Daily Market Reports | 10:30 AM
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
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
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