Daily Market Reports | Nov 25 2024
An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.
One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.
Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.
Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.
The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.
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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)
BSL CRD CTP CUV EHL HVN JBH NCK NWL PPS PWH QBE SUL WES (2)
NCK NICK SCALI LIMITED
Furniture & Renovation - Overnight Price: $13.75
Jarden rates ((NCK)) as Buy (1) -
Jarden maintains a Buy rating for Nick Scali and retains the target price at $15.88, noting no material impact to FY25 earnings from freight delays.
Management resolved delays involving $18.6m worth of furniture stranded in China, with only a small portion of sales at risk of shifting to 2H25. The broker expects 1H25 COGS to rise slightly due to one-off storage costs, which should not affect FY25 underlying profit.
Management highlighted robust wholesale orders at the AGM, and the analysts note the UK outlook is improving.
This report was published on November 21, 2024.
Target price is $15.88 Current Price is $13.75 Difference: $2.13
If NCK meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $15.30, suggesting upside of 11.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 EPS of 72.60 cents.
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 72.1, implying annual growth of -27.0%.
Current consensus DPS estimate is 58.2, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 19.1.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 86.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.99.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 100.1, implying annual growth of 38.8%.
Current consensus DPS estimate is 69.4, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 13.7.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NWL NETWEALTH GROUP LIMITED
Wealth Management & Investments - Overnight Price: $29.83
Wilsons rates ((NWL)) as Market Weight (3) -
Netwealth Group reportedf funds under administration of $98.6bn, up 12% since FY24-end, reflecting strong market uplift and robust net inflows despite a slower Q2 run-rate.
Wilsons highlights gross inflows remain at record levels, supported by fee-caps, stabilising pooled cash, and a risk-on equity environment.
The broker sees momentum across key levers, including moderate outflow rates, positive trading activity, and competitor migrations, suggesting a favourable medium-term outlook.
Market tailwinds are expected to drive further growth in funds under administration, with 2025 forecast net fund flows at $3.2bn (+25% year-on-year).
The price target is raised to $30.33 from $25.16. Market Weight rating unchanged.
This report was published on November 21, 2024.
Target price is $30.33 Current Price is $29.83 Difference: $0.5
If NWL meets the Wilsons target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $25.76, suggesting downside of -13.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 33.00 cents and EPS of 43.20 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 69.05.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 43.6, implying annual growth of 27.6%.
Current consensus DPS estimate is 35.2, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 68.4.
Forecast for FY26:
Wilsons forecasts a full year FY26 dividend of 41.70 cents and EPS of 51.40 cents.
At the last closing share price the estimated dividend yield is 1.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 58.04.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 53.7, implying annual growth of 23.2%.
Current consensus DPS estimate is 43.7, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 55.5.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PPS PRAEMIUM LIMITED
Wealth Management & Investments - Overnight Price: $0.66
Moelis rates ((PPS)) as Buy (1) -
Management reaffirmed progress on Praemium's Spectrum IDPS product at the AGM, highlighting strong platform revenue growth and advancements in AI-driven efficiencies.
Moelis notes revenue margins improved by 3bps in early FY25 due to SMA repricing, and Euroz Hartleys adopted the full suite of the company's products, transitioning $2bn in FUA over 18 months.
The broker estimates gross inflows of $250m, $600m, and $1bn for FY25-27, respectively, frrom Spectrum, noting potential upside if execution remains robust. OneVue synergies are expected to contribute $3m in annual earnings.
Moelis raises EPS forecasts by 0.3% in FY25 and 3.5% in FY26.
Buy rating retained. Target price rises to 87c from 80c.
This report was published on November 20, 2024.
Target price is $0.87 Current Price is $0.66 Difference: $0.21
If PPS meets the Moelis target it will return approximately 32% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 1.00 cents and EPS of 2.80 cents.
At the last closing share price the estimated dividend yield is 1.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.57.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 1.30 cents and EPS of 3.40 cents.
At the last closing share price the estimated dividend yield is 1.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.41.
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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