Daily Market Reports | Nov 06 2024
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 Lithiums $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 Alcidions 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
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