Australian Broker Call *Extra* Edition - Nov 06, 2024

Daily Market Reports | Nov 06 2024

This story features ATLANTIC LITHIUM LIMITED., and other companies. For more info SHARE ANALYSIS: A11

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)

A11 AGN ALC ALL AMN ASB CNB CSC CU6 EMR EOS FFM GLN HUB IDX INR LNW LTR (2) MDR (2) MIN NEC NWL NWS PBH PEN PLS PPS RWL SDF SDR SPK SPZ SXL SYR TLX UNI WGX (2) WOW

A11 ATLANTIC LITHIUM LIMITED.

New Battery Elements – Overnight Price: $0.23

Wilsons rates ((A11)) as Overweight (1) –

Wilsons incorporates the impact of Atlantic Lithium’s $10m capital raise and takes the opportunity to revise some project assumptions.

Atlantic remains the broker’s preferred junior lithium developer; underpinned by robust project economics, additional geological
upside potential and established funding arrangements.

Wilsons anticipates Ghanaian Parliamentary ratification of the Ewoyaa mining lease to trigger for a number of positive catalysts in the March Q, but has prudently chosen to make some conservative changes to project modelling.

Target falls to 85c from $1.05, Overweight retained.

This report was published on November 4, 2024.

Target price is $0.85 Current Price is $0.23 Difference: $0.62
If A11 meets the Wilsons target it will return approximately 270% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.67.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 23.00.

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

AGN ARGENICA THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.73

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

With no safety issues identified, Argenica Therapeutics’ Phase 2 stroke trial has been given Data & Safety Monitoring Board approval to continue for the third time. The enrolment rate is stable and is tracking exactly in line with Petra Capital’s forecast.

The trial is now 63% recruited and Argenica has reaffirmed its guidance on enrolment completion by end of the Dec Q. Petra continues to expect completion 2-3 months ahead of guidance.

The broker suggests top-line results from the trial remain the key value diver. Buy retained, target rises to $1.15 from $1.14.

This report was published on November 4, 2024.

Target price is $1.15 Current Price is $0.73 Difference: $0.415
If AGN meets the Petra Capital target it will return approximately 56% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 5.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 12.46.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 31.96.

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

ALC ALCIDION GROUP LIMITED

Healthcare services – Overnight Price: $0.05

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

Canaccord Genuity reports Alcidion’s first quarter FY25 performance met expectations, supported by a $4m contract win with Hume Rural Health Alliance in Australia.

Despite NHS procurement delays in the UK impacting top-line growth, management anticipates further tenders in FY25.

Cost reductions have positively affected cash flow, with an expected margin improvement ahead, note the analysts.

The company maintained guidance to positive EBITDA in FY25, noting the revenue run-rate of $36m is needed to achieve this target.

Canaccord retains a Buy rating with a target price of 9c.

This report was published on November 1, 2024.

Target price is $0.09 Current Price is $0.05 Difference: $0.036
If ALC meets the Canaccord Genuity target it will return approximately 67% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 18.00.

Forecast for FY26:

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

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

ALL ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $62.43

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

Jarden highlights three of Aristocrat Leisure and Light & Wonder’s largest competitors (IGT, Everi and AGS) are undergoing 12-month regulatory ownership approval processes, providing an opportunity for market share gains.

After attending the recent Global Gaming Exhibition, the analysts believe the industry remains strong and resilient with a slight recent retracement as the economy slows, primarily with casual players.

No change in the Overweight rating or $59 target for Aristocrat Leisure.

This report was published on November 1, 2024.

Target price is $59.00 Current Price is $62.43 Difference: minus $3.43 (current price is over target).
If ALL meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $61.30, suggesting downside of -2.4%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 246.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 238.3, implying annual growth of 7.1%.
Current consensus DPS estimate is 77.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 26.4.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 268.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 263.2, implying annual growth of 10.4%.
Current consensus DPS estimate is 88.1, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 23.9.

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

AMN AGRIMIN LIMITED

Agriculture – Overnight Price: $0.14

Canaccord Genuity – Cessation of coverage

This report was published on November 1, 2024.

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

ASB AUSTAL LIMITED

Commercial Services & Supplies – Overnight Price: $3.25

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

Austal’s AGM provided two key pointers that support Petra Capital’s view that earnings are set to track higher over the next several years. The first is earnings guidance for FY25 that implies growth year on year of 41%.

The second is its intent to maximise the benefits of the company’s strategic partnerships in the US and Australia to become a more integral part of the naval vessel procurement and sustainment cycle value chain in both countries.

Buy and $3.70 target retained.

This report was published on November 4, 2024.

Target price is $3.70 Current Price is $3.25 Difference: $0.45
If ASB meets the Petra Capital target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $3.46, suggesting upside of 1.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 3.00 cents and EPS of 11.60 cents.
At the last closing share price the estimated dividend yield is 0.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of 229.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 25.4.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 7.00 cents and EPS of 13.70 cents.
At the last closing share price the estimated dividend yield is 2.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of 34.1%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 19.0.

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

CNB CARNABY RESOURCES LIMITED

Mining – Overnight Price: $0.36

Moelis rates ((CNB)) as Buy (1) –

Moelis notes Carnaby Resources’ September quarter progress included updated resource estimates for the Mount Hope, Nil Desperandum, Burke & Wills, and Lady Fanny deposits. Exploration expenditures for Q1 were -$2.4m.

The discovery of the San Quentin deposit adds near-term potential to the Duchess project, notes the analyst, where a pre-feasibility study (PFS) remains on schedule for mid-2025.

Before completing the PFS in FY26, Moelis anticipates Carnaby will need an additional $10m in funding for exploration and studies, with a projected $50m required for future project development.

Initial production from the Duchess project could yield an annual output of 14kt copper, forecasts the broker, contributing $80m in earnings (EBITDA) once fully operational.

Moelis retains a Buy rating and a target price of 86c.

This report was published on November 1, 2024.

Target price is $0.86 Current Price is $0.36 Difference: $0.495
If CNB meets the Moelis target it will return approximately 136% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 5.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.29.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 5.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.16.

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

CSC CAPSTONE COPPER CORP.

Copper – Overnight Price: $10.55

Moelis rates ((CSC)) as Buy (1) –

Capstone Copper’s quarterly proved largely in line with Moelis’ estimates.

The physical output was largely as expected, with continued growth in the coming periods anticipated as capital works/process improvements at Mantos Blancos come online and Mantoverde continues to hit its straps.

The broker retains a positive view with the cashflow inflection post construction now considered imminent.

While the company has in Moelis’ view enormous organic optionality within the portfolio, until a firm commitment is made to progress with Santo Domingo (potentially next year), excess operating cashflow is going to manifest on the balance sheet as cash (or a reduction in debt).

Buy and $14 target retained.

This report was published on November 3, 2024.

Target price is $14.00 Current Price is $10.55 Difference: $3.45
If CSC meets the Moelis target it will return approximately 33% (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 24.89 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.38.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 92.47 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.41.

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

CU6 CLARITY PHARMACEUTICALS LIMITED

Medical Equipment & Devices – Overnight Price: $7.15

Wilsons rates ((CU6)) as Overweight (1) –

Wilsons assigns an Overweight rating to both Telix Pharmaceuticals ((TLX)) and Clarity Pharmaceuticals, with target prices of $25.00 and $8.48, respectively.

On an un-risked basis the analyst has a target price for Telix at $50 and and $21.14 for Clarity, citing promising growth in radiopharmaceutical diagnostics following the Centers for Medicare & Medicaid Services’ 2025 final rule on pricing stability.

For Telix, the broker highlights the competitive advantage of Illucix in PSMA PET/CT scanning, with pricing stability set to support its market share until the launch of its next-generation TLX007-CDx in mid-2025.

Clarity is positioned to capture up to 30% of the PSMA PET/CT market with its 64Cu-SAR-bisPSMA tracer, leveraging potential clinical differentiation, including the ability to detect additional lesions.

This report was published on November 4, 2024.

Target price is $8.48 Current Price is $7.15 Difference: $1.33
If CU6 meets the Wilsons target it will return approximately 19% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 13.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 53.36.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 17.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 41.81.

Market Sentiment: 1.0
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: $4.12

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

Canaccord Genuity notes Emerald Resources produced 28,050 ounces of gold at its Okvau mine in the September quarter, close to the broker’s estimates.

Costs (AISC) were reported at US$991 per ounce, impacted by a pit wall slip, though mining access has since been restored, note the analysts.

FY25 production guidance is maintained at 100,000-120,000 ounces with AISC guidance of between US$810-880/oz.

Canaccord retains a Buy rating with an unchanged target price of $5.00.

This report was published on November 1, 2024.

Target price is $5.00 Current Price is $4.12 Difference: $0.88
If EMR meets the Canaccord Genuity target it will return approximately 21% (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

EOS ELECTRO OPTIC SYSTEMS HOLDINGS LIMITED

Hardware & Equipment – Overnight Price: $1.36

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

Canaccord Genuity highlights Electro Optic Systems posted a solid third quarter, achieving $77m in cash receipts, an outcome slightly down year-on-year. There was a cash balance of $55m at quarter’s end.

Management maintains robust cash flow expectations and anticipates multiple contract opportunities in Q4, including potential wins in Europe and the Middle East.

Canaccord Genuity retains a Buy rating and a target price of $1.85.

This report was published on November 1, 2024.

Target price is $1.85 Current Price is $1.36 Difference: $0.485
If EOS meets the Canaccord Genuity target it will return approximately 36% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 14.15 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.65.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.43 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 95.45.

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

FFM FIREFLY METALS LIMITED

Gold & Silver – Overnight Price: $1.29

Moelis rates ((FFM)) as Buy (1) –

Moelis notes Firefly Metals reported a solid September quarter with increased exploration activity, including 150% growth in exploration expenditure due to heightened operations at the Green Bay project.

Firefly’s cash position at the end of the quarter was $24.8m, slightly below estimates, after significant investment in exploration, explains the analyst.

A resource update (released in October) for 1mt of contained copper was released, and Moelis expects an upgrade to 1.25mt in mid-2025, supporting a positive revaluation.

The broker anticipates production and engineering studies by mid-2025, which could optimise development without additional permitting complexities.

Moelis raises the target price to $1.50 from $1.30 and retains a Buy rating.

This report was published on November 4, 2024.

Target price is $1.50 Current Price is $1.29 Difference: $0.21
If FFM meets the Moelis target it will return approximately 16% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 33.08.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 46.07.

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

GLN GALAN LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.17

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

Petra Capital maintains a Buy rating on Galan Lithium with a target price of $0.36, noting progress on the Hombre Muerto West project, which is now 45% complete.

The broker highlights the pending US$40m prepayment from Chemphys, expected this quarter, as critical funding for completing the Hombre project’s next stages.

The analyst highlights cash reserves at $16m following a recent capital raise, and further funding of $50m is anticipated to cover the remaining -$95m capex.

The broker suggests Galan Lithium’s adjacent resource to recent acquisitions by Rio Tinto ((RIO)) underpins strategic value, with new Argentine tax incentives potentially enhancing project returns.

No change to target price at 36c. Buy rating retained.

This report was published on November 1, 2024.

Target price is $0.36 Current Price is $0.17 Difference: $0.195
If GLN meets the Petra Capital target it will return approximately 118% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 27.50.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 165.00.

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

HUB HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $68.17

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

Wilsons highlights recent revitalisation in Pooled Cash for major platform challengers Hub24, Netwealth Group ((NWL)), and Praemium ((PPS)), driven by a shift from term deposits (TDs) as offshore markets ease.

This trend, alongside increased ASX trading volumes, supports a positive outlook for 1H25 and FY25 results, with Hub24 positioned to benefit most from these tailwinds.

The broker retains an Overweight rating on Hub24, viewing it as the top pick due to its lower exposure to fee caps and ability to leverage positive market trends.

Netwealth Group is rated Market Weight and benefits from larger average account sizes, particularly in non-super accounts. Praemium is also rated Overweight and has shown growth in trading volumes and model rebalancing.

Wilsons anticipates limited impact from Pay-Day Super changes for Hub24 and Netwealth Group, noting most inflows are from rollovers rather than direct contributions.

This report was published on November 4, 2024.

Target price is $74.41 Current Price is $68.17 Difference: $6.24
If HUB meets the Wilsons target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $59.67, suggesting downside of -13.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 51.00 cents and EPS of 117.30 cents.
At the last closing share price the estimated dividend yield is 0.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 58.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 109.8, implying annual growth of 88.8%.
Current consensus DPS estimate is 52.1, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 62.8.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 65.00 cents and EPS of 151.40 cents.
At the last closing share price the estimated dividend yield is 0.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 133.0, implying annual growth of 21.1%.
Current consensus DPS estimate is 64.9, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 51.8.

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

IDX INTEGRAL DIAGNOSTICS LIMITED

Medical Equipment & Devices – Overnight Price: $2.95

Jarden rates ((IDX)) as Buy (1) –

Jarden reports Integral Diagnostics showed strong revenue growth in Q1, with Australian organic revenue up by 7.9%.

This outcome exceeds the broker’s forecast of 6.5% for 1H25 but slightly trails Medicare benefits growth of 11.2% in Integral-weighted states.

New Zealand operations also performed well, with revenue growth of 10.2%, supported by specific contracts reintroducing indexation, explain the analysts.

The broker views the impending merger with Capitol Health ((CAJ)) favourably, noting potential synergies and benefits from the company’s telehealth platform.

Jarden raises its 2025 EPS forecast by 8.8% and adjusts the target price to $3.72 from $3.67, anticipating the merger will be approved in December 2024. Buy.

This report was published on November 4, 2024.

Target price is $3.72 Current Price is $2.95 Difference: $0.77
If IDX meets the Jarden target it will return approximately 26% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 6.80 cents and EPS of 11.30 cents.
At the last closing share price the estimated dividend yield is 2.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.11.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.90 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.86.

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

INR IONEER LIMITED

New Battery Elements – Overnight Price: $0.26

Wilsons rates ((INR)) as Downgrade to Underweight from Overweight (5) –

Underpinned by the recent long-awaited award of the final federal permit for the Rhyolite Ridge project, ioneer shares have roughly doubled since August. With attention now turning to the next phase, Wilsons believes newsflow is likely to turn negative in the near term.

Accordingly, the broker makes estimate changes which have driven a -33% cut in target price to 20c, and double-downgrades its
rating on the stock to Underweight from Overweight.

The key potential negatives upcoming are the updated project economics, for which Wilsons expects a significant increase in capex, and material risk to the potential financing arrangements which ioneer has in place to fund that capex.

This report was published on November 4, 2024.

Target price is $0.20 Current Price is $0.26 Difference: minus $0.055 (current price is over target).
If INR meets the Wilsons target it will return approximately minus 22% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 4.53 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.63.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.02 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.45.

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

LNW LIGHT & WONDER INC

Gaming – Overnight Price: $143.05

Jarden rates ((LNW)) as Buy (1) –

No change in the Buy rating or $174 target for Light & Wonder.

This report was published on November 1, 2024.

Target price is $174.00 Current Price is $143.05 Difference: $30.95
If LNW meets the Jarden target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $169.20, suggesting upside of 13.8%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 444.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 434.4, implying annual growth of 61.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 34.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 588.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 570.1, implying annual growth of 31.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 26.1.

Market Sentiment: 0.9
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: $0.82

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

Jarden notes the Kathleen Valley (KV) lithium plant ramp-up achieved 60% of its 3mtpa capacity, with concentrate shipments picking up but cash burn continuing in the latest quarterly update from Liontown Resources.

Under current spot prices, Jarden forecasts Kathleen Valley to be loss-making until lithium prices exceed US$900/dmt, sufficient to service debt only above US$1,200/dmt.

Management plans to optimise the mine plan and costs by year-end, with focus areas including production rate and grade trade-offs.

The broker lowers the target price to $0.68 from $0.90, citing revised assumptions with higher processing costs and removing the expected expansion to 4mtpa.

This report was published on October 31, 2024.

Target price is $0.68 Current Price is $0.82 Difference: minus $0.14 (current price is over target).
If LTR meets the Jarden target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.88, 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 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 14.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.4, 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:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 30.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, 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 88.9.

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

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

Liontown Resources has developed the world-class Kathleen Valley Lithium Mine. Production is ramping up and product is being delivered to customers.

In a difficult price environment, management has secured funding, Tier 1 offtakers, and delivered a large mine within two years of beginning construction.

The scale and quality of the asset drew M&A activity previously and the mine is now further de-risked, Petra Capital notes.

Even at current prices, margins look healthy, the multiples reasonable, and the broker estimates that with strong cashflow accumulation, up to a 10% dividend yield could be earned within three years.

Petra initiates coverage with a Buy rating and $1.10 target.

This report was published on November 4, 2024.

Target price is $1.10 Current Price is $0.82 Difference: $0.28
If LTR meets the Petra Capital target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $0.88, suggesting upside of 10.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 74.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.4, 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:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 7.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, 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 88.9.

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

MDR MEDADVISOR LIMITED

Healthcare services – Overnight Price: $0.24

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

Canaccord Genuity reports a weaker-than-expected first quarter for MedAdvisor in FY25, with revenue up 3.5% year-on-year to $26.3m, driven by 4.1% growth in the US segment.

The analysts expect a stronger 2Q performance. Should this outcome not eventuate, the broker would lose some faith as costs will increase in the near-term due to the Transformation 360 Program.

While the company’s long-term potential remains intact, the broker also suggests near-term growth may be constrained by broader industry cost pressures.

Canaccord retains a Buy rating and a target price of 57c.

This report was published on November 1, 2024.

Target price is $0.57 Current Price is $0.24 Difference: $0.33
If MDR meets the Canaccord Genuity target it will return approximately 137% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

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

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.00.

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

Moelis rates ((MDR)) as Buy (1) –

Moelis Australia notes that MedAdvisor’s first-quarter FY25 results were weaker-than-expected, with revenue reaching $26.3m, up by 3.5% year-on-year, but gross profit margin fell due to increased cloud costs and program start-up issues.

In the US, revenue grew by 4.1%, adjusted for foreign exchange impacts, though gross profit margins declined to 50.5% from 54.6% year-on-year.

The broker highlights the ongoing transformation of MedAdvisor’s technology platform, which could drive significant efficiencies but also carries execution risks.

The analyst’s forecasts for earnings (EBITDA) in FY25-27 have been lowered, reflecting softer revenue and gross profit expectations, though the pipeline for Q2 remains strong, especially for vaccine programs.

Moelis Australia retains a Buy rating and lowers the target price to 45c from 50c.

This report was published on November 1, 2024.

Target price is $0.45 Current Price is $0.24 Difference: $0.21
If MDR meets the Moelis target it will return approximately 88% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 48.00.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.00.

Market Sentiment: 1.0
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: $38.20

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

Mineral Resource’ Sep Q results were weak year on year but in line with Goldman Sachs.

With net debt still increasing due to weak operating cash flows and ongoing capex associated with the Ashburton iron ore ramp-up, the company is reducing spend in lithium and has announced the sale of its WA gas assets to Hancock Prospecting.

The broker has not included the sale in its base case as the deal has not closed, but notes that if the sale were to complete, it would reduce forecast end-FY25 net debt to $4.5bn from $5.2bn and reduce leverage modestly to 5x by the end of FY26.

One positive from the result was that iron ore production and shipments from the Onslow/Ashburton project were slightly ahead of Goldman Sachs’ forecast. Neutral retained, target falls -9% to $41.

This report was published on November 1, 2024.

Target price is $41.00 Current Price is $38.20 Difference: $2.8
If MIN meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $44.36, suggesting upside of 18.1%(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 116.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 32.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -88.7, implying annual growth of N/A.
Current consensus DPS estimate is 2.7, 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 66.00 cents and EPS of 133.00 cents.
At the last closing share price the estimated dividend yield is 1.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 213.2, implying annual growth of N/A.
Current consensus DPS estimate is 61.3, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 17.6.

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

NEC NINE ENTERTAINMENT CO. HOLDINGS LIMITED

Print, Radio & TV – Overnight Price: $1.13

Jarden rates ((NEC)) as No Rating (-1) –

Jarden initiates coverage on Nine Entertainment with an Overweight rating and a target price of $1.60, highlighting potential digital revenue growth from Stan and Domain.

The broker views Nine Entertainment’s TV segment as challenged by structural headwinds, with Free-to-Air ad revenues under pressure from digital competition.

Jarden assumes a 5-year revenue compound average growth rate of 1.8% p.a. driven by digital, while TV declines.

This report was published on October 31, 2024.

Target price is $1.60 Current Price is $1.13 Difference: $0.47
If NEC meets the Jarden target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $1.78, suggesting upside of 58.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 5.60 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.9, implying annual growth of 44.1%.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 6.50 cents and EPS of 9.30 cents.
At the last closing share price the estimated dividend yield is 5.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.8, implying annual growth of 29.3%.
Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 8.8.

Market Sentiment: 0.7
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: $28.34

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

Wilsons highlights recent revitalisation in Pooled Cash for major platform challengers Hub24 ((HUB)), Netwealth Group, and Praemium ((PPS)), driven by a shift from term deposits (TDs) as offshore markets ease.

This trend, alongside increased ASX trading volumes, supports a positive outlook for 1H25 and FY25 results, with Hub24 positioned to benefit most from these tailwinds.

The broker retains an Overweight rating on Hub24, viewing it as the top pick due to its lower exposure to fee caps and ability to leverage positive market trends.

Wilsons anticipates limited impact from Pay-Day Super changes for Hub24 and Netwealth Group, noting most inflows are from rollovers rather than direct contributions.

This report was published on November 4, 2024.

Target price is $25.16 Current Price is $28.34 Difference: minus $3.18 (current price is over target).
If NWL meets the Wilsons target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $25.50, suggesting downside of -10.2%(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 1.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 66.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.6, implying annual growth of 27.6%.
Current consensus DPS estimate is 35.2, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 65.2.

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 1.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 56.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.7, implying annual growth of 23.2%.
Current consensus DPS estimate is 43.7, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 52.9.

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

NWS NEWS CORPORATION

Print, Radio & TV – Overnight Price: $44.31

Jarden rates ((NWS)) as Initiation of coverage with Overweight (2) –

Jarden initiates coverage on News Corp with an Overweight rating and target price at $45.80, seeing it as a preferred play to REA Group ((REA)) given a lower standalone valuation.

The REA Group stake represents 66-73% of News Corp’s market value, though Jarden estimates the market under-appreciates News Corp’s Dow Jones and Book Publishing assets, which show resilient growth potential.

The analyst believes Dow Jones is a “hidden gem” for the company with an increasing weighting towards business-to-business customers.

This report was published on October 31, 2024.

Target price is $45.80 Current Price is $44.31 Difference: $1.49
If NWS meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $48.05, suggesting upside of 5.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 30.17 cents and EPS of 118.12 cents.
At the last closing share price the estimated dividend yield is 0.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 37.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 125.0, implying annual growth of N/A.
Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 36.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 30.17 cents and EPS of 139.84 cents.
At the last closing share price the estimated dividend yield is 0.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 154.4, implying annual growth of 23.5%.
Current consensus DPS estimate is 48.9, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 29.5.

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

PBH POINTSBET HOLDINGS LIMITED

Gaming – Overnight Price: $0.83

Jarden rates ((PBH)) as Buy (1) –

Jarden reports that PointsBet delivered positive 1Q25 results with top-line growth across Australia and Ontario, maintaining FY25 guidance for earnings (EBITDA) of $11-16m.

In Australia, PointsBet achieved a 7% net win growth in the September quarter to $57m, note the analysts, benefiting from new product features and expanded customer offerings.

Ontario saw a 62% net win growth in online sports betting and iGaming, highlighted the broker, with PointsBet continuing to build out its iGaming content.

Despite a seasonally weak cash flow period, PointsBet reiterated its FY25 target for net cash flow breakeven.

Jarden raises the target price to $1.00 from $0.95 and retains a Buy rating.

This report was published on November 1, 2024.

Target price is $1.00 Current Price is $0.83 Difference: $0.165
If PBH meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
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 1.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 59.64.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.70.

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

PEN PENINSULA ENERGY LIMITED

Uranium – Overnight Price: $0.09

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

Canaccord Genuity observes Peninsula Energy is on track to restart uranium production at the Lance project by December, with first sales expected in the first half of 2025.

The September quarter featured progress in well field development and processing plant expansion, highlights the broker, maintaining cash burn in line with the budget at approximately -US$22m.

Peninsula’s available cash stands at US$78.3m, which the broker expects will sustain operations until the September quarter of 2025, pending a ramp-up to free cash flow positive status.

Canaccord has revised 2025 earnings (EBITDA) estimates downwards to reflect conservative ramp-up assumptions, but also highlights upside potential if the company meets production and budget targets.

Canaccord Genuity retains a Speculative Buy rating with an unchanged target price of 20c.

This report was published on November 1, 2024.

Target price is $0.20 Current Price is $0.09 Difference: $0.112
If PEN meets the Canaccord Genuity target it will return approximately 127% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.14.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.78.

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

PLS PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $3.00

Jarden rates ((PLS)) as Buy (1) –

Jarden observes Pilbara Minerals has idled its Ngungaju plant, a strategic move to address cash burn amid low lithium prices, reducing guidance by around -100kt for FY25.

Jarden’s EPS forecasts are lowered by -61% for FY25 and -47% for FY26 due to revised production and pricing.

Pilbara Minerals maintains a net cash position of approximately $800m, with management prioritising cash flow preservation.

The broker lowers the target price to $3.30 from $3.70, citing revised lithium price assumptions and production cuts, but retains a Buy rating based on valuation support.

This report was published on October 31, 2024.

Target price is $3.30 Current Price is $3.00 Difference: $0.3
If PLS meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $2.82, suggesting downside of -6.0%(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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 300.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.5, implying annual growth of -94.1%.
Current consensus DPS estimate is 0.2, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 600.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 57.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of 1360.0%.
Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 41.1.

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

PPS PRAEMIUM LIMITED

Wealth Management & Investments – Overnight Price: $0.65

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

Wilsons highlights recent revitalisation in Pooled Cash for major platform challengers Hub24 ((HUB)), Netwealth Group ((NWL)), and Praemium, driven by a shift from term deposits (TDs) as offshore markets ease.

This trend, alongside increased ASX trading volumes, supports a positive outlook for 1H25 and FY25 results, with Hub24 positioned to benefit most from these tailwinds.

The broker retains an Overweight rating on Hub24, viewing it as the top pick due to its lower exposure to fee caps and ability to leverage positive market trends.

Wilsons anticipates limited impact from Pay-Day Super changes for Hub24 and Netwealth Group, noting most inflows are from rollovers rather than direct contributions.

This report was published on November 4, 2024.

Target price is $0.73 Current Price is $0.65 Difference: $0.085
If PPS meets the Wilsons target it will return approximately 13% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 2.10 cents and EPS of 3.60 cents.
At the last closing share price the estimated dividend yield is 3.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.92.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 2.60 cents and EPS of 4.40 cents.
At the last closing share price the estimated dividend yield is 4.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.66.

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

RWL RUBICON WATER LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.41

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

Rubicon Water’s recent business update was broadly positive, Wilsons suggests, including confirmation of progress on debtor collection and the largest ever contract win in the Europe/Middle East/Africa market.

The broker is attracted to the favourable global thematic associated with water security, Rubicon’s market-leading product solutions, and evidence of a more balanced business model emerging over the past year.

Wilsons continues to see upside risk to forecasts, with the prospect of further contract wins in the near term representing clear catalysts for the share price. Overweight and 41c target retained.

This report was published on November 4, 2024.

Target price is $0.41 Current Price is $0.41 Difference: minus $0.005 (current price is over target).
If RWL meets the Wilsons target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 24.41.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.

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

SDF STEADFAST GROUP LIMITED

Insurance – Overnight Price: $5.46

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

Steadfast Group has reaffirmed FY25 guidance given strong Sep Q operating trends. Guidance implies underlying earnings growth of 13% on FY24, Goldman Sachs calculates, with the Sep Q up 18% year on year.

It is possible that some of this strength is acquisition-led, the broker suggests, with Steadfast still expecting rate increases of 7-9% for FY25.

Sep Q trends suggest some conservatism building in guidance, but Goldman Sachs does think there is a risk of higher costs from the reviews underway.

Neutral and $6.50 target retained.

This report was published on November 3, 2024.

Target price is $6.50 Current Price is $5.46 Difference: $1.04
If SDF meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $6.82, suggesting upside of 24.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 20.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 3.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.9, implying annual growth of 36.3%.
Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 18.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 22.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 4.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.7, implying annual growth of 6.2%.
Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 17.8.

Market Sentiment: 0.8
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: $6.75

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

Wilsons maintains an Overweight rating on SiteMinder, increasing the target price to $7.60, driven by anticipated growth through the company’s Smart Products, C-plus, DR-plus and SD.

The broker believes SiteMinder’s projected 30% revenue growth in FY25 relies on these products following.

Wilsons explains DR-plus adoption is expected among small and mid-market properties, while larger chains may continue with third-party revenue management system solutions.

The company’s DR-plus model, featuring a 1% commission structure, aims to capture more revenue per booking.

Revenue from DR-plus and C-plus is forecast by the analyst to contribute around $20m by FY26 and $60m-$70m by FY27, essential to sustaining 30% growth.

Overweight. Target $7.60.

This report was published on November 4, 2024.

Target price is $7.60 Current Price is $6.75 Difference: $0.85
If SDR meets the Wilsons target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $6.85, suggesting upside of 1.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 173.08.

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:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 270.00.

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 376.7.

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

SPK SPARK NEW ZEALAND LIMITED

Telecommunication – Overnight Price: $2.67

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

Jarden notes Spark New Zealand’s FY25 EBITDAI guidance has been downgraded to NZ$1,120m-NZ$1,180m from NZ$1,165m-NZ$1,220m due to weaker mobile revenue and a deteriorating cloud service mix.

The broker views management’s renewed focus on core business as positive, potentially allowing for cost savings and disciplined capex, with more details expected in 1H25.

Dividend has been reduced to NZ25cps, with Spark New Zealand considering non-core asset disposals valued between NZ$250-NZ$500m.

Target price declines to NZ$3.75 from NZ$3.98, though the Overweight rating is maintained based on valuation support and focus on core telco operations

This report was published on October 30, 2024.

Current Price is $2.67. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 23.00 cents and EPS of 15.73 cents.
At the last closing share price the estimated dividend yield is 8.61%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.97.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 18.40 cents and EPS of 18.58 cents.
At the last closing share price the estimated dividend yield is 6.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.37.

This company reports in NZD. 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

SPZ SMART PARKING LIMITED

Hardware & Equipment – Overnight Price: $0.76

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

Petra Capital finds Smart Parking undervalued relative to SaaS peers based on the “rule of 40” analysis, which combines growth and EBITDA margin to evaluate SaaS quality, applying a revised 17x EV/EBITDA multiple.

The analyst views the upcoming AGM on 15 November and possible policy changes under Queensland’s new government, which could benefit private parking operators as two potentially positive events.

Target price lifts to $1.02 from $0.73. The broker highlights strong prospects in the new Denmark market, expected to enhance profitability through improved gross margins and faster cash conversion cycles due to digital processing.

Buy rating retains. Petra Capital emphasises the company’s robust recurring revenue model and potential for further offshore expansion.

This report was published on November 1, 2024.

Target price is $1.02 Current Price is $0.76 Difference: $0.265
If SPZ meets the Petra Capital target it will return approximately 35% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 34.32.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.88.

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

SXL SOUTHERN CROSS MEDIA GROUP LIMITED

Print, Radio & TV – Overnight Price: $0.51

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

Canaccord Genuity notes strong growth in Southern Cross Media’s Digital Audio division in Q1, with audio revenue rising by 4.8% year-on-year, including 48% growth in digital audio and a 1.1% increase in broadcast radio.

Regional TV revenue declined by -12%, and the division remains under consideration for a sale, with proceeds expected to reduce debt, highlight the analysts.

Management has maintained its FY25 cost guidance, with operating expenses below -$308.4m and capital expenditure capped at -$10m.

With digital audio now accounting for an increased share of revenue, the broker sees significant potential for future growth driven by this segment.

Canaccord Genuity retains a Buy rating and a target price of 96c.

This report was published on November 1, 2024.

Target price is $0.96 Current Price is $0.51 Difference: $0.455
If SXL meets the Canaccord Genuity target it will return approximately 90% (excluding dividends, fees and charges).
Current consensus price target is $0.54, suggesting upside of 3.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 5.50 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 10.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.6, implying annual growth of N/A.
Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 8.8%.
Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 8.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 15.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.4, implying annual growth of 14.3%.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 9.0%.
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

SYR SYRAH RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.29

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

Jarden observed Syrah Resources continued to experience cash burn in Q2024 with ongoing challenging conditions in natural graphite markets, leading to a net cash outflow of -US$8.5m from Balama.

The broker highlights the company secured US$150m for Balama’s operational needs, with an initial US$73m disbursement expected in November.

Jarden lowers the target price to $0.57 from $0.66, citing delayed ramp-up at Vidalia and revised cost guidance while maintaining an Overweight rating.

The analyst’s EPS forecasts are lowered by -33% for 2024, reflecting low demand expectations and higher costs.

This report was published on October 31, 2024.

Target price is $0.57 Current Price is $0.29 Difference: $0.28
If SYR meets the Jarden target it will return approximately 97% (excluding dividends, fees and charges).
Current consensus price target is $0.57, suggesting upside of 95.7%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 18.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -15.4, 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 FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 11.31 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 2.56.

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.

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

TLX TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $22.41

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

Wilsons assigns an Overweight rating to both Telix Pharmaceuticals and Clarity Pharmaceuticals ((CU6)), with target prices of $25.00 and $8.48, respectively.

This report was published on November 4, 2024.

Target price is $25.00 Current Price is $22.41 Difference: $2.59
If TLX meets the Wilsons target it will return approximately 12% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 19.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 115.52.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 22.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 98.72.

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

UNI UNIVERSAL STORE HOLDINGS LIMITED

Apparel & Footwear – Overnight Price: $7.64

Jarden rates ((UNI)) as Buy (1) –

Jarden notes a mixed update from Jarden with sales up 19.3% year-on-year for the first 17 weeks of FY25, surpassing expectations, though wholesale sales fell by -16.8%.

Management remains committed to growth, planning to open seven new stores this half, which the broker views positively.

Minor downgrades were made to the analyst’s net profit forecasts due to higher depreciation and amortisation, though EBITDA estimates remain largely unchanged.

The broker raises the target price to $8.97 from $7.88, attributing the increase to higher revenue forecasts, and slight gross margin improvements,

Buy thesis intact, Jarden states.

This report was published on October 30, 2024.

Target price is $8.97 Current Price is $7.64 Difference: $1.33
If UNI meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $8.69, suggesting upside of 12.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 45.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.7, implying annual growth of 5.9%.
Current consensus DPS estimate is 33.2, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 16.2.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 52.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.8, implying annual growth of 10.7%.
Current consensus DPS estimate is 36.8, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 14.7.

Market Sentiment: 0.9
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: $3.12

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

Canaccord Genuity notes Westgold Resources’ September quarter gold production of 91,000/oz was in line with estimates, though costs (AISC) were higher-than-expected at $2,422/oz.

Westgold finished the quarter with $103m in cash, liquid investments, and has increased its undrawn debt facility to $300m, highlights the broker.

FY25 production guidance remains between 400,000-420,000 ounces with cost guidance of between $2,000-2,300/oz.

Canaccord raises the target price to $4.40 from $4.30 and retains a Buy rating.

This report was published on November 1, 2024.

Target price is $4.40 Current Price is $3.12 Difference: $1.28
If WGX meets the Canaccord Genuity target it will return approximately 41% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 3.00 cents and EPS of 41.00 cents.
At the last closing share price the estimated dividend yield is 0.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.61.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 3.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 0.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.29.

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

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

Petra Capital notes Westgold Resources reported 77.4koz of gold production in the September quarter at all-in-sustaining-costs of $2,422/oz, above the broker’s forecast of $2,228/oz.

Management’s production guidance for FY25 remains at 410koz, with expected ramp-up in output in the 2H25 as new synergies are realised.

The broker lifts EPS forecast by 27% for FY25 following updated costs and output.

Target price rises to $3.82 from $3.60, driven by higher gold price assumptions and improved integration of Karora Resources.

This report was published on November 1, 2024.

Target price is $3.82 Current Price is $3.12 Difference: $0.7
If WGX meets the Petra Capital target it will return approximately 22% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 10.00 cents and EPS of 26.90 cents.
At the last closing share price the estimated dividend yield is 3.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.60.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 12.00 cents and EPS of 49.30 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.33.

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

WOW WOOLWORTHS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $29.64

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

Jarden observes a significant drop in Woolworths Group’s Australian Food 1H25 EBIT guidance by around -$100m, attributing this to higher promotional activities and the shift towards online sales, despite an improvement in food sales growth.

Jarden notes questions around the company’s strategic direction under new leadership, including cost management and complexity, with a potential need to streamline operations to adapt to a more competitive market.

The broker lowers forecast EPS by -7% to -13% for FY25-FY27, respectively, driven by reduced margins in Australian Food, increased losses from new ventures, and the absence of Endeavour Group’s ((EDV)) dividend.

The broker reduces the target price to $37.30 from $38.60, reflecting lower EBIT forecasts due to higher operational costs and margin pressures. Overweight rating retained.

This report was published on October 31, 2024.

Target price is $37.30 Current Price is $29.64 Difference: $7.66
If WOW meets the Jarden target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $33.23, suggesting upside of 11.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 101.00 cents and EPS of 131.60 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 132.8, implying annual growth of 1400.6%.
Current consensus DPS estimate is 94.3, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 22.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 118.00 cents and EPS of 155.50 cents.
At the last closing share price the estimated dividend yield is 3.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 146.8, implying annual growth of 10.5%.
Current consensus DPS estimate is 103.0, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 20.3.

Market Sentiment: 0.2
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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