue growth of 8-10%. Petra Capital reiterates a Buy rating and $3.33 target.

This report was published on August 28, 2024.

Target price is $3.33 Current Price is $2.34 Difference: $0.99
If ASB meets the Petra Capital target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $2.83, suggesting upside of 21.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 7.50 cents and EPS of 12.30 cents.
At the last closing share price the estimated dividend yield is 3.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.7, implying annual growth of N/A.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 49.8.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 8.50 cents and EPS of 11.90 cents.
At the last closing share price the estimated dividend yield is 3.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of 161.7%.
Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 1.4%.
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

ASG    AUTOSPORTS GROUP LIMITED

Automobiles & Components – Overnight Price: $2.20

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

FY24 revenue for Autosports Group missed forecasts by Jarden and consensus. While further slight gross margin compression is anticipated, coupled with potential ongoing weakness in new car volumes, the broker feels the trough of the earnings cycle is near.

FY24 adjusted EPS missed the consensus forecast by nearly -12%. Revenues were weaker across all segments including new cars (-6.6%), used cars (-0.5%), parts & accessories (-2.9%) and services revenues which fell by -7.6%.

The gross margin of 19.5% only marginally missed the 19.6% forecast by consensus with Jarden noting elevated industry supply and discounting.

The broker’s target falls to $2.90 from $3.20, reflecting negative EPS revisions coupled with a higher weighted average cost of capital (WACC). Overweight.

This report was published on August 26, 2024.

Target price is $2.90 Current Price is $2.20 Difference: $0.7
If ASG meets the Jarden target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $2.63, suggesting upside of 19.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 16.70 cents and EPS of 29.20 cents.
At the last closing share price the estimated dividend yield is 7.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.2, implying annual growth of -6.9%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 7.7%.
Current consensus EPS estimate suggests the PER is 7.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 18.10 cents and EPS of 31.70 cents.
At the last closing share price the estimated dividend yield is 8.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.9, implying annual growth of 6.0%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 8.6%.
Current consensus EPS estimate suggests the PER is 7.4.

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

ASN    ANSON RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.10

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

Anson Resources has received a crucial brine re-injection permit from the Utah environment department for the Green River lithium project. Petra Capital believes this highlights the credibility of the project and the company’s ability to isolate brine from any freshwater.

Further news flow on a maiden JORC for the project and additional offtakes and funding are anticipated before the end of the year. Buy rating and $0.41 target are unchanged.

This report was published on August 27, 2024.

Target price is $0.41 Current Price is $0.10 Difference: $0.313
If ASN meets the Petra Capital target it will return approximately 323% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 48.50.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 48.50.

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

ATA    ATTURRA LIMITED

Software & Services – Overnight Price: $0.90

Moelis rates ((ATA)) as Buy (1) –

Attura delivered a strong FY24 result, Moelis observes, with acquisitions contributing to 27.4% of revenue growth. The broker’s estimates going forward are broadly unchanged while FY26 and FY27 are expected to benefit from higher FY25 client wins and tendering volumes.

Having outperformed guidance for FY24 the broker remains confident in the outlook for revenue for the next 12 months. Buy rating. Target is $1.28.

This report was published on August 26, 2024.

Target price is $1.28 Current Price is $0.90 Difference: $0.38
If ATA meets the Moelis target it will return approximately 42% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of 5.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.31.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 6.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.85.

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

AX1    ACCENT GROUP LIMITED

Apparel & Footwear – Overnight Price: $2.11

Jarden rates ((AX1)) as Upgrade to Buy from Overweight (1) –

Accent Group’s FY24 Gross Profit Margins missing consensus by only -34bps is more than offset by a 1.2% cost of doing busines
beat, further cost-out in FY25-27, and a strong trading update for the first seven weeks of FY25, Jarden suggests.

The broker considers the sell-off an overreaction, particularly given Accent has multiple significant growth drivers in the medium
term as it buys back Athlete’s Foot franchisees, closes unprofitable stores, annualises FY24 cost-outs, and continues to expand its network.

Jarden upgrades to Buy from Overweight to Buy, with Accent presenting further upside through improving potentially conservative store guidance, potential FX gross margin tailwinds and clarity regarding the extent of FY25-27 cost-out at the next update.

Target rises to $2.29 from $2.28.

This report was published on August 23, 2024.

Target price is $2.29 Current Price is $2.11 Difference: $0.18
If AX1 meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.43, suggesting upside of 15.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 14.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.7, implying annual growth of 38.5%.
Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 14.4.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 16.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of 11.6%.
Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 12.9.

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

BEN    BENDIGO & ADELAIDE BANK LIMITED

Banks – Overnight Price: $12.05

Jarden rates ((BEN)) as Neutral (3) –

Bendigo & Adelaide Bank’s FY24 profit was 1% above Jarden’s estimate but aided by lower bad debts and higher below-the-line
costs. Elsewhere, margins were stronger than expected, while credit quality remains benign.

Near-term margin resilience looks set to continue, the broker suggests, given a sound June Q starting point and optionality in cutting term deposit pricing to boost net interest margin, although mortgage competition is the swing factor.

Despite this, Jarden continues to forecast a sub-par return on equity of 7.5% versus an elevated valuation of 1x price to book value. Target rises to $11.20 from $10.20, Neutral retained.

This report was published on August 27, 2024.

Target price is $11.20 Current Price is $12.05 Difference: minus $0.85 (current price is over target).
If BEN meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $10.43, suggesting downside of -13.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 65.00 cents and EPS of 88.00 cents.
At the last closing share price the estimated dividend yield is 5.39%.
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 83.8, implying annual growth of -13.0%.
Current consensus DPS estimate is 64.3, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 66.00 cents and EPS of 87.00 cents.
At the last closing share price the estimated dividend yield is 5.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.9, implying annual growth of -1.1%.
Current consensus DPS estimate is 66.0, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 14.5.

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

BHP    BHP GROUP LIMITED

Bulks – Overnight Price: $40.77

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

BHP Group’s FY24 results revealed slight beats against consensus forecasts for underlying earnings (EBITDA) and profit. Higher group earnings were driven by an increase in copper equivalent production and higher commodity prices, explains Goldman Sachs.

Copper division earnings of US$8.6bn compared to the broker’s US$7.7bn estimate due to a strong cost beat at South Australia copper and a revenue beat at Escondida in Chile.

FY25 production guidance is unchanged with unit cost guidance broadly in line with Goldman’s forecast, implying an around 2% increase in unit costs. 

Medium-term capex guidance remains at US$11bn but will be reached by FY26 due to a higher spend on copper and items such as truck fleet replacement, explains the broker.

The US74c final dividend beat the broker’s US70c forecast.

The target rises to $49.10 from $48.40. Buy.

This report was published on August 28, 2024.

Target price is $49.10 Current Price is $40.77 Difference: $8.33
If BHP meets the Goldman Sachs target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $45.10, suggesting upside of 10.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 176.59 cents and EPS of 354.70 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 365.1, implying annual growth of N/A.
Current consensus DPS estimate is 198.8, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 172.02 cents and EPS of 344.04 cents.
At the last closing share price the estimated dividend yield is 4.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 344.5, implying annual growth of -5.6%.
Current consensus DPS estimate is 179.8, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 11.8.

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

BOQ    BANK OF QUEENSLAND LIMITED

Banks – Overnight Price: $6.32

Jarden rates ((BOQ)) as Neutral (3) –

Bank of Queensland has unveiled substantial changes to its business as part of its journey to become a simpler bank. The owner managed branch (OMB) distribution model will cease after 22 years as the bank buys back control.

Bank of Queensland aims for positive payback in four years. While this may be a sensible strategy, Jarden suggests, it will likely involve near-term disruption, revenue attrition and execution risks.

Meanwhile, the additional -$50m of gross cost-out is encouraging, the broker believes, and should aid the bank’s pivot to business banking. Overall, Jarden sees Bank of Queensland heading towards a multi-year recovery but the path is likely bumpy.

Target rises to $6.00 from $5.80, Neutral retained.

This report was published on August 23, 2024.

Target price is $6.00 Current Price is $6.32 Difference: minus $0.32 (current price is over target).
If BOQ meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.41, suggesting downside of -14.5%(ex-dividends)
The company’s fiscal year ends in August.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 32.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 5.06%.
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 43.7, implying annual growth of 129.2%.
Current consensus DPS estimate is 34.5, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 32.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 5.06%.
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 44.0, implying annual growth of 0.7%.
Current consensus DPS estimate is 35.6, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 14.4.

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

CEH    COAST ENTERTAINMENT HOLDINGS LIMITED

Travel, Leisure & Tourism – Overnight Price: $0.53

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

FY24 attendances for Coast Entertainment Attendances increased by 14% over FY23 despite weather impacts, notes Canaccord Genuity, and operating costs were well managed.

Theme Park earnings of $7.4m beat the broker’s $6m forecast while $48.1m of capex spending was materially higher than the $38m expected on higher maintenance capex and spending on growth projects.

July trading suggests to Canaccord a strong start to FY25.

Buy rating and unchanged target price of 60c.

This report was published on August 26, 2024.

Target price is $0.60 Current Price is $0.53 Difference: $0.07
If CEH meets the Canaccord Genuity target it will return approximately 13% (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 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 53.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.00.

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

CKF    COLLINS FOODS LIMITED

Food, Beverages & Tobacco – Overnight Price: $7.69

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

Volume growth has been lacklustre for a while at Collins Foods (May year-end), notes Canaccord Genuity, and the recent trading update suggests the trend continues.

Management is expecting an Australian margin headwind of between -150-180bps at the EBIT level in the 1H of FY25 due to weaker volumes and the inflationary backdrop.

The broker’s target falls to $7.70 from $9.20. Hold.

This report was published on August 26, 2024.

Target price is $7.70 Current Price is $7.69 Difference: $0.01
If CKF meets the Canaccord Genuity target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $9.46, suggesting upside of 23.1%(ex-dividends)
The company’s fiscal year ends in May.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 24.00 cents and EPS of 42.70 cents.
At the last closing share price the estimated dividend yield is 3.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.9, implying annual growth of -4.5%.
Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 16.8.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 29.50 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 3.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.4, implying annual growth of 27.2%.
Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 13.2.

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

CNU    CHORUS LIMITED

Telecommunication – Overnight Price: $7.96

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

Chorus delivered an in-line result on revenue and earnings, while FY25 guidance came in at $700-720m, below Jarden’s $721.5m, on modest cost growth. Gross capex guidance is higher but sustaining capex guidance is a touch under the broker’s forecasts.

Jarden sees upside to the dividend over the medium-term if greater competition does not eventuate and constrain Chorus. For now, the broker takes a cautious approach, waiting to see how 5G competition plays out for fibre penetration and pricing.

in the long term, Chorus remains constrained by the regulatory framework and its dividend profile will come under pressure from a reducing regulated asset base, the broker notes. Target rises to NZ$7.57 from NZ$7.17, Underweight retained.

This report was published on August 26, 2024.

Current Price is $7.96. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 53.03 cents and EPS of 5.90 cents.
At the last closing share price the estimated dividend yield is 6.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 134.85.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 54.23 cents and EPS of 14.39 cents.
At the last closing share price the estimated dividend yield is 6.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 55.32.

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

DRE    DREADNOUGHT RESOURCES LIMITED

Mining – Overnight Price: $0.02

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

Canaccord Genuity continues to believe neodymium (Nd) and praseodymium (Pr) pricing is at a cycle bottom and is more constructive on price increases into the end-2024 and 2025. However, shorter-term forecasts are marked-to-market and lowered.

The broker’s long-term pricing remains anchored to “incentive” levels of US$120/kg NdPr, and US$430/kg and US$1,600/kg, respectively, for dysprosium (Dy) and terbium (Tb).

For Dreadnought Resources, the target falls to 5c from 7c. Speculative Buy.

This report was published on August 26, 2024.

Target price is $0.05 Current Price is $0.02 Difference: $0.033
If DRE meets the Canaccord Genuity target it will return approximately 194% (excluding dividends, fees and charges).

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

EDV    ENDEAVOUR GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $5.34

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

Endeavour Group delivered a clean FY24 result, with earnings -2% below Jarden. Cash flow was strong and medium-term targets are unchanged. However, the trading update was a little softer, with retail and hotel sales below expectations.

Pleasingly, Endeavour continues to take market share and execute on its Endeavour One efficiency program, with likely upside risk to the cost-out target, the broker notes. Looking forward, the company reiterated its aspiration to deliver 10%-plus shareholder value into FY26.

Jarden also sees scope for positive earnings catalysts into FY26 and beyond from the property strategy, which should yield both sales and earnings uplifts, but also scope for higher cash injections.

Target falls to $6.00 from $6.30, Overweight retained.

This report was published on August 26, 2024.

Target price is $6.00 Current Price is $5.34 Difference: $0.66
If EDV meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $5.47, suggesting upside of 2.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 23.00 cents and EPS of 29.30 cents.
At the last closing share price the estimated dividend yield is 4.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.1, implying annual growth of 1.8%.
Current consensus DPS estimate is 21.4, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 23.00 cents and EPS of 31.30 cents.
At the last closing share price the estimated dividend yield is 4.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.3, implying annual growth of 7.6%.
Current consensus DPS estimate is 23.1, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 17.1.

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

EQT    EQT HOLDINGS LIMITED

Diversified Financials – Overnight Price: $30.60

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

EQT Holdings reported underlying profit up 14% year on year, in line with consensus, and earnings up 9%, driven by strong organic
growth in Corporate and Superannuation Trustee Services and achieving synergies from the Australian Executor Trustees acquisition.

This was achieved despite cost of doing business growth, Wilsons notes, and being adversely impacted by a large mandate loss in CSTS.

Looking ahead, EQT is well-placed to drive strong underlying profit growth with record low employee vacancy rates, revenue synergies, continued client mandate wins and a strong balance sheet and operating cash flow providing for M&A, Wilsons suggests.

The broker remains Overweight and believes the recent sell-off provides a compelling buying opportunity. Target falls to $33.50 from $33.90.

This report was published on August 26, 2024.

Target price is $33.50 Current Price is $30.60 Difference: $2.9
If EQT meets the Wilsons target it will return approximately 9% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 135.00 cents and EPS of 169.00 cents.
At the last closing share price the estimated dividend yield is 4.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.11.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 158.00 cents and EPS of 198.00 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 15.45.

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

EVT    EVT LIMITED

Travel, Leisure & Tourism – Overnight Price: $10.82

Jarden rates ((EVT)) as Buy (1) –

EVT Ltd delivered a 6% beat to expectations in FY24 at the EBIT line. Jarden is increasingly positive, given the material discount to NTA compared with historical levels.

Hotels continue to outperform, with two new additions during the second half and another four contracts signed. The cinema film slate is improving and with Thredbo performing well despite weak snowfalls a Buy rating is reiterated. Target edges up to $12.46 from $12.44.

This report was published on August 26, 2024.

Target price is $12.46 Current Price is $10.82 Difference: $1.64
If EVT meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 26.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 40.37.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 43.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.16.

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

FPH    FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices – Overnight Price: $33.01

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

Fisher & Paykel Healthcare’s update noted a good response to new product introductions in Hospital. The response to new products would be consistent with port data, Jarden notes, which shows a strong start to the year for key market North America.

New mask introductions are performing well and are likely to be a key underlying growth driver into the second half, management suggested.

Notwithstanding the strong start to the year and upgraded momentum, Jarden maintains Underweight on valuation grounds and believes the market is overpaying for the margin recovery as well as the long duration and quality top line prospects.

Target rises to NZ$27.50 from NZ$25.30.

This report was published on August 23, 2024.

Current Price is $33.01. Target price not assessed.
Current consensus price target is $23.06, suggesting downside of -30.2%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 39.20 cents and EPS of 59.40 cents.
At the last closing share price the estimated dividend yield is 1.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 55.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.9, implying annual growth of N/A.
Current consensus DPS estimate is 43.3, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 60.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 42.43 cents and EPS of 69.18 cents.
At the last closing share price the estimated dividend yield is 1.29%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 47.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.8, implying annual growth of 23.5%.
Current consensus DPS estimate is 49.4, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 48.7.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GDI    GDI PROPERTY GROUP

REITs – Overnight Price: $0.67

Moelis rates ((GDI)) as Buy (1) –

GDI Property delivered FY24 results that were ahead of Moelis estimates and the final distribution was consistent with guidance, at 2.5c.

The broker notes good progress has been made on leasing at 197 St George’s Terrace, WS1and WS2 which resulted in 12% uplift in property FFO in FY24 that should produce a benefit for FY25.

Moelis believes, as direct market activity increases there is scope for selling or introducing capital partners to assets, which should be a catalyst. Target edges down to $0.98 from $1.00. Buy rating.

This report was published on August 26, 2024.

Target price is $0.98 Current Price is $0.67 Difference: $0.31
If GDI meets the Moelis target it will return approximately 46% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 5.00 cents and EPS of 6.40 cents.
At the last closing share price the estimated dividend yield is 7.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.47.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 5.50 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 8.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.38.

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

GNP    GENUSPLUS GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $2.34

Moelis rates ((GNP)) as Buy (1) –

GenusPlus Group provided “good growth” across key metrics in FY24 as Moelis notes results were broadly in line with upgraded guidance. FY25 guidance implies sustained momentum with the company expected to deliver 20% EBITDA growth.

The broker upgrades its estimates for FY25 and FY26 by 9% and maintains a Buy rating. Confidence is drawn from the increased recurring revenue profile, supported by the order book and large pipeline. Target is raised to $2.78 from $2.17.

This report was published on August 26, 2024.

Target price is $2.78 Current Price is $2.34 Difference: $0.44
If GNP meets the Moelis target it will return approximately 19% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 2.70 cents and EPS of 14.90 cents.
At the last closing share price the estimated dividend yield is 1.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.70.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 2.90 cents and EPS of 15.90 cents.
At the last closing share price the estimated dividend yield is 1.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.72.

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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.62

Moelis rates ((GOR)) as Buy (1) –

Gold Road Resources delivered an underlying first half result that was better than Moelis expected, largely because of a reallocation of expenditure.

Going forward incorporating the result means higher estimates for 2024 earnings through a reduction in amortisation unit rates, while other financing cash flow that was previously classified as operating is moved to financing.

There is fundamental support for the stock, with the broker pointing out it has failed to capture the upside in the gold price over the last six months. Buy rating retained. Target is $2.10.

This report was published on August 26, 2024.

Target price is $2.10 Current Price is $1.62 Difference: $0.475
If GOR meets the Moelis target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $1.99, suggesting upside of 22.3%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 1.90 cents and EPS of 10.10 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.0, implying annual growth of 2.5%.
Current consensus DPS estimate is 1.6, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 2.50 cents and EPS of 17.30 cents.
At the last closing share price the estimated dividend yield is 1.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of 48.2%.
Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 10.0.

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

GYG    GUZMAN Y GOMEZ LIMITED

Food, Beverages & Tobacco – Overnight Price: $35.50

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

Guzman y Gomez reported a “strong” FY24 result according to Wilsons which were ahead of the prospectus guidance.

In FY25 the broker anticipates the company will again achieve its forecasts including net new store openings, ongoing same store sales growth, restaurant margin expansion and good cost management.

Net cash of $295m was 10% higher than estimates due to stronger operating cashflows.

Wilsons remain Overweight and lift the target price to $41.14 from $31.98.

This report was published on August 28, 2024.

Target price is $41.14 Current Price is $35.50 Difference: $5.64
If GYG meets the Wilsons target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $35.73, suggesting upside of 0.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 16.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 212.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 417.6.

Forecast for FY26:

Wilsons forecasts a full year FY26 EPS of 25.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 142.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.0, implying annual growth of 217.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 131.5.

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

HAS    HASTINGS TECHNOLOGY METALS LIMITED

Rare Earth Minerals – Overnight Price: $0.28

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

Canaccord Genuity continues to believe neodymium (Nd) and praseodymium (Pr) pricing is at a cycle bottom and is more constructive on price increases into the end-2024 and 2025. However, shorter-term forecasts are marked-to-market and lowered.

The broker’s long-term pricing remains anchored to “incentive” levels of US$120/kg NdPr, and US$430/kg and US$1,600/kg, respectively, for dysprosium (Dy) and terbium (Tb).

For Hastings Technology Metals, the broker’s target falls to 35c from $2.20 on updated capex forecasts, timeline revisions, equity dilution from recent capital raisings and revised project risking (financing uncertainty). Speculative Buy.

This report was published on August 26, 2024.

Target price is $0.35 Current Price is $0.28 Difference: $0.075
If HAS meets the Canaccord Genuity target it will return approximately 27% (excluding dividends, fees and charges).

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

IDX    INTEGRAL DIAGNOSTICS LIMITED

Medical Equipment & Devices – Overnight Price: $2.60

Wilsons rates ((IDX)) as Upgrade to Overweight from Market Weight (1) –

Integral Diagnostics is upgraded to Overweight from Market Weight with a revised target price of $2.88.

Wilsons like the merger with Capitol Health ((CAJ)) and view it is a win for all shareholders.

FY24 revenue was a slight miss on Wilsons’ forecast, due to an uptake in market share and cost-out initiatives. The broker sees an improved pathway to 21%-22% margins after $1m in savings.

Overweight. Target $2.88.

This report was published on August 28, 2024.

Target price is $2.88 Current Price is $2.60 Difference: $0.28
If IDX meets the Wilsons target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $2.49, suggesting downside of -4.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 7.30 cents and EPS of 10.40 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.7, implying annual growth of N/A.
Current consensus DPS estimate is 30.2, implying a prospective dividend yield of 11.6%.
Current consensus EPS estimate suggests the PER is 24.3.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 9.00 cents and EPS of 12.90 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 20.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 42.1%.
Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 17.1.

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

ILU    ILUKA RESOURCES LIMITED

Mineral Sands – Overnight Price: $6.16

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

Canaccord Genuity continues to believe neodymium (Nd) and praseodymium (Pr) pricing is at a cycle bottom and is more constructive on price increases into the end-2024 and 2025. However, shorter-term forecasts are marked-to-market and lowered.

The broker’s long-term pricing remains anchored to “incentive” levels of US$120/kg NdPr, and US$430/kg and US$1,600/kg, respectively, for dysprosium (Dy) and terbium (Tb).

For Iluka Resources, the broker’s Hold rating and $6.30 target are maintained.

This report was published on August 26, 2024.

Target price is $6.30 Current Price is $6.16 Difference: $0.14
If ILU meets the Canaccord Genuity target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $7.15, suggesting upside of 16.1%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 8.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.9, implying annual growth of -30.5%.
Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 70.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.6, implying annual growth of 22.7%.
Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 9.0.

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

ING    INGHAMS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $3.11

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

Inghams Group delivered a FY24 EBITDA result that was in line with expectations and up 31%. Jarden notes the quality was strong and costs well-controlled with cash conversion of 98%.

The focus was on the Woolworths contract, renegotiated at what appears to be a regional basis. This will have a negative impact on volumes in FY25/26.

The company is guiding to up to a 5% lift in EBITDA, which the broker considers a great outcome given the volume and fixed costs related to the Woolworths contract. Overweight retained. Target is reduced to $3.65 from $3.95.

This report was published on August 23, 2024.

Target price is $3.65 Current Price is $3.11 Difference: $0.54
If ING meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $3.45, suggesting upside of 11.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 19.60 cents and EPS of 27.90 cents.
At the last closing share price the estimated dividend yield is 6.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of -30.8%.
Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 20.30 cents and EPS of 28.80 cents.
At the last closing share price the estimated dividend yield is 6.53%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.9, implying annual growth of 26.5%.
Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 13.0.

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

JIN    JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $13.80

Jarden rates ((JIN)) as Upgrade to Overweight from Underweight (2) –

Jumbo Interactive delivered on guidance in FY24, with underlying EBITDA of $79.3m in line with Jarden. The broker lowers estimates for FY25 by -3.6%, largely driven by the smallest managed services segment of the business.

The broker notes the company has made efforts to reset and strengthen its offshore base before pursuing future growth. Guidance takes into consideration a normalisation of jackpots which appears conservative.

The share price response to the results, down -16%, appears overdone and Jarden increases the rating to Overweight from Underweight. Target is reduced to $14.70 from $15.20.

This report was published on August 24, 2024.

Target price is $14.70 Current Price is $13.80 Difference: $0.9
If JIN meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $16.47, suggesting upside of 19.3%(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 67.70 cents.
At the last closing share price the estimated dividend yield is 3.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.6, implying annual growth of 6.9%.
Current consensus DPS estimate is 57.4, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 57.30 cents and EPS of 76.40 cents.
At the last closing share price the estimated dividend yield is 4.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.5, implying annual growth of 10.7%.
Current consensus DPS estimate is 63.1, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 16.9.

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

JLG    JOHNS LYNG GROUP LIMITED

Building Products & Services – Overnight Price: $3.75

Moelis rates ((JLG)) as Buy (1) –

Johns Lyng reported FY24 results below expectations with a -7% miss on revenue.

Overall “benign” weather impacted the business and notably the Express Builders division,

Management offered a more moderate FY25 outlook suggesting tougher conditions than in previous years. CAT revenue in hand is noticeably lower than historically, the broker highlights. The US business is showing signs of re-accelerating.

Moelis cuts EPS forecasts by -14.7% and -8.9% for FY25/FY26, respectively,

Buy rating with a $5.03 target price.

This report was published on August 28, 2024.

Target price is $5.03 Current Price is $3.75 Difference: $1.28
If JLG meets the Moelis target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $5.23, suggesting upside of 39.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 10.30 cents and EPS of 20.50 cents.
At the last closing share price the estimated dividend yield is 2.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.5, implying annual growth of 6.7%.
Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 12.30 cents and EPS of 24.50 cents.
At the last closing share price the estimated dividend yield is 3.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.1, implying annual growth of 14.1%.
Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 17.8.

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

KGN    KOGAN.COM LIMITED

Retailing – Overnight Price: $4.71

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

FY24 results from Kogan.com were largely pre-announced. A strong trading update in July was a surprise to Jarden, with EBITDA up 53% and sales returning to growth after 10 consecutive quarters of declines.

The broker remains concerned about the growing threat from Amazon, particularly given FY24 EBITDA only grew through subscription memberships.

Along with poor disclosure and several ongoing governance concerns the broker reiterates an Underweight rating. Outer year forecasts are also reduced amid concerns the company is losing market share. Target is raised to $4.70 from $4.30.

This report was published on August 27, 2024.

Target price is $4.70 Current Price is $4.71 Difference: minus $0.01 (current price is over target).
If KGN 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 $6.90, suggesting upside of 46.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 24.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.2, implying annual growth of N/A.
Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 27.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.1, implying annual growth of -20.2%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 19.5.

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

LBL    LASERBOND LIMITED

Mining Sector Contracting – Overnight Price: $0.59

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

Laserbond’s FY24 gross margin of 52% came in below Canaccord Genuity’s forecast for 53% driven by a lower gross margin in the Services segment. Revenue growth slowed to 11% year-on-year for this segment in the 2H from 15% in the 1H.

Products Division revenues did not catch up to the extent the broker had anticipated in the 2H, due to lingering problems with raw material supply from the 1H.

The underperformance by the Products segment is the main reason for the broker’s new target of $1.10, down from $1.25. The Buy rating is unchanged.

This report was published on August 26, 2024.

Target price is $1.10 Current Price is $0.59 Difference: $0.51
If LBL meets the Canaccord Genuity target it will return approximately 86% (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 1.70 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.83.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 1.80 cents and EPS of 7.80 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 7.56.

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

LFG    LIBERTY FINANCIAL GROUP LIMITED

Diversified Financials – Overnight Price: $3.41

Jarden rates ((LFG)) as Neutral (3) –

The FY24 result from Liberty Financial missed Jarden’s expectations at the net profit line, largely because of a weaker net interest margin. Second half loan losses rose 15%, affected by the continued shift in mix towards higher risk loan books.

While arrears rose substantially, the broker is encouraged the increase was mainly customers seeking repayment variations.

Going forward loan losses are expected to normalise in FY25, amid further growth away from mortgages and likely deterioration in the asset finance book. Neutral retained. Target is reduced to $3.75 from $4.00.

This report was published on August 26, 2024.

Target price is $3.75 Current Price is $3.41 Difference: $0.34
If LFG meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 26.00 cents and EPS of 47.00 cents.
At the last closing share price the estimated dividend yield is 7.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.26.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 29.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 8.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.43.

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

LIN    LINDIAN RESOURCES LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $0.12

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

Canaccord Genuity continues to believe neodymium (Nd) and praseodymium (Pr) pricing is at a cycle bottom and is more constructive on price increases into the end-2024 and 2025. However, shorter-term forecasts are marked-to-market and lowered.

The broker’s long-term pricing remains anchored to “incentive” levels of US$120/kg NdPr, and US$430/kg and US$1,600/kg, respectively, for dysprosium (Dy) and terbium (Tb).

For Lindian Resources, the broker’s target falls to 45c from 50c. Speculative Buy.

This report was published on August 26, 2024.

Target price is $0.45 Current Price is $0.12 Difference: $0.335
If LIN meets the Canaccord Genuity target it will return approximately 291% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.50.

Forecast for FY25:

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

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

LOV    LOVISA HOLDINGS LIMITED

Retailing – Overnight Price: $31.09

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

Lovisa Holdings’ FY24 results disappointed the market with a -1% miss against consensus, Wilsons note, including net new stores of 99 below 113 expected.

The softer than anticipated FY25 trading update was the main cause for investor concern, with like-for-like sales up 2% in the first eight weeks.

No guidance was offered. Management alluded to a wide range of new stores between 100-200 in FY25 with Wilsons pointing to a strong balance sheet allowing for growth prospects.

Earnings forecasts are revised down -12% and -13% for FY25/FY26, respectively from slower revenue growth and higher depreciation/amortisation charges.

Overweight rating. Target rises 4% to $35.50 on multiple expansion.

This report was published on August 28, 2024.

Target price is $35.50 Current Price is $31.09 Difference: $4.41
If LOV meets the Wilsons target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $32.36, suggesting upside of 4.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 87.00 cents and EPS of 103.60 cents.
At the last closing share price the estimated dividend yield is 2.80%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.3, implying annual growth of 26.4%.
Current consensus DPS estimate is 83.3, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 32.6.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 113.30 cents and EPS of 134.90 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 23.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 117.9, implying annual growth of 23.7%.
Current consensus DPS estimate is 99.5, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 26.4.

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

LRK    LARK DISTILLING CO. LIMITED

Food, Beverages & Tobacco – Overnight Price: $0.96

Moelis rates ((LRK)) as Hold (3) –

Moelis observes FY24 results for Lark Distilling Co were broadly in line with expectations including a 2.5m litre whiskey bank.

The company made a $21.5m institutional share placement on July 29 with a $3.5m share placement.

With a de-risked balance sheet, the company is expected to start generating sale growth through improved distribution and sales channels.

Moelis expects peak cash burn in FY25 to support the 50% net sales to export markets by FY27 and reaching cashflow breakeven the same financial year.

Target price $1. Hold rating.

This report was published on August 28, 2024.

Target price is $1.00 Current Price is $0.96 Difference: $0.035
If LRK meets the Moelis target it will return approximately 4% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 6.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 14.85.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 4.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.98.

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

LYC    LYNAS RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $7.06

Canaccord Genuity rates ((LYC)) as Upgrade to Buy from Hold (1) –

Canaccord Genuity continues to believe neodymium (Nd) and praseodymium (Pr) pricing is at a cycle bottom and is more constructive on price increases into the end-2024 and 2025. However, shorter-term forecasts are marked-to-market and lowered.

The broker’s long-term pricing remains anchored to “incentive” levels of US$120/kg NdPr, and US$430/kg and US$1,600/kg, respectively, for dysprosium (Dy) and terbium (Tb).

For Lynas Rare Earths, the broker’s target rises to $7.15 from $6.25. The rating is upgraded to Buy from Hold to reflect updated reserves, inclusion of separated Dy/Tb, minor increases in NdPr production in FY25 and revisions to modelled production costs.

This report was published on August 26, 2024.

Target price is $7.15 Current Price is $7.06 Difference: $0.09
If LYC meets the Canaccord Genuity target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $6.74, suggesting downside of -4.5%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 19.3, implying annual growth of 113.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 36.6.

Forecast for FY26:

Current consensus EPS estimate is 50.8, implying annual growth of 163.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.9.

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

MEI    METEORIC RESOURCES NL

Gold & Silver – Overnight Price: $0.10

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

Canaccord Genuity continues to believe neodymium (Nd) and praseodymium (Pr) pricing is at a cycle bottom and is more constructive on price increases into the end-2024 and 2025. However, shorter-term forecasts are marked-to-market and lowered.

The broker’s long-term pricing remains anchored to “incentive” levels of US$120/kg NdPr, and US$430/kg and US$1,600/kg, respectively, for dysprosium (Dy) and terbium (Tb).

For Meteoric Resources, the broker’s target falls to 40c from 45c. Speculative Buy.

This report was published on August 26, 2024.

Target price is $0.40 Current Price is $0.10 Difference: $0.3
If MEI meets the Canaccord Genuity target it will return approximately 300% (excluding dividends, fees and charges).
Current consensus price target is $0.32, suggesting upside of 220.0%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is -0.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Current consensus EPS estimate is -1.3, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

MMS    MCMILLAN SHAKESPEARE LIMITED

Vehicle Leasing & Salary Packaging – Overnight Price: $15.85

Canaccord Genuity rates ((MMS)) as Downgrade to Hold from Buy (3) –

While McMillan Shakespeare revealed a “strong” (in-line with consensus) FY24 result, in Canaccord Genuity’s view, the broker’s rating is downgraded to Hold from Buy.

Key positives, according to the analyst, were strong cashflows leading to an increased net corporate cash position of $86.8m, along with
the Group Remuneration Services (GRS) EBITDA margin holding at around 45%.

The broker lacks some conviction around the short-term earnings outlook and slightly reduces novated lease yields forecasts, and, by extension, margins within GRS for FY25.

The target falls to $18.50 from $21.80.

This report was published on August 28, 2024.

Target price is $18.50 Current Price is $15.85 Difference: $2.65
If MMS meets the Canaccord Genuity target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $20.17, suggesting upside of 27.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 138.50 cents and EPS of 129.70 cents.
At the last closing share price the estimated dividend yield is 8.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 141.7, implying annual growth of 18.1%.
Current consensus DPS estimate is 143.7, implying a prospective dividend yield of 9.1%.
Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 148.50 cents and EPS of 150.30 cents.
At the last closing share price the estimated dividend yield is 9.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 148.5, implying annual growth of 4.8%.
Current consensus DPS estimate is 149.4, implying a prospective dividend yield of 9.4%.
Current consensus EPS estimate suggests the PER is 10.7.

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

MPL    MEDIBANK PRIVATE LIMITED

Insurance – Overnight Price: $3.86

Jarden rates ((MPL)) as Neutral (3) –

FY24 underlying operating profit from Medibank Profit slightly beat Jarden’s expectations. A miss in resident health insurance policy growth was mitigated by softer claims.

Going forward, the broker expects the margin will be supported by a benign claims outlook along with a shift towards higher-margin non-resident business. As the stock offers modest value upside a Neutral rating is retained. Target is raised to $3.95 from $3.85.

This report was published on August 23, 2024.

Target price is $3.95 Current Price is $3.86 Difference: $0.09
If MPL meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.03, suggesting upside of 4.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 18.00 cents and EPS of 22.50 cents.
At the last closing share price the estimated dividend yield is 4.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.8, implying annual growth of 16.3%.
Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 18.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 19.20 cents and EPS of 22.40 cents.
At the last closing share price the estimated dividend yield is 4.97%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.1, implying annual growth of 6.3%.
Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 17.5.

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

MXI    MAXIPARTS LIMITED

Automobiles & Components – Overnight Price: $1.85

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

FY24 underlying profit (NPBT) of $10.3m for MaxiPARTS came in ahead of the guidance range of $9.6-10.1m in a year of acquisition-led expansion, highlights Canaccord Genuity.

The performance of recently acquired WA-based Independent Parts and Forch Australia in Brisbane met expectations, notes the broker.

Cash flow conversion rebounded strongly in the 2H, and the analyst expects the FY25 net debt position will improve to $5.1m from $15.9m in FY24.

Buy rating retained and the target lowered to $2.50 from $2.62.

This report was published on August 26, 2024.

Target price is $2.50 Current Price is $1.85 Difference: $0.65
If MXI meets the Canaccord Genuity target it will return approximately 35% (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 6.60 cents and EPS of 15.50 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.94.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 7.90 cents and EPS of 18.80 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.84.

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

MYX    MAYNE PHARMA GROUP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $5.25

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

Mayne Pharma reported FY24 revenue in line with Wilsons while margins were a beat.

FY24 was a pivotal year in Mayne Pharma’s business, Wilsons suggests, with a streamlined focus in higher value markets,
demonstrating an ability to claw back revenue and gross profit growth, as well as early evidence of operating leverage.

Management has also worked hard to clean up’ Mayne’s cash flow and accounting, which is a positive development providing the market with more confidence in forecasting and the company’s self-funding ability.

Wilsons retains Overweight with revised target of $5.93.

This report was published on August 26, 2024.

Target price is $5.93 Current Price is $5.25 Difference: $0.68
If MYX meets the Wilsons target it will return approximately 13% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 22.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 23.65.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 5.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 99.06.

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

NAN    NANOSONICS LIMITED

Medical Equipment & Devices – Overnight Price: $3.23

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

Nanosonics released FY24 results in line with the July trading update. Canaccord Genuity notes North American volumes improved in the 2H. It’s thought Hospital capex budgets have recovered.

Management reiterated Coris timelines and was optimistic on the International new installed base growth in the longer-term to 1,000 new units per year on improving fundamentals for automated disinfection.

FY25 guidance was in line with expectations, with management anticipating the gross margin will return to the historic 77-79% range.

The target rises to $3.12 from $2.83. The Hold rating is unchanged.

This report was published on August 28, 2024.

Target price is $3.12 Current Price is $3.23 Difference: minus $0.11 (current price is over target).
If NAN meets the Canaccord Genuity target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.40, suggesting upside of 5.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 EPS of 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 107.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.4, implying annual growth of 2.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 73.4.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of 4.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 65.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.0, implying annual growth of 36.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 53.8.

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

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

Wilsons continues to remind investors, the approval of CORIS FDA would lift the target price on Nanosonics to $6.33 with the possible approval April next year.

Regarding FY24 results most of the financials were pre-released. The analyst highlights a recovery in 2H capital sales ex APAC and a notable increase in service revenue where there is robust upgrade activity.

The company has $130m in net cash and is well funded to launch CORIS, increase Trophon franchise growth and possibly undertake M&A.

The Overweight rating is maintained with a $4 target.

This report was published on August 28, 2024.

Target price is $4.00 Current Price is $3.23 Difference: $0.77
If NAN meets the Wilsons target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $3.40, suggesting upside of 5.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 100.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.4, implying annual growth of 2.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 73.4.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 82.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.0, implying annual growth of 36.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 53.8.

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

NHF    NIB HOLDINGS LIMITED

Insurance – Overnight Price: $6.26

Jarden rates ((NHF)) as Neutral (3) –

A lift in claims inflation in A&NZ resulted in a -10% net profit miss for nib Holdings, according to Jarden.

The company experienced lower margins for Australian residents health insurance from a rebound in hospital activity against 2.5% growth in policyholders.

In FY25 management expects inflation to moderate, costs to come under control but the broker is cautious on hospital negotiation pressures as well as cost of living/political pressures.

Jarden revises EPS forecasts by -9.3% in FY25 and -16.8% in FY26.

No change to Neutral rating. Target falls to $6.25 from $8.

This report was published on August 26, 2024.

Target price is $6.25 Current Price is $6.26 Difference: minus $0.01 (current price is over target).
If NHF 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 $7.21, suggesting upside of 15.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 27.00 cents and EPS of 43.10 cents.
At the last closing share price the estimated dividend yield is 4.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.9, implying annual growth of 14.5%.
Current consensus DPS estimate is 29.7, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 27.00 cents and EPS of 40.90 cents.
At the last closing share price the estimated dividend yield is 4.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.8, implying annual growth of 11.2%.
Current consensus DPS estimate is 32.5, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 12.8.

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

NXT    NEXTDC LIMITED

Cloud services – Overnight Price: $16.95

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

Goldman Sachs assesses a “strong” FY24 result for NextDC with a 5% earnings (EBITDA) beat though capex of $938m exceeded the broker’s $883m forecast.

Reported pricing of $4.88m/MW was an 8% rise on the previous corresponding period. Ex power, this growth looks to be around 7%, note the analysts.

More negatively, FY25 guidance for net revenue and earnings missed the broker’s forecasts by -3% and -4%, respectively, with management noting a slower ramp for the order-book, notes Goldman Sachs.

The Buy rating and $19 target are maintained.

This report was published on August 28, 2024.

Target price is $19.00 Current Price is $16.95 Difference: $2.05
If NXT meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $19.98, suggesting upside of 17.8%(ex-dividends)

Forecast for FY25:

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

Forecast for FY26:

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

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

PAN    PANORAMIC RESOURCES LIMITED

Nickel – Overnight Price: $0.04

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

Canaccord Genuity will cease coverage of Panoramic Resources following the company’s voluntary de-listing.

This report was published on August 26, 2024.

Current Price is $0.04. Target price not assessed.

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

PFP    PROPEL FUNERAL PARTNERS LIMITED

Consumer Products & Services – Overnight Price: $6.10

Moelis rates ((PFP)) as Hold (3) –

Propel Funeral Partners reported FY24 slightly at the lower end of guidance according to Moelis with no guidance offered for FY25.

Total funeral volumes rose 20% year-on-year although organic volumes declined by -6%, with average revenue per funeral up 5.5%.

July revenue growth has come in at 20% with higher total volumes, including acquisitions and funeral volumes and revenue per funeral.

Target price rises to $6.01 from $5.64. Hold rating unchanged.

This report was published on August 28, 2024.

Target price is $6.01 Current Price is $6.10 Difference: minus $0.09 (current price is over target).
If PFP 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 $6.50, suggesting upside of 6.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 13.60 cents and EPS of 19.50 cents.
At the last closing share price the estimated dividend yield is 2.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.6, implying annual growth of 38.4%.
Current consensus DPS estimate is 15.4, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 31.1.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 15.00 cents and EPS of 21.40 cents.
At the last closing share price the estimated dividend yield is 2.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.9, implying annual growth of 6.6%.
Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 29.2.

Market Sentiment: 0.9
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: $2.97

Jarden rates ((PLS)) as Buy (1) –

Jarden believes consensus underestimated corporate costs in FY24 which meant Pilbara Minerals delivered earnings slightly below market expectations.

The broker assesses EBITDA was 1% above its expectations but -8% below consensus. Notably the company generated good cash flow despite the falling lithium price.

The $1bn revolving credit facility boosts an already robust balance sheet.

Buy rating and $3.70 unchanged.

This report was published on August 26, 2024.

Target price is $3.70 Current Price is $2.97 Difference: $0.73
If PLS meets the Jarden target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $2.88, suggesting downside of -3.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.4, implying annual growth of -48.5%.
Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 67.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 11.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of 222.7%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 20.9.

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

PLY    PLAYSIDE STUDIOS LIMITED

Gaming – Overnight Price: $0.61

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

There were no material surprises within FY24 results for Playside Studios due to the recent July trading up-date, explains Canaccord Genuity.

The broker points out Playside now enters a well flagged “development period” which will see a step-up for capex, and management reiterated all existing projects can be funded on balance sheet.

The Buy rating and $1.05 target are unchanged.

This report was published on August 26, 2024.

Target price is $1.05 Current Price is $0.61 Difference: $0.44
If PLY meets the Canaccord Genuity target it will return approximately 72% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.50.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 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 30.50.

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

PPS    PRAEMIUM LIMITED

Wealth Management & Investments – Overnight Price: $0.55

Moelis rates ((PPS)) as Buy (1) –

Praemium delivered a better-than-expected FY24 result with Moelis noting earnings will return to growth in FY25.

The broker upgrades FY25 and FY26 EPS estimates by 16.2% and 7.7%, respectively, driven by increasing platform margins and modest increases in pricing.

Major cost growth is now behind the business, opening the door to operating leverage, the broker adds. Buy rating. Target is raised to $0.75 from $0.67.

This report was published on August 26, 2024.

Target price is $0.75 Current Price is $0.55 Difference: $0.205
If PPS meets the Moelis target it will return approximately 38% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 1.00 cents and EPS of 2.60 cents.
At the last closing share price the estimated dividend yield is 1.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.96.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 1.20 cents and EPS of 3.10 cents.
At the last closing share price the estimated dividend yield is 2.20%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.58.

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

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

It was a much-improved second half result for Praemium, comfortably beating Wilsons, and sets the scene well for FY25 as the annualisation benefits of recently enacted SMA price increases and more diligent cost-growth offers all the ingredients for an acceleration in earnings growth.

Formal guidance wasn’t provided, but virtual managed accounts will see price increases through the close of FY25 and set to fully benefit through FY26, the broker notes.

This, coupled with diligent cost growth and extraction of OneVue synergies, Wilsons expects should return Praemium to more than 30% earnings margins over the next few years. Execution is key.

Overweight retained, target revised to 73c.

This report was published on August 26, 2024.

Target price is $0.73 Current Price is $0.55 Difference: $0.185
If PPS meets the Wilsons target it will return approximately 34% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 2.10 cents and EPS of 3.60 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.14.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 2.60 cents and EPS of 4.40 cents.
At the last closing share price the estimated dividend yield is 4.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.39.

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

PSI    PSC INSURANCE GROUP LIMITED

Insurance – Overnight Price: $6.11

Jarden rates ((PSI)) as Neutral (3) –

PSC Insurance reported underlying net profit for FY24 at the upper end of guidance and ahead of Jarden’s estimates. The broker notes the offer from Ardonagh will proceed to a shareholder vote on September 26.  Estimates for FY25-27 EPS are lifted by 3.6%.

As the stock is expected to trade on the news flow regarding the takeover instead of fundamentals the target is set at $6.19, in line with the offer price. Neutral.

This report was published on August 23, 2024.

Target price is $6.19 Current Price is $6.11 Difference: $0.08
If PSI meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $5.96, suggesting downside of -2.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 16.00 cents and EPS of 26.30 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.6, implying annual growth of 55.7%.
Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 24.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 18.00 cents and EPS of 27.90 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of 9.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 22.7.

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

RDY    READYTECH HOLDINGS LIMITED

Software & Services – Overnight Price: $3.14

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

ReadyTech Holdings reported a slightly lower than expected FY24 earnings due to a $1m revenue miss according to Wilsons.

Management’s outlook came in below the analyst’s “bullish” expectations with the timing of deals impacting, although it does appear around three deferred deals form 1H24 will come on board in FY25.

Wilsons also expects larger deals across Education, Local Government and Justice.

EPS forecasts fall between -12% to -15% for FY25/FY27.

Overweight. Target price $3.74.

This report was published on August 28, 2024.

Target price is $3.74 Current Price is $3.14 Difference: $0.6
If RDY meets the Wilsons target it will return approximately 19% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 15.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.75.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 20.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.47.

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

REG    REGIS HEALTHCARE LIMITED

Aged Care & Seniors – Overnight Price: $5.13

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

Post the change in analyst coverage, the earnings model for Regis Healthcare has been updated following the “solid” FY24 results.

Jarden sees the biggest earnings driver coming from the Taskforce recommendations that will be adopted into the Aged Care Act, which would allow providers to keep a portion of “refundable accommodation deposit”.

The broker lifts EPS forecasts by 31.7% and 40.2% for FY25/FY26, respectively because of higher revenue estimates, lower staff expenses, net interest income and completion of its Toowong facility in FY25.

Buy rating remains. Target price moves to $4.46 from $3.64.

This report was published on August 26, 2024.

Target price is $4.46 Current Price is $5.13 Difference: minus $0.67 (current price is over target).
If REG meets the Jarden target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 4.00 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 0.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.17.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 6.00 cents and EPS of 22.40 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.90.

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

RUL    RPMGLOBAL HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $2.66

Moelis rates ((RUL)) as Buy (1) –

RPMGlobal reported FY24 results which were in line with the recent trading update and Moelis’ expectations.

Management pointed to another strong year for the Advisory business with strong growth in America. Other divisions like AMT.XECUTE and ShiftManager are also expected to perform well.

Post FY25 guidance, Moelis earnings forecast remain largely unchanged.

Buy rated with $2.82 target price.

This report was published on August 28, 2024.

Target price is $2.82 Current Price is $2.66 Difference: $0.16
If RUL meets the Moelis target it will return approximately 6% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 51.15.

Forecast for FY26:

Moelis forecasts a full year FY26 EPS of 7.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 36.44.

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

SHL    SONIC HEALTHCARE LIMITED

Healthcare services – Overnight Price: $27.68

Jarden rates ((SHL)) as Neutral (3) –

FY24 EBITDA from Sonic Healthcare was in line with guidance provided in May. FY25 EBITDA guidance was reiterated at $1.70-1.75bn, yet items below this line drive Jarden’s net profit downgrade of -6.3%. The FY26 net profit forecast is also reduced by -9.6%.

The broker envisages limited upside for the stock on valuation grounds over the next 12 months and retains a Neutral rating. Target is lowered to $25.88 from $26.19.

While the dividend payout ratio was lifted to 99% it will need to be kept close to 100% to maintain the company’s strategy in light of increasing interest and D&A, Jarden adds.

This report was published on August 23, 2024.

Target price is $25.88 Current Price is $27.68 Difference: minus $1.8 (current price is over target).
If SHL meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $28.92, 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 103.00 cents and EPS of 108.00 cents.
At the last closing share price the estimated dividend yield is 3.72%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.3, implying annual growth of 12.1%.
Current consensus DPS estimate is 107.3, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 23.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 108.20 cents and EPS of 130.70 cents.
At the last closing share price the estimated dividend yield is 3.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 127.7, implying annual growth of 6.2%.
Current consensus DPS estimate is 109.0, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 21.7.

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

SLH    SILK LOGISTICS HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $1.46

Moelis rates ((SLH)) as Buy (1) –

Higher depreciation and interest charges underpinned a FY24 net profit miss for Silk Logistics,

Moelis highlights revenue growth was helped by the Secon acquisition and represented most of the top line growth. 

New business wins came in at $44.1m with an increase in trading customers.

In FY25 management are looking to organic growth from new business wins and a larger share of the customer wallet.

Moelis cuts the EPS forecasts for higher depreciation charges and interest costs.

Target price falls to $1.67 from $1.87. Buy rating unchanged.

This report was published on August 28, 2024.

Target price is $1.67 Current Price is $1.46 Difference: $0.215
If SLH meets the Moelis target it will return approximately 15% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 3.50 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 2.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.33.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 4.40 cents and EPS of 14.60 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.97.

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

SNL    SUPPLY NETWORK LIMITED

Automobiles & Components – Overnight Price: $29.13

Moelis rates ((SNL)) as Buy (1) –

Supply Network pre-reported FY24 revenue net profit and a final dividend in late July so there were no surprises for Moelis.

The company envisages ample scope for growing revenue and market share in FY25, noting its upgrade to the ERP system is progressing well and will be completed in the first half of FY26.

Moelis does not incorporate any gross profit margin benefits from new sourcing initiatives so acknowledges this could provide further upside to FY25-26 estimates.

The stock appears expensive yet with strong return metrics and plenty of room for organic growth the broker still finds it attractive and retains a Buy rating. Target is $30.50.

This report was published on August 26, 2024.

Target price is $30.50 Current Price is $29.13 Difference: $1.37
If SNL meets the Moelis target it will return approximately 5% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 61.60 cents and EPS of 89.30 cents.
At the last closing share price the estimated dividend yield is 2.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.62.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 70.20 cents and EPS of 100.30 cents.
At the last closing share price the estimated dividend yield is 2.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.04.

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

SPK    SPARK NEW ZEALAND LIMITED

Telecommunication – Overnight Price: $3.33

Jarden rates ((SPK)) as Neutral (3) –

The inclusion of meaningful low-quality “other” gains to hit bottom-end earnings guidance took the shine off Spark New Zealand’s already weak results, Jarden suggests, with telco performance below the expectations set at the April downgrade.

Significant cost-out initiatives mean there is not a flow-on impact on the FY25 outlook – yet. There are risks in both stabilisation of the IT services business and 3% Mobile service revenue growth given momentum and the macro environment, the broker warns.

Jarden continues to call out a credibility issue with the dividend, with sustained investment over and above maintenance levels. The broker retains Neutral given heightened risks on earnings and the balance sheet. Target falls to NZ$4.28 from NZ$4.67.

This report was published on August 23, 2024.

Current Price is $3.33. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 25.36 cents and EPS of 18.08 cents.
At the last closing share price the estimated dividend yield is 7.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.42.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 25.36 cents and EPS of 20.20 cents.
At the last closing share price the estimated dividend yield is 7.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.49.

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

THL    TOURISM HOLDINGS LIMITED

Travel, Leisure & Tourism – Overnight Price: $1.90

Wilsons rates ((THL)) as Downgrade to Market Weight from Overweight (3) –

With revised guidance the -33% fall in FY24 net profit for Tourism Holdings Rentals was broadly in line with Wilsons’ expectations.

NZ reported a record EBIT result which was offset by weakness in other parts of the business, including a writedown of goodwill for the UK.

The RV sector remains challenged the broker highlights. When combined with lower capex, slower fleet growth is likely.

Wilsons lowers earnings forecasts by -5% to -10% for FY25 to FY27.

Downgrade to Market Weight from Overweight. Target price falls -10% to $1.90.

This report was published on August 28, 2024.

Target price is $1.90 Current Price is $1.90 Difference: $0
If THL meets the Wilsons target it will return approximately 0% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 9.04 cents and EPS of 23.15 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.21.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 11.90 cents and EPS of 29.24 cents.
At the last closing share price the estimated dividend yield is 6.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.50.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $18.61

Jarden rates ((TLX)) as Buy (1) –

Telix Pharmaceuticals’ 1H24 result showed an -18% miss on profit versus consensus once Jarden removes the US IPO costs and tax.

Isolating where the additional pre-tax costs came from in 1H24 is problematic, the broker notes, given the company has re-segmented and reallocated costs with no reconciliation to prior disclosures.

While costs are up, Jarden believes taking too strong a view against this increase versus expectations is short sighted considering the market’s very limited knowledge of the cost structure of the businesses that have only recently been acquired.

Looking further out, the company is now in a very strong position in which its cash flow from operations can fund several R&D projects, the broker suggests.

Target rises to $22.59 from $22.55, Buy retained.

This report was published on August 28, 2024.

Target price is $22.59 Current Price is $18.61 Difference: $3.98
If TLX meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 18.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 103.39.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 29.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 63.73.

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

TYR    TYRO PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $1.01

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

Wilsons downgrades Tyro Payments to Market Weight from Overweight following negative revisions to our forecasts post result and ongoing uncertainty in top-line growth with cost-out largely enacted.

New growth opportunities offer a reacceleration in growth in FY26 with Tyro expecting ongoing margin expansion, however the near-term headwinds from weakness in key discretionary verticals are present and persisting, the broker notes.

Abatement of these headwinds and a reacceleration in growth feels  some 12 months away at the earliest.

Target revised to $1.18.

This report was published on August 27, 2024.

Target price is $1.18 Current Price is $1.01 Difference: $0.165
If TYR meets the Wilsons target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $1.52, suggesting upside of 49.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 4.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.0, implying annual growth of -38.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 33.8.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.6, implying annual growth of 53.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 22.1.

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

VHM    VHM LIMITED

Mineral Sands – Overnight Price: $0.56

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

Canaccord Genuity continues to believe neodymium (Nd) and praseodymium (Pr) pricing is at a cycle bottom and is more constructive on price increases into the end-2024 and 2025. However, shorter-term forecasts are marked-to-market and lowered.

The broker’s long-term pricing remains anchored to “incentive” levels of US$120/kg NdPr, and US$430/kg and US$1,600/kg, respectively, for dysprosium (Dy) and terbium (Tb).

For VHM, the broker’s target falls to $1.15 from $1.20. Speculative Buy.

This report was published on August 26, 2024.

Target price is $1.15 Current Price is $0.56 Difference: $0.585
If VHM meets the Canaccord Genuity target it will return approximately 104% (excluding dividends, fees and charges).

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

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $27.19

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

Due to higher-than-expected costs and a tax expense, Woodside Energy’s 1H underlying profit and US69c dividend missed Goldman Sachs forecasts by -6% and -5%, respectively.

The broker is encouraged by early Sangomar oil production which reached around 100 kbbl/d ay capacity in July after around one month of operations but remains cautious over potential royalty changes from the Senegalese government.

Woodside’s 2024 production guidance for 189-195 mmboe is unchanged. Scarborough remains on track for first LNG cargo in 2026.

The target falls by -5% to $31.70. The Neutral rating is unchanged.

This report was published on August 28, 2024.

Target price is $31.70 Current Price is $27.19 Difference: $4.51
If WDS meets the Goldman Sachs target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $29.92, suggesting upside of 10.0%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 126.96 cents and EPS of 158.32 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 17.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 249.1, implying annual growth of N/A.
Current consensus DPS estimate is 191.6, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 10.9.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 111.13 cents and EPS of 138.53 cents.
At the last closing share price the estimated dividend yield is 4.09%.
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 175.9, implying annual growth of -29.4%.
Current consensus DPS estimate is 132.7, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 15.5.

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

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