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

This story features ACROW LIMITED, and other companies. For more info SHARE ANALYSIS: ACF

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)

ACF   ALL (2)   ARB   ASK   AVH   CMM   DMP   EDV (2)   EVS   IFM   IPH   IPL   JHX   JIN   LAU   LIC   LTM   LTR (3)   NHF (2)   NWS   PXA (2)   REA   SLH   SPR   TLC   WDS  

ACF    ACROW LIMITED

Building Products & Services – Overnight Price: $1.10

Moelis rates ((ACF)) as Buy (1) –

Moelis highlights secured hire contracts have increased by 57% year-on-year, reaching $33.8m, supported by high demand in the Screens and Jumpform divisions, particularly in projects like Ipswich and Toowoomba hospitals for Acrow.

The company’s pipeline has grown to a record $198m as of October 2024, up 39% from the previous year, indicating robust demand.

Moelis makes slight EPS adjustments for FY2527 due to Industrial Access growth, partially offset by lower group margins.

The broker believes the Queensland civil and commercial projects are expected to underpin formwork growth.

Buy rating unchanged with target lifted to $1.41 from $1.38.

This report was published on November 12, 2024.

Target price is $1.41 Current Price is $1.10 Difference: $0.31
If ACF meets the Moelis target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $1.30, suggesting upside of 16.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 6.00 cents and EPS of 11.90 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.7, implying annual growth of 31.9%.
Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 9.5.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 6.40 cents and EPS of 12.90 cents.
At the last closing share price the estimated dividend yield is 5.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.2, implying annual growth of 4.3%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 9.1.

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

ALL    ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $66.62

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

Aristocrat Leisure reported FY24 EBITDA, which was above Goldman Sachs’ estimates by 1%. The broker viewed the result as “very strong” with a robust outlook, highlighting the strength of the gaming business.

The company increased North American gaming operations with 7,100 net adds compared to the broker’s forecast of 6,050. Momentum is being maintained into FY25 with a positive launch of Phoenix Link in late October.

Gaming margins rose to 61.1% from 57.7% a year earlier, compared to 56.8% for 1H24.

Goldman Sachs lifts EPS estimates by 3% and 2% for FY25 and FY26, respectively, due to stronger gaming revenues and margins. The analyst appreciates the sale of Plarium, thereby removing some uncertainty, with M&A options expected to develop.

The target price lifts to $70 from $62. No change to the Neutral rating.

Leading up to the release, Aristocrat Leisure had announced the sale of its mobile gaming business, Plarium, to Modern Times Group for up to US$820m, depending on performance.

Goldman Sachs highlights the deal aligns with the company’s strategy to focus on core areas like land-based gaming and iGaming.

The broker expects proceeds to enhance capital management and may support buybacks or acquisitions.

Aristocrat Leisure’s ongoing review of Big Fish Games, with a goodwill impairment charge of around -US$110m, is anticipated by the analyst.

This report was published on November 13, 2024.

Target price is $70.00 Current Price is $66.62 Difference: $3.38
If ALL meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $67.58, suggesting upside of 0.4%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 263.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 266.4, implying annual growth of N/A.
Current consensus DPS estimate is 91.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 25.3.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 EPS of 290.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 290.0, implying annual growth of 8.9%.
Current consensus DPS estimate is 92.5, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 23.2.

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

Jarden highlights Aristocrat Leisure’s strategic sale of its Plarium business to Modern Times Group for US$820m, with US$620m guaranteed and an additional contingent consideration of up to US$200m.

The broker notes this transaction, expected to close by March 2025, will strengthen Aristocrat’s balance sheet, enabling potential capital redeployment and a stronger focus on its casino games operations.

Management anticipates mid-to-high single-digit dilution in FY25 NPATA due to the sale, but believes this impact could be offset by strategic focus and reinvestment.

The broker maintains an Overweight rating and a target price of $59.00.

This report was published on November 13, 2024.

Target price is $59.00 Current Price is $66.62 Difference: minus $7.62 (current price is over target).
If ALL meets the Jarden target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $67.58, suggesting upside of 0.4%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 92.00 cents and EPS of 264.20 cents.
At the last closing share price the estimated dividend yield is 1.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 266.4, implying annual growth of N/A.
Current consensus DPS estimate is 91.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 25.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 97.00 cents and EPS of 279.20 cents.
At the last closing share price the estimated dividend yield is 1.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 290.0, implying annual growth of 8.9%.
Current consensus DPS estimate is 92.5, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 23.2.

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

ARB    ARB CORPORATION LIMITED

Automobiles & Components – Overnight Price: $41.45

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

Goldman Sachs revises its expectations for ARB Corporation, citing weaker-than-expected Australian Aftermarket sales tied to ongoing declines in new vehicle volumes.

The broker expects modest growth in the US through the 4 Wheel Parts (4WP) acquisition, which is likely to remain unprofitable until at least FY26.

Recent vehicle model releases in A&NZ could improve OEM revenue though challenges with consumer demand may limit short-term gains, note the analysts. 

The target price falls to $39.20 from $40.00. Neutral.

This report was published on November 12, 2024.

Target price is $39.20 Current Price is $41.45 Difference: minus $2.25 (current price is over target).
If ARB 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 $43.20, suggesting upside of 3.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 65.00 cents and EPS of 130.00 cents.
At the last closing share price the estimated dividend yield is 1.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 134.4, implying annual growth of 7.6%.
Current consensus DPS estimate is 72.4, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 31.0.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 74.00 cents and EPS of 147.00 cents.
At the last closing share price the estimated dividend yield is 1.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 150.9, implying annual growth of 12.3%.
Current consensus DPS estimate is 82.0, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 27.6.

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

ASK    ABACUS STORAGE KING

REITs – Overnight Price: $1.21

Moelis rates ((ASK)) as Hold (3) –

Abacus Storage King has increased its distribution guidance to 6.2 cents for FY25, up from 6.1 cents.

Moelis notes the upgrade reflects steady revenue growth of 3.7% year-on-year to $339 per square meter, driven by stable occupancy and higher rental rates.

The REIT plans to deliver 23,000 sqm of new storage space across four sites in FY25, with recent projects leasing at rates above pre-covid levels.

Gearing remains manageable at 28.9%, well within the target range. Moelis believes Abacus Storage King’s valuation is attractive, trading at a -25% discount to NTA and yielding 5.2%

Buy rating retained with a rise in the target price to $1.38 from $1.34.

This report was published on November 12, 2024.

Target price is $1.38 Current Price is $1.21 Difference: $0.17
If ASK meets the Moelis target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $1.42, suggesting upside of 18.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 6.20 cents and EPS of 6.40 cents.
At the last closing share price the estimated dividend yield is 5.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.0, implying annual growth of -43.0%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 6.30 cents and EPS of 6.50 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.0, implying annual growth of N/A.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 20.0.

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

AVH    AVITA MEDICAL INC

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $3.82

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

Avita Medical’s 3Q24 revenue of US$19.5m was in line with guidance, driven by increased adoption of the RECELL GO system, which has penetrated 75% of the revenue base within four months of FDA approval, Wilsons noted.

The broker highlights management’s guidance suggests strong growth ahead, aiming for breakeven by 3Q25 with anticipated FY25 revenue 25% higher than current forecasts.

Despite slower-than-expected account growth, management remains optimistic due to promising product developments in the pipeline, including RECELL Go-mini.

Wilsons retains a Market weight rating. Target price rises 16% to $3.20.

This report was published on November 11, 2024.

Target price is $3.20 Current Price is $3.82 Difference: minus $0.62 (current price is over target).
If AVH meets the Wilsons target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 minus 69.35 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.51.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 31.06 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 12.30.

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $6.16

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

Goldman Sachs maintains a Neutral rating on Capricorn Metals and raises the target price slightly to $6.20 from $6.15 following a capital raise of approximately $200m to fund the Karlawinda expansion and Mt. Gibson development.

The Karlawinda expansion is expected to increase production capacity to 6.5Mtpa, aiming for 150kozpa at all-in-sustaining costs of around $1,700/oz, with project completion anticipated by 4Q26.

Mt. Gibson, currently in permitting, is projected to add 155kozpa by 2026 with a lower cost of $1,450-1,550/oz.

The broker expects strong cash flow from Karlawinda to partially offset capital risks at Mt. Gibson. 

This report was published on November 13, 2024.

Target price is $6.15 Current Price is $6.16 Difference: minus $0.01 (current price is over target).
If CMM meets the Goldman Sachs target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.24, suggesting upside of 17.2%(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 41.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.5, implying annual growth of 44.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 36.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.6, implying annual growth of -2.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.0.

Market Sentiment: 1.0
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: $30.25

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

Goldman Sachs highlights Domino’s Pizza Enterprises’ new CEO, Mark van Dyck, is expected to enhance system capabilities, financial planning, and operational precision.

The broker has revised FY25-27 forecasts, reducing group sales and EBIT estimates by -3% to -5% and -4% to -6%, respectively, due to softer performance across all regions, particularly in Japan.

Goldman forecasts group sales will grow by 3% annually through FY27, with earnings (EBIT) and EPS projected to increase at 12% and 15% CAGRs over the same period, largely driven by cost efficiencies and operational leverage.

The broker maintains a Buy rating on Domino’s with a revised target price of $39.10 from $40.

This report was published on November 12, 2024.

Target price is $39.10 Current Price is $30.25 Difference: $8.85
If DMP meets the Goldman Sachs target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $34.73, suggesting upside of 14.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 113.00 cents and EPS of 142.00 cents.
At the last closing share price the estimated dividend yield is 3.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 136.6, implying annual growth of 28.0%.
Current consensus DPS estimate is 101.0, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 22.3.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 136.00 cents and EPS of 172.00 cents.
At the last closing share price the estimated dividend yield is 4.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 161.3, implying annual growth of 18.1%.
Current consensus DPS estimate is 118.4, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 18.9.

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

EDV    ENDEAVOUR GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $4.28

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

Goldman Sachs lowers Endeavour Group’s FY25-27 revenue forecast by -2-3% and EBIT estimates by -6-7% due to weaker retail sales and declining gross profit margins amid heightened competition.

The broker now anticipates a 6.1% retail EBIT margin for FY25, down from previous estimates, while hotel operations remain stable with no significant changes to expectations.

Despite near-term earnings pressure, Goldman Sachs believes Endeavour Group will maintain market share, citing Australia’s high alcohol consumption per capita and stable long-term growth in this segment.

The broker also highlights the potential for resilient growth in the hotel sector, supported by a shift toward premiumisation and market share gains within retail.

Goldman Sachs retains a Buy rating but reduces its target price to $5.50 from $6.20. 

This report was published on November 12, 2024.

Target price is $5.50 Current Price is $4.28 Difference: $1.22
If EDV meets the Goldman Sachs target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $5.01, suggesting upside of 15.0%(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 26.00 cents.
At the last closing share price the estimated dividend yield is 4.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.8, implying annual growth of -6.3%.
Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 22.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 5.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.2, implying annual growth of 9.0%.
Current consensus DPS estimate is 20.9, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 14.9.

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 ((EDV)) as Downgrade to Neutral from Overweight (3) –

Jarden has downgraded Endeavour Group to Neutral from Overweight, citing a challenging outlook for the company as Q1 retail sales were flat and Q2 is expected to decline.

The broker expects 2Q retail margins to fall by -50 to -100bps year-on-year due to increased competition and promotional activity, while a lack of significant catalysts limits near-term growth opportunities.

With the recent CEO change, the analysts express concern over long-term execution, especially with rising operational costs and new ERP implementation pressures.

Jarden reduces its target price to $5.00 from $6.00, reflecting uncertainty and a cautious stance on retail and liquor market trends. Neutral.

This report was published on November 12, 2024.

Target price is $5.00 Current Price is $4.28 Difference: $0.72
If EDV meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $5.01, suggesting upside of 15.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 26.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.8, implying annual growth of -6.3%.
Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 29.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.2, implying annual growth of 9.0%.
Current consensus DPS estimate is 20.9, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 14.9.

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

EVS    ENVIROSUITE LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.06

Moelis rates ((EVS)) as Buy (1) –

Wilsons highlights Envirosuite’s strengthened balance sheet following a $10m investment from Hitachi, which has alleviated prior capital constraints and positioned management to pursue growth opportunities.

The broker anticipates a medium-term benefit as the company integrates its environmental monitoring product into Hitachi’s Wenco fleet management systems, potentially enabling cross-selling opportunities.

With Wenco currently servicing 43 mines, the collaboration could broaden Envirosuite’s market reach, though meaningful traction will take 12-18 months, in the broker’s view.

The analyst’s forecasts remain unchanged for FY25, with expected growth likely to emerge in FY26 and beyond as the strategic partnership matures.

Wilsons raises its target price to 6c from 4c and retains a MarketWeight rating.

This report was published on November 12, 2024.

Target price is $0.06 Current Price is $0.06 Difference: $0
If EVS meets the Moelis target it will return approximately 0% (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 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.50.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.57.

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

IFM    INFOMEDIA LIMITED

Automobiles & Components – Overnight Price: $1.25

Moelis rates ((IFM)) as Buy (1) –

Infomedia’s management revised FY25 revenue guidance to $142149m, down from $144154m.

Moelis notes the revision reflects anticipated churn in the SimplePart segment, where a -$4m annual contract was lost.

The broker notes challenging macroeconomic conditions have led to more conservative guidance, and management expects stable margins while continuing investments in core divisions.

Full-year FY25 earnings will rely on stronger 2H results, supported by contract renewals, the analyst highlights.

Moelis lowers EPS forecasts by -5.5% and -2.9%, for FY25/FY26, respectively.

Buy rating maintained. Target price falls to $1.83 from $1.88.

This report was published on November 11, 2024.

Target price is $1.83 Current Price is $1.25 Difference: $0.58
If IFM meets the Moelis target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $1.98, suggesting upside of 58.1%(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 6.60 cents.
At the last closing share price the estimated dividend yield is 3.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.6, implying annual growth of 95.3%.
Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 18.9.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 4.90 cents and EPS of 7.30 cents.
At the last closing share price the estimated dividend yield is 3.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.0, implying annual growth of 21.2%.
Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 15.6.

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

IPH    IPH LIMITED

Legal – Overnight Price: $5.27

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

IPH’s patent filings data for October indicate weak national phase filings, according to Petra Capital, a trend persisting since May, with IPH’s filings down -4.7% year-on-year compared to the market at -3.3%.

The broker attributes part of this decline to the company’s higher exposure to the US market, where demand has softened.

In the six-month period to October, IPH’s filings decreased by -8.5% versus the market’s -3.9%, yet growth in direct filings mitigated the impact, explains the analyst.

Rolling 12-month data reflect a market share of 31.5%, a level maintained since May 2023, notes Petra Capital.

The broker maintains a Buy rating with an unchanged target price of $8.25.

This report was published on November 12, 2024.

Target price is $8.25 Current Price is $5.27 Difference: $2.98
If IPH meets the Petra Capital target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $7.65, suggesting upside of 44.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 35.30 cents and EPS of 46.40 cents.
At the last closing share price the estimated dividend yield is 6.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.8, implying annual growth of 86.6%.
Current consensus DPS estimate is 36.4, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 37.50 cents and EPS of 49.20 cents.
At the last closing share price the estimated dividend yield is 7.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.3, implying annual growth of 7.5%.
Current consensus DPS estimate is 37.5, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 10.5.

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

IPL    INCITEC PIVOT LIMITED

Agriculture – Overnight Price: $3.02

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

Goldman Sachs highlights Incitec Pivot’s FY24 underlying NPAT exceeded expectations by 10%, largely due to strong earnings (EBITDA) momentum in the Explosives division in Australia.

The FY25 outlook is less favourable, with higher plant turnaround costs and lower-than-expected phosphate production impacting earnings (EBITDA) forecasts, explain the analysts.

Goldman Sachs anticipates stronger explosives earnings (EBITDA) growth from FY26, as operational improvements take effect, with upside potential in FY27.

Fertilisers remain a key variable, in the broker’s view, with a potential separation of the division within the next 6-12 months.

Goldman Sachs raises its target price to $3.35 from $3.30 and retains a Buy rating.

This report was published on November 12, 2024.

Target price is $3.35 Current Price is $3.02 Difference: $0.33
If IPL meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.19, suggesting upside of 5.3%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 9.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 2.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of N/A.
Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 16.2.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 10.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.6, implying annual growth of 15.5%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 14.0.

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

JHX    JAMES HARDIE INDUSTRIES PLC

Building Products & Services – Overnight Price: $53.35

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

James Hardie Industries reported positive results for 2Q25, particularly in North America, demonstrating better-than-expected cost management, with EBIT and margins surpassing estimates, Goldman Sachs observes.

Management highlighted ongoing challenges from anticipated full-year volume declines of up to -3% and market pressures, prompting a cut of -3% in the broker’s volume assumptions for FY25.

The analyst’s forecast assumptions for FY26 reflect uncertainties in larger-scale repair and renovation projects, with reductions in North American volumes partially offset by stronger APAC expectations.

The target price lifts to $57.85 from $55 due to valuation and earnings changes. The Buy rating remains unchanged with expectations of a potential future recovery.

This report was published on November 13, 2024.

Target price is $57.85 Current Price is $53.35 Difference: $4.5
If JHX meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $57.63, suggesting upside of 5.6%(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 229.16 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 229.3, 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 23.8.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 266.85 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 268.0, implying annual growth of 16.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 20.4.

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

JIN    JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $12.59

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

Jumbo Interactive’s trading met Wilsons’ expectations, with the jackpot drought impacting lottery revenue and total transaction values down -4.9% year-on-year.

Management retained EBITDA margin guidance at 46-48%, supported by strong player participation, which was expected by Wilsons.

SaaS segment TTV rose 14.2%, and charity lottery contracts were extended. Managed Services faced larger-than-expected revenue decline in Stride but remained flat in the UK. The broker highlights potential upside with improvement in the jackpot cycle through FY25.

The analyst’s EBITDA forecasts fall by -12-to 13% for FY25-27.

Target price slips to $14.14. Overweight rating unchanged.

This report was published on November 11, 2024.

Target price is $14.14 Current Price is $12.59 Difference: $1.55
If JIN meets the Wilsons target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $15.73, suggesting upside of 23.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 45.80 cents and EPS of 61.10 cents.
At the last closing share price the estimated dividend yield is 3.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.2, implying annual growth of 0.5%.
Current consensus DPS estimate is 51.9, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 18.3.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 54.90 cents and EPS of 73.20 cents.
At the last closing share price the estimated dividend yield is 4.36%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.5, implying annual growth of 12.0%.
Current consensus DPS estimate is 57.6, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 16.4.

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

LAU    LINDSAY AUSTRALIA LIMITED

Transportation & Logistics – Overnight Price: $0.92

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

Lindsay Australia’s 1H25 trading update shows continued recovery in the horticulture market, with transport revenue up 3.5% and commercial volumes growing by 5% year-on-year despite weaker-than-expected sales updates from Coles and Woolworths, Wilsons observes.

Rural sales also rose by 3.5%, suggesting a positive outlook for future horticultural volumes.

The broker’s earnings forecasts remain largely unchanged.

Target price lifts to $1.24 from $1.22. Overweight rating unchanged.

This report was published on November 11, 2024.

Target price is $1.24 Current Price is $0.92 Difference: $0.32
If LAU meets the Wilsons target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $1.21, suggesting upside of 30.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 4.50 cents and EPS of 10.90 cents.
At the last closing share price the estimated dividend yield is 4.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.6, implying annual growth of 21.1%.
Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 8.8.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 5.70 cents and EPS of 13.50 cents.
At the last closing share price the estimated dividend yield is 6.20%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.8, implying annual growth of 11.3%.
Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 7.9.

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

LIC    LIFESTYLE COMMUNITIES LIMITED

Aged Care & Seniors – Overnight Price: $8.74

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

Goldman Sachs notes a softer outlook due to weakened settlement indicators following negative media coverage, with FY25 settlements forecast to decline to 250 units, down from previous estimates of 340 as highlighted by Lifestyle Communities at the AGM.

The company is managing its cost base and delaying development at specific sites to protect its balance sheet.

The broker anticipates recovery potential in the land lease sector driven by favourable long-term demographics and sees Lifestyle Communities as well-positioned for growth once market conditions improve.

Goldman Sachs cuts EBITDA forecasts by -32% and -33% for FY25/FY26, respectively for the lower settlement expectations.

Target price falls to $9.95 from $11.30. Buy rating unchanged.

This report was published on November 12, 2024.

Target price is $9.95 Current Price is $8.74 Difference: $1.21
If LIC meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $9.96, suggesting upside of 14.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 11.00 cents and EPS of 36.00 cents.
At the last closing share price the estimated dividend yield is 1.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.0, implying annual growth of -1.5%.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 19.4.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 20.00 cents and EPS of 47.00 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.6, implying annual growth of 41.3%.
Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 13.7.

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

LTM    ARCADIUM LITHIUM PLC

New Battery Elements – Overnight Price: $8.06

Goldman Sachs rates ((LTM)) as No Rating (-1) –

Arcadium Lithium’s 3Q24 results showed a decline of  -6% in lithium sales volumes quarter-on-quarter to 13.4kt, falling about -20% short of both Goldman Sachs estimates and consensus due to weaker demand and delays in the ramp-up of Olaroz Stage 2.

Revenue was below expectations at US$203m, with EBITDA at US$43m, primarily due to lower operating costs from reduced volumes. The company’s capex exceeded expectations, totaling -US$239m

The broker notes cash flow was impacted by lower revenue and higher capex, leading to a decline in cash reserves to US$138m from US$380m, with net debt increasing.

Given the pending acquisition by Rio Tinto ((RIO)), management has withdrawn FY24 guidance. No rating. Target price $8.22.

This report was published on November 11, 2024.

Target price is $8.22 Current Price is $8.06 Difference: $0.16
If LTM meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $7.94, suggesting downside of -1.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 14.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 57.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.0, implying annual growth of -69.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 57.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 9.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 89.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.6, implying annual growth of -17.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 69.6.

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

LTR    LIONTOWN RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.88

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

Liontown Resources’ Kathleen Valley project has been subjected to optimisation efforts by management, reducing long-term processing rates to 2.8Mtpa.

This outcome lowers anticipated spodumene production to 530ktpa by 2028 from an initial 560ktpa forecast, explains Goldman Sachs.

Guidance for the second half of FY25 includes spodumene output of 170-185kt, with costs (AISC) expected between $1,170-1,290 per tonne SC6, slightly above breakeven at current spodumene prices, observe the analysts.

The broker forecasts EBITDA-positive results from 2025, with free cash flow turning positive by 2027, contingent on lithium pricing stability and sustained production targets.

Goldman Sachs maintains a Neutral rating and lowers its target price to 87c from 95c.

This report was published on November 12, 2024.

Target price is $0.87 Current Price is $0.88 Difference: minus $0.01 (current price is over target).
If LTR meets the Goldman Sachs target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.83, suggesting downside of -7.4%(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 1.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 55.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 110.00.

How do these forecasts compare to market consensus projections?

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

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

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

Jarden notes a recent optimisation study for Liontown Resources’ Kathleen Valley project, identified -$100m in cost savings and targets higher-grade ore to manage unit costs.

Production guidance for H2 of FY25 is set at 170-185kt of spodumene concentrate, with costs (AISC) expected to range from $1,170-1,290/dmt.

The broker highlights a risk of a liquidity shortfall by mid-2025 if lithium prices don’t recover to sustain operations. Longer-term stability depends on achieving steady-state production and higher concentrate grades as the mine develops.

Jarden maintains an Underweight rating on Liontown Resources, with a target price of 68c.

This report was published on November 12, 2024.

Target price is $0.68 Current Price is $0.88 Difference: minus $0.2 (current price is over target).
If LTR meets the Jarden target it will return approximately minus 23% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.83, suggesting downside of -7.4%(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 6.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 14.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 73.33.

How do these forecasts compare to market consensus projections?

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

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

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Petra Capital rates ((LTR)) as Downgrade to Hold from Buy (3) –

Following an optimisation study, Petra Capital highlights Liontown Resources has lowered its long-term processing rate to 2.8Mtpa, reducing expected output to 530ktpa by FY28 from a previous estimate of 560ktpa.

Separately, the ramp-up at Kathleen Valley is progressing well, with guidance for FY25 production now at 275kt (midpoint) compared to the broker’s previous assumption of 198kt.

Due to lower output and lower feed grade, the broker assumes higher unit costs over the coming years, reducing the target to 85c from $1.10. The rating is downgraded to Hold from Buy.

This report was published on November 12, 2024.

Target price is $0.85 Current Price is $0.88 Difference: minus $0.03 (current price is over target).
If LTR meets the Petra Capital target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.83, suggesting downside of -7.4%(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 2.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 30.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 146.67.

How do these forecasts compare to market consensus projections?

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

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

NHF    NIB HOLDINGS LIMITED

Insurance – Overnight Price: $5.70

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

nib Holdings’ updated FY25 underlying operating profit guidance of $235250m is about -5% below consensus expectations, with challenges in New Zealand due to ongoing claims inflation, expected to cause a -$10m loss in 1H25, Goldman Sachs notes.

The company anticipates improved conditions in 2H25 due to pricing adjustments and moderated inflation, supporting an expected 6%-7% net margin for FY25.

Goldman Sachs highlights nib Holdings’ Australian residents health insurance business continues to show strong net policyholder growth, despite challenges.

No changes to the analyst’s earnings forecasts. Buy rating and $6.75 target price unchanged.

This report was published on November 12, 2024.

Target price is $6.75 Current Price is $5.70 Difference: $1.05
If NHF meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $6.89, suggesting upside of 20.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 26.40 cents and EPS of 38.90 cents.
At the last closing share price the estimated dividend yield is 4.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.8, implying annual growth of 9.1%.
Current consensus DPS estimate is 28.3, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 30.30 cents and EPS of 44.80 cents.
At the last closing share price the estimated dividend yield is 5.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.5, implying annual growth of 11.2%.
Current consensus DPS estimate is 30.7, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 12.3.

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 ((NHF)) as Neutral (3) –

Jarden notes nib Holdings’ solid growth in the Australian Resident Health Insurance (ARHI) segment, with a 3.2% year-on-year increase in net policyholders as of Q1.

New Zealand operations remain a concern as ongoing inflationary pressures drove claims inflation over 15%, leading to an expected -$10m operating profit loss in H1 FY25, as the company’s pricing strategy struggles to keep pace.

While net margin guidance for Australian Residents Health Insurance (ARHI) of 6-7% is reiterated, the broker conservatively positions FY25 underlying operating profit at the low end of the company’s guidance range of $235-250m.

Longer-term EPS forecasts have been adjusted, with a -5% cut for FY25 and 1-4% upgrades for FY26-27 as Jarden remains cautious about inflation risks.

Jarden raises its target price to $7.20 from $6.85 and retains a Neutral rating.

This report was published on November 13, 2024.

Target price is $7.20 Current Price is $5.70 Difference: $1.5
If NHF meets the Jarden target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $6.89, suggesting upside of 20.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 27.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 4.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.8, implying annual growth of 9.1%.
Current consensus DPS estimate is 28.3, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 28.00 cents and EPS of 42.50 cents.
At the last closing share price the estimated dividend yield is 4.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.5, implying annual growth of 11.2%.
Current consensus DPS estimate is 30.7, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 12.3.

Market Sentiment: 0.3
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: $49.60

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

News Corp’s 1Q25 exceeded expectations, driven by REA Group’s ((REA)) performance and robust book publishing results. 

Goldman Sachs forecast EBITDA for FY2527 rises by 1%, with the company benefiting from stable operating costs and strong book publishing trends. 

Buy rated with unchanged $52 target price.

This report was published on November 11, 2024.

Target price is $52.00 Current Price is $49.60 Difference: $2.4
If NWS meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $48.77, suggesting downside of -0.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 132.52 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 37.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 122.8, implying annual growth of N/A.
Current consensus DPS estimate is 33.4, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 39.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 EPS of 145.94 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 151.6, implying annual growth of 23.5%.
Current consensus DPS estimate is 44.0, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 32.3.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

PXA    PEXA GROUP LIMITED

Real Estate – Overnight Price: $13.41

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

Goldman Sachs notes Pexa Group’s 1Q25 trading update showed strong transfer growth, up 14%, indicating a recovery in the property market and setting the stage for revenue to hit the high end of FY25 guidance.

The broker expects FY25 revenue growth of 13-19%, with an operating earnings (EBITDA) margin above 34%, although some challenges persist due to delayed testing for PEXA Pay in the UK, now anticipated for 3Q25.

The shift in PEXA Pay timelines impacts the broader UK roll-out, yet lender engagement remains positive, supporting the broker’s optimism for future adoption.

Goldman Sachs lowers its target price to $16.00 from $16.20 and maintains a Buy rating.

This report was published on November 12, 2024.

Target price is $16.00 Current Price is $13.41 Difference: $2.59
If PXA meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $15.80, suggesting upside of 17.1%(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 9.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 149.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.9, 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 48.4.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 26.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 51.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.8, implying annual growth of 42.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 33.9.

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

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Jarden rates ((PXA)) as Neutral (3) –

Pexa Group’s 1Q25 update showed stronger-than-expected volume growth in the PEXA Exchange business but also revealed a slightly weaker Digital segment performance, highlights Jarden.

The Australian operations achieved steady, albeit modest growth, with the broker forecasting 7% earnings (EBITDA) growth in FY25, supported by a 2% market volume increase and minor CPI-linked price rises.

Expansion efforts in the UK continue, with test transactions scheduled for early 2026, though the timeline for reaching a 25% market share target has been adjusted to late 2027, note the analysts.

Jarden lowers its FY25 and FY26 EPS estimates by -0.6% and -2.4%, respectively, due to UK delays and softer Digital revenues.

The target price falls to $14.65 from $14.90. Neutral.

This report was published on November 12, 2024.

Target price is $14.65 Current Price is $13.41 Difference: $1.24
If PXA meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $15.80, suggesting upside of 17.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 25.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.9, 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 48.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 30.29 cents and EPS of 43.30 cents.
At the last closing share price the estimated dividend yield is 2.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.8, implying annual growth of 42.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 33.9.

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

REA    REA GROUP LIMITED

Real Estate – Overnight Price: $241.48

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

Goldman Sachs observes REA Group reported strong 1Q25 with EBITDA above expectations due to double-digit growth in buy-yield, listings, and seller leads.

The broker increases FY2527 EBITDA forecasts by 2% to 1% and EPS forecasts are lifted by 3% to 2%, respectively, reflecting improvements in product attach rates and depth penetration.

Buy rating unchanged with a $249 target price.

This report was published on November 11, 2024.

Target price is $249.00 Current Price is $241.48 Difference: $7.52
If REA meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $240.86, suggesting downside of -0.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 222.00 cents and EPS of 404.00 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 59.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 433.5, implying annual growth of 89.1%.
Current consensus DPS estimate is 239.2, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 56.0.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 261.00 cents and EPS of 474.00 cents.
At the last closing share price the estimated dividend yield is 1.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 50.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 511.5, implying annual growth of 18.0%.
Current consensus DPS estimate is 283.4, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 47.5.

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

SLH    SILK LOGISTICS HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $2.08

Moelis rates ((SLH)) as Downgrade to Hold from Buy (3) –

Moelis notes Silk Logistics has entered into a binding Scheme Implementation Deed with DP World Australia for the proposed acquisition of 100% of the company’s shares at $2.14.

The offer values the company at $174.5m, a significant premium to recent trading, the analyst notes, and Silk Logistics’ board is recommending shareholders vote in favour of the proposal in the absence of a better offer.

No changes to the analyst’s earnings forecasts.

The stock is downgraded to Hold from Buy with a higher target price of $2.14.

This report was published on November 11, 2024.

Target price is $2.14 Current Price is $2.08 Difference: $0.06
If SLH meets the Moelis target it will return approximately 3% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 3.50 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 1.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.63.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 4.40 cents and EPS of 14.60 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.25.

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

SPR    SPARTAN RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.13

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

Canaccord Genuity highlights promising drilling results at the Dalgaranga Gold Project, particularly from an unnamed new prospect near Pepper, showing high-grade potential and contributing to resource expansion.

The broker notes additional exploration drilling at Dalgaranga has returned encouraging results across several targets, with a resource upgrade for the Pepper deposit expected in December.

Spartan Resources’ sale of non-core assets is expected to bring up to $15.6m upon completion, improving liquidity.

Production is anticipated to commence in 2027, with a long-term target of 174kozpa at an all-in sustaining cost of $1,532/oz.

The broker is Speculative Buy rated with a $1.70 target price.

This report was published on November 7, 2024.

Target price is $1.70 Current Price is $1.13 Difference: $0.57
If SPR meets the Canaccord Genuity target it will return approximately 50% (excluding dividends, fees and charges).

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

TLC    LOTTERY CORPORATION LIMITED

Gaming – Overnight Price: $5.05

Jarden rates ((TLC)) as Neutral (3) –

Jarden notes Lottery Corp’s reduced jackpot activity in FY25 to date, with cumulative Division 1 jackpots down by -13% to $669m.

Lower jackpots have driven a -9% drop in jackpot games turnover to $1.17bn, highlights the broker, and a -5% decrease in lotteries turnover to $2.3bn, compared to consensus expectations for slight growth.

On a positive note, base game performance remains strong, bolstered by initiatives like “Store Syndicates Online,” which contributed $130m to turnover in FY24 and enhanced the company’s digital presence, explain the analysts.

Jarden lowers its near-term earnings estimates, reflecting weaker turnover, with an estimated 1H25 EPS of 7.3c, -19% below consensus.

The broker expects Lottery Corp will maintain financial flexibility through a low leverage ratio to support licence renewal negotiations in Victoria, aiming for a longer-term licence with improved tax outcomes.

Jarden maintains a Neutral rating and lowers its target price to $5.00 from $5.10.

This report was published on November 12, 2024.

Target price is $5.00 Current Price is $5.05 Difference: minus $0.05 (current price is over target).
If TLC meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.54, suggesting upside of 9.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 16.00 cents and EPS of 15.50 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of -3.3%.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 28.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 17.00 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 3.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.01.

How do these forecasts compare to market consensus projections?

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

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

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $23.69

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

Goldman Sachs observes the progress on Woodside Energy’s Pluto LNG Train 2 project, which is expected to start producing in 2026 within the US$8.2bn budget and add 5mt p.a. to process Scarborough gas.

Drilling at Scarborough has advanced, though completion is now projected for 2026 due to new regulatory requirements.

The analyst explains Scarborough and Pluto Train 2 represent 31% of the estimated NTA for the company and when operating at full capacity 19% of EBITDA in 2027.

Target price lowered to $26.90 from $27.20. Neutral rating unchanged.

This report was published on November 11, 2024.

Target price is $26.20 Current Price is $23.69 Difference: $2.51
If WDS meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $27.63, suggesting upside of 15.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 171.87 cents and EPS of 212.57 cents.
At the last closing share price the estimated dividend yield is 7.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 255.3, implying annual growth of N/A.
Current consensus DPS estimate is 195.4, implying a prospective dividend yield of 8.2%.
Current consensus EPS estimate suggests the PER is 9.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 96.49 cents and EPS of 120.61 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 168.5, implying annual growth of -34.0%.
Current consensus DPS estimate is 127.0, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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