Australian Broker Call *Extra* Edition – Nov 07, 2024

This story features ALS LIMITED, and other companies. For more info SHARE ANALYSIS: ALQ

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)

ALQ   BTR   CIA   CKF   CPU   DMP (3)   FLT   IFM   MFG   PYC   RXL   TNE   TPW   TRE   WBC   XRO  

ALQ    ALS LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $14.71

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

Jarden maintains an Overweight rating on ALS Ltd with a target price of $14.25, reflecting positive expectations for 1H25 results, despite moderate growth constraints.

The broker anticipates net profit of $148m, marginally above consensus estimates, supported by stability in the geochemistry segment within the commodities division.

Jarden will be focused on the results from the life sciences division, where integration of recent acquisitions like York and Wessling could impact profitability. 

This report was published on November 4, 2024.

Target price is $14.25 Current Price is $14.71 Difference: minus $0.46 (current price is over target).
If ALQ meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $15.43, suggesting upside of 4.7%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 36.60 cents and EPS of 63.90 cents.
At the last closing share price the estimated dividend yield is 2.49%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.3, implying annual growth of 2308.2%.
Current consensus DPS estimate is 38.7, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 22.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 42.40 cents and EPS of 71.70 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.5, implying annual growth of 12.8%.
Current consensus DPS estimate is 43.6, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 20.3.

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

BTR    BRIGHTSTAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.03

Canaccord Genuity rates ((BTR)) as Initiation of coverage with Speculative Buy (1) –

Canaccord Genuity initiates coverage of Brightstar Resources with a Speculative Buy rating and a target price of 6c.

The broker highlights Brightstar as an emerging gold producer with 100% ownership of the Menzies, Laverton, and Sandstone Gold Projects in Western Australia.

Canaccord expects early but valuable cash flow in FY25 from the Second Fortune mine at the Laverton hub, with production forecast to reach 15koz at costs (AISC) of $2,441/oz.

The analysts anticipate significant production growth in FY26-28 as additional deposits come online, with output expected to climb to 175koz annually by FY28.

Canaccord notes potential M&A as Brightstar advances regional consolidation to support its growth strategy and enhance resource quality.

This report was published on November 7, 2024.

Target price is $0.06 Current Price is $0.03 Difference: $0.035
If BTR meets the Canaccord Genuity target it will return approximately 140% (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

CIA    CHAMPION IRON LIMITED

Iron Ore – Overnight Price: $5.96

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

Champion Iron’s  2Q25 results aligned with Goldman Sachs’ EBITDA estimate of CA$75m but fell short of consensus due to weaker iron ore premiums and provisional pricing adjustments.

The broker highlights the company’s long-term potential, noting a 15Mtpa nameplate at Bloom Lake, with plans to expand to 18Mtpa, and high-grade Direct Reduced Pellet Feed production expected by 2H25.

Goldman Sachs believes the upcoming Kami project is a key growth driver for Champion Iron, potentially adding 9Mtpa of high-grade iron ore.

Goldman Sachs maintains a Buy rating with a target price of $7.50, supported by valuation and growth prospects at the Bloom Lake mine, the analyst states.

This report was published on November 4, 2024.

Target price is $7.50 Current Price is $5.96 Difference: $1.54
If CIA meets the Goldman Sachs target it will return approximately 26% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 33.24 cents and EPS of 34.35 cents.
At the last closing share price the estimated dividend yield is 5.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.35.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 22.16 cents and EPS of 54.29 cents.
At the last closing share price the estimated dividend yield is 3.72%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.98.

This company reports in CAD. 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

CKF    COLLINS FOODS LIMITED

Food, Beverages & Tobacco – Overnight Price: $8.51

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

Wilsons finds Yum! Brands’ recent 3Q24 results offer a broadly neutral outlook for Collins Foods, with sales trends aligning with Collins’ August trading update.

The broker notes KFC Australia’s same-store sales growth (SSS) appears stable, slightly outperforming Yum’s Australia KFC network, while inflationary pressures mean SSS growth must comfortably enter positive territory to support margin recovery.

A modest sales growth slowdown for KFC Europe is noted, aligning with the broker’s previous expectations.

The analysts make no forecast adjustments, with KFC Australia’s SSS growth projected at -0.2% in 1H25, improving to 1.5% in 2H25.

Wilsons retains an Overweight rating with a 12-month target price of $11.79.

This report was published on November 6, 2024.

Target price is $11.79 Current Price is $8.51 Difference: $3.28
If CKF meets the Wilsons target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $9.46, suggesting upside of 10.9%(ex-dividends)
The company’s fiscal year ends in May.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 28.00 cents and EPS of 43.10 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 19.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.9, implying annual growth of -4.5%.
Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 18.6.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 34.00 cents and EPS of 61.30 cents.
At the last closing share price the estimated dividend yield is 4.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.4, implying annual growth of 27.2%.
Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 14.6.

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

CPU    COMPUTERSHARE LIMITED

Diversified Financials – Overnight Price: $27.54

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

Despite lower global interest rates impacting yields on unhedged balances, Jarden expects growth in client account balances and corporate trust revenue for Computershare will support FY25 margin income guidance at US$745m.

Corporate actions and employee share plan trading activity have benefited from a stronger capital markets environment in the September quarter, with M&A volumes up by 19% year-on-year, explain the analysts.

Additionally, the broker notes Computershare’s Global Corporate Trust issuance rose by 85%, driven by robust debt issuance in the US.

The broker forecasts FY25 EPS of US128.6c, reflecting a 9% year-on-year increase. Jarden also highlights Computershare’s cash capacity of over US$2.5bn, providing flexibility for potential acquisitions or share buybacks.

Jarden raises the target price to $30.50 from $30.10, anticipating continued momentum in corporate trust and employee share plan revenues into 2025. Overweight.

This report was published on November 6, 2024.

Target price is $30.50 Current Price is $27.54 Difference: $2.96
If CPU meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $29.40, suggesting upside of 1.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 89.30 cents and EPS of 193.97 cents.
At the last closing share price the estimated dividend yield is 3.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 190.9, implying annual growth of N/A.
Current consensus DPS estimate is 85.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 95.50 cents and EPS of 207.84 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 13.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 198.1, implying annual growth of 3.8%.
Current consensus DPS estimate is 88.3, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 14.6.

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

DMP    DOMINO’S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco – Overnight Price: $32.38

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

Domino’s Pizza Enterprises reported same-store sales (SSS) of -1.2% for the first 17 weeks of 1H25, notes Goldman Sachs, compared to the broker’s estimate of 2.8%.

The analysts attribute the decline to a slower-than-anticipated recovery in Japan and Europe (particularly France and Germany), with the Japan segment continuing to face challenges. A seasonal uplift is expected around Christmas.

Goldman Sachs views the recent retirement of long-standing CEO Don Meij as a potential opportunity for strategic reassessment, especially given prior issues in expansion and technology investment.

The new CEO, Mark van Dyck, will bring fresh leadership and may refocus on key growth strategies to improve performance, suggest the analysts.

Goldman Sachs retains a Buy rating on Domino’s with a 12-month target price of $40.00.

This report was published on November 6, 2024.

Target price is $40.00 Current Price is $32.38 Difference: $7.62
If DMP meets the Goldman Sachs target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $35.15, suggesting upside of 7.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 119.00 cents and EPS of 150.00 cents.
At the last closing share price the estimated dividend yield is 3.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 139.0, implying annual growth of 30.3%.
Current consensus DPS estimate is 103.3, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 23.6.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 145.00 cents and EPS of 183.00 cents.
At the last closing share price the estimated dividend yield is 4.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 165.5, implying annual growth of 19.1%.
Current consensus DPS estimate is 122.4, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 19.9.

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

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

Commenting on the recent CEO transition from Don Meij to Mark van Dyck, Jarden notes the potential for a renewed strategic focus on return on invested capital (ROIC), costs, and regional performance improvements.

In a trading update, management reported modest improvements in same-store sales (SSS), with positive results in Australia, Singapore, and Taiwan, while Japan, France, and Germany remain under pressure, highlight the analysts.

Store growth has been slow, observes the broker, with only ten net new stores opened to date, compared to a consensus expectation of -52 net closures.

Jarden has revised down its FY25-FY27 NPAT forecasts by -2%, expecting -0.8% SSS growth in 1H25, driven by challenges in Asia and Europe. The broker anticipates stronger 2H25 growth due to a renewed focus on profitability and operational efficiency.

Jarden reiterates its target price of $42.00, suggesting the company’s performance may improve under the incoming CEO’s strategic adjustments. Overweight.

This report was published on November 6, 2024.

Target price is $42.00 Current Price is $32.38 Difference: $9.62
If DMP meets the Jarden target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $35.15, suggesting upside of 7.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 146.00 cents and EPS of 142.20 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 139.0, implying annual growth of 30.3%.
Current consensus DPS estimate is 103.3, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 23.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 189.00 cents and EPS of 183.00 cents.
At the last closing share price the estimated dividend yield is 5.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 165.5, implying annual growth of 19.1%.
Current consensus DPS estimate is 122.4, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 19.9.

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

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Petra Capital rates ((DMP)) as Hold (3) –

Domino’s Pizza Enterprises has announced the retirement of long-time CEO Don Meij, with Mark van Dyck set to succeed him, effective 6 November this year.

The broker highlights van Dyck’s experience, particularly his role in the successful transformation of Compass Group’s Asia Pacific division, as a promising factor for future growth at Domino’s.

In a brief trading update, management reported continued weakness in same-store sales (SSS), with Group SSS down -1.2% year-on-year across key markets, including Japan, Germany, and France, though Australia remained positive.

The broker lowers its FY25-FY27 EPS forecasts by -6% to -3% and reduces the price target to $32.00 from $34.40, citing the need for a strong SSS recovery to accelerate store openings.

Petra Capital retains a Hold rating on DMP, noting slow progress on the turnaround.

This report was published on November 6, 2024.

Target price is $32.00 Current Price is $32.38 Difference: minus $0.38 (current price is over target).
If DMP meets the Petra Capital target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $35.15, suggesting upside of 7.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 110.70 cents and EPS of 138.30 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 139.0, implying annual growth of 30.3%.
Current consensus DPS estimate is 103.3, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 23.6.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 127.20 cents and EPS of 158.90 cents.
At the last closing share price the estimated dividend yield is 3.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 165.5, implying annual growth of 19.1%.
Current consensus DPS estimate is 122.4, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 19.9.

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

FLT    FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $15.80

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

Goldman Sachs notes weaker corporate small/medium-sized business travel demand and softening leisure ticket prices in Flight Centre Travel’s 1Q25 trading update. The broker also observed increased competitive pressures from peers like Amex GBT.

Management’s FY25 earnings guidance came in below consensus and Goldman Sachs remains cautious on expected margin improvements which align with management’s targets.

Despite lowered earnings expectations, the analyst believes Flight Centre can achieve forecast 12% EPS growth, annually through FY27.

Neutral rating. Target price declines to $17.50 from $20.30, reflecting a reduction in revenue estimates by -4% in FY25-27 post softer-than-anticipated 1Q25 update.

This report was published on November 7, 2024.

Target price is $17.50 Current Price is $15.80 Difference: $1.7
If FLT meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $23.81, suggesting upside of 50.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 74.00 cents and EPS of 124.00 cents.
At the last closing share price the estimated dividend yield is 4.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 129.1, implying annual growth of 102.6%.
Current consensus DPS estimate is 44.2, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 12.3.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 78.00 cents and EPS of 142.00 cents.
At the last closing share price the estimated dividend yield is 4.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 148.1, implying annual growth of 14.7%.
Current consensus DPS estimate is 56.3, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 10.7.

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

IFM    INFOMEDIA LIMITED

Automobiles & Components – Overnight Price: $1.37

Moelis rates ((IFM)) as Initiation of coverage with Buy (1) –

Moelis initiates coverage of Infomedia with a Buy rating and a target price of $1.88.

The broker highlights stable core businesses, including electronic parts catalogues (Microcat) and service workflow software (Superservice), which provide a recurring revenue base.

These businesses also support new growth initiatives in data analytics (Infodrive) and e-commerce (SimplePart), explains the analyst.

Moelis notes Infomedia’s strategy aligns with industry trends, including leveraging data to improve OEM and dealership profitability and enhancing customer experiences.

The broker forecasts FY25 earnings to be skewed towards the second half, supported by cost control and the timing of price increases.

The analyst also points to the substantial cash position, which provides flexibility for capital management and potential acquisitions.

This report was published on November 7, 2024.

Target price is $1.88 Current Price is $1.37 Difference: $0.51
If IFM meets the Moelis target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $2.08, suggesting upside of 51.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 4.50 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 3.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.8, implying annual growth of 101.2%.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 4.90 cents and EPS of 7.50 cents.
At the last closing share price the estimated dividend yield is 3.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.3, implying annual growth of 22.1%.
Current consensus DPS estimate is 5.1, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 16.6.

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

MFG    MAGELLAN FINANCIAL GROUP LIMITED

Wealth Management & Investments – Overnight Price: $10.17

Jarden rates ((MFG)) as Neutral (3) –

Jarden believes Magellan Financial’s associates are key to the company’s earnings outlook.

The broker highlights Vinva and Barrenjoey as potentially significant contributors to earnings, projecting these companies will underpin around 25% of the expected FY25 NPAT and as much as 40% in FY26.

Vinva’s FY24 financials revealed lower-than-expected fee margins but higher-than-forecast NPAT, supported by performance fees and cost control.

Jarden forecasts Vinva’s earnings will be 2% accretive to Magellan Financial’s expected EPS by FY26, potentially more with substantial inflows.

A Neutral rating is retained. Target price slips to $9.90 from $9.95.

This report was published on November 4, 2024.

Target price is $9.90 Current Price is $10.17 Difference: minus $0.27 (current price is over target).
If MFG meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $10.06, suggesting downside of -5.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 50.50 cents and EPS of 79.90 cents.
At the last closing share price the estimated dividend yield is 4.97%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.3, implying annual growth of -48.2%.
Current consensus DPS estimate is 54.9, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 15.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 44.20 cents and EPS of 77.60 cents.
At the last closing share price the estimated dividend yield is 4.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.6, implying annual growth of 7.8%.
Current consensus DPS estimate is 59.8, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 14.4.

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

PYC    PYC THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.19

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

Wilsons maintains an Overweight rating on PYC Therapeutics with a target price of 39c, as management progresses with the final cohort enrolment in its Platypus trial for VP-001 targeting retinitis pigmentosa 11 (RP11).

The broker anticipates significant interest ahead of the trial’s efficacy results expected in the first quarter of 2025, which could drive a rally in the PYC Therapeutics share price.

Positive safety signals continue, with no treatment-emergent serious adverse events (TE-SAEs) following repeat doses of VP-001, which may pave the way for higher dose levels in later-stage studies, suggests the analyst.

Further data updates are anticipated from the ADPKD program by year-end, which the broker believes could provide additional upside.

Wilsons views PYC Therapeutics as well-positioned for a pivotal trial start in 2025, assuming favourable results from the ongoing studies.

This report was published on November 6, 2024.

Target price is $0.39 Current Price is $0.19 Difference: $0.2
If PYC meets the Wilsons target it will return approximately 105% (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 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 21.11.

Forecast for FY26:

Market Sentiment: 1.0
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: $0.18

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

Canaccord Genuity notes Rox Resources reported high-grade assay results from the ongoing 11,000m diamond and RC drilling program at the Youanmi Gold Project in Western Australia.

The Youanmi Project’s PFS, released in July 2024, outlines annual production of 103koz at costs (AISC) of $1,676/oz over 7.7 years.

The broker expects final assay results later this quarter, with upcoming news flow from Youanmi Main and United North.

The broker also highlights recent drilling at Pollard revealed high-grade intersections, while a new hangingwall lode, Interceptor, was also uncovered.

Canaccord Genuity retains a Speculative Buy rating and a target price of 55c.

This report was published on November 6, 2024.

Target price is $0.55 Current Price is $0.18 Difference: $0.37
If RXL meets the Canaccord Genuity target it will return approximately 206% (excluding dividends, fees and charges).

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

TNE    TECHNOLOGY ONE LIMITED

IT & Support – Overnight Price: $25.37

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

Goldman Sachs expects TechnologyOne to report a strong FY24 result on November 19.

The broker forecasts annual recurring revenue (ARR) of $466m, up by 19% year-on-year, and total revenue of $499m, closely aligning with consensus.

Goldman Sachs highlights key areas of focus, including the drivers of ARR growth and the sustainability of management’s target for net revenue retention (NRR) above 115%, as the transition to the cloud is completed.

The broker sees potential in UK ARR growth, projected at 20%, as well as in the company’s trajectory toward profit before tax margins exceeding 35% over the long term.

Goldman Sachs also notes over $250m in available cash, indicating flexibility in capital management and M&A strategy.

Neutral rating retained, with the broker noting the current valuation appears fair relative to high-quality ASX TMT peers. Target price $24.05.

This report was published on November 6, 2024.

Target price is $24.05 Current Price is $25.37 Difference: minus $1.32 (current price is over target).
If TNE meets the Goldman Sachs target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $20.09, suggesting downside of -21.6%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 23.00 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 0.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 68.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.2, implying annual growth of 14.2%.
Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 70.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 26.00 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 1.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 59.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.4, implying annual growth of 17.1%.
Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 60.4.

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

TPW    TEMPLE & WEBSTER GROUP LIMITED

Furniture & Renovation – Overnight Price: $11.80

Jarden rates ((TPW)) as Buy (1) –

Temple & Webster announced a rise in revenue up 21% year-on-year as of October 21. 

Jarden anticipates continued growth due to increased bargaining power with suppliers amid weak US home and furniture markets, creating excess capacity in Asian factories.

The broker notes the company’s effective use of supplier-funded discounts, which will enhance its ability to capture market share without sacrificing gross margins.

Jarden views the current environment as favourable for Jarden, with potential benefits from rate cuts expected next year.

Jarden retains a Buy rating with a target price of $14.01, highlighting strong supplier-funded promotions as a key driver for growth.

This report was published on November 4, 2024.

Target price is $14.01 Current Price is $11.80 Difference: $2.21
If TPW meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $12.52, suggesting upside of 6.9%(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 6.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 181.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.6, implying annual growth of 340.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 177.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 14.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 79.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.1, implying annual growth of 159.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 68.5.

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

TRE    TOUBANI RESOURCES LIMITED REGISTERED

Gold & Silver – Overnight Price: $0.28

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

Toubani Resources recently released an updated DFS for its Kobada Gold Project in Mali, outlining a 6Mtpa plant and annual production of 162koz over a nine-year mine life at costs (AISC) of US$1,002/oz, highlights Canaccord Genuity.

The broker finds the DFS mostly in line with expectations, reflecting the project’s efficiency in terms of low capex and cost-effectiveness, supported by a high proportion of near-surface oxide resources.

The analysts highlight project flexibility and upside potential, with growth opportunities in both oxide and fresh resources that could extend the mine life or defer future capex.

Toubani is fully funded through to FID in early 2025, with development planned for late 2025 and first production expected in 2026, notes the broker.

Canaccord retains a Speculative Buy rating with a target price of $1.25.

This report was published on November 6, 2024.

Target price is $1.25 Current Price is $0.28 Difference: $0.97
If TRE meets the Canaccord Genuity target it will return approximately 346% (excluding dividends, fees and charges).

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

WBC    WESTPAC BANKING CORPORATION

Banks – Overnight Price: $32.26

Jarden rates ((WBC)) as Neutral (3) –

Jarden maintains a Neutral rating on Westpac, with target price raised to $30.00 from $29.20, following “solid” FY24 results that came in 1.5% above expectations.

The broker highlights stable net interest margins and benign credit quality, with the bank maintaining a “robust” capital position as positives.

Jarden expects increased cost pressures in FY25 as Project Unite spending rises in 2H25.

Westpac is anticipated to continue capital returns, with Jarden forecasting an additional $1bn buyback plus a special dividend in FY25, reflecting Westpac’s strong capital position.

The analyst lifts EPS forecasts by circa 1% in FY25/FY26.

This report was published on November 5, 2024.

Target price is $30.00 Current Price is $32.26 Difference: minus $2.26 (current price is over target).
If WBC meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $28.40, suggesting downside of -10.0%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 167.00 cents and EPS of 196.30 cents.
At the last closing share price the estimated dividend yield is 5.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 199.3, implying annual growth of -0.8%.
Current consensus DPS estimate is 153.0, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 15.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 155.00 cents and EPS of 199.50 cents.
At the last closing share price the estimated dividend yield is 4.80%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 206.2, implying annual growth of 3.5%.
Current consensus DPS estimate is 158.3, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 15.3.

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

XRO    XERO LIMITED

Accountancy – Overnight Price: $153.68

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

Goldman Sachs previews Xero’s 1H25 results. The broker is expecting revenue growth of 28%, surpassing consensus estimates, supported by rising average revenue per user and a 180k increase in subscribers.

Costs are projected to be slightly higher than expected due to ongoing investment in US operations, the analyst states.

Goldman Sachs will be focusing on Xero’s pricing adjustments across regions, which are forecast to boost average revenue per user, alongside the impact of churn, especially among inactive payroll subscribers.

The analyst believes the company is well-positioned for sustained revenue and earnings growth amid rising global small and medium-sized enterprise digital adoption, though risks include increased competition and potential slower growth in UK markets.

Buy rating retained with a target price of $201.

This report was published on November 4, 2024.

Target price is $201.00 Current Price is $153.68 Difference: $47.32
If XRO meets the Goldman Sachs target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $164.60, suggesting upside of 6.9%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 154.54 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 99.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 136.8, 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 112.6.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 195.93 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 78.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 183.2, implying annual growth of 33.9%.
Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 84.1.

This company reports in NZD. 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

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