Australian Broker Call *Extra* Edition – Sep 04, 2024

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

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

29M (2)   ACE   ADH (2)   AGN   APA   AQZ   BRE   BSA   CAA   CLG   COE (4)   COL   CTT   CUV   CXL   CYL   EML   EMN   EOS (2)   FLT (2)   FMG   FWD   GDG   GLN   GMD   GNG   GTN   HLO   IDX (2)   IEL (2)   IGO (2)   ING   IPD   IPG   JLG   KAR (2)   KGN   KLS   KYP   LOT   LOV (2)   LRK   M7T   MAC (2)   MAQ (4)   MDR   NIC   NWC (2)   NXD   NXT   PDN   PLS   PPM (2)   PPS   PPT   PSQ   PTM   QAN (2)   QOR   RDY (2)   RED   RMC   RMS   RSG   S32 (2)   SDF (2)   SDR (2)   SFR (3)   SGF   SMR   SNL   SOM   SPZ (2)   TAH   THL   TRJ   UBN   USL   VSL   WDS   WEB (2)   WES   WGX   WOR   WOW  

29M    29METALS LIMITED

Copper – Overnight Price: $0.36

Canaccord Genuity rates ((29M)) as Sell (5) –

29Metals delievered a first half result that beat Canaccord Genuity’s expectations yet the balance sheet deteriorated during the half year, with the cash balance nearly halving and net debt increasing by 140%.

The broker believes the balance sheet remains stretched despite a US$50m offtake finance facility with Glencore, considering Golden Grove requires capital and failed to deliver strong cash flow and Capricorn Copper needs support for C&M activities.

Sell rating retained. Target edges down to $0.32 from $0.34.

This report was published on August 27, 2024.

Target price is $0.32 Current Price is $0.36 Difference: minus $0.04 (current price is over target).
If 29M meets the Canaccord Genuity target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.53, suggesting upside of 51.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 10.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 3.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -11.1, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 18.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.6, 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 21.9.

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

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

29Metals disclosed a messy set of first half accounts, Jarden suggests, impacted by the decision again to suspend operations and take further impairments at Capricorn Copper.

Pleasingly for the broker, Golden Grove delivered positive earnings, supported by improved production and favourable copper and zinc prices, highlighting the potential of the asset at elevated base metal prices.

Addressing the balance sheet is likely to remain a priority, Jarden notes, with a restart of Capricorn unlikely in the near term. Underweight and 33c target retained in recognition of forecast ongoing cash burn and the potential for equity dilution.

This report was published on September 2, 2024.

Target price is $0.33 Current Price is $0.36 Difference: minus $0.03 (current price is over target).
If 29M meets the Jarden target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.53, suggesting upside of 51.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 10.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 3.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -11.1, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.6, 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 21.9.

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

ACE    ACUSENSUS LIMITED

Transportation & Logistics – Overnight Price: $0.68

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

Acusensus posted FY24 results that were in line with expectations with revenue growth of 18% and gross profit growth of 22%.

Canaccord Genuity found the outlook positive, with FY25 expected to show high revenue growth in the US and UK amid more modest growth in the Australian business.

The balance sheet strength and “land grab opportunity” provides the business with a first mover advantage and Canaccord Genuity retains a Buy rating and $1.30 target.

This report was published on August 27, 2024.

Target price is $1.30 Current Price is $0.68 Difference: $0.62
If ACE meets the Canaccord Genuity target it will return approximately 91% (excluding dividends, fees and charges).
The company’s fiscal year ends in July.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 48.57.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of minus 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 75.56.

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

ADH    ADAIRS LIMITED

Furniture & Renovation – Overnight Price: $2.01

Jarden rates ((ADH)) as Neutral (3) –

Adairs’ profit beat consensus, Jarden reports. A miss on gross profit margin was offset by beats on sales and cost of doing business. However a soft sales trading update was weak given Adairs is cycling comps of -8.9% year on year.

Mocka NZ dragged the group down with sales down -15.7% while Australian Mocka sales were up 4.6%.

FY25 gross store rollout guidance is nine but Adairs expects to close -5-8 stores, implying 1-4 net stores, and compares to consensus net store growth of six, the broker notes.

Target falls to $2.04 from $2.09, Neutral retained.

This report was published on August 28, 2024.

Target price is $2.04 Current Price is $2.01 Difference: $0.03
If ADH meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $2.10, suggesting upside of 6.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 22.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.5, implying annual growth of 14.3%.
Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 26.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.0, implying annual growth of 26.8%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 8.6%.
Current consensus EPS estimate suggests the PER is 7.6.

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

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

The FY24 Adairs earnings fell -17% year-on-year but were 7% better than consensus, Wilsons highlights.

The broker liked cost of doing business was well controlled, down -2% over the year and net debt fell -14%.

The first eight weeks of FY25 revealed ongoing softness in the trading update.

Market weight remains. Target price shifts down -3% to $1.95.

This report was published on August 29, 2024.

Target price is $1.95 Current Price is $2.01 Difference: minus $0.06 (current price is over target).
If ADH meets the Wilsons target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.10, suggesting upside of 6.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 14.00 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 6.97%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.5, implying annual growth of 14.3%.
Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 18.00 cents and EPS of 25.90 cents.
At the last closing share price the estimated dividend yield is 8.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.0, implying annual growth of 26.8%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 8.6%.
Current consensus EPS estimate suggests the PER is 7.6.

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

AGN    ARGENICA THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.80

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

A FY24 net loss of -$5.5m for Argenica Therapeutics beat the -$5.9m expected by Petra Capital due to lower-than-forecast R&D costs. It’s felt a portion of the Phase 2 stroke trial costs and grant-funded pre-clinical spend have been pushed out to FY25/26.

The cash balance of $15.9m was in line with the broker’s estimate and should enable funding through to key stroke trial results.

A Data Safety Monitoring Board (DSMB) review and enrolment update is imminent and could potentially corroborate the analyst’s view management’s enrolment guidance is conservative.

The target rises to $1.14 from $1.00. Buy.

This report was published on August 30, 2024.

Target price is $1.14 Current Price is $0.80 Difference: $0.34
If AGN meets the Petra Capital target it will return approximately 42% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 5.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.56.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 34.78.

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

APA    APA GROUP

Infrastructure & Utilities – Overnight Price: $7.39

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

APA Group’s FY24 earnings were in line with prior guidance and Jarden’s estimate. APA continues to invest in capabilities, with FY24 corporate costs increasing 6.4%, less than expected, but flagged to increase by a similar percentage in FY25.

FY25 earnings and dividend guidance is below market expectations. Jarden believes the market needs to see progress on APA’s growth pipeline before buying into the current growth strategy.

The broker retains Overweight on a (partly franked) 7.3% yield in FY25 and potential for clarity on the company’s growth portfolio and
resolution of the South West Queensland Pipeline regulatory review. Target falls to $8.45 from $8.70.

This report was published on August 29, 2024.

Target price is $8.45 Current Price is $7.39 Difference: $1.06
If APA meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $8.61, suggesting upside of 17.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 57.00 cents and EPS of 17.40 cents.
At the last closing share price the estimated dividend yield is 7.71%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.0, implying annual growth of 126.5%.
Current consensus DPS estimate is 57.1, implying a prospective dividend yield of 7.8%.
Current consensus EPS estimate suggests the PER is 35.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 58.00 cents and EPS of 25.30 cents.
At the last closing share price the estimated dividend yield is 7.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.1, implying annual growth of 14.8%.
Current consensus DPS estimate is 59.2, implying a prospective dividend yield of 8.1%.
Current consensus EPS estimate suggests the PER is 30.5.

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

AQZ    ALLIANCE AVIATION SERVICES LIMITED

Transportation & Logistics – Overnight Price: $2.96

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

FY24 EBITDA from Alliance Aviation Services was ahead of Wilsons, implying stronger margins per aircraft. The company has noted continued growth in activity as additional aircraft enter its fleet.

FY25 is expected to be active for part sales as airlines globally deal with engine reliability issues. Wilsons was impressed with the growth trajectory, noting industry demand/supply dynamics remain favourable. Overweight. Target is reduced to $4.22 from $4.49.

This report was published on August 30, 2024.

Target price is $4.22 Current Price is $2.96 Difference: $1.26
If AQZ meets the Wilsons target it will return approximately 43% (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 39.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.53.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 17.10 cents and EPS of 46.30 cents.
At the last closing share price the estimated dividend yield is 5.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.39.

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

BRE    BRAZILIAN RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $2.77

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

Brazilian Rare Earths has announced more outstanding drill results from its ongoing diamond drilling program at the Monte Alto
Project in Brazil, Petra Capital reports.

The latest assays continue to highlight the project’s potential as a world-class rare earths deposit with potential by-products of
niobium, scandium, and uranium.

The exceptional grades, including the highest reported to date, reinforce the broker’s view that Monte Alto could become one
of the highest-grade rare earth projects globally.

Buy and $4.55 target retained.

This report was published on September 2, 2024.

Target price is $4.55 Current Price is $2.77 Difference: $1.78
If BRE meets the Petra Capital target it will return approximately 64% (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 9.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 29.78.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 4.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 64.42.

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

BSA    BSA LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.93

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

FY24 results from BSA, which were pre-released, reflected a significant period of refocusing the business back on core operations, Canaccord Genuity notes.

Momentum appears strong with FY25 expected to show similar volumes and the business targeting double-digit EBITDA margins for the medium term. The broker retains a Buy rating and lifts the target to $1.62 from $1.40.

This report was published on August 27, 2024.

Target price is $1.62 Current Price is $0.93 Difference: $0.695
If BSA meets the Canaccord Genuity target it will return approximately 75% (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 18.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.05.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 1.00 cents and EPS of 19.50 cents.
At the last closing share price the estimated dividend yield is 1.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.74.

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

CAA    CAPRAL LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $9.54

Taylor Collison rates ((CAA)) as Outperform (2) –

Capral reconfirmed FY24 guidance in 1H24 results. Taylor Collison notes industrial represents around 48% of tonnage while industrial demand in marine and transport generate volumes for the company.

The broker highlights Capral is the only owner of a 12″ press and is well positioned to attract the majority of truck building orders.

Capral is also the only marine certified extruder and is believed to be well positioned in the marine sector across recreational, commercial ferries and defence ships.

The Outperform rating is retained with no target price provided.

This report was published on September 3, 2024.

Current Price is $9.54. Target price not assessed.
The company’s fiscal year ends in December.

Forecast for FY24:

Taylor Collison forecasts a full year FY24 dividend of 0.00 cents and EPS of 144.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.63.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 0.00 cents and EPS of 177.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.38.

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

CLG    CLOSE THE LOOP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.22

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

Close the Loop posted revenue and earnings that were in line with expectations and guidance. Canaccord Genuity suspects that net debt, which increased by $16m in the June half year, was the main driver of the drop in the share price.

The broker believes the business should be able to convert closer to 90% of EBITDA into cash noting the shares continue to trade at very low multiples.

Buy rating is retained as the current valuation appears to compensate investors for the risk in the business. Target is reduced to $0.53 from $0.65.

This report was published on August 26, 2024.

Target price is $0.53 Current Price is $0.22 Difference: $0.31
If CLG meets the Canaccord Genuity target it will return approximately 141% (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 5.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.31.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of 6.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.61.

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

COE    COOPER ENERGY LIMITED

Crude Oil – Overnight Price: $0.20

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

Cooper Energy’s FY24 result was in line with estimates. Canaccord Genuity notes the FY25 year to date performance of Orbost has averaged 60.2 TJ/d, leading to an increase in production and earnings forecasts.

The broker increases EBITDAX estimates for FY25 to $135m as higher production is partially offset by costs. Low sustaining expenditure and full exposure to the tightening east coast gas market makes the investment case attractive in the broker’s view. Buy rating. Target is raised to $0.30 from $0.27.

This report was published on August 28, 2024.

Target price is $0.30 Current Price is $0.20 Difference: $0.105
If COE meets the Canaccord Genuity target it will return approximately 54% (excluding dividends, fees and charges).
Current consensus price target is $0.27, suggesting upside of 42.1%(ex-dividends)
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 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 195.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 23.8.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.5, implying annual growth of 212.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.6.

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

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

Cooper Energy delivered FY24 earnings that were slightly below Goldman Sachs. The company continues to target a three-well development at East Coast Supply that should commence drilling over late 2025 to early 2026, with a final investment decision in FY25.

The focus is also on funding requirements as the company did not provide capital expenditure estimates. Goldman Sachs increases assumed total expenditure to -$800m.

The timing of the Mitsui participation, or sale to another partner, remains a key risk. FY25 and FY26 EBITDA estimates are revised down by -3%. Neutral retained. Target is $0.25.

This report was published on August 29, 2024.

Target price is $0.25 Current Price is $0.20 Difference: $0.055
If COE meets the Goldman Sachs target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $0.27, suggesting upside of 42.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs 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 9.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 23.8.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.5, implying annual growth of 212.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.6.

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

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

Cooper Energy’s FY24 results reflected strong cost discipline, Jarden suggests, although what the broker considers to be conservative FY25 production guidance and other cost changes have reduced its target to 25c from 26c.

The company announced it had achieved -$10.5m in annualised cost-out savings by the end of FY24 versus a prior target of -$10m by mid-FY25, and management believes there is potential for “further material savings in FY25”.

While Cooper Energy has outlined its plans to drill three wells at Otway, questions remain about the exact timing, cost and equity participation levels in the project. A key uncertainty, warns Jarden, is 50% JV partner Mitsui’s desire to participate.

Overweight retained.

This report was published on September 2, 2024.

Target price is $0.25 Current Price is $0.20 Difference: $0.055
If COE meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $0.27, suggesting upside of 42.1%(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 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 97.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 23.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.5, implying annual growth of 212.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.6.

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

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

Cooper Energy reported FY24 underlying earnings in line with Petra Capital, driven by production expenses towards the lower end of guidance. Maiden FY25 production guidance looks conservative to the broker given group production in August.

Despite an unexpected one-off pipeline inspection expense in FY25 (potentially into FY26), Cooper Energy’s underlying business continues to perform strongly, Petra notes.

Target rises to 40c from 38c, Buy retained.

This report was published on September 2, 2024.

Target price is $0.40 Current Price is $0.20 Difference: $0.205
If COE meets the Petra Capital target it will return approximately 105% (excluding dividends, fees and charges).
Current consensus price target is $0.27, suggesting upside of 42.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 23.8.

Forecast for FY26:

Petra Capital 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 9.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.5, implying annual growth of 212.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.6.

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

COL    COLES GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $18.50

Jarden rates ((COL)) as Neutral (3) –

FY24 results from Coles Group were ahead of Jarden’s estimates, led by margins. The company lifted share and grew its EBIT margin by around 30 basis points. The second half EBIT margin was up 96 basis points, led by reduction in theft and costs.

The main issue for the broker is the top line and the company’s ability to maintain momentum. Further news on capital expenditure is expected at the next strategy briefing. Neutral rating. Target rises to $17.10 from $16.60.

This report was published on August 28, 2024.

Target price is $17.10 Current Price is $18.50 Difference: minus $1.4 (current price is over target).
If COL meets the Jarden target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $19.87, suggesting upside of 8.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 69.00 cents and EPS of 84.50 cents.
At the last closing share price the estimated dividend yield is 3.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.6, implying annual growth of 2.1%.
Current consensus DPS estimate is 70.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 21.4.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 95.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.8, implying annual growth of 14.3%.
Current consensus DPS estimate is 80.7, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 18.7.

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

CTT    CETTIRE LIMITED

Apparel & Footwear – Overnight Price: $1.54

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

In line with the June update by management, notes Petra Capital, Cettire’s FY24 earnings (EBITDA) rose by 11% year-on-year to $32.5m. The FY24 margin fell to 20.9% from 23% in FY23 due to increased promotional activity in Q4, explains the analyst.

As 4Q challenges have carried into early-FY25 (increased promotions/softer demand), explains the broker, management will be focusing more on profitability than growth, with Cettire expecting positive earnings for Q1.

Hold rating. The target eases to $1.15 from $1.20 to reflect the broker’s forecast for slower sales growth.

This report was published on August 30, 2024.

Target price is $1.15 Current Price is $1.54 Difference: minus $0.39 (current price is over target).
If CTT meets the Petra Capital target it will return approximately minus 25% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 6.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.67.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 7.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.81.

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

CUV    CLINUVEL PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $15.42

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

Clinuvel Pharmaceuticals posted a FY24 result that beat Wilsons because of lower expenses. Scenesse revenue beat expectations modestly but the broker is not compelled to materially shift its forecasts.

Its Overweight rating is based on the ability to expand the Scenesse label to include re-pigmentation in vitiligo. Target is $30.16, reduced from $31.38.

This report was published on August 30, 2024.

Target price is $30.16 Current Price is $15.42 Difference: $14.74
If CUV meets the Wilsons target it will return approximately 96% (excluding dividends, fees and charges).
Current consensus price target is $19.08, suggesting upside of 26.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 6.00 cents and EPS of 62.90 cents.
At the last closing share price the estimated dividend yield is 0.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.2, implying annual growth of N/A.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 7.00 cents and EPS of 73.00 cents.
At the last closing share price the estimated dividend yield is 0.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.6, implying annual growth of -0.8%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 19.6.

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

CXL    CALIX LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.91

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

FY24 results from Calix signalled much reduced cash usage and sets the business up well for FY25, Canaccord Genuity asserts. The broker lowers FY25 revenue estimates by -4%, driven by a slight reduction in Magnesia but an increase in Leilac.

R&D expenditure is now modelled to the level of revenue from engineering studies and grant income. The broker changes its methodology in the current market environment, stripping the valuation back to tangible aspects of the business.

As a result the target is reduced to $2.40 from $7.70, although still offering significant upside to the current share price. Buy rating.

This report was published on August 28, 2024.

Target price is $2.40 Current Price is $0.91 Difference: $1.495
If CXL meets the Canaccord Genuity target it will return approximately 165% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 EPS of minus 10.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.62.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of minus 5.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.34.

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

CYL    CATALYST METALS LIMITED

Gold & Silver – Overnight Price: $2.25

Taylor Collison rates ((CYL)) as Initiation of coverage with Speculative Buy (1) –

Taylor Collison initiates coverage of Catalyst Metals with a Speculative Buy rating and $2.61 target. FY24 results exceeded market expectations as the company turned around the Plutonic gold mine and increased production by 46%.

The broker expects three additional deposits will be brought into operation by FY28 and production should ramp up to 200,000 ounces from the current 110,000 ounces.

Taylor Collison is confident in the ramp up because of the past operating success by Plutonic, the strong balance sheet and spare milling capacity.

This report was published on August 30, 2024.

Target price is $2.61 Current Price is $2.25 Difference: $0.36
If CYL meets the Taylor Collison target it will return approximately 16% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 EPS of 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 750.00.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 EPS of 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 562.50.

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

EML    EML PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $0.73

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

EML Payments met guidance in its FY24 result. Wilsons notes the stock closed down -7%, reflecting interest income being the major portion of EBITDA, which is likely again in FY25.

EBITDA guidance is for $54-60m. There are no known catalysts until the CEO provides a strategic update at the AGM in November and the broker suspects, until such time, trading is likely to be skewed to selling. Overweight retained. Target is raised to $1.20 from $1.17.

This report was published on August 29, 2024.

Target price is $1.20 Current Price is $0.73 Difference: $0.47
If EML meets the Wilsons target it will return approximately 64% (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 4.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.21.

Forecast for FY26:

Wilsons forecasts a full year FY26 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 12.81.

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

EMN    EURO MANGANESE INC

New Battery Elements – Overnight Price: $0.05

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

Euro Manganese has entered an offtake agreement with Blue Grass Chemical Specialties for manganese from its Chvaletice project in the Czech Republic. Canaccord Genuity considers this constructive, particularly as it takes the company to a position where it has most of the offtake under MOU.

This is a second offtake agreement in a week for the company as it finalises debt financing, attracts a strategic partner and progresses to a FID. The broker expects the remaining volumes available will ultimately drive some competition in place pressure on interested parties.

Speculative Buy rating and $0.20 target.

This report was published on August 27, 2024.

Target price is $0.20 Current Price is $0.05 Difference: $0.15
If EMN meets the Canaccord Genuity target it will return approximately 300% (excluding dividends, fees and charges).

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

EOS    ELECTRO OPTIC SYSTEMS HOLDINGS LIMITED

Hardware & Equipment – Overnight Price: $1.49

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

Electro Optic Systems delivered a gross profit increase of 139% in the first half to $63m with a margin of 44%. Management has indicated margins are likely to remain within the range of 40-50% as the product and customer base is diversified.

The updated backlog is $567m, up 9%. Canaccord Genuity expects the second half will be rich with catalysts and has become more comfortable with the FY25 revenue growth outlook. Buy rating maintained. Target is reduced to $1.85 from $1.95.

This report was published on August 28, 2024.

Target price is $1.85 Current Price is $1.49 Difference: $0.365
If EOS meets the Canaccord Genuity target it will return approximately 25% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 14.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.46.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 106.07.

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

Petra Capital rates ((EOS)) as Upgrade to Speculative Buy from Hold (1) –

As was the case in 2H23, Electro Optic Systems’ 1H24 results demonstrate the company’s ability to operate at scale and deliver a net profit margin of 5% excluding current debt servicing costs, Petra Capital notes.

But for the company to sustain this level of underlying profitability, further contract wins are required. Petra thinks Electro can do this,
and accordingly upgrades to a Speculative Buy rating from Hold.

Target falls to $1.85 from $1.89.

This report was published on September 2, 2024.

Target price is $1.85 Current Price is $1.49 Difference: $0.365
If EOS meets the Petra Capital target it will return approximately 25% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 8.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 17.47.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 49.50.

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

FLT    FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $21.59

Jarden rates ((FLT)) as Buy (1) –

Flight Centre Travel’s FY24 result was in line with the July update, with profit up 212% and margins up 72bps driven by positive leverage and cost control, Jarden notes.

FY25 has started well, with international Australian ticket sales up 18% year on year in July and corporate up 11% — a strong start, the broker suggests, against a broader travel market management expects to grow 4-5% in FY25.

A business that has half of the stores versus pre-covid is generating a higher return on invested capital, and gaining share, leaves Jarden positive, with Flight Centre one of the broker’s key picks across the consumer sector.

Target rises to $24.60 from $24.00, Buy retained.

This report was published on August 28, 2024.

Target price is $24.60 Current Price is $21.59 Difference: $3.01
If FLT meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $25.67, suggesting upside of 20.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 79.00 cents and EPS of 142.00 cents.
At the last closing share price the estimated dividend yield is 3.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 137.5, implying annual growth of 115.8%.
Current consensus DPS estimate is 59.7, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 98.00 cents and EPS of 159.00 cents.
At the last closing share price the estimated dividend yield is 4.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 157.5, implying annual growth of 14.5%.
Current consensus DPS estimate is 67.5, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 13.6.

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

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

Flight Centre Travel delivered pre-tax profit that was in line with Wilsons’ estimates. The company flagged a “flat” trading season in the second half for the corporate sector globally.

The update for July was positive, the broker notes, and total Australian outbound ticket sales were up 18%. Growth of 4-5% is anticipated for the global travel industry in FY25, although Wilsons believes the company can exceed this via its luxury, specialist and independent categories.

Overweight. Target is reduced to $28.56 from $28.96.

This report was published on August 29, 2024.

Target price is $28.56 Current Price is $21.59 Difference: $6.97
If FLT meets the Wilsons target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $25.67, suggesting upside of 20.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 35.50 cents and EPS of 142.20 cents.
At the last closing share price the estimated dividend yield is 1.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 137.5, implying annual growth of 115.8%.
Current consensus DPS estimate is 59.7, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 41.40 cents and EPS of 165.70 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 157.5, implying annual growth of 14.5%.
Current consensus DPS estimate is 67.5, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 13.6.

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

FMG    FORTESCUE LIMITED

Iron Ore – Overnight Price: $17.70

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

Fortescue’s headline profit was a miss on expectations but operational cashflows were as expected. The miss was attributable to ‘catch-up’ for Iron Bridge and D&A charges, with the results otherwise clean, Jarden suggests.

Management delivered the usual stridence regarding meeting “Real Zero” targets but also expanded upon high level tweaks to the
strategy, notably the push downstream into green iron product from the Pilbara portfolio.

Capex increases are “clear and present” yet remarkably unclear to the broker. A lack of granularity makes it a challenge for Jarden to impute the benefits of Real Zero.

Target falls to $15.84 from $17.52, Underweight retained.

This report was published on August 28, 2024.

Target price is $15.84 Current Price is $17.70 Difference: minus $1.86 (current price is over target).
If FMG meets the Jarden target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $18.17, suggesting upside of 12.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 229.80 cents and EPS of 328.72 cents.
At the last closing share price the estimated dividend yield is 12.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 193.1, implying annual growth of N/A.
Current consensus DPS estimate is 176.1, implying a prospective dividend yield of 10.9%.
Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 105.01 cents and EPS of 176.53 cents.
At the last closing share price the estimated dividend yield is 5.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 158.0, implying annual growth of -18.2%.
Current consensus DPS estimate is 100.4, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 10.3.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

FWD    FLEETWOOD LIMITED

Infra & Property Developers – Overnight Price: $1.74

Moelis rates ((FWD)) as Buy (1) –

Fleetwood’s FY24 result includes earnings at upper end of updated guidance, Moelis notes. Strength in Community Solutions over FY24 was assisted by Building Solutions and RV, though the latter two impacted group earnings in 2H24.

A fully franked 2.5cps final dividend represented a 124% payout when management had previously indicated future dividends will reflect a 100% payout ratio.

The broker sees upside risk from further improvements in utilisation at Searipple as accommodation demand from major project works ramp up in the Karratha region. The potential for further upside risk comes from existing and new clients as major project works ramp up.

Target falls to $2.09 from $2.10, Buy retained.

This report was published on September 3, 2024.

Target price is $2.09 Current Price is $1.74 Difference: $0.355
If FWD meets the Moelis target it will return approximately 20% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 18.50 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 10.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.38.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 25.90 cents and EPS of 25.90 cents.
At the last closing share price the estimated dividend yield is 14.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.70.

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

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $2.88

Moelis rates ((GDG)) as Buy (1) –

Generation Development’s result was ahead of Moelis’ estimates with Investment Bonds as the major contributor. Management is executing strongly to drive top line revenue growth, alongside cost discipline and therefore margin expansion.

Both Lonsec Research and Investment Solutions should continue at a similar run-rate for top-line growth in FY25, with potential for the company to deliver better than expected margin performance, the broker suggests.

Moelis expects select inorganic opportunities to drive upside to estimates. Target rises to $3.33 from $2.94, Buy retained.

This report was published on September 3, 2024.

Target price is $3.33 Current Price is $2.88 Difference: $0.45
If GDG meets the Moelis target it will return approximately 16% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 3.40 cents and EPS of 8.40 cents.
At the last closing share price the estimated dividend yield is 1.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 34.29.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 4.20 cents and EPS of 10.60 cents.
At the last closing share price the estimated dividend yield is 1.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.17.

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

GLN    GALAN LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.12

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

Galan Lithium has signed a lithium chloride offtake and prepayment memorandum of understanding with Chengdu Chemphys Chemical
Industry Co. Petra Capital expects the usual documentation will be completed in the Dec Q.

This is very positive for Galan Lithium, the broker suggests, with two-thirds of estimated -US$60m funding needed for the completion of Phase 1.

Increased dilution leads to a target cut to 38c from 44c, Buy retained.

This report was published on September 2, 2024.

Target price is $0.38 Current Price is $0.12 Difference: $0.255
If GLN meets the Petra Capital target it will return approximately 204% (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 1.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.81.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 17.86.

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

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $2.19

Moelis rates ((GMD)) as Buy (1) –

Genesis Minerals’ FY24 results were slightly softer than Moelis’ estimates on higher expensed exploration, share-based payments and several minor ancillary corporate costs.

The key near-term catalyst for the broker will be updated guidance in September, which Moelis anticipates will reflect a positive revision to the existing outlook.

Moelis retains Buy, given favourable exposure to current gold prices and a robust growth trajectory that offers valuation support. The broker expects Genesis to remain well-supported by investors, driven by its aggressive growth strategy and management’s solid track record.

Target unchanged at $2.50.

This report was published on September 3, 2024.

Target price is $2.50 Current Price is $2.19 Difference: $0.31
If GMD meets the Moelis target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $2.36, suggesting upside of 13.6%(ex-dividends)
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 12.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.9, implying annual growth of 92.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY26:

Moelis forecasts a full year FY26 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 12.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of 16.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.0.

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

GNG    GR ENGINEERING SERVICES LIMITED

Mining Sector Contracting – Overnight Price: $1.78

Taylor Collison rates ((GNG)) as Outperform (2) –

GR Engineering Services delivered FY24 revenue that was in line with guidance albeit below Taylor Collison’s expectations. The miss stemmed from slower-than-anticipated contract awards caused by funding issues experienced by miners.

The broker was impressed with EBITDA of $50.9m, which it believes shows “excellent management” of projects to hand.

A significant portion of revenue comes from EPC contracts yet control systems, comprising Mipac and Paradigm, are leveraged to operating mines and thus less cyclical.

Taylor Collison expects these will generate around $50m in revenue in FY25. Outperform retained. No target was provided.

This report was published on August 23, 2024.

Current Price is $1.78. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 16.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 8.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.89.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 20.00 cents and EPS of 21.70 cents.
At the last closing share price the estimated dividend yield is 11.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.20.

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

GTN    GTN LIMITED

Print, Radio & TV – Overnight Price: $0.50

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

Canaccord Genuity found the FY24 result from GTN in line with expectations. Cash generation has been robust and the business has also scaled back the loss-making Drones division. Canada Drones has been closed, with the assets sold to a local, and the Australian operation reduced to focus on profitability.

Most of the strength as FY25 gets underway is in Australia and Brazil with Canada slightly behind. The broker forecasts 6% revenue growth in FY25 and retains a Buy rating. Target is $0.65.

This report was published on August 28, 2024.

Target price is $0.65 Current Price is $0.50 Difference: $0.15
If GTN meets the Canaccord Genuity target it will return approximately 30% (excluding dividends, fees and charges).

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

HLO    HELLOWORLD TRAVEL LIMITED

Travel, Leisure & Tourism – Overnight Price: $2.02

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

Helloworld Travel’s result met FY24 earnings guidance, with underlying profit 2% ahead of Jarden. It was a strong result, the broker suggests, as the company benefited from the recovery in travel, Express Travel acquisition and higher profit from associates.

Pleasingly for the broker, June Q total transaction value trends lifted modestly to 46% year on year with demand from travel advisors solid. Disappointingly, few comments were made on outlook.

The key question for Jarden is management’s ability to execute on cost control and capitalise on increased air capacity in 2025 and positive elasticity from easing air ticket prices. Target falls to $3.10 from $3.70.

Overweight retained, but the broker has a preference for Flight Centre ((FLT)) and Webjet ((WEB)) in the travel space.

This report was published on September 2, 2024.

Target price is $3.10 Current Price is $2.02 Difference: $1.08
If HLO meets the Jarden target it will return approximately 53% (excluding dividends, fees and charges).
Current consensus price target is $2.82, suggesting upside of 41.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 23.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.3, implying annual growth of 11.1%.
Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 27.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.8, implying annual growth of 7.0%.
Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 8.7.

Market Sentiment: 0.7
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: $2.59

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

FY24 results from Integral Diagnostics were largely in line with expectations. Canaccord Genuity notes the EBITDA margin remains depressed compared with pre-pandemic levels amid higher wages and broader cost increases.

The broker likes the stock for the longer term and maintains a positive view regarding the merger with Capitol Health ((CAJ)) as it should provide additional scale and balance sheet flexibility.

Canaccord Genuity makes no material changes to forecasts and retains a Hold rating. Target rises to $2.50 from $2.10.

This report was published on August 28, 2024.

Target price is $2.50 Current Price is $2.59 Difference: minus $0.09 (current price is over target).
If IDX 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 $2.49, suggesting downside of -4.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 6.80 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 2.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.90.

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 11.7%.
Current consensus EPS estimate suggests the PER is 24.2.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 9.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 3.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.92.

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 17.0.

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

Jarden rates ((IDX)) as Upgrade to Overweight from Neutral (2) –

Integral Diagnostics reported FY24 underlying profit 1.5% ahead of Jarden. The company delivered on guidance, achieving
a material improvement in earnings margin in the second half.

With FY24 now a solid base for both Integral Diagnostics and Capitol Health ((CAJ)) to build on, the upside potential of a combined group would be attractive, the broker suggests.

Target rises to $2.83 from $2.59 and the broker upgrades its rating to Overweight from Neutral given the earnings profile and upside potential from the proposed Capitol Health merger.

This report was published on September 2, 2024.

Target price is $2.83 Current Price is $2.59 Difference: $0.24
If IDX meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.49, suggesting downside of -4.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 6.70 cents and EPS of 10.20 cents.
At the last closing share price the estimated dividend yield is 2.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.39.

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 11.7%.
Current consensus EPS estimate suggests the PER is 24.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 6.80 cents and EPS of 14.80 cents.
At the last closing share price the estimated dividend yield is 2.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.50.

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 17.0.

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

IEL    IDP EDUCATION LIMITED

Education & Tuition – Overnight Price: $16.15

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

FY24 results from IDP Education signal to Goldman Sachs the volume outlook is challenged in the near term.

In view of the announcement of student limits, the broker points out the group of eight universities that account for 30-35% of Australian volumes are likely to be worse off compared with the sector overall. The company’s broad reach and market share gains are expected to offset somewhat.

IELTS volumes are expected to trough in the first half of FY25. The loss of the China royalty stream is likely to be initially dilutive to earnings before the expansion into direct China testing ramps up. Buy rating retained. Target is reduced by -9% to $19.85.

This report was published on August 29, 2024.

Target price is $19.85 Current Price is $16.15 Difference: $3.7
If IEL meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $19.33, suggesting upside of 22.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 28.00 cents and EPS of 47.00 cents.
At the last closing share price the estimated dividend yield is 1.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 34.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.2, implying annual growth of 9.5%.
Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 30.3.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 35.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 2.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.4, implying annual growth of 4.2%.
Current consensus DPS estimate is 40.5, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 29.1.

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

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

FY24 results from IDP Education were ahead of estimates. While still expecting international education market volumes to decline by -20-25% in FY25, Jarden suggests the business should outperform because of its global footprint, strong reputation and quality of service.

The broker increases estimates for EPS by 1% for FY25 and 2.4% for FY26 to reflect increased average fees in IELTS and Australian SP amid lower average fees in multi-destination SP. Target is lifted to $19.60 from $18.45. Overweight.

This report was published on August 30, 2024.

Target price is $19.60 Current Price is $16.15 Difference: $3.45
If IEL meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $19.33, suggesting upside of 22.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 30.50 cents and EPS of 46.90 cents.
At the last closing share price the estimated dividend yield is 1.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 34.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.2, implying annual growth of 9.5%.
Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 30.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 35.70 cents and EPS of 55.00 cents.
At the last closing share price the estimated dividend yield is 2.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.4, implying annual growth of 4.2%.
Current consensus DPS estimate is 40.5, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 29.1.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $5.16

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

FY24 underlying EBITDA from IGO was pre-reported while the final fully franked dividend of $0.26 was well above Goldman Sachs’ forecasts.

The broker believes this should provide confidence in the ability to fund upcoming expenditure, with the company expected to provide more detail on its strategy at a briefing on September 12.

The broker reiterates its belief that there is limited risk to Greenbushes in terms of production guidance for FY25. Buy rating unchanged. Target is reduced to $6.35 from $6.75.

This report was published on August 29, 2024.

Target price is $6.35 Current Price is $5.16 Difference: $1.19
If IGO meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $5.86, suggesting upside of 14.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 7.00 cents and EPS of 3.00 cents.
At the last closing share price the estimated dividend yield is 1.36%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 172.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.0, implying annual growth of 3683.8%.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 36.7.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 4.00 cents and EPS of 11.00 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 46.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.7, implying annual growth of 140.7%.
Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 15.3.

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

Jarden rates ((IGO)) as Buy (1) –

Statutory net profit in FY24 from IGO beat Jarden’s estimates, although key line items were “widely out of kilter” with consensus forecasts suggesting various interpretations of the accounts. The broker notes this was further complicated with -$458m in impairments.

The main positive was a final dividend of $0.26. Jarden still expects total dividends to fall throughout FY25-27, as it includes capital expenditure to be outlaid for CGP4 at Greenbushes as well as the Train 2 expenditure at Kwinana in its forecasts.

An updated corporate strategy will be provided by the company on September 12. Buy rating and $8.30 target retained.

This report was published on August 29, 2024.

Target price is $8.53 Current Price is $5.16 Difference: $3.37
If IGO meets the Jarden target it will return approximately 65% (excluding dividends, fees and charges).
Current consensus price target is $5.86, suggesting upside of 14.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 3.00 cents and EPS of 29.20 cents.
At the last closing share price the estimated dividend yield is 0.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.0, implying annual growth of 3683.8%.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 36.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 2.00 cents and EPS of 31.30 cents.
At the last closing share price the estimated dividend yield is 0.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.7, implying annual growth of 140.7%.
Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 15.3.

Market Sentiment: -0.2
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: $3.10

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

Further to the FY24 initial take, Goldman Sachs remains disappointed with the downgrade to FY25 expectations as Inghams Group’s largest customer, Woolworths Group ((WOW)), looks to follow on from recent QSR customers and diversify its poultry supplier base.

The broker states the reduction in the Woolworths contracts will have volume impacts over FY25 and FY26 and signals the risk of further supplier diversification that could have outsized impacts on Inghams as a market leader amid increased price competition in the industry.

Goldman Sachs retains a Sell rating and reduces the target to $2.90 from $3.15.

This report was published on August 29, 2024.

Target price is $2.90 Current Price is $3.10 Difference: minus $0.2 (current price is over target).
If ING meets the Goldman Sachs target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.45, suggesting upside of 12.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 19.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 6.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.48.

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 6.4%.
Current consensus EPS estimate suggests the PER is 16.2.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 20.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 6.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 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 12.8.

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

IPD    IMPEDIMED LIMITED

Medical Equipment & Devices – Overnight Price: $0.05

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

Wilsons characterises FY24 as a “reset year” for ImpediMed, noting the stock is trading at a material discount to fundamentals because the market doubts the new team can derive enough revenue in the short term to avoid raising equity.

The broker acknowledges it looks “tight” by FY26 based on current revenue and growth performance, yet assesses several deals will become larger and the company will reprice the back book of legacy contracts as renewals.

Overweight retained. Target edges down to $0.17 from $0.18.

This report was published on August 30, 2024.

Target price is $0.17 Current Price is $0.05 Difference: $0.122
If IPD meets the Wilsons target it will return approximately 254% (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 minus 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.00.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.00.

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

IPG    IPD GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $5.10

Taylor Collison rates ((IPG)) as Speculative Buy (1) –

Taylor Collison highlights 28% revenue growth in FY24 including recent acquisitions with like-for-like growth of 2% which is viewed as disappointing by the analyst for IPD Group.

The issues which impacted are believed to be short lived. The company’s order book is at a record with new product launches and project wins expected.

Wastewater and data centres more than offset the flat commercial markets with construction activities “patchy”. Data centres are forecast to underwrite growth in FY25.

The broker adjusts EPS for FY25 and FY26 by 3% and 10%, respectively. Buy rating unchanged with a valuation of $5.80.

This report was published on September 3, 2024.

Current Price is $5.10. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 6.00 cents and EPS of 29.80 cents.
At the last closing share price the estimated dividend yield is 1.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.11.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 6.60 cents and EPS of 33.00 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 15.45.

Market Sentiment: 1.0
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: $3.67

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

 Johns Lyng reported FY24 results which disappointed the market, notes Canaccord Genuity.

Margins were weaker, with softness in the insurance building & restoration services revenues which offset CAT coming in better than expected.

Management rebased FY25 EBITDA guidance lower including lower margins. The broker revises net profit forecasts by -24% for FY25 and -23% for FY26.

Buy unchanged. Target price falls to $6.23 from $8.75.

This report was published on August 28, 2024.

Target price is $6.23 Current Price is $3.67 Difference: $2.56
If JLG meets the Canaccord Genuity target it will return approximately 70% (excluding dividends, fees and charges).
Current consensus price target is $5.23, suggesting upside of 44.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 9.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 2.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.32.

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 2.6%.
Current consensus EPS estimate suggests the PER is 19.6.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 9.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 2.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.35.

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 2.7%.
Current consensus EPS estimate suggests the PER is 17.2.

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

KAR    KAROON ENERGY LIMITED

Crude Oil – Overnight Price: $1.70

Jarden rates ((KAR)) as Buy (1) –

Karoon Energy’s interim result was ahead of Jarden’s estimate but management confirmed it now expects the work-over of a Brazilian well three months later than forecast.

The well delay sees Karoon formally confirm Brazil production will be at the lower end of its guidance range, though the broker had already anticipated such an outcome.

Target falls to $2.20 from $2.25 on additional maintenance costs in Brazil, but Jarden sees  compelling value at the current share price and expects a recovery as the company rapidly de-gears in the second half. Buy retained.

This report was published on August 28, 2024.

Target price is $2.20 Current Price is $1.70 Difference: $0.5
If KAR meets the Jarden target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $2.32, suggesting upside of 44.8%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 27.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.2, implying annual growth of N/A.
Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 3.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 27.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.4, implying annual growth of -17.3%.
Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 4.3.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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

According to Wilsons, Karoon Energy reported 1H24 results which met expectations, with Bauna revenue down -23% because of lower production.

The broker liked the 4.4c dividend and remains positive about the company’s medium-term prospects.

Management confirmed the delay of SPS-88 until 1H25 with a start up in the middle of 2025, while capex guidance was increased slightly due to J joint venture approval to drill Who Dat West.

Target price slips 1c to $2.64. Overweight rating unchanged.

This report was published on August 29, 2024.

Target price is $2.64 Current Price is $1.70 Difference: $0.94
If KAR meets the Wilsons target it will return approximately 55% (excluding dividends, fees and charges).
Current consensus price target is $2.32, suggesting upside of 44.8%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 45.96 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.2, implying annual growth of N/A.
Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 3.5.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 51.74 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.4, implying annual growth of -17.3%.
Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 4.3.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

KGN    KOGAN.COM LIMITED

Retailing – Overnight Price: $4.88

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

Canaccord Genuity notes with many of the financial metrics pre-released in the July update, the FY24 earnings report from Kogan.com did not offer many surprises.

Management provided no FY25 guidance, but the broker points to ongoing profitability into FY25 with July EBITDA growing year-on-year.

The company’s gross margin came in at 24% in 2H24 with a -2% decline in opex.

Canaccord Genuity upgrades EBITDA forecasts by 2% and 8% for FY25/FY26, respectively.

Buy rating unchanged. Target price moves to $8.20 from $8.

This report was published on August 27, 2024.

Target price is $8.20 Current Price is $4.88 Difference: $3.32
If KGN meets the Canaccord Genuity target it will return approximately 68% (excluding dividends, fees and charges).
Current consensus price target is $6.90, suggesting upside of 45.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 22.10 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 4.53%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.35.

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 15.8.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 26.80 cents and EPS of 41.20 cents.
At the last closing share price the estimated dividend yield is 5.49%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.84.

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 19.8.

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

KLS    KELSIAN GROUP LIMITED

Transportation & Logistics – Overnight Price: $4.01

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

Canaccord Genuity found the FY24 results from Kelsian Group slightly better than previously forecast. The share reaction was largely related to capital management, considered “unfortunate”.

The issue in the broker’s view is getting the right balance for investing in contract surety and medium term growth, relative to the market’s desire for earnings growth and falling gearing ratios.

Canaccord Genuity is pleased with the operating aspects of the business and maintains a Buy rating, reducing the target to $6.10 from $7.10.

This report was published on August 27, 2024.

Target price is $6.10 Current Price is $4.01 Difference: $2.09
If KLS meets the Canaccord Genuity target it will return approximately 52% (excluding dividends, fees and charges).
Current consensus price target is $5.10, suggesting upside of 28.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 17.00 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 4.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.7, implying annual growth of 61.6%.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 20.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 4.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of 12.1%.
Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 10.2.

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

KYP    KINATICO LIMITED

Software & Services – Overnight Price: $0.10

Taylor Collison rates ((KYP)) as Outperform (2) –

Taylor Collison remains drawn to Kinatico’s real-time workforce compliance solution. Recapping on the FY24 result, which delivered a 90% increase in SaaS revenue and a 43% lift in EBITDA, the broker revises earnings estimates downward in FY25.

This reflects accelerated investment which is considered a positive strategic move and Taylor Collison continues to recognise the rapid shift towards high-quality revenue, favourable regulatory tailwinds and significant pipeline. Outperform retained. Target is $0.15.

This report was published on August 26, 2024.

Target price is $0.15 Current Price is $0.10 Difference: $0.054
If KYP meets the Taylor Collison target it will return approximately 56% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.33 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.09.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.61 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.74.

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

LOT    LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.23

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

Petra Capital highlights a tactical exposure to uranium stocks with the cut in Kazatomprom’s 2025 production guidance on August 23.

The broker expects the uranium market is entering into a seasonally strong period and the current high level of short interest in uranium stocks will need to be unwound.

Petra Capital highlights Paladin Energy ((PDN)) has a 10.1% short interest, Boss Energy ((BOE)) 8.2%, Deep Yellow ((DYL)) 8.2% and Lotus Resources ((LOT)) 6%, in addition to the analyst’s generally preferred exposures of Lotus, Bannerman Energy ((BMN)), Aura Energy ((AEE)), Alligator Energy ((AGE)) and Devex Resources ((DEV)).

This report was published on August 27, 2024.

Target price is $0.41 Current Price is $0.23 Difference: $0.185
If LOT meets the Petra Capital target it will return approximately 82% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 75.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 75.00.

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

LOV    LOVISA HOLDINGS LIMITED

Retailing – Overnight Price: $33.42

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

Lovisa Holdings delivered few surprises in its FY24 result yet Canaccord Genuity notes the market was expecting more and as a result was left disappointed.

The focus will remain on the roll-out and the extent to which the business can balance store openings with cost pressures. Management remains confident in its ability to grow its global footprint.

Caution prevails for the broker and a Hold rating is retained. Target is raised to $31.20 from $29.00.

This report was published on August 27, 2024.

Target price is $31.20 Current Price is $33.42 Difference: minus $2.22 (current price is over target).
If LOV meets the Canaccord Genuity target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $33.29, suggesting upside of 1.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 90.00 cents and EPS of 89.00 cents.
At the last closing share price the estimated dividend yield is 2.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 37.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.6, implying annual growth of 26.8%.
Current consensus DPS estimate is 84.8, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 34.3.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 95.00 cents and EPS of 103.00 cents.
At the last closing share price the estimated dividend yield is 2.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 117.9, implying annual growth of 23.3%.
Current consensus DPS estimate is 99.5, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 27.8.

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

Jarden rates ((LOV)) as Downgrade to Neutral from Buy (3) –

Lovisa Holdings’ FY24 profit beat Jarden’s estimate by 2%. The 2H24 gross profit margin beat the broker and cost of doing business was below.

The FY25-to-date trading update nevertheless disappointed relative to estimates, with sales growth of only 2% year on year despite cycling a comparable of -6% and estimated price increases of 3-5% that were not in the comparable.

The store rollout update (up 8 net) is weak on top of the number of stores at the end of FY24 being -14 below consensus, although this was expected.

The impending exit of Lovisa’s CEO is likely to raise execution and sentiment risk in the short term and as a result Jarden downgrades to Neutral from Buy, highlighting a preference in the sector for Universal Store ((UNI)) and Accent Group ((AX1)).

Target falls to $30.59 from $33.08.

This report was published on August 28, 2024.

Target price is $30.59 Current Price is $33.42 Difference: minus $2.83 (current price is over target).
If LOV meets the Jarden target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $33.29, suggesting upside of 1.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 90.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 36.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.6, implying annual growth of 26.8%.
Current consensus DPS estimate is 84.8, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 34.3.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 114.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 117.9, implying annual growth of 23.3%.
Current consensus DPS estimate is 99.5, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 27.8.

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: $0.95

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

Lark Distilling Co posted FY24 results that contain no major surprises and Canaccord Genuity assesses, operationally, it is heading in the right direction. 

Sales were robust in the context of the transition while sales growth channels are opening up.

As the balance sheet has been reinforced and management is expecting positive operating cash flow by FY27, Canaccord Genuity believes this is a unique investment opportunity and retains a Speculative Buy rating. Target is $1.20.

This report was published on August 28, 2024.

Target price is $1.20 Current Price is $0.95 Difference: $0.25
If LRK meets the Canaccord Genuity target it will return approximately 26% (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 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 19.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 19.00.

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

M7T    MACH7 TECHNOLOGIES LIMITED

Healthcare services – Overnight Price: $0.56

Wilsons rates ((M7T)) as Overweight (1) –

Wilsons believe FY24 has been a transformative year for Mach7 Technologies including improved product quality and better demand in the US market.

The broker highlights the market’s negative reaction to the FY24 results is due to the 12-month delay in reaching profitability.

Management guided to revenue growth of 15%-25% in FY25 and opex to remain below revenue growth.

Wilsons maintains an Overweight rating and $1.00 target.

This report was published on August 29, 2024.

Target price is $1.00 Current Price is $0.56 Difference: $0.44
If M7T meets the Wilsons target it will return approximately 79% (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 minus 3.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.56.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 186.67.

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

MAC    METALS ACQUISITION LIMITED

Copper – Overnight Price: $16.60

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

Metals Acquisition reported first half results with revenue beating Canaccord Genuity’s forecast which, combined with lower expenses,
resulted in a large earnings beat.

The company has maintained its existing guidance and believes 2024 copper production is tracking towards the midpoint. Metals Acquisition now has a large broken ore stockpile, the broker notes, which will underpin production over the second half of the year.

Buy and $26 target retained.

This report was published on August 30, 2024.

Target price is $26.00 Current Price is $16.60 Difference: $9.4
If MAC meets the Canaccord Genuity target it will return approximately 57% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 30.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 55.33.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 59.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.14.

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

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

Metals Acquisition delivered a “robust” first half, Wilsons asserts. The three-year production guidance has been reiterated and the broker believes the balance of risks is to the upside.

Strong cash conversion of earnings means the stock is envisaged trading on double-digit free cash flow yields in 2024 and 2025.

Wilsons flags the potential for copper prices to rally into the year end, in line with potential US rate cuts and a seasonal pick up in activity in China. This could deliver outperformance. Overweight. Target is steady at $24.

This report was published on August 30, 2024.

Target price is $24.00 Current Price is $16.60 Difference: $7.4
If MAC meets the Wilsons target it will return approximately 45% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 53.26 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.17.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 64.83 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.61.

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

MAQ    MACQUARIE TECHNOLOGY GROUP LIMITED

Telecommunication – Overnight Price: $78.46

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

Despite an in-line result from Macquarie Technology, guidance had a “sting in the tail”, Canaccord Genuity notes, which conspired with a soft overseas stock performance in the tech sector to send the shares -6% lower.

While the broker does not underplay the significance of earnings downgrades, the main game is the IC3 Super West data centre for which plans remain on track and are even more expansive with the company confirming  plans to seek approvals to increase capacity.

Canaccord retains Buy with a target cut to $116 from $118 on lower estimates for FY25 and FY26.

This report was published on August 30, 2024.

Target price is $116.00 Current Price is $78.46 Difference: $37.54
If MAQ meets the Canaccord Genuity target it will return approximately 48% (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 150.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 52.31.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 123.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 63.79.

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

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

Goldman Sachs observes the FY24 result from Macquarie Technology shows an inability in the CS&G outlook to pass through pricing to government customers in the short term while higher prices for private sector customers have driven slower decision-making.

The broker reduces FY25 at FY26 segment EBITDA by -14% and -19% and group EBITDA by -8% and -10%, respectively.

The company has flagged robust underlying customer demand, although working through new contract terms could take some time.

Goldman Sachs retains a Neutral rating, noting the business is executing well on its data centres ambitions but lacks near-term earnings growth. Target is reduced to $84.90 from $90.20.

This report was published on August 29, 2024.

Target price is $84.90 Current Price is $78.46 Difference: $6.44
If MAQ meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 141.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 55.65.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 134.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 58.55.

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

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

While Petra Capital acknowledges a positive longer-term structural thesis for Macquarie Technology, slower growth in the Cloud &
Government division (revealed during FY24 results) offset a higher margin in the Telecom division.

Management also noted rising costs from a US software vendor which cannot be passed through to customers in the near-term. However, Macquarie Technology still expects the eleventh consecutive year of earnings (EBITDA) growth in FY25.

The target falls to $87.81 from $90.37. Hold.

This report was published on August 30, 2024.

Target price is $87.81 Current Price is $78.46 Difference: $9.35
If MAQ meets the Petra Capital target it will return approximately 12% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 148.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 52.76.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 150.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 52.24.

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

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

Wilsons found the FY24 results from Macquarie Technology largely in line with expectations. No FY25 EBITDA guidance was provided other than expectations it would be better.

The broker assesses consensus EBITDA growth of around 10% could prove challenging. The catalyst will be securing land for the next asset.

Overweight retained. Target is increased to $97.27 from $81.65 as a broker now uses a more detailed some-of-the-parts valuation.

This report was published on August 29, 2024.

Target price is $97.27 Current Price is $78.46 Difference: $18.81
If MAQ meets the Wilsons target it will return approximately 24% (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 161.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 48.73.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 129.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 60.63.

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

MDR    MEDADVISOR LIMITED

Healthcare services – Overnight Price: $0.39

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

MedAdvisor’s FY24 result was in line with the June Q update. Execution has been very strong across the US and Australian segments, Canaccord Genuity notes, particularly with the THRiV omnichannel offering.

Scale has also started to come through at the operating level, and with additional investment into tech, systems and infrastructure, the broker sees a clear pathway to improved operating leverage in FY26 onward.

The longer-term structural growth story is shaping up nicely, Canaccord suggests, as pharma customers reap the benefits of MedAdvisor’s direct-to-patient marketing tools. Target rises to 57c from 45c, Buy retained.

This report was published on August 29, 2024.

Target price is $0.57 Current Price is $0.39 Difference: $0.18
If MDR meets the Canaccord Genuity target it will return approximately 46% (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 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.50.

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

NIC    NICKEL INDUSTRIES LIMITED

Nickel – Overnight Price: $0.79

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

Nickel Industries’ first half earnings missed Canaccord Genuity’s forecast due to higher expenses and lower than previously reported earnings from its HPAL operations.

The broker has adjusted its price target for the result, cash position, and lower enterprise multiple resulting in a target cut to 85c from 95c.

Nickel Industries is approaching a period of investment, and Canaccord believes low cash flow with elevated debt, hence a downgrade to Hold from Buy.

This report was published on August 30, 2024.

Target price is $0.85 Current Price is $0.79 Difference: $0.06
If NIC meets the Canaccord Genuity target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.13, suggesting upside of 44.9%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 5.00 cents and EPS of 1.52 cents.
At the last closing share price the estimated dividend yield is 6.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 51.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.8, implying annual growth of N/A.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 20.5.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 5.00 cents and EPS of 3.04 cents.
At the last closing share price the estimated dividend yield is 6.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.3, implying annual growth of 144.7%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 8.4.

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

NWC    NEW WORLD RESOURCES LIMITED

Copper – Overnight Price: $0.02

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

Latest assays from New World Resources’ maiden drilling program at the recently acquired Pinafore Deposit show the best grade thickness assay to date at Pinafore and illustrates the potential of this historical resource, Petra Capital suggests.

Although at the very early stage of exploration drilling, Pinafore could in time be developed to feed into the proposed processing plant at the company’s flagship Antler Copper Project, the broker notes, potentially expanding  scale and/or mine life.

Buy and 10c target retained.

This report was published on September 2, 2024.

Target price is $0.10 Current Price is $0.02 Difference: $0.081
If NWC meets the Petra Capital target it will return approximately 426% (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 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 19.00.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 19.00.

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

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

New World Resources has a set of exploration results which Wilsons believes provides great potential for upside to the existing resource base at the Antler copper project.

High-grade assays were returned from holes drilled at the northern end of the main shoot and included 8m at 5.9% copper, 7.6% zinc, 0.6% lead, 37.3g/t silver and 0.46g/t gold. These are expected to increase both tonnage and grade of the corresponding part of the resource.

The company has also appointed Nick Woolrych, the current chief operating officer, as managing director and CEO. Overweight rating with a 6c target.

This report was published on August 28, 2024.

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

Forecast for FY25:

Wilsons forecasts a full year FY25 EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.33.

Forecast for FY26:

Wilsons forecasts a full year FY26 EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.33.

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

NXD    NEXTED GROUP LIMITED

Education & Tuition – Overnight Price: $0.17

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

NextEd Group’s FY24 result shaped better than Canaccord Genuity expected on 2H24 costs and stronger closing cash, which led to
a relief rally from depressed levels.

Increasing international vocational student numbers were pleasing to see, demonstrating execution around new course delivery and student take-up.

While the broker acknowledges near-term revenue has uncertainties, especially given ongoing government intervention, management looks to be taking a disciplined approach to managing profitability and cash balances under a range of revenue outcomes.

Buy and 60c target retained.

This report was published on August 30, 2024.

Target price is $0.60 Current Price is $0.17 Difference: $0.435
If NXD meets the Canaccord Genuity target it will return approximately 264% (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 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.50.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 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 16.50.

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

NXT    NEXTDC LIMITED

Cloud services – Overnight Price: $16.56

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

Wilsons continues to believe NextDC will deliver on growth post a solid FY24 with -$1bn in capex spent in FY24 to be repeated in FY25.

Management expects operating leverage to increase with order book conversion from FY26 onwards, the analyst highlights.

The broker revises EBITDA forecasts by -3% and -4% for FY25/FY26, respectively for the guidance update.

Overweight. Target price $18.90.

This report was published on August 29, 2024.

Target price is $18.90 Current Price is $16.56 Difference: $2.34
If NXT meets the Wilsons target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $19.98, suggesting upside of 24.2%(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 minus 12.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 132.48.

How do these forecasts compare to market consensus projections?

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:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 19.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 83.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -13.9, implying annual growth of N/A.
Current consensus DPS estimate is 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

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $9.31

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

Paladin Energy marked FY24 results with a return to production at Langer Heinrich. The company has maintained its target for nameplate capacity of 6mlbs by the end of 2025.

Net profit beat Canaccord Genuity’s estimates materially, due to an impairment reversal on historical ore stockpiles that were previously written down because of market conditions.

At Langer Heinrich, the broker anticipates growth activities will be focused on resource and reserve expansion and improvements to plant capacity. Buy rating and $16.50 target.

This report was published on August 30, 2024.

Target price is $16.50 Current Price is $9.31 Difference: $7.19
If PDN meets the Canaccord Genuity target it will return approximately 77% (excluding dividends, fees and charges).
Current consensus price target is $16.09, suggesting upside of 82.8%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 59.7, implying annual growth of N/A.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY26:

Current consensus EPS estimate is 143.1, implying annual growth of 139.7%.
Current consensus DPS estimate is 53.9, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 6.1.

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

PLS    PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $2.75

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

Pilbara Minerals posted FY24 results that slightly missed Canaccord Genuity’s estimates. This stemmed from higher operating costs and share-based payment expenses.

The company has updated its capital management framework which now includes a target leverage ratio of less than 1.5x through the cycle. The broker sets its target at $4.00, unchanged, with a Buy rating maintained.

This report was published on August 26, 2024.

Target price is $4.00 Current Price is $2.75 Difference: $1.25
If PLS meets the Canaccord Genuity target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $2.84, suggesting upside of 8.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 5.00 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 1.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 39.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.9, implying annual growth of -42.6%.
Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 53.7.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 5.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 1.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.6, implying annual growth of 218.4%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 1.1%.
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

PPM    PEPPER MONEY LIMITED

Business & Consumer Credit – Overnight Price: $1.37

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

First half earnings at Pepper Money were down -22% half on half and lower than Goldman Sachs expected. The broker revises 2024 and 2025 estimates for EPS down by -13.8% and -11.2%, respectively, driven by lower average lending AUM and lower net interest margins on accounting revisions.

This is partially offset by better net lending fees and lower operating expenses. There are early signs that the interest margin is on the uptrend and Goldman Sachs reiterates a Buy rating. Target is reduced to $1.55 from $1.67.

This report was published on August 29, 2024.

Target price is $1.55 Current Price is $1.37 Difference: $0.18
If PPM meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 10.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 7.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.85.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 12.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 8.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.48.

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

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

First half profits fell -22% as higher loan losses were largely offset by Pepper Money’s record income from the partial sale of existing loans. Jarden found the volume weak although accepts this is set to improve.

The business should manage the margin versus volume trade-off well and there is a solid base for an earnings recovery, the broker adds. Estimates for 2024 and 2025 EPS are reduced by -5% and -8%, respectively. Overweight. Target is raised to $1.60 from $1.55.

This report was published on August 30, 2024.

Target price is $1.60 Current Price is $1.37 Difference: $0.23
If PPM meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 10.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 7.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.21.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 10.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 7.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.52.

Market Sentiment: 0.5
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: $0.52

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

FY24 earnings from Praemium were in line with Canaccord Genuity’s estimates. The broker notes the company enters FY25 with improving margins that should benefit from the 12-month impact of SMA repricing as well as the roll-out of VMA/VMASS repricing and expected IDPS launch in October.

A Buy rating is retained with forecasts reflecting sustained double-digit growth in earnings over the medium term. Target rises to $0.85 from $0.82.

This report was published on August 27, 2024.

Target price is $0.85 Current Price is $0.52 Difference: $0.33
If PPS meets the Canaccord Genuity target it will return approximately 63% (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 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.40.

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

PPT    PERPETUAL LIMITED

Wealth Management & Investments – Overnight Price: $19.60

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

FY24 underlying EPS of 178.6c was 5.1% ahead of Jarden’s estimates, driven by slightly stronger revenue and lower costs growth. Revenue was 3% ahead of estimates.

Perpetual provided indicative net cash proceeds from the potential sale of CT/WM, with the midpoint of the $957-1,121m guidance largely in line with the broker’s expectations.

Amid increased clarity around deal economics, and asset management emerging as a simplified business, Jarden reiterates an Overweight rating target edges up to $21.85 from $21.75.

This report was published on August 29, 2024.

Target price is $21.85 Current Price is $19.60 Difference: $2.25
If PPT meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $23.57, suggesting upside of 22.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 93.60 cents and EPS of 166.30 cents.
At the last closing share price the estimated dividend yield is 4.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 176.1, implying annual growth of N/A.
Current consensus DPS estimate is 123.8, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 10.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 104.40 cents and EPS of 185.60 cents.
At the last closing share price the estimated dividend yield is 5.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.4, implying annual growth of 2.4%.
Current consensus DPS estimate is 128.2, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 10.6.

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

PSQ    PACIFIC SMILES GROUP LIMITED

Healthcare services – Overnight Price: $1.81

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

Wilsons observes Pacific Smiles reported an 8.3% increase in gross patient fees in FY24 with trading softening towards the end of the fiscal year.

The broker notes an improvement in margins and the company ended the year with cash on hand of $17.7m with a 3.2c dividend.

Patient fees rose 10.4% in the weeks up to Aug 27 or 8.4% for an adjusted work-day.

Market weighting with a $1.80 target price, revised from $1.40.

This report was published on August 29, 2024.

Target price is $1.80 Current Price is $1.81 Difference: minus $0.01 (current price is over target).
If PSQ meets the Wilsons target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 6.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.17.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 7.70 cents and EPS of 7.70 cents.
At the last closing share price the estimated dividend yield is 4.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.51.

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

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments – Overnight Price: $0.99

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

Platinum Asset Management provided a second-half underlying net profit of $31.4m, ahead of Goldman Sachs’ estimates. The business is targeting $25m in savings out to December 2025 of which 80% has already been captured.

A further $5m in savings its planned for FY26 that are largely run-rate benefits from FY25. The broker does not assume any flow benefits from new products and assumes cost reduction benefits are partially offset by inflation. Sell rating. Target is $1.

This report was published on August 29, 2024.

Target price is $1.00 Current Price is $0.99 Difference: $0.01
If PTM meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $1.00, suggesting upside of 3.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 8.50 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 8.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of 8.2%.
Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 8.9%.
Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 8.00 cents and EPS of 8.50 cents.
At the last closing share price the estimated dividend yield is 8.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.9, implying annual growth of -19.8%.
Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 8.2%.
Current consensus EPS estimate suggests the PER is 14.1.

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

QAN    QANTAS AIRWAYS LIMITED

Transportation & Logistics – Overnight Price: $6.74

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

Revenue at Qantas Airways in FY24 was marginally lower than Goldman Sachs anticipated while pre-tax profit was higher. The airline noted stable travel demand and momentum in revenue in the first half of FY25.

Group domestic revenue intake was up 4% on trailing six-week average to August 24, with Qantas up 2% and Jetstar 6%. Group international revenue intake was up 13%, with Qantas up 7% and Jetstar up 30%.

Goldman Sachs highlights the second half improvement in key operating metrics and retains a Buy rating with an $8.05 target.

This report was published on August 29, 2024.

Target price is $8.05 Current Price is $6.74 Difference: $1.31
If QAN meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $7.53, suggesting upside of 11.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 30.00 cents and EPS of 99.00 cents.
At the last closing share price the estimated dividend yield is 4.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.8, implying annual growth of 28.8%.
Current consensus DPS estimate is 27.1, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 6.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 30.00 cents and EPS of 106.00 cents.
At the last closing share price the estimated dividend yield is 4.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.0, implying annual growth of 6.3%.
Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 6.5.

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

Jarden rates ((QAN)) as Buy (1) –

Jarden observes after a FY24 underlying pre-tax profit from Qantas Airways that was in line and suggests there is a clear path to “normalised” earnings from FY25.

There are three points which strengthen the investment outlook, including clarity around industrial relations impacts, demand, and the balance sheet. The latter appears able to handle the step up in expenditure required in FY25-28 as new aircraft are delivered.

Hence, the broker forecasts underlying pre-tax profit of $2.22bn in FY25. Buy rating. Target is reduced to $7.10 from $7.20.

This report was published on August 30, 2024.

Target price is $7.10 Current Price is $6.74 Difference: $0.36
If QAN meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $7.53, 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 11.60 cents and EPS of 100.90 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.8, implying annual growth of 28.8%.
Current consensus DPS estimate is 27.1, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 6.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 33.00 cents and EPS of 108.70 cents.
At the last closing share price the estimated dividend yield is 4.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.0, implying annual growth of 6.3%.
Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 6.5.

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

QOR    QORIA LIMITED

Software & Services – Overnight Price: $0.35

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

Qoria grew operating revenue in FY24 by 21% and gross profit by 29%. Wilsons notes good top-line traction with the US the highlight amid ongoing improvements in operating leverage.

Heading into the September quarter the broker envisages multiple catalysts that could result in renewed interest in the stock. The Texas key sale period is August and September while back-to-school marketing campaigns will begin in the next quarter across 70 school districts.

Overweight maintained. Target is reduced to $0.45 from $0.46.

This report was published on August 30, 2024.

Target price is $0.45 Current Price is $0.35 Difference: $0.1
If QOR meets the Wilsons target it will return approximately 29% (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 minus 1.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 19.44.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 70.00.

Market Sentiment: 1.0
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: $2.92

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

ReadyTech Holdings’ FY24 result was another milestone in proving its organic growth credentials, Goldman Sachs suggests, with new enterprise contract wins and back-book expansion supporting a healthy low-to-mid teens revenue and mid-to-high teens earnings growth outlook.

Execution in the Education vertical and on the local government cloud transition could drive ReadyTech towards its FY27 revenue target, the broker notes, and help re-rate the company towards best-in-vertical-SaaS peers.

Buy and $4.25 target retained.

This report was published on September 2, 2024.

Target price is $4.25 Current Price is $2.92 Difference: $1.33
If RDY meets the Goldman Sachs target it will return approximately 46% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 11.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.55.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 15.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.47.

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

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

ReadyTech Holdings’ FY24 earnings beat Jarden by 2% while revenue missed by -2%. The broker continues to see ReadyTech as having a strong opportunity to take share in Enterprise.

But with revenue and earnings only growing by 10% and 12% in FY24 and the company only signing six new enterprise contracts in 2H24 (versus 16 in 1H24), Jarden is looking for more evidence that revenue growth will re-accelerate before becoming more positive.

Overweight retained, noting ReadyTech trades at a material discount to TechnologyOne ((TNE)) and Objective Corp ((OCL)) despite its significant opportunity to take share. Target rises to $3.54 from $3.50.

This report was published on September 2, 2024.

Target price is $3.54 Current Price is $2.92 Difference: $0.62
If RDY meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 17.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.31.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 19.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.13.

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

RED    RED 5 LIMITED

Gold & Silver – Overnight Price: $0.30

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

Red 5 delivered underlying EBITDA of $193m that was ahead of Canaccord Genuity’s estimates. The broker was not expecting a dividend but believes the company could have delivered one and potentially surprised shareholders, given its substantial cash balance.

Outstanding debt has been paid down and pro forma cash/bullion is $498m. Forecasts for FY26/27 production are raised for KOTH offset by lower expectations for Mount Monger and Deflector. Buy rating. Target is reduced to $0.43 from $0.46.

This report was published on August 29, 2024.

Target price is $0.43 Current Price is $0.30 Difference: $0.125
If RED meets the Canaccord Genuity target it will return approximately 41% (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 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.17.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.63.

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

RMC    RESIMAC GROUP LIMITED

Banks – Overnight Price: $0.91

Jarden rates ((RMC)) as Neutral (3) –

FY24 profit from Resimac Group was in line with the pre-released data, with Jarden noting volume growth was more than offset by a sharp erosion of margins and higher loan losses.

Going forward the broker is encouraged that the worst is likely to be over and earnings will improve for FY25 as lower funding costs provide flexibility to pursue growth.

FY25 and FY26 EPS forecasts are cut by -8%. Neutral rating retained, despite the attractive yield, as Jarden awaits confirmation of the strategy with the incoming CEO. Target is raised to $0.98 from $0.93.

This report was published on August 29, 2024.

Target price is $0.98 Current Price is $0.91 Difference: $0.075
If RMC meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.10, suggesting upside of 19.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 7.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 7.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.2, implying annual growth of 40.9%.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 7.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.6, implying annual growth of 11.5%.
Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 6.8.

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

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.17

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

The underlying EBITDA result in FY24 was in line with Canaccord Genuity’s estimates. Ramelius Resources has reiterated FY25 production guidance and declared a fully franked dividend of five cents for FY24.

The broker highlights FY25 estimates of underlying free cash flow of $364m, which represent a 15% yield versus its covered peer average of 9%. Buy rating and $2.80 target unchanged.

This report was published on August 26, 2024.

Target price is $2.80 Current Price is $2.17 Difference: $0.63
If RMS meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $2.41, suggesting upside of 15.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 8.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 3.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.6, implying annual growth of 31.1%.
Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 8.1.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 5.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 2.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.6, implying annual growth of N/A.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 8.1.

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

RSG    RESOLUTE MINING LIMITED

Gold & Silver – Overnight Price: $0.66

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

Resolute Mining delivered earnings in the first half that were in line with estimates. 2024 guidance for 345-365,000 ounces at AISC of US$1300-1400/oz is unchanged.

Canaccord Genuity considers the low end of guidance achievable, noting the probability of high grade/lower strip ratios which should benefit costs in the second half. Buy rating and $1.55 target unchanged.

This report was published on August 29, 2024.

Target price is $1.55 Current Price is $0.66 Difference: $0.89
If RSG meets the Canaccord Genuity target it will return approximately 135% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 9.13 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.23.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 13.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.82.

This company reports in USD. 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

S32    SOUTH32 LIMITED

Mining – Overnight Price: $3.10

Canaccord Genuity rates ((S32)) as Sell (5) –

FY24 results from South32 beat Canaccord Genuity’s estimates across most items. The FY25 production outlook appears to be lower than estimated for South African manganese while costs at Sierra Gorda have been guided to lower than the broker forecast.

An ore reserve has been declared for Sierra Gorda of 782mt at 0.38% copper.

Canaccord Genuity is incrementally positive for the short term yet believes there are challenges over the longer term for the aluminium market, Worsley alumina, Sierra Gorda and Cerro Matoso.

The stock is considered materially overvalued and a Sell rating is retained. Target is $2.25.

This report was published on August 29, 2024.

Target price is $2.25 Current Price is $3.10 Difference: minus $0.85 (current price is over target).
If S32 meets the Canaccord Genuity target it will return approximately minus 27% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.65, suggesting upside of 22.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 3.44 cents and EPS of 8.67 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 35.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.3, implying annual growth of N/A.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 4.64 cents and EPS of 11.57 cents.
At the last closing share price the estimated dividend yield is 1.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.9, implying annual growth of 5.0%.
Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 8.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

Goldman Sachs rates ((S32)) as Buy (1) –

South32 posted FY24 earnings that were slightly ahead of Goldman Sachs’ estimates. Net debt was also in line. Cost guidance for FY25 and production guidance for FY26 are also broadly in line for the 11 operating assets.

The company expects the balance sheet to move into a US$250m net cash position with the completion of the sale of Illawarra metallurgical coal and that now is in the broker’s base case. Buy rating.Target price falls to $3.60 from $3.70.

This report was published on August 29, 2024.

Target price is $3.60 Current Price is $3.10 Difference: $0.5
If S32 meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $3.65, suggesting upside of 22.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 14.61 cents and EPS of 32.42 cents.
At the last closing share price the estimated dividend yield is 4.71%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.3, implying annual growth of N/A.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 22.22 cents and EPS of 42.46 cents.
At the last closing share price the estimated dividend yield is 7.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.9, implying annual growth of 5.0%.
Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 8.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SDF    STEADFAST GROUP LIMITED

Insurance – Overnight Price: $6.44

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

Steadfast Group delivered a FY24 result that was in line with guidance. The midpoint of FY25 guidance is ahead of Goldman Sachs estimates, reflecting around $300m in trapped capital acquisitions and rate increases of 7-9%.

The broker notes organic growth trends show some softening in broking which the business attributes to yield curve benefits fading as yield stabilise. The company is also intent on helping support subsidiaries to optimise performances and improve margin.

Goldman Sachs is aware of potential risks relating to market share and the proposed ACCC merger reforms on mandatory notification requirements and creeping acquisitions. Neutral retained. Target is $6.50.

This report was published on August 29, 2024.

Target price is $6.50 Current Price is $6.44 Difference: $0.06
If SDF meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $6.75, suggesting upside of 5.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 20.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 3.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.2, implying annual growth of 33.0%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 22.7.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 22.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.5, implying annual growth of 4.6%.
Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 21.7.

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

Jarden rates ((SDF)) as Neutral (3) –

FY24 underlying net profit from Steadfast Group was largely in line with Jarden’s estimates. Despite the waning commercial rate cycle, the broker believes the stock is positioned to grow earnings given the options regarding both organic and acquisition opportunities.

The company remains confident of growing FY25 EBITDA margins by 40-50 basis points. While there should be adequate funding, Jarden is cautious in view of a decline in interest rates that could lift transaction multiples of potential targets. Neutral retained. Target is raised to $6.55 from $6.15.

This report was published on August 29, 2024.

Target price is $6.55 Current Price is $6.44 Difference: $0.11
If SDF meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $6.75, suggesting upside of 5.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 21.60 cents and EPS of 31.40 cents.
At the last closing share price the estimated dividend yield is 3.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.2, implying annual growth of 33.0%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 22.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 22.90 cents and EPS of 33.20 cents.
At the last closing share price the estimated dividend yield is 3.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.5, implying annual growth of 4.6%.
Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 21.7.

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

SDR    SITEMINDER LIMITED

Travel, Leisure & Tourism – Overnight Price: $4.90

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

SiteMinder reported FY24 underlying sales and earnings slightly below Goldman Sachs’ forecasts, reflecting a headwind from a change in revenue recognition in 2H24. Key operating metrics were in line.

The broker slightly increases its FY25 revenue forecast, reflecting strong transaction revenues, however, higher opex spend is expected to drive FY25 earnings down -15%.

Neutral and $5.70 target retained.

This report was published on September 2, 2024.

Target price is $5.70 Current Price is $4.90 Difference: $0.8
If SDR meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $6.73, suggesting upside of 38.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 163.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.5, 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:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 163.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.5, 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 324.0.

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

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

SiteMinder’s FY24 EBITDA was ahead of Jarden’s estimates. The broker continues to support the company’s decision to reinvest cash flow in growth, with a significant opportunity for penetration in the Americas and EMEA.

As the market is still incorporating recent downgrades to medium-term cash flow expectations, Jarden continues to look for evidence of new product traction before becoming more positive on the stock. Overweight. Target is raised to $5.89 from $5.85.

This report was published on August 28, 2024.

Target price is $5.89 Current Price is $4.90 Difference: $0.99
If SDR meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $6.73, suggesting upside of 38.5%(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 minus 6.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 71.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.5, 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:

Jarden forecasts a full year FY26 EPS of minus 3.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 128.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.5, 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 324.0.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $8.55

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

Sandfire Resources delivered FY24 results that were broadly in line with expectations. No dividend was declared, as expected, with management signalling a reduction in net debt before considering capital management.

Cost guidance for FY25 is in line with estimates at Matsa while Motheo is higher than forecast. The multi-year exploration program plan for Matsa was updated, with a focus on Magdalena and Aguas Tenidas and the aim of delineating a 15-year reserve life within five years.

Canaccord Genuity retains a Buy rating and $11 target.

This report was published on August 29, 2024.

Target price is $11.00 Current Price is $8.55 Difference: $2.45
If SFR meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $9.22, suggesting upside of 13.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 7.61 cents and EPS of 70.01 cents.
At the last closing share price the estimated dividend yield is 0.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.4, implying annual growth of N/A.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 15.22 cents and EPS of 94.35 cents.
At the last closing share price the estimated dividend yield is 1.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.2, implying annual growth of 9.3%.
Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 14.4.

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

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

Sandfire Resources posted strong FY24 results with underlying EBITDA of US$362m slightly higher than  guidance and representing a 14% beat to Jarden’s estimates.

The company has guided for another year of strong growth in FY25 with copper equivalent production up 13%, driven by year of full capacity at Motheo and incremental zinc production from Matsa.

Jarden highlights the level of cost control in what is been a weak reporting season across the sector. Overweight. Target is reduced to $8.80 from $9.10.

This report was published on August 29, 2024.

Target price is $8.80 Current Price is $8.55 Difference: $0.25
If SFR meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $9.22, suggesting upside of 13.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 7.61 cents and EPS of 41.85 cents.
At the last closing share price the estimated dividend yield is 0.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.4, implying annual growth of N/A.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 9.13 cents and EPS of 59.96 cents.
At the last closing share price the estimated dividend yield is 1.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.2, implying annual growth of 9.3%.
Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 14.4.

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

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

Sandfire Resources provided few surprises in its FY24 results, with major items pre-released. Wilsons notes over the past 12 months, underpinned by extensive and reliable guidance, the company has built a strong track record.

Work to improve flexibility at Matsa appears to be now paying dividends and Motheo has progressed. The broker believes the company is positioned as an increasingly reliable exposure to the structurally attractive copper market and maintains an Overweight rating and $9.90 target.

This report was published on August 30, 2024.

Target price is $9.90 Current Price is $8.55 Difference: $1.35
If SFR meets the Wilsons target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $9.22, suggesting upside of 13.9%(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 39.11 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.4, implying annual growth of N/A.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 56.16 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.2, implying annual growth of 9.3%.
Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 14.4.

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

SGF    SG FLEET GROUP LIMITED

Vehicle Leasing & Salary Packaging – Overnight Price: $3.04

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

Canaccord Genuity notes a strong FY24 result from SG Fleet with very strong cash flow that supported a special dividend and reduction in corporate debt.

The broker attributes the slump in the stock price to the weaker-than-expected new guidance for net profit in a $88-95m range for FY25.

The reaction appears overdone, the broker asserts, as underlying momentum in the business remains positive and most of the expected decline versus expectations was due to an interest rate swap reset.

Buy rating unchanged. Target edges down to $3.55 from $3.65.

This report was published on August 28, 2024.

Target price is $3.55 Current Price is $3.04 Difference: $0.51
If SGF meets the Canaccord Genuity target it will return approximately 17% (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 17.40 cents and EPS of 26.80 cents.
At the last closing share price the estimated dividend yield is 5.72%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.34.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 19.20 cents and EPS of 29.60 cents.
At the last closing share price the estimated dividend yield is 6.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.27.

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

SMR    STANMORE RESOURCES LIMITED

Coal – Overnight Price: $2.87

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

Stanmore Resources released a solid first half result, with earnings and profit beating Petra Capital’s estimates by 4%. The US4.4c fully franked dividend was a positive surprise and clearly signals an intent to balance shareholder returns with growth.

Operations continue to perform very strongly, the broker notes, tracking to the upper end of 2024 guidance, while costs are better than anticipated, resulting in reduced full year cost guidance.

Capex is reducing as organic growth projects are delivered, allowing cash to continue building through the cycle, even in weaker price environments. Target falls to $5.46 from $5.73 on higher interest expense, Buy retained.

This report was published on September 2, 2024.

Target price is $5.46 Current Price is $2.87 Difference: $2.59
If SMR meets the Petra Capital target it will return approximately 90% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 15.52 cents and EPS of 59.35 cents.
At the last closing share price the estimated dividend yield is 5.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.84.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 13.40 cents and EPS of 49.80 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 5.76.

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

SNL    SUPPLY NETWORK LIMITED

Automobiles & Components – Overnight Price: $29.01

Taylor Collison rates ((SNL)) as Hold (3) –

Taylor Collison highlights the market cap of Supply Network has risen 99% in the last year with the broker upgrading EPS for FY25 by 7.5% and believes the tightly held share register is not too concerned by slight misses on earnings with a positive long-term outlook.

In 2H24 the company improved margins by 186 basis points than 1H24, although the margins typically skew to the second half, the broker notes this was an “outlier” of a year.

The company continues to expand its network, typically around one new branch every 12-18 months with Wangara due to start on March 1 2025.

Hold rating unchanged, despite the lofty valuation the broker states it is an “exceptional business run by A-grade management”.

This report was published on September 3, 2024.

Current Price is $29.01. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 64.00 cents and EPS of 90.10 cents.
At the last closing share price the estimated dividend yield is 2.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.20.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 72.00 cents and EPS of 102.00 cents.
At the last closing share price the estimated dividend yield is 2.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.44.

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

SOM    SOMNOMED LIMITED

Medical Equipment & Devices – Overnight Price: $0.43

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

Wilsons liked the 2H24 results for SomnoMed and notes the results and FY25 guidance beat expectations.

The broker highlights “resilient” demand for SommoDent device range and an improved attitude to manufacturing, infrastructure and technology investment.

Management offered no update on RestAssure’s regulatory status but will respond to the FDA’s latest questions in the next month.

Market weight. 42c target price.

This report was published on August 29, 2024.

Target price is $0.42 Current Price is $0.43 Difference: minus $0.01 (current price is over target).
If SOM meets the Wilsons target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 minus 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 86.00.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 61.43.

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

SPZ    SMART PARKING LIMITED

Hardware & Equipment – Overnight Price: $0.60

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

Smart Parking posted FY24 revenue that was in line while gross profit slightly beat estimates. The main surprise was closing net cash of $7m which Canaccord Genuity notes follows strong free cash flow generation.

Margin contraction in the second half related to personnel increases across the regions to support sales, which should translate to accelerated site growth.

The broker notes the company is in advanced negotiations to establish a debt facility to finance its international expansion efforts and M&A. Buy rating. Target is raised to $0.75 from $0.70.

This report was published on August 27, 2024.

Target price is $0.75 Current Price is $0.60 Difference: $0.15
If SPZ meets the Canaccord Genuity target it will return approximately 25% (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 2.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.08.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.65.

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

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

Smart Parking delivered a broadly in-line FY24 (record) result featuring solid progress across its multiple geographies, Petra Capital notes. At year end, the company had 1,421 parking sites under management and is on track to reach the 1,500 target by year-end.

While adjusted earnings were in line with consensus, they came in slightly below Petra’s expectations, principally due to an additional expense for the ramp-up of Denmark and lower parking infringement notices issued in the UK division.

The broker believes result themes were positive, and the trajectory into FY25 is strong. Target falls to 73c from 83c, Buy retained.

This report was published on September 2, 2024.

Target price is $0.73 Current Price is $0.60 Difference: $0.13
If SPZ meets the Petra Capital target it will return approximately 22% (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 2.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.27.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.18.

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

TAH    TABCORP HOLDINGS LIMITED

Gaming – Overnight Price: $0.41

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

Jarden observes FY24 revenue from Tabcorp Holdings fell -4%, indicating softer racing turnover and its disproportionate exposure to that industry. Earnings missed estimates, driven by significantly higher operating expenditure.

The broker welcomes the fact new management has walked away from TAB25, given a softer market, which should mean the market downgrades FY25 EBITDA by -10-15%.

The appointments of a new CEO and CFO have been the necessary circuit breaker, Jarden asserts, as earnings do not reflect the company’s unique media and retail assets. Overweight. Target is reduced to $0.65 from $0.80.

This report was published on August 29, 2024.

Target price is $0.65 Current Price is $0.41 Difference: $0.24
If TAH meets the Jarden target it will return approximately 59% (excluding dividends, fees and charges).
Current consensus price target is $0.55, suggesting upside of 41.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 1.20 cents and EPS of 2.00 cents.
At the last closing share price the estimated dividend yield is 2.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.3, implying annual growth of N/A.
Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 30.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 2.10 cents and EPS of 3.50 cents.
At the last closing share price the estimated dividend yield is 5.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.7, implying annual growth of 107.7%.
Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 14.4.

Market Sentiment: 0.2
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: $1.84

Jarden rates ((THL)) as Buy (1) –

Tourism Holdings Rentals delivered adjusted net profit that was in line with expectations after a material earnings downgrade in May. Jarden notes yields held up in most markets although ex-fleet sales volumes fell -12% because of weak demand.

The broker also observes over recent weeks the recovery has slowed with the potential to impact rentals in 2025. The company has reiterated its belief that reduced fleet purchasing will be the key lever to manage gearing.

Buy rating. Target is reduced to NZ$4.38 from NZ$4.52.

This report was published on August 28, 2024.

Current Price is $1.84. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 9.22 cents and EPS of 23.89 cents.
At the last closing share price the estimated dividend yield is 5.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.70.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 14.76 cents and EPS of 30.44 cents.
At the last closing share price the estimated dividend yield is 8.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.05.

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

TRJ    TRAJAN GROUP HOLDINGS LIMITED

Medical Equipment & Devices – Overnight Price: $1.19

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

Trajan Group posted a FY24 result that was in line with revised guidance from May. A revenue decline was driven by consumables and capital equipment, reflecting production delays and tighter customer expenditure budgets.

The company continues to face challenges in some key segments, Canaccord Genuity notes, particularly pharmaceuticals. The broker considers the stock cheap although a macro recovery and strong execution are required. Buy rating. Target is raised to $1.40 from $1.20.

This report was published on August 30, 2024.

Target price is $1.40 Current Price is $1.19 Difference: $0.21
If TRJ meets the Canaccord Genuity target it will return approximately 18% (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 0.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 170.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of 2.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.77.

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

UBN    URBANISE.COM LIMITED

Software & Services – Overnight Price: $0.42

Taylor Collison rates ((UBN)) as Speculative Buy (1) –

Taylor Collison notes Urbanise reported FY24 revenue down -1.4% with the company continuing to attract multiple small customers, which partially offset some larger contract losses.

Management achieved collection of $1m in receivables which is viewed as a positive for investors who, the broker believes, remain concerned about cashflow. The company reconfirmed break-even in FY25.

The analyst calculates to achieve break-even; Urbanise needs to win around $600k in annual recurring revenues in FY25 with no major losses.

The Speculative Buy rating is retained. 

This report was published on September 2, 2024.

Current Price is $0.42. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 17.00.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 106.25.

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

USL    UNICO SILVER LIMITED

Overnight Price: $0.18

Taylor Collison rates ((USL)) as Initiation of coverage with Speculative Buy (1) –

Taylor Collison initiates coverage on Unico Silver with a Speculative Buy rating. No target was provided.The company is a junior explorer within the Santa Cruz province in Argentina.

The area has some of the country’s largest epithermal precious metals and underexplored fields in the company’s jurisdiction provide the opportunity to materially add to the existing resource base.

Compared to peers, the business also offers a relatively pure silver exposure with the metal representing around 66% of total resources.

This report was published on August 30, 2024.

Current Price is $0.18. Target price not assessed.
The company’s fiscal year ends in June.

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

VSL    VULCAN STEEL LIMITED

Steel & Scrap – Overnight Price: $7.21

Jarden rates ((VSL)) as Neutral (3) –

Vulcan Steel delivered FY24 EBITDA of NZ$147.6m and a dividend of NZ$0.24, ahead of Jarden’s estimates. Cost containment was the highlight in a tough market.

The company remains hopeful the downward trend in interest rates in New Zealand will trigger a recovery from the start of 2025. The rebound in Australia is expected to be slower, after a more subdued downturn.

As costs cuts benefit longer term value Jarden increases the target to NZ$7.80 from NZ$7.68 and retains a Neutral rating.

This report was published on August 27, 2024.

Current Price is $7.21. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 22.14 cents and EPS of 28.78 cents.
At the last closing share price the estimated dividend yield is 3.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.05.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 35.70 cents and EPS of 47.59 cents.
At the last closing share price the estimated dividend yield is 4.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.15.

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

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $27.53

Jarden rates ((WDS)) as Neutral (3) –

Woodside Energy posted first half results that were in line with Jarden’s estimates. A positive share price performance ensued, which in the broker’s view stems from the retention of an 80% dividend payout ratio and the dividend outlook commentary.

One of the main positives in the results was that Sangomar production has reached nameplate, although the broker considers management “rightly cautious” on near-term forecasts. Neutral retained. Target is $26.60.

This report was published on August 28, 2024.

Target price is $26.60 Current Price is $27.53 Difference: minus $0.93 (current price is over target).
If WDS meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $29.92, suggesting upside of 11.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 203.93 cents and EPS of 255.52 cents.
At the last closing share price the estimated dividend yield is 7.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 251.5, implying annual growth of N/A.
Current consensus DPS estimate is 193.4, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 126.31 cents and EPS of 196.01 cents.
At the last closing share price the estimated dividend yield is 4.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 177.6, implying annual growth of -29.4%.
Current consensus DPS estimate is 134.0, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 15.1.

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

WEB    WEBJET LIMITED

Travel, Leisure & Tourism – Overnight Price: $7.52

Jarden rates ((WEB)) as Buy (1) –

Jarden found the AGM update from Webjet soft, as weak transaction trends continued in B2C, while B2B was weaker on a customer insolvency and the impact of two major events.

As a result the broker reduces FY25 EBITDA estimates by -10% and rebased medium-term revenue margins for WebBeds. WebBeds has been affected by the collapse of Europe’s third-largest tour operator while the Paris Olympics had resulted in less in-month purchases.

The broker remains positive on the stock and considers the business undervalued given its growth profile, with the demerger likely to be a catalyst. Buy rating. Target is reduced to $9.45 from $10.30.

This report was published on August 29, 2024.

Target price is $9.45 Current Price is $7.52 Difference: $1.93
If WEB meets the Jarden target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $9.86, suggesting upside of 31.2%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 11.00 cents and EPS of 32.70 cents.
At the last closing share price the estimated dividend yield is 1.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.1, implying annual growth of 96.5%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 14.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 1.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.5, implying annual growth of 22.6%.
Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 16.5.

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

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

Webjet has signalled at its AGM that one-off events in June-July have materially slowed first half EBITDA growth for WebBeds, despite transaction value being up 25% and still on track to hit the $5bn FY25 target.

Despite the one-off events such as FTI  insolvency, the Euros and Paris Olympics, Wilsons observes the business is confident in delivering a full year margin of around 50%. Importantly, there has been a strong rebound in August. Overweight. Target drops to $9.52 from $10.04.

This report was published on August 30, 2024.

Target price is $9.52 Current Price is $7.52 Difference: $2
If WEB meets the Wilsons target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $9.86, suggesting upside of 31.2%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 35.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.1, implying annual growth of 96.5%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 44.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.5, implying annual growth of 22.6%.
Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 16.5.

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

WES    WESFARMERS LIMITED

Consumer Products & Services – Overnight Price: $71.39

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

Wesfarmers’ FY24 results revealed group sales from the second half that were ahead of estimates while EBIT was slightly softer.

Goldman Sachs notes the first eight weeks of the first half of FY25 show muted store growth for Bunnings, yet management expects space optimisation and sales productivity in higher turnover categories will deliver strong FY25 growth.

Kmart stood out with the EBIT margin expanding 140 basis points to 9.4%. Goldman Sachs was also impressed with the growth and margin resilience in Officeworks in the first eight weeks of FY25. Neutral rating reiterated. Target is reduced to $66.60 from $69.20.

This report was published on August 29, 2024.

Target price is $66.60 Current Price is $71.39 Difference: minus $4.79 (current price is over target).
If WES meets the Goldman Sachs target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $64.33, suggesting downside of -8.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 210.00 cents and EPS of 239.00 cents.
At the last closing share price the estimated dividend yield is 2.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 237.9, implying annual growth of N/A.
Current consensus DPS estimate is 207.6, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 29.5.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 234.00 cents and EPS of 266.00 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 26.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 258.1, implying annual growth of 8.5%.
Current consensus DPS estimate is 224.6, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 27.2.

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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.93

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

FY24 results from Westgold Resources missed Canaccord Genuity’s estimates. The company finished the year with cash, bullion and liquids of $263m, representing a $71m increase over the year.

Westgold Resources is debt free and unhedged and fully exposed to current spot prices. An updated resource and reserve estimate will be provided early in September with FY25 guidance to follow. Buy rating and $3.55 target.

This report was published on August 29, 2024.

Target price is $3.55 Current Price is $2.93 Difference: $0.62
If WGX meets the Canaccord Genuity target it will return approximately 21% (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 2.00 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 0.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.92.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 2.00 cents and EPS of 48.00 cents.
At the last closing share price the estimated dividend yield is 0.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.10.

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

WOR    WORLEY LIMITED

Energy Sector Contracting – Overnight Price: $14.92

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

Worley’s FY24 result was broadly in line with Goldman Sachs’ expectations. The result was achieved with ex-procurement aggregated revenues below the broker on better than expected margins, which continue to benefit from improved mix and favourable rates.

While pro-forma revenue growth was consistent with 1H24 levels, the decline in backlog over the last six months is indicative on a challenging economic backdrop, Goldman notes.

Given the year-on-year moderation in backlog backdrop, Worley is guiding to moderating FY25 growth versus FY24. Target rises to $17.75 from $17.50, Buy retained.

This report was published on September 2, 2024.

Target price is $17.75 Current Price is $14.92 Difference: $2.83
If WOR meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $18.26, suggesting upside of 24.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 54.00 cents and EPS of 78.00 cents.
At the last closing share price the estimated dividend yield is 3.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.5, implying annual growth of 50.5%.
Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 64.00 cents and EPS of 96.00 cents.
At the last closing share price the estimated dividend yield is 4.29%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 105.8, implying annual growth of 22.3%.
Current consensus DPS estimate is 53.8, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 13.8.

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

WOW    WOOLWORTHS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $34.83

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

FY24 EBIT was in line with expectations yet Jarden notes it was a “tale of two halves” for Woolworths Group. The slowdown in the third quarter now appears to be dissipating which should set the business up for an improved FY25.

The broker reduces FY25-27 net profit forecasts largely because of higher depreciation and net interest. Overweight maintained. Target is reduced to $38.60 from $39.90.

This report was published on August 28, 2024.

Target price is $38.60 Current Price is $34.83 Difference: $3.77
If WOW meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $37.08, suggesting upside of 7.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 114.00 cents and EPS of 151.10 cents.
At the last closing share price the estimated dividend yield is 3.27%.
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 140.7, implying annual growth of 1489.8%.
Current consensus DPS estimate is 103.0, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 24.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 127.00 cents and EPS of 168.20 cents.
At the last closing share price the estimated dividend yield is 3.65%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.5, implying annual growth of 8.4%.
Current consensus DPS estimate is 111.0, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 22.6.

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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