Australian Broker Call *Extra* Edition – Sep 13, 2024

This story features LIFE360 INC, and other companies. For more info SHARE ANALYSIS: 360

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)

360   AGN   ARB (2)   ASL   ASX   CHC   CMM (2)   CSL   DOW   FFM   FSG   GMG   IMM   IPD   KED   LNW   NWS   NXT (2)   ORI   PDN   PMV   QAN   QBE   REA   SGLLV   TCL   WDS   WTC  

360    LIFE360 INC

Software & Services – Overnight Price: $16.94

Goldman Sachs rates ((360)) as Buy (1) –

Russell Burke, CFO of Life360, presented at Goldman Sachs’ Communacopia + Technology highlighting there is a long runway of growth for the US subscription business.

The broker reports Burke also noted the international expansion was going well and the advertising strategy was “on track”. Management is assessing M&A opportunities as well as product adjacencies.

Buy rated with a $19.75 target price.

This report was published on September 10, 2024.

Target price is $19.75 Current Price is $16.94 Difference: $2.81
If 360 meets the Goldman Sachs target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $20.09, suggesting upside of 18.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 15.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 111.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 88.2.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 33.45 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 50.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.3, implying annual growth of 146.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 35.8.

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

AGN    ARGENICA THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.82

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

Petra Capital observes Argenica Therapeutics’ Phase 2 stroke trial (Seancon) has been granted a second Data Safety Monitoring Board approval to continue. Three more reviews are expected.

The broker highlights an uptick in the number of dosed patients as part of the trial to 43 out of 92 with ten sites “activated” but only six sites having contributed to the trial.

Petra Capital expects dosing completion in March 2025, some two-three months ahead of the company’s timeline. Results are anticipated in 3Q2025.

Buy rating and $1.14 target price retained.

This report was published on September 9, 2024.

Target price is $1.14 Current Price is $0.82 Difference: $0.32
If AGN meets the Petra Capital target it will return approximately 39% (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 13.90.

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 35.65.

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

ARB    ARB CORPORATION LIMITED

Automobiles & Components – Overnight Price: $43.65

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

As a by-product from Off-The Road’s purchase of 4 Wheel Parts for US$30m from Hoonigan, ARB Corp will lift its ownership in Off-The Road to 50% from 30%, observes Canaccord Genuity.

The lift in ownership reflects a greater contribution by ARB to the funding of the transaction than ARB’s current shareholding requires, explains the analyst.

In a strategically sound move, according to the broker, ARB will buy the Poison Spyder brand from Hoonigan for -US$1m, helping to address the underweight Jeep product in ARB’s portfolio.

Hold. $38.30 target price.

This report was published on September 10, 2024.

Target price is $38.30 Current Price is $43.65 Difference: minus $5.35 (current price is over target).
If ARB meets the Canaccord Genuity target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $42.80, suggesting downside of -1.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 76.00 cents and EPS of 138.00 cents.
At the last closing share price the estimated dividend yield is 1.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 137.5, implying annual growth of 10.1%.
Current consensus DPS estimate is 74.2, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 31.7.

Forecast for FY26:

Current consensus EPS estimate is 151.5, implying annual growth of 10.2%.
Current consensus DPS estimate is 82.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 28.8.

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

Wilsons notes ARB Corp’s US-based associate Off Road Warehouse has entered into an agreement to buy 4 Wheel Parts for around US$30m.

The company brings forth 42 retail stores selling 4WD accessories across the US. The deal is subject to court approval.

At first inspection, the broker likes the transaction with the addition of the US distribution network, supporting forecast sales growth of some 20% p.a. over the next five years.

The target price lifts slightly to $47.85 from $47.52. Overweight rating remains.

This report was published on September 10, 2024.

Target price is $47.85 Current Price is $43.65 Difference: $4.2
If ARB meets the Wilsons target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $42.80, suggesting downside of -1.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 75.00 cents and EPS of 136.70 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 31.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 137.5, implying annual growth of 10.1%.
Current consensus DPS estimate is 74.2, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 31.7.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 81.00 cents and EPS of 145.90 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 29.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 151.5, implying annual growth of 10.2%.
Current consensus DPS estimate is 82.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 28.8.

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

ASL    ANDEAN SILVER LIMITED

Gold & Silver – Overnight Price: $1.06

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

An 80% increase by Andean Silver to the mineral resource estimate (MRE) at its Cerro Bayo silver-gold project in Chile to 91moz exceeds Canaccord Genuity’s 70-80moz forecast.

As the updated MRE only includes re-modelling of existing datasets and excludes drill results since Andean Silver acquired the deposit in early-2024, the broker sees scope for further upgrades.

The Speculative Buy rating and $2.50 target are maintained.

This report was published on September 10, 2024.

Target price is $2.50 Current Price is $1.06 Difference: $1.44
If ASL meets the Canaccord Genuity target it will return approximately 136% (excluding dividends, fees and charges).

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

ASX    ASX LIMITED

Wealth Management & Investments – Overnight Price: $64.50

Jarden rates ((ASX)) as Neutral (3) –

ASX reported mixed activity in August, with strong futures volumes up 48% on the previous corresponding period, offset by a -29% decline in capital raising and average daily turnover rising modestly by 7%, Jarden notes.

The analyst assesses earnings growth to be limited in FY25 from higher regulatory and technology costs, including increased depreciation/amortisation charges.

Neutral rating with a $59.75 target price maintained.

This report was published on September 5, 2024.

Target price is $59.75 Current Price is $64.50 Difference: minus $4.75 (current price is over target).
If ASX meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $60.12, suggesting downside of -6.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 217.00 cents and EPS of 255.30 cents.
At the last closing share price the estimated dividend yield is 3.36%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 251.2, implying annual growth of 2.6%.
Current consensus DPS estimate is 213.9, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 25.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 225.80 cents and EPS of 265.60 cents.
At the last closing share price the estimated dividend yield is 3.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 260.1, implying annual growth of 3.5%.
Current consensus DPS estimate is 218.3, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 24.8.

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

CHC    CHARTER HALL GROUP

REITs – Overnight Price: $16.24

Moelis rates ((CHC)) as Downgrade to Hold from Buy (3) –

Charter Hall, on behalf of Charter Hall Retail REIT ((CQR)) and a trust managed on behalf of Hostplus (50:50 basis), has lodged an on-market takeover bid to acquire 100% of Hotel Property Investments ((HPI)) for $3.65/share.

According to the target’s board, the bid represents a -10% discount to net tangible assets (NTA) and should be rejected by shareholders.

Following the recent share price rally, Moelis downgrades its rating for Charter Hall to Hold from Buy. The unchanged target is $3.89.

This report was published on September 11, 2024.

Target price is $3.89 Current Price is $16.24 Difference: minus $12.35 (current price is over target).
If CHC meets the Moelis target it will return approximately minus 76% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.62, suggesting downside of -10.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 24.70 cents and EPS of 25.60 cents.
At the last closing share price the estimated dividend yield is 1.52%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 63.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.7, implying annual growth of N/A.
Current consensus DPS estimate is 47.9, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 20.4.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 24.70 cents and EPS of 26.30 cents.
At the last closing share price the estimated dividend yield is 1.52%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 61.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.8, implying annual growth of 6.4%.
Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 19.2.

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $5.69

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

FY24 underlying earnings (EBITDA) for Capricorn Metals aligned with the forecast made by Goldman Sachs, while FY25 production guidance was unchanged.

Management has begun the expansion study for Karlawinda. The aim is for completion by the end of Q2 FY25, notes the broker,  and moving in to permitting and execution as quickly as possible thereafter – assuming a positive final investment decision (FID).

The Neutral rating is maintained, and the target rises to $5.55 from $5.25.

This report was published on September 9, 2024.

Target price is $5.55 Current Price is $5.69 Difference: minus $0.14 (current price is over target).
If CMM meets the Goldman Sachs target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.30, suggesting upside of 10.7%(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 42.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.8, implying annual growth of 41.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.3.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 36.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.9, implying annual growth of -11.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.7.

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

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Jarden rates ((CMM)) as Buy (1) –

There were few surprises within Capricorn Metals’ FY24 results, notes Jarden, as key metrics were released during June quarter reporting, while FY25 guidance was reaffirmed.

The broker believes the board will take a final investment decision (FID) on Karlawinda in the 2H of FY25 to expand throughput by over 50% to 6.5-7.0mtpa.

The target rises to $6.29 from $6.28 and the Buy rating is kept.

This report was published on September 6, 2024.

Target price is $6.29 Current Price is $5.69 Difference: $0.6
If CMM meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $6.30, suggesting upside of 10.7%(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 32.20 cents.
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 32.8, implying annual growth of 41.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.00 cents and EPS of 30.70 cents.
At the last closing share price the estimated dividend yield is 1.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.9, implying annual growth of -11.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.7.

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

CSL    CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $301.66

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

Wilsons notes Garadacimab is up for approval at the end of September, so the analyst revisits the earnings model and outlook for CSL’s hereditary angioedema franchise.

The broker assesses Garadacimab’s safety, efficacy and dosing has advantages over Takhzyro which has the potential to generate market share gains for CSL.

Some US$600m in sales are forecast for Garadacimab in the fifth year which are included in Wilsons discounted cashflow model.

No change to Market Weight rating and $291.78 target price.

This report was published on September 10, 2024.

Target price is $291.78 Current Price is $301.66 Difference: minus $9.88 (current price is over target).
If CSL 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 $327.46, suggesting upside of 8.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 436.30 cents and EPS of 999.39 cents.
At the last closing share price the estimated dividend yield is 1.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 993.0, implying annual growth of N/A.
Current consensus DPS estimate is 457.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 30.4.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 490.27 cents and EPS of 1120.71 cents.
At the last closing share price the estimated dividend yield is 1.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1157.1, implying annual growth of 16.5%.
Current consensus DPS estimate is 510.5, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 26.1.

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

DOW    DOWNER EDI LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $5.66

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

Goldman Sachs raises its target for Downer EDI to $5.50 from $4.80 following “solid” FY24 results with slight beats against consensus forecasts for both earnings (EBITA) and margins.

The broker highlights the 4% 2H margin, up from 2.6% in the 1H and for FY23, due to cost-out cost and business improvement programs.

The analysts suggest the margin improvement story is largely incorporated into the current share price following a 80% rally since March 2023. The Neutral rating is maintained.

This report was published on September 9, 2024.

Target price is $5.50 Current Price is $5.66 Difference: minus $0.16 (current price is over target).
If DOW meets the Goldman Sachs target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.62, suggesting downside of -0.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 23.00 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 4.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.6, implying annual growth of 274.4%.
Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 25.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 4.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.6, implying annual growth of 18.1%.
Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 12.4.

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

FFM    FIREFLY METALS LIMITED

Gold & Silver – Overnight Price: $0.88

Moelis rates ((FFM)) as Buy (1) –

Moelis raises its target for FireFly Metals to $1.15 from $1.00 due to a growing conviction by the analyst around the potential for a meaningful resource upgrade at Green Bay. The latter’s valuation is raised to $500m, up from $364m.

Exploration results, published subsequent to the year end, suggest to the broker systems similar to the Ming Mine may also exist in other historic mines across the tenements.

FY24 results were largely in line with the broker’s forecasts. The Buy rating is maintained.

This report was published on September 10, 2024.

Target price is $1.15 Current Price is $0.88 Difference: $0.27
If FFM meets the Moelis target it will return approximately 31% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 5.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 16.30.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 28.39.

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

FSG    FIELD SOLUTIONS HOLDINGS LIMITED

Telecommunication – Overnight Price: $0.02

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

While Field Solutions reported on August 29 underlying earnings (EBITDA) of $4.4m, well short of Canaccord Genuity’s $6.3m forecast, the analyst prefers to focus on significant network expansion.

The company is building Australia’s fourth mobile network, explains the broker, and now has 106 sites – with 59 completed as at June – and the balance due for completion by the end of 2024.

Canaccord cautions investors should expect a degree of volatility during the current network build. 

The Speculative Buy rating is maintained, but the broker’s target falls to 7c from 11c on material EPS forecast downgrades.

This report was published on September 10, 2024.

Target price is $0.07 Current Price is $0.02 Difference: $0.05
If FSG meets the Canaccord Genuity target it will return approximately 250% (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 0.27 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.41.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.14 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 14.29.

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

GMG    GOODMAN GROUP

Infra & Property Developers – Overnight Price: $34.54

Jarden rates ((GMG)) as Upgrade to Buy from Neutral (1) –

Jarden raises its target for Goodman Group to $40 from $37.60 and upgrades to Buy from Neutral after the share price underperformed the REIT sector by -10% over the last three months.

This equity price decline contrasts with growing visibility of both duration and magnitude of earnings, suggests the broker, driven by the group’s $85bn Data Centre development pipeline.

On the topic of potential execution risk, the analysts point to Goodman’s history of managing risk through pre-commitments, strong capital partnerships and a prudent approach to capital management and project selection.

This report was published on September 11, 2024.

Target price is $40.00 Current Price is $34.54 Difference: $5.46
If GMG meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $36.19, suggesting upside of 4.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 121.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.7, implying annual growth of N/A.
Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 28.6.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 136.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 139.2, implying annual growth of 15.3%.
Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 24.8.

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

IMM    IMMUTEP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.41

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

Wilsons considers ivonescimab’s efficacy as “impressive” versus Keytruda.

The analyst believes there are several reasons why it’s not as relevant to the upcoming trials of TACTI-004 for Immutep.

No change to Overweight rating and $1.05 target price.

This report was published on September 9, 2024.

Target price is $1.05 Current Price is $0.41 Difference: $0.64
If IMM meets the Wilsons target it will return approximately 156% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.39.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 4.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.11.

Market Sentiment: 1.0
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

Canaccord Genuity rates ((IPD)) as Downgrade to Speculative Buy from Buy (1) –

Upon further reflection on FY24 results, Canaccord Genuity lowers its target for ImpediMed to 9c from 14c and downgrades to Speculative Buy from Buy.

The analyst adopts a more conservative approach to the cadence of installed base growth, and on management’s ability to drive SaaS pricing increases. Unfortunately, payor wins have not been sufficient to drive Sozo unit sales, explains Canaccord.

Over the last year, the analyst suggests material disruption at both management and board level may have negatively impacted the sales/strategy planning and execution.

The broker’s initial take on FY24 results is summarised below.

FY24 results for ImpediMed were in line with quarterly reporting in July. However, Canaccord Genuity suggests share price pressure reflects a level of impatience as investors await sales execution, with a material uplift in new installed Sozo units remaining elusive.

Management highlighted actions to manage cash burn including a FY25 operating cash spend -10% lower than the FY24 level.

The broker suggests management’s aim to be breakeven by July 2025 is very optimistic, and the analyst’s forecasts assume a capital injection.

This report was published on September 10, 2024.

Target price is $0.09 Current Price is $0.05 Difference: $0.04
If IPD meets the Canaccord Genuity target it will return approximately 80% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.55.

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 5.00.

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

KED    KEYPATH EDUCATION INTERNATIONAL INC

Education & Tuition – Overnight Price: $0.86

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

Canaccord Genuity ceases research coverage of Keypath Education International following shareholder approval for the merger with Karpos Merger Sub Inc.

This report was published on September 6, 2024.

Current Price is $0.86. Target price not assessed.

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

LNW    LIGHT & WONDER INC

Gaming – Overnight Price: $165.60

Jarden rates ((LNW)) as Buy (1) –

Jarden anticipates ongoing double-digit operating earnings growth from above category growth across Light & Wonder’s Gaming and Social Free-to-Play (FTP) Digital operations.

Additionally, the analysts expect high single-to low double-digit growth from the  immature iGaming operations.

Should these three outcomes be successfully attained, Jarden believes management will meet FY25 targeted earnings (AEBITDA) of US$1.4bn.

Buy rating and $176 target retained.

This report was published on September 12, 2024.

Target price is $176.00 Current Price is $165.60 Difference: $10.4
If LNW meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $179.80, suggesting upside of 8.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 449.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 36.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 403.3, implying annual growth of 49.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 41.1.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 605.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 556.8, implying annual growth of 38.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 29.7.

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

NWS    NEWS CORPORATION

Print, Radio & TV – Overnight Price: $40.78

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

Goldman Sachs makes some observations from the CEO of Realtor, a business inside News Corp’s Digital Real Estate business who presented at its Communacopia + Technology event.

Management noted a refocusing on core buy and sell with the Zillow rental partnership as an example; the company is well positioned for a market rebound, while looking at M&A opportunities and a reduction in “maintenance” tech debt to improve the speed of consumer tech.

Buy rated with $48.90 target price.

This report was published on September 10, 2024.

Target price is $48.90 Current Price is $40.78 Difference: $8.12
If NWS meets the Goldman Sachs target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $43.20, suggesting upside of 5.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 132.11 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 122.0, implying annual growth of N/A.
Current consensus DPS estimate is 29.7, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 33.4.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 EPS of 148.98 cents.
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 150.7, implying annual growth of 23.5%.
Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 27.1.

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

NXT    NEXTDC LIMITED

Cloud services – Overnight Price: $17.03

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

Canaccord Genuity emphasises NextDC has “tapped” the equity market for the second time in less than six months for a $750m new issue, bringing total new equity raised to above $2bn in 2024 with a $1.5bn un-drawn debt facility.

The issue was priced at $17.15 post the inclusion of the stock in NAREIT Real Estate Index the previous week where the shares rose 8% on Sept 5.

Management reiterated FY25 EBITDA guidance but the prospective acquisition of a site for S7 elevates capex for FY25 up by $400m to $1.3bn-$1.5bn.

Buy rating and $18.85 target price.

This report was published on September 11, 2024.

Target price is $18.85 Current Price is $17.03 Difference: $1.82
If NXT meets the Canaccord Genuity target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $19.98, suggesting upside of 17.3%(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 minus 4.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 362.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -9.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

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

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

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

Goldman Sachs’ initial assessment on the latest $750m equity raising from NextDC was in line with expectations and the company’s anticipated entry into new Asian markets.

The funds raised are targeted for new data centre sites in Bangkok, Thailand and Johor, Malaysia. Management increased FY25 capex by around 40% at the midpoint of previous guidance for the acquisition of the S7 site.

Estimated FY26 gearing would improve to 5x from 7.9x post the equity raising, assuming the $200m share purchase plan for retail investors is taken up, the broker highlights.

Buy rated with an $18.50 target price.

This report was published on September 10, 2024.

Target price is $18.50 Current Price is $17.03 Difference: $1.47
If NXT meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $19.98, suggesting upside of 17.3%(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 12.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 141.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -9.5, 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 minus 19.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 89.63.

How do these forecasts compare to market consensus projections?

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

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

ORI    ORICA LIMITED

Mining Sector Contracting – Overnight Price: $17.71

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

Growth in Quarry and Construction (Q&C) should help offset secular declines in thermal coal demand, suggested management at Orica, while hosting investors on a tour of the Homer Explosives Plant and Heidelberg Quarry in Georgia.

Jarden remains sceptical on this point as Orica’s primary competitive advantage globally is less relevant in the Q&C space.

Key earnings drivers in Q&C are the initiating systems (detonators, caps, boosters) and higher margin emulsions, explains the broker, but smaller customers might switch to cheaper Chinese-manufactured initiating systems.

The Overweight rating and $18.50 target are maintained.

This report was published on September 12, 2024.

Target price is $18.50 Current Price is $17.71 Difference: $0.79
If ORI meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $19.70, suggesting upside of 11.2%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 39.30 cents and EPS of 79.30 cents.
At the last closing share price the estimated dividend yield is 2.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.6, implying annual growth of 34.5%.
Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 20.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 46.20 cents and EPS of 93.20 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.2, implying annual growth of 22.4%.
Current consensus DPS estimate is 54.6, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 16.5.

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

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $9.79

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

In a highly positive development for Paladin Energy, suggests Canaccord Genuity, Fission Uranium shareholders have approved the proposed acquisition by Paladin. The company now becomes the third-largest listed uranium resource owner globally with 544mlbs.

The transaction not only builds scale and provides medium-term production growth, highlights the broker, but also will likely result in bringing Paladin down the cost curve.

Buy rating and $16.50 target.

This report was published on September 10, 2024.

Target price is $16.50 Current Price is $9.79 Difference: $6.71
If PDN meets the Canaccord Genuity target it will return approximately 69% (excluding dividends, fees and charges).
Current consensus price target is $14.93, suggesting upside of 52.5%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 50.3, implying annual growth of N/A.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY26:

Current consensus EPS estimate is 107.5, implying annual growth of 113.7%.
Current consensus DPS estimate is 35.8, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 9.1.

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

PMV    PREMIER INVESTMENTS LIMITED

Apparel & Footwear – Overnight Price: $33.92

Jarden rates ((PMV)) as Neutral (3) –

FY24 retail earnings (EBIT) for Premier Investments of $326m fell -2% shy of the consensus forecast due to declines in earnings from core fashion brands, explains Jarden.

While remaining Neutral-rated, the broker has a positive bias due to the re-rate opportunity post a potential sale of its apparel business to Myer ((MYR)).

The target falls by -$1.00 to $29.80.

This report was published on September 10, 2024.

Target price is $29.80 Current Price is $33.92 Difference: minus $4.12 (current price is over target).
If PMV meets the Jarden target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $33.25, suggesting downside of -2.0%(ex-dividends)
The company’s fiscal year ends in July.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 140.00 cents and EPS of 166.30 cents.
At the last closing share price the estimated dividend yield is 4.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 177.2, implying annual growth of N/A.
Current consensus DPS estimate is 116.0, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 19.1.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 170.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is N/A, 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: 0.3
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: $6.84

Jarden rates ((QAN)) as Buy (1) –

Jarden highlights Qantas Airways is experiencing “positive momentum” in earnings following FY24 results.

The broker believes there is scope for a valuation (multiple) re-rating on the stock with the outlook for FY25 earnings advancing by around 18% over the previous ten months.

Falling oil prices should assist with lower fuel costs while capacity management should support load factors.

No change to Buy rating and $7.10 target price. Earnings forecasts remain the same.

This report was published on September 6, 2024.

Target price is $7.10 Current Price is $6.84 Difference: $0.26
If QAN meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $7.53, suggesting upside of 10.0%(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 1.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.78.

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 7.0.

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 4.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.29.

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 4.5%.
Current consensus EPS estimate suggests the PER is 6.6.

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

QBE    QBE INSURANCE GROUP LIMITED

Insurance – Overnight Price: $16.55

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

Goldman Sachs examines the recent Llyods (Lloyd’s of London) 1H result for any potential clues to the outlook for QBE Insurance.

Positively for QBE, the broker highlights a small rate increase against a backdrop of a strong combined operating ratio (COR)/profitability, though it’s thought Lloyd’s rate during the period may have been at or below cost inflation.

Buy. Target $20.

This report was published on September 9, 2024.

Target price is $20.00 Current Price is $16.55 Difference: $3.45
If QBE meets the Goldman Sachs target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $18.79, suggesting upside of 13.5%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 54.00 cents and EPS of 158.10 cents.
At the last closing share price the estimated dividend yield is 3.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 157.1, implying annual growth of N/A.
Current consensus DPS estimate is 73.7, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 57.00 cents and EPS of 170.27 cents.
At the last closing share price the estimated dividend yield is 3.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 170.6, implying annual growth of 8.6%.
Current consensus DPS estimate is 81.0, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 9.7.

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

REA    REA GROUP LIMITED

Real Estate – Overnight Price: $199.36

Jarden rates ((REA)) as Sell (5) –

Rightmove has rejected REA Group’s non-binding indicative proposal for acquisition.

Jarden points out the rejected deal structure would have diluted News Corp’s ((NWS)) shareholding to 50% from 61.4% of an enlarged REA Group. So, any increased offer may involve an increase to the cash offer rather than more equity, explain the analysts.

The $170 target and Sell rating are unchanged.

This report was published on September 12, 2024.

Target price is $170.00 Current Price is $199.36 Difference: minus $29.36 (current price is over target).
If REA meets the Jarden target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $218.46, suggesting upside of 9.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 2236.40 cents and EPS of 426.80 cents.
At the last closing share price the estimated dividend yield is 11.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 46.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 426.5, implying annual growth of 86.0%.
Current consensus DPS estimate is 237.0, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 46.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 258.50 cents and EPS of 486.80 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 40.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 504.0, implying annual growth of 18.2%.
Current consensus DPS estimate is 280.1, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 39.6.

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

SGLLV    RICEGROWERS LIMITED

Food, Beverages & Tobacco – Overnight Price: $8.55

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

A highlight from the Ricegrowers AGM, according to Canaccord Genuity, was the $3bn aspirational target for 2030 revenue, which
suggests an 8% compound annual growth rate (CAGR).

“Following a strong year of growth in FY24, the SunRice Group will seek to repeat the exceptional performance at both the top and bottom line in FY25”, noted management.

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

This report was published on September 6, 2024.

Target price is $10.00 Current Price is $8.55 Difference: $1.45
If SGLLV meets the Canaccord Genuity target it will return approximately 17% (excluding dividends, fees and charges).
The company’s fiscal year ends in April.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 55.00 cents and EPS of 104.00 cents.
At the last closing share price the estimated dividend yield is 6.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.22.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 57.00 cents and EPS of 105.00 cents.
At the last closing share price the estimated dividend yield is 6.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.14.

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

TCL    TRANSURBAN GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $13.80

Jarden rates ((TCL)) as Neutral (3) –

Transurban Group hosted an FY24 earnings wrap up and Jarden reports management offered some strategic insights even if little new information was disclosed.

The analyst believes the ongoing toll fee negotiations with the NSW government are a positive alongside cost cutting and efficiency measures.

Jarden assesses the group generates substantial cashflows and is a relatively defensive asset operator.

Neutral rating and $12.40 target price unchanged.

This report was published on September 5, 2024.

Target price is $12.40 Current Price is $13.80 Difference: minus $1.4 (current price is over target).
If TCL meets the Jarden target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $13.45, suggesting downside of -2.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 65.00 cents and EPS of 16.30 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 84.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.2, implying annual growth of 224.2%.
Current consensus DPS estimate is 64.7, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 40.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 68.30 cents and EPS of 23.20 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 59.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.4, implying annual growth of 15.2%.
Current consensus DPS estimate is 69.6, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 35.0.

Market Sentiment: 0.4
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: $23.92

Jarden rates ((WDS)) as Neutral (3) –

On one hand, Jarden sees strategic merit in Woodside Energy’s proposed acquisition of Tellurian Inc and subsequent final investment decision (FID) of Driftwood LNG Phase 1 and Phase 2.

On the other hand, the broker suggests management would be wise to mitigate any Henry Hub price risk, either commercially or via acquiring upstream US shale gas interests.

The analysts are concerned about gearing levels but note management has flagged it has many levers at its disposal to manage the
higher investment burden. Jarden expects the re-implementation of a Dividend Reinvestment Plan to keep gearing closer to 20% levels.

The Neutral rating and $26.60 target are maintained.

This report was published on September 11, 2024.

Target price is $26.60 Current Price is $23.92 Difference: $2.68
If WDS meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $29.83, suggesting upside of 24.7%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 203.71 cents and EPS of 255.25 cents.
At the last closing share price the estimated dividend yield is 8.52%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 245.4, implying annual growth of N/A.
Current consensus DPS estimate is 188.9, implying a prospective dividend yield of 7.9%.
Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 124.66 cents and EPS of 193.22 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 166.4, implying annual growth of -32.2%.
Current consensus DPS estimate is 125.2, implying a prospective dividend yield of 5.2%.
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: 0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

WTC    WISETECH GLOBAL LIMITED

Cloud services – Overnight Price: $131.64

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

Regarding the 2024 Communacopia and Technology Conference, Goldman Sachs highlights commentary by management at WiseTech Global that new product launches will provide significant growth potential into FY26. Industry consolidation also remains a tailwind.

Management alluded to the stronger opportunity across Asian freight -forwarding operators, given the stronger volume growth of CargoWise in production customers relative to non-CargoWise customers.

Neutral rating and $104 target retained. 

This report was published on September 10, 2024.

Target price is $104.00 Current Price is $131.64 Difference: minus $27.64 (current price is over target).
If WTC meets the Goldman Sachs target it will return approximately minus 21% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $112.60, suggesting downside of -14.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 25.00 cents and EPS of 123.00 cents.
At the last closing share price the estimated dividend yield is 0.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 107.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.3, implying annual growth of 51.5%.
Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 109.4.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 33.00 cents and EPS of 164.00 cents.
At the last closing share price the estimated dividend yield is 0.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 80.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 165.0, implying annual growth of 37.2%.
Current consensus DPS estimate is 31.8, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 79.8.

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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