Australian Broker Call *Extra* Edition – Oct 14, 2024

This story features ADRIATIC METALS PLC, and other companies. For more info SHARE ANALYSIS: ADT

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)

ADT   APA   ASL   BGL   CAI   CEL   CMM   CXO   CYL   DEG   DRE   EMR   EVN   FCL   GMD   GOR   GYG   IGO   IPX (2)   KCN   LNW   LOT   LTR   MIN   NST   NWL (2)   OBM   PDI   PNR   PRU   PTM (2)   RIO   RMS   RRL   RSG   RXL   SDR   SMI   SPR   TCG   THL   TLC (2)   TTM   TWE   VAU   WAF   WGX  

ADT    ADRIATIC METALS PLC

Gold & Silver – Overnight Price: $3.88

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Target prices for developers and explorers researched by Canaccord increase by 3% on average.

In the broker’s list of explorers/developers, the target for Adriatic Metals rises to $4.90 from $4.80. The Speculative Buy rating is maintained.

This report was published on October 10, 2024.

Target price is $4.90 Current Price is $3.88 Difference: $1.02
If ADT meets the Canaccord Genuity target it will return approximately 26% (excluding dividends, fees and charges).

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

APA    APA GROUP

Infrastructure & Utilities – Overnight Price: $7.65

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

Jarden expects APA Group will move quickly to expand its East Coast pipeline capacity should the final outcome be in line with the draft decision by the Australian Energy Regulator.

The draft decision concluded no change in regulation is warranted on the Southwest Queensland pipeline (which generated 16% of group earnings in FY24). Such an outcome will be appreciated by both APA Group and shareholders, suggest the analysts.

The Overweight rating and $8.45 target are maintained.

This report was published on October 10, 2024.

Target price is $8.45 Current Price is $7.65 Difference: $0.8
If APA meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $7.93, suggesting upside of 4.1%(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 7.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 43.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of -76.8%.
Current consensus DPS estimate is 57.0, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 42.6.

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 7.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.1, implying annual growth of 29.1%.
Current consensus DPS estimate is 57.8, implying a prospective dividend yield of 7.6%.
Current consensus EPS estimate suggests the PER is 33.0.

Market Sentiment: 0.1
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: $1.09

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Target prices for developers and explorers researched by Canaccord increase by 3% on average.

In the broker’s list of explorers/developers, the target for Andean Silver rises to $2.85 from $2.50. The Speculative Buy rating is maintained.

This report was published on October 10, 2024.

Target price is $2.85 Current Price is $1.09 Difference: $1.76
If ASL meets the Canaccord Genuity target it will return approximately 161% (excluding dividends, fees and charges).

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

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $1.36

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of intermediate/junior producers target prices rise by 17% on average.

For Bellevue Gold, the broker’s target rises to $2.25 from $1.95. Speculative Buy.

This report was published on October 10, 2024.

Target price is $2.25 Current Price is $1.36 Difference: $0.89
If BGL meets the Canaccord Genuity target it will return approximately 65% (excluding dividends, fees and charges).
Current consensus price target is $1.53, suggesting upside of 8.7%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 9.7, implying annual growth of 48.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY26:

Current consensus EPS estimate is 12.1, implying annual growth of 24.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.7.

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

CAI    CALIDUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.12

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of intermediate/junior producers target prices rise by 17% on average.

The broker’s price target and rating for Calidus Resources are under review.

This report was published on October 10, 2024.

Current Price is $0.12. Target price not assessed.

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

CEL    CHALLENGER GOLD LIMITED

Gold & Silver – Overnight Price: $0.05

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Target prices for developers and explorers researched by Canaccord increase by 3% on average.

The rating and price target for developer/explorer Challenger Gold are currently under review. 

This report was published on October 10, 2024.

Current Price is $0.05. Target price not assessed.

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: $5.91

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of intermediate/junior producers target prices rise by 17% on average.

For Capricorn Metals, the broker’s target rises to $7.60 from $6.50. Buy.

This report was published on October 10, 2024.

Target price is $7.60 Current Price is $5.91 Difference: $1.69
If CMM meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $6.60, suggesting upside of 9.9%(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 37.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.1, implying annual growth of 51.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.1.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 40.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.3, implying annual growth of -13.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.8.

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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.12

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

The analysts at Goldman Sachs believe the recent bounce in lithium company share prices has run ahead of commodity fundamentals.

Due to the number of lithium projects still ramping-up through 2024 and into 2025, the broker continues to factor in near-term pricing weakness.

The broker’s target for Core Lithium rises to 9c from 8c. Neutral.

In the lead up to quarterly reporting, Goldman suggests the company is unlikely to produce in FY25, though stockpile sales may support a shifting focus to exploration.

This report was published on October 10, 2024.

Target price is $0.09 Current Price is $0.12 Difference: minus $0.03 (current price is over target).
If CXO meets the Goldman Sachs target it will return approximately minus 25% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.09, suggesting downside of -25.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 60.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY25:

Goldman Sachs 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 15.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.4, 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: -0.7
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: $2.94

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of intermediate/junior producers target prices rise by 17% on average.

For Catalyst Metals, the broker’s target rises to $4.00 from $3.30. Speculative Buy.

This report was published on October 10, 2024.

Target price is $4.00 Current Price is $2.94 Difference: $1.06
If CYL meets the Canaccord Genuity target it will return approximately 36% (excluding dividends, fees and charges).

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

DEG    DE GREY MINING LIMITED

Gold & Silver – Overnight Price: $1.43

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Target prices for developers and explorers researched by Canaccord increase by 3% on average.

In the broker’s list of explorers/developers, the target for De Grey Mining rises to $2.85 from $2.45. The Speculative Buy rating is maintained.

This report was published on October 10, 2024.

Target price is $2.85 Current Price is $1.43 Difference: $1.42
If DEG meets the Canaccord Genuity target it will return approximately 99% (excluding dividends, fees and charges).
Current consensus price target is $1.83, suggesting upside of 28.0%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is -1.2, 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 N/A.

Forecast for FY26:

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 N/A.

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

DRE    DREADNOUGHT RESOURCES LIMITED

Mining – Overnight Price: $0.02

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

Canaccord Genuity observes another set of strong drilling results from Dreadnought Resources across three project areas.

These include high-grade gold results from Mangaroon project, niobium “hits” from Stringer and copper-zinc from the Tarraji-Yampi VMS targets in the Kimberley region.

The broker assesses the company has resources 40mt rare earths with other assets around gold, base metals and niobium prospects.

No change to Speculative Buy rating and 5c target.

This report was published on October 11, 2024.

Target price is $0.05 Current Price is $0.02 Difference: $0.032
If DRE meets the Canaccord Genuity target it will return approximately 178% (excluding dividends, fees and charges).

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

EMR    EMERALD RESOURCES NL

Gold & Silver – Overnight Price: $3.99

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of intermediate/junior producers target prices rise by 17% on average.

For Emerald Resources, the broker’s target rises to $5.00 from $4.50. Buy.

This report was published on October 10, 2024.

Target price is $5.00 Current Price is $3.99 Difference: $1.01
If EMR meets the Canaccord Genuity target it will return approximately 25% (excluding dividends, fees and charges).

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

EVN    EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $4.57

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of senior producers target prices rise by 4% on average.

For Evolution Mining, the broker’s target rises to $5.00 from $4.50. Buy.

This report was published on October 10, 2024.

Target price is $5.00 Current Price is $4.57 Difference: $0.43
If EVN meets the Canaccord Genuity target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $4.34, suggesting downside of -6.1%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 32.4, implying annual growth of 47.1%.
Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY26:

Current consensus EPS estimate is 32.4, implying annual growth of N/A.
Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 14.3.

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

FCL    FINEOS CORPORATION HOLDINGS PLC

Cloud services – Overnight Price: $1.38

Moelis rates ((FCL)) as Buy (1) –

As a readthrough for Fineos Corp, Moelis notes from US-based peer Guidewire Software Inc’s recent investor day the importance of successful software deployments to build confidence in cloud platforms and product strategy.

Guidewire is now benefiting from having successfully deployed multiple reference customers. This success highlights to the broker the importance for Fineos in executing upon the second client of its AdminSuite product which commenced soft go live’ last month.

The Buy rating and $1.80 target are maintained.

This report was published on October 14, 2024.

Target price is $1.80 Current Price is $1.38 Difference: $0.425
If FCL meets the Moelis target it will return approximately 31% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.42 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.37.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.63 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 52.32.

This company reports in EUR. 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

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $2.07

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of intermediate/junior producers target prices rise by 17% on average.

For Genesis Minerals, the broker’s target rises to $3.75 from $3.15. Buy.

This report was published on October 10, 2024.

Target price is $3.75 Current Price is $2.07 Difference: $1.68
If GMD meets the Canaccord Genuity target it will return approximately 81% (excluding dividends, fees and charges).
Current consensus price target is $2.47, suggesting upside of 18.8%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 15.8, implying annual growth of 104.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.2.

Forecast for FY26:

Current consensus EPS estimate is 16.7, implying annual growth of 5.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.5.

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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.77

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of intermediate/junior producers target prices rise by 17% on average.

For Gold Road Resources, the broker’s target rises to $2.35 from $2.05. Buy.

This report was published on October 10, 2024.

Target price is $2.35 Current Price is $1.77 Difference: $0.575
If GOR meets the Canaccord Genuity target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $2.01, suggesting upside of 13.1%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 11.2, implying annual growth of 4.4%.
Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY25:

Current consensus EPS estimate is 16.8, implying annual growth of 50.0%.
Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 10.6.

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

GYG    GUZMAN Y GOMEZ LIMITED

Food, Beverages & Tobacco – Overnight Price: $38.47

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

Wilsons comments Guzman y Gomez’s 1Q25 trading update came in as strong with same store sales growth in Australia up 8.7% (including Japan and Singapore).

The growth was attributed to the “clean is the new healthy” campaign, strong delivery performance and value menu items such as the $12 chicken mini meal.

Management expects the company to meet FY25 prospectus guidance including the opening of 31 new restaurants in Australia. Five new stores have been opened domestically since the FY24 result.

Wilsons remains Overweight with a $41.14 target price.

This report was published on October 10, 2024.

Target price is $41.14 Current Price is $38.47 Difference: $2.67
If GYG meets the Wilsons target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $39.48, suggesting upside of 4.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 16.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 230.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.1, 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 249.5.

Forecast for FY26:

Wilsons forecasts a full year FY26 EPS of 25.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 153.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.3, implying annual growth of 80.8%.
Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 138.0.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $5.43

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

The analysts at Goldman Sachs believe the recent bounce in lithium company share prices has run ahead of commodity fundamentals.

Due to the number of lithium projects still ramping-up through 2024 and into 2025, the broker continues to factor in near-term pricing weakness.

On a 12-month view, IGO Ltd remains the only positive free cash flow (FCF) stock under Goldman’s lithium coverage.

Leading into quarterly operational reporting, the broker maintains a Buy rating, while the target rises to $6.40 from $6.35. It’s felt Greenbushes will perform broadly in line with expectations though nickel may be weaker.

This report was published on October 10, 2024.

Target price is $6.40 Current Price is $5.43 Difference: $0.97
If IGO meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $5.73, suggesting upside of 3.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 3.00 cents and EPS of minus 6.00 cents.
At the last closing share price the estimated dividend yield is 0.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 90.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.7, implying annual growth of 1981.1%.
Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 71.6.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 4.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 0.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 67.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.1, implying annual growth of 213.0%.
Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 22.9.

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

IPX    IPERIONX LIMITED

Industrial Metals – Overnight Price: $3.56

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

After signing a binding 45-month supply contract beginning next year, Iperionx is expected to earn around US$11m in revenue with Ford Motor Company for manufactured titanium metal components, explains Canaccord Genuity.

In the broker’s view, this contract win de-risks the investment case for Iperionx by providing a material validation of management’s commercialisation plans. The target is raised to $4.65 from $3.60. Speculative Buy.

The analysts see potential for Iperionx to become a supplier to the US Army/Navy/Airforce.

Last August, the company received a significant funding boost from the US Department of Defence under the Defence Production Act (DPA) Title III to address vulnerabilities in the titanium supply chain.

This report was published on October 10, 2024.

Target price is $4.65 Current Price is $3.56 Difference: $1.09
If IPX meets the Canaccord Genuity target it will return approximately 31% (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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 356.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 89.00.

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

Petra Capital rates ((IPX)) as Initiation of coverage with Buy (1) –

The analyst at Petra Capital has decided to initiate research coverage on US-based titanium metal producer Iperionx at this juncture as the technology is proven, execution risks are receding, and revenue growth is imminent.

IperionX has exclusive rights to a range of patented process technologies for production of titanium metal powders/products from titanium scrap/mineral feedstocks.

The broker considers the intellectual property (IP) is de-risked given successful pilot production and a commercial-scale plant which is currently commissioning. First production is due in late-2024 with material revenue expected by late-2025.

Iperionx should receive a tailwind from a growing global titanium metal market driven by aerospace and defence sectors, explains the analyst, and government support to re-shore manufacturing and de-risk critical material supply chains.

Petra Capital begins with a Buy rating and $4.93 target.

This report was published on October 11, 2024.

Target price is $4.93 Current Price is $3.56 Difference: $1.37
If IPX meets the Petra Capital target it will return approximately 38% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 EPS of 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 178.00.

Forecast for FY26:

Petra Capital forecasts a full year FY26 EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 356.00.

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

KCN    KINGSGATE CONSOLIDATED LIMITED

Gold & Silver – Overnight Price: $1.47

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of intermediate/junior producers target prices rise by 17% on average.

For Kingsgate Consolidated, the broker’s target rises to $3.40 from $2.90. Speculative Buy.

This report was published on October 10, 2024.

Target price is $3.40 Current Price is $1.47 Difference: $1.93
If KCN meets the Canaccord Genuity target it will return approximately 131% (excluding dividends, fees and charges).

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

LNW    LIGHT & WONDER INC

Gaming – Overnight Price: $140.04

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

Despite a preliminary injunction relating to the DragonTrain (1.0) rollout, management at Light & Wonder has reiterated its FY25 earnings (AEBITDA) target of US$1.4bn.

As long as legal proceedings are contained to just Dragon Train, Goldman Sachs retains a positive view on Light & Wonder even though the injunction could weigh on the share price in the near-term.

Due to the broker’s slightly lower earnings forecasts and a reduction in the assumed core Gaming multiple due to earnings uncertainty, the target falls by -9% to $172.20. Buy.

This report was published on October 10, 2024.

Target price is $172.20 Current Price is $140.04 Difference: $32.16
If LNW meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $169.20, suggesting upside of 21.0%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 448.7, implying annual growth of 66.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 31.2.

Forecast for FY25:

Current consensus EPS estimate is 598.2, implying annual growth of 33.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 23.4.

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

LOT    LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.28

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

Canaccord Genuity was anticipating a number between -US$60-65m for the Kayelekera restart plan.

As a result, the broker was positively surprised when management at Lotus Resources updated the market with a target of -US$50m upfront capital versus -US$88m prior.

The restart plan has also been accelerated with Kayelekera brought back into production in 8-10 months from 15 months prior by phasing in the completion of non-essential site infrastructure beyond first production, explain the analysts.

Management is targeting first production in Q3 of 2025. The Speculative Buy rating remains. Target price rises to 54c from 52c.

This report was published on October 10, 2024.

Target price is $0.54 Current Price is $0.28 Difference: $0.265
If LOT meets the Canaccord Genuity target it will return approximately 96% (excluding dividends, fees and charges).
Current consensus price target is $0.54, suggesting upside of 100.0%(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 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 45.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.4, 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:

Canaccord Genuity 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 91.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.9.

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

LTR    LIONTOWN RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.83

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

The analysts at Goldman Sachs believe the recent bounce in lithium company share prices has run ahead of commodity fundamentals.

Due to the number of lithium projects still ramping-up through 2024 and into 2025, the broker continues to factor in near-term pricing weakness.

Neutral for Liontown Resources. Target falls to 95c from $1.15.

In the lead up to quarterly reporting, Goldman suggests further clarity around the ramp-up timeline could be incrementally positive following first production in the quarter.

This report was published on October 10, 2024.

Target price is $0.95 Current Price is $0.83 Difference: $0.115
If LTR meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $0.98, suggesting upside of 17.5%(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 6.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.9, 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.

Forecast for FY26:

Goldman Sachs 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 41.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.3, implying annual growth of N/A.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 10.0.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $50.94

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

The analysts at Goldman Sachs believe the recent bounce in lithium company share prices has run ahead of commodity fundamentals.

Due to the number of lithium projects still ramping-up through 2024 and into 2025, the broker continues to factor in near-term pricing weakness.

For Mineral Resources, with both iron ore and lithium exposures, Goldman’s target is $45 with a Neutral rating.

This report was published on October 10, 2024.

Target price is $45.00 Current Price is $50.94 Difference: minus $5.94 (current price is over target).
If MIN meets the Goldman Sachs target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $49.43, suggesting downside of -2.1%(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 minus 92.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 55.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -50.4, implying annual growth of N/A.
Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 71.00 cents and EPS of 143.00 cents.
At the last closing share price the estimated dividend yield is 1.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 35.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 223.6, implying annual growth of N/A.
Current consensus DPS estimate is 88.2, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 22.6.

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $15.97

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of senior producers target prices rise by 4% on average.

For Northern Star Resources, the broker’s target rises to $22.05 from $18.75. Buy.

This report was published on October 10, 2024.

Target price is $22.05 Current Price is $15.97 Difference: $6.08
If NST meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $16.56, suggesting upside of 2.5%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 91.8, implying annual growth of 65.1%.
Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 17.6.

Forecast for FY26:

Current consensus EPS estimate is 112.1, implying annual growth of 22.1%.
Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 14.4.

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

NWL    NETWEALTH GROUP LIMITED

Wealth Management & Investments – Overnight Price: $27.50

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

Jarden notes 1Q25 funds under administration and flow updates were stronger than expected due to robust markets and strong custodial inflows.

On the back of management’s upbeat comments, the analyst has increased flow estimates to $14.7bn for FY25, but higher costs are expected  to weigh on margins as well as lower cash balances for the balance of FY25.

Jarden raises EPS forecasts by 1.5% for FY25 and 4.6% for FY26.

Target price lifts to $20 from $18.20. Underweight rating unchanged.

This report was published on October 10, 2024.

Target price is $20.00 Current Price is $27.50 Difference: minus $7.5 (current price is over target).
If NWL meets the Jarden target it will return approximately minus 27% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $24.93, suggesting downside of -9.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 39.00 cents and EPS of 44.80 cents.
At the last closing share price the estimated dividend yield is 1.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 61.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.4, implying annual growth of 27.0%.
Current consensus DPS estimate is 35.1, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 63.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 47.70 cents and EPS of 54.80 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 50.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.4, implying annual growth of 23.0%.
Current consensus DPS estimate is 43.5, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 51.5.

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

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

Wilsons initial take on 1Q25 results from Netwealth Group is positive with the analyst one of many who highlight a struggle with the stock’s valuation. Earnings forecasts post the update are under review, but the company remains at Market Weight.

The analyst highlights the 1Q25 was “particularly strong”. Custodial Funds under administration advanced 32% on the previous corresponding period and are up $5.7bn since August 8.

Net inflows came in above the broker’s forecasts with a 3.9% market movement a positive contributor. Pooled cash was in line with expectations. Management reiterated a positive outlook with several large transactions in early stages.

This report was published on October 10, 2024.

Target price is $25.16 Current Price is $27.50 Difference: minus $2.34 (current price is over target).
If NWL meets the Wilsons target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $24.93, suggesting downside of -9.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 32.20 cents and EPS of 42.50 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 64.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.4, implying annual growth of 27.0%.
Current consensus DPS estimate is 35.1, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 63.4.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 40.50 cents and EPS of 50.30 cents.
At the last closing share price the estimated dividend yield is 1.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 54.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.4, implying annual growth of 23.0%.
Current consensus DPS estimate is 43.5, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 51.5.

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

OBM    ORA BANDA MINING LIMITED

Gold & Silver – Overnight Price: $0.63

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of intermediate/junior producers target prices rise by 17% on average.

For Ora Banda Mining, the broker’s target rises to 74c from 65c. Speculative Buy.

This report was published on October 10, 2024.

Target price is $0.74 Current Price is $0.63 Difference: $0.11
If OBM meets the Canaccord Genuity target it will return approximately 17% (excluding dividends, fees and charges).

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

PDI    PREDICTIVE DISCOVERY LIMITED

Gold & Silver – Overnight Price: $0.26

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Target prices for developers and explorers researched by Canaccord increase by 3% on average.

In the broker’s list of explorers/developers, the target for Predictive Discovery rises to 50c from 45c. The Speculative Buy rating is maintained.

This report was published on October 10, 2024.

Target price is $0.50 Current Price is $0.26 Difference: $0.24
If PDI meets the Canaccord Genuity target it will return approximately 92% (excluding dividends, fees and charges).

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

PNR    PANTORO LIMITED

Gold & Silver – Overnight Price: $0.12

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of intermediate/junior producers target prices rise by 17% on average.

For Pantoro, the broker’s target rises to 18c from 16c. Speculative Buy.

This report was published on October 10, 2024.

Target price is $0.18 Current Price is $0.12 Difference: $0.06
If PNR meets the Canaccord Genuity target it will return approximately 50% (excluding dividends, fees and charges).

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

PRU    PERSEUS MINING LIMITED

Gold & Silver – Overnight Price: $2.69

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of intermediate/junior producers target prices rise by 17% on average.

For Perseus Mining, the broker’s target rises to $4.15 from $3.60. Buy.

This report was published on October 10, 2024.

Target price is $4.15 Current Price is $2.69 Difference: $1.46
If PRU meets the Canaccord Genuity target it will return approximately 54% (excluding dividends, fees and charges).
Current consensus price target is $3.09, suggesting upside of 13.1%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 34.9, implying annual growth of N/A.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 7.8.

Forecast for FY26:

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

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments – Overnight Price: $1.20

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

Platinum Asset Management’s September funds under management (FUM) update showed ongoing negative monthly flows which were worse than forecast by Goldman Sachs and consensus.

More positively, relative performance for the month was positive and run rate expense savings are tracking better-than-expected, notes the broker.

Sell. The target falls to 95c from $1.00 after the broker slightly downgrades its earnings forecasts.

This report was published on October 11, 2024.

Target price is $0.95 Current Price is $1.20 Difference: minus $0.25 (current price is over target).
If PTM meets the Goldman Sachs target it will return approximately minus 21% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 8.00 cents and EPS of 7.00 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 17.14.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 8.00 cents and EPS of 8.00 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 15.00.

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

Jarden rates ((PTM)) as Neutral (3) –

Jarden does not expect a material recovery for flows in the next 12 months for Platinum Asset Management given the performance of the International Fund deteriorated slightly in September.

More positively, Platinum’s turnaround strategy is showing good early signs, according to the broker, with product rationalisation now largely complete ahead of the December target, and better-than-expected expense savings.

Neutral. The target slips to 92c from 94c.

This report was published on October 10, 2024.

Target price is $0.92 Current Price is $1.20 Difference: minus $0.28 (current price is over target).
If PTM meets the Jarden target it will return approximately minus 23% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 7.50 cents and EPS of 7.80 cents.
At the last closing share price the estimated dividend yield is 6.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.38.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.10 cents and EPS of 7.40 cents.
At the last closing share price the estimated dividend yield is 5.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.22.

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

RIO    RIO TINTO LIMITED

Bulks – Overnight Price: $119.58

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

In announcing an agreement to acquire Arcadium Lithium ((LTM)), Rio Tinto highlighted its own balance sheet strength will be used to accelerate Arcadium’s growth pipeline.

By developing Arcadium’s Wave 1 projects concurrently rather than in sequence, management at Rio expects to bring another 50kt LCE online around two years quicker than previously possible.

The stock remains Buy rated with a $137.90 target price.

This report was published on October 11, 2024.

Target price is $137.90 Current Price is $119.58 Difference: $18.32
If RIO meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $127.33, suggesting upside of 5.5%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 650.23 cents and EPS of 964.77 cents.
At the last closing share price the estimated dividend yield is 5.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1043.6, implying annual growth of N/A.
Current consensus DPS estimate is 623.1, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 11.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 665.36 cents and EPS of 1035.84 cents.
At the last closing share price the estimated dividend yield is 5.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1073.6, implying annual growth of 2.9%.
Current consensus DPS estimate is 642.1, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 11.2.

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

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.20

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of intermediate/junior producers target prices rise by 17% on average.

For Ramelius Resources, the broker’s target rises to $3.20 from $2.80. Buy.

This report was published on October 10, 2024.

Target price is $3.20 Current Price is $2.20 Difference: $1
If RMS meets the Canaccord Genuity target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $2.44, suggesting upside of 10.6%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 26.9, implying annual growth of 37.7%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 8.2.

Forecast for FY26:

Current consensus EPS estimate is 26.4, implying annual growth of -1.9%.
Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 8.4.

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

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.16

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent activity by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of intermediate/junior producers target prices rise by 17% on average.

For Regis Resources, the broker’s target rises to $2.55 from $2.05. Buy.

This report was published on October 10, 2024.

Target price is $2.55 Current Price is $2.16 Difference: $0.39
If RRL meets the Canaccord Genuity target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $2.11, suggesting downside of -6.0%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 25.0, implying annual growth of N/A.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 9.0.

Forecast for FY26:

Current consensus EPS estimate is 27.7, implying annual growth of 10.8%.
Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 8.1.

Market Sentiment: 0.3
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: $0.73

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of intermediate/junior producers target prices rise by 17% on average.

For Resolute Mining, the broker’s target rises to $1.85 from $1.55. Buy.

This report was published on October 10, 2024.

Target price is $1.85 Current Price is $0.73 Difference: $1.115
If RSG meets the Canaccord Genuity target it will return approximately 152% (excluding dividends, fees and charges).

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

RXL    ROX RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.13

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Target prices for developers and explorers researched by Canaccord increase by 3% on average.

For Rox Resources, the broker increases the target to 55c from 51c and the Speculative Buy rating is kept.

This report was published on October 10, 2024.

Target price is $0.55 Current Price is $0.13 Difference: $0.42
If RXL meets the Canaccord Genuity target it will return approximately 323% (excluding dividends, fees and charges).

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: $6.74

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

Jarden is ever more confident SiteMinder is one of the “higher quality tech” companies in the Small Ordinaries index as the optimal channel manager for small to medium sized hotels.

The analyst stresses a high level of confidence in the company’s new products succeeding due to a robust market positioning and fit, a positive track record for adding new products and net new transaction product adds increasing to 630 per month from around 350 per month in the past three years.

The rating is upgraded to Buy from Overweight. Target price lifts to $7.48 from $5.89. Jarden believes consensus is not adequately including the potential for significant revenue growth from new products.

This report was published on October 11, 2024.

Target price is $7.48 Current Price is $6.74 Difference: $0.74
If SDR meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $6.85, suggesting upside of 2.1%(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 minus 5.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 120.36.

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 1.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 449.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.8, 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 372.8.

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

SMI    SANTANA MINERALS LIMITED

Gold & Silver – Overnight Price: $2.22

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Target prices for developers and explorers researched by Canaccord increase by 3% on average.

For Santana Minerals, the broker increases the target to $3.40 from $3.00 and the Speculative Buy rating is kept.

This report was published on October 10, 2024.

Target price is $3.40 Current Price is $2.22 Difference: $1.18
If SMI meets the Canaccord Genuity target it will return approximately 53% (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.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents.

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

SPR    SPARTAN RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.28

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Target prices for developers and explorers researched by Canaccord increase by 3% on average.

For Spartan Resources, the broker increases the target to $1.70 from $1.50 and the Speculative Buy rating is kept.

This report was published on October 10, 2024.

Target price is $1.70 Current Price is $1.28 Difference: $0.415
If SPR meets the Canaccord Genuity target it will return approximately 32% (excluding dividends, fees and charges).

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

TCG    TURACO GOLD LIMITED

Gold & Silver – Overnight Price: $0.34

Canaccord Genuity rates ((TCG)) as Speculative Buy (-1) –

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Target prices for developers and explorers researched by Canaccord increase by 3% on average.

For Turaco Gold, the broker increases the target to 70c from 65c and the Speculative Buy rating is kept.

This report was published on October 10, 2024.

Target price is $0.70 Current Price is $0.34 Difference: $0.36
If TCG meets the Canaccord Genuity target it will return approximately 106% (excluding dividends, fees and charges).

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: $1.60

Jarden rates ((THL)) as Buy (1) –

Management at Tourism Holdings Rentals sees some signs of improvement in US sentiment, highlights Jarden, due to the declining interest rate outlook which should ultimately lift consumer confidence and vehicle purchases.

Currently, the North American sales channel is around 80% wholesale (dealer) and 20% retail, with the company aiming to increase the retail sales channel to 50% over the medium-term, explain the analysts.

The company’s NZ$100m net profit target is achievable in the broker’s view, albeit with uncertainty on timing and path.

The Buy rating and NZ$4.38 target are unchanged.

This report was published on October 10, 2024.

Current Price is $1.60. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 9.21 cents and EPS of 23.85 cents.
At the last closing share price the estimated dividend yield is 5.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.71.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 14.73 cents and EPS of 30.39 cents.
At the last closing share price the estimated dividend yield is 9.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.26.

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

TLC    LOTTERY CORPORATION LIMITED

Gaming – Overnight Price: $5.02

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

Coming away from Lottery Corp’s investor day, the analysts at Goldman Sachs could envisage group margin expansion over time from the ongoing transition onto higher margin digital channels, aided by a relatively flexible cost base.

While digital should become the largest contributor to lotteries turnover in the long-term, retail remains a critical channel for Lottery Corp, driving strong brand awareness, explains the broker.

Supporting growth in digital channels is accelerating growth in usage by a younger demographic over the last year, explains Goldman. Ages of between 28-43 now represent the largest proportion of the company’s registered customer group.

The Neutral rating and $5.40 target are unchanged.

This report was published on October 11, 2024.

Target price is $5.40 Current Price is $5.02 Difference: $0.38
If TLC meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $5.54, suggesting upside of 10.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs 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 3.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of -3.3%.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 28.0.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 18.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 3.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.4, implying annual growth of 7.8%.
Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 26.0.

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

Jarden rates ((TLC)) as Neutral (3) –

Jarden believes Lottery Corp is one of the highest quality industrial companies with long-dated licenses, monopoly positions, strong free cash flows and “multiple” low value transactions.

At the first stand-alone strategy day management focused on lotteries portfolio management, internal efficiencies and stakeholder management, the analyst explains.

The focus for the company will be on an early renewal and expansion of its Victoria licence.

The Neutral rating and $5.10 target are maintained.

This report was published on October 10, 2024.

Target price is $5.10 Current Price is $5.02 Difference: $0.08
If TLC meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $5.54, 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 16.00 cents and EPS of 16.60 cents.
At the last closing share price the estimated dividend yield is 3.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of -3.3%.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 28.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 16.50 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 3.29%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.4, implying annual growth of 7.8%.
Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 26.0.

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

TTM    TITAN MINERALS LIMITED

Gold & Silver – Overnight Price: $0.47

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

Canaccord Genuity anticipates further upside for both the gold price and gold equities supported by pending rate cuts and strong margin growth, respectively.

The broker raises its 2024-29 gold price forecasts by an average of 3.4% and increases the long-term (from 2030) estimate by 5% to US$2,712/oz. For silver, the long-term price is increased by 20% to US$33.58/oz.

Across Canaccord’s research coverage of developers and explorers, price targets rise by 3% on average, after FY25 and FY26 earnings (EBITDA) forecasts increase by 2% and 3%, respectively, on the higher gold price estimates.

For Titan Minerals, the broker maintains a $1.30 target and Speculative Buy rating.

This report was published on October 10, 2024.

Target price is $1.30 Current Price is $0.47 Difference: $0.83
If TTM meets the Canaccord Genuity target it will return approximately 177% (excluding dividends, fees and charges).

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

TWE    TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco – Overnight Price: $12.11

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

Following the recent stimulus in China and improving consumer sentiment, the analysts at Goldman Sachs expect moderate liquor price growth in 2025 as excess stock is digested.

The broker also determined from channel checks in Hong Kong and Mainland China during the October National Day holidays that Penfolds sales were well supported by strong brand campaigns.

Several well-known Chinese celebrity brand ambassadors featured in key activation content, explain the analysts.

Goldman reiterates its Buy rating and $15.20 target.

This report was published on October 10, 2024.

Target price is $15.20 Current Price is $12.11 Difference: $3.09
If TWE meets the Goldman Sachs target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $13.71, suggesting upside of 14.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 42.00 cents and EPS of 60.00 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 20.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.7, implying annual growth of 385.8%.
Current consensus DPS estimate is 41.4, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 19.4.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 50.00 cents and EPS of 71.00 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 17.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.5, implying annual growth of 15.9%.
Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 16.8.

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

VAU    VAULT MINERALS LIMITED

Gold & Silver – Overnight Price: $0.34

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of intermediate/junior producers target prices rise by 17% on average.

For Vault Minerals, the broker’s target rises to 51c from 43c. Buy.

This report was published on October 10, 2024.

Target price is $0.51 Current Price is $0.34 Difference: $0.165
If VAU meets the Canaccord Genuity target it will return approximately 48% (excluding dividends, fees and charges).

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

WAF    WEST AFRICAN RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.44

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of intermediate/junior producers target prices rise by 17% on average.

For West African Resources, the broker’s target rises to $3.60 from $3.15. Buy.

This report was published on October 10, 2024.

Target price is $3.60 Current Price is $1.44 Difference: $2.16
If WAF meets the Canaccord Genuity target it will return approximately 150% (excluding dividends, fees and charges).

Market Sentiment: 0.8
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: $2.55

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

Canaccord Genuity highlights gold and gold equities have consistently outperformed during quantitative easing cycles, noting recent actions by central banks in the US, the ECB, Bank of Canada, and Swiss National Bank.

The broker lists other positives for the gold price including increasing ETF inflows, rising US debt levels, and escalation of geopolitical conflicts.

Canaccord’s long-term US$ gold price forecast (from 2030) rises by 9% to US$2,963/oz and across 2024-29 estimates rise by 10% on average.

However, less than 50% of the 19 producers under research coverage by the broker will produce meaningful free cash flow in the September quarter, somewhat lessening the impact of record gold prices.

Across Canaccord’s research coverage of intermediate/junior producers target prices rise by 17% on average.

For Westgold Resources, the broker’s target rises to $4.30 from $3.50. Buy.

This report was published on October 10, 2024.

Target price is $4.30 Current Price is $2.55 Difference: $1.75
If WGX meets the Canaccord Genuity target it will return approximately 69% (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 35.00 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 7.29.

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 0.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.31.

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

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don’t have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.

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