Australian Broker Call *Extra* Edition - Jan 20, 2025

Daily Market Reports | Jan 20 2025

This story features AUSSIE BROADBAND LIMITED, and other companies. For more info SHARE ANALYSIS: ABB

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)

ABB AEL AGL ALD BGL BPT CMM CSL DEG EVN GMD GOR IGO JHX KAR LTR LYC MIN NEC NST (2) NWS OBM ORG PLS (2) RIO RMD RRL RWC SFR SLC STO STX TLS TPG VEA WDS

ABB AUSSIE BROADBAND LIMITED

Telecommunication – Overnight Price: $3.84

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

Jarden previews Aussie Broadband’s upcoming 1H25 result on February 24.

The broker expects revenue growth of 31% and earnings of $70m, compared to consensus at $68m. Upside earnings risk exists from price increases and a change in the service mix among residential customers.

Jarden notes Labor’s $3bn investment to upgrade fibre to the node for NBN, expected to impact 11m premises upon completion by 2030, could increase competition due to the positive industry tailwinds of faster internet speeds.

The stock remains Overweight rated with a $4 target price.

This report was published on January 16, 2025.

Target price is $4.00 Current Price is $3.84 Difference: $0.16
If ABB meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.24, suggesting upside of 10.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 9.00 cents and EPS of 13.20 cents.
At the last closing share price the estimated dividend yield is 2.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.3, implying annual growth of 57.1%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 25.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 11.00 cents and EPS of 17.90 cents.
At the last closing share price the estimated dividend yield is 2.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.9, implying annual growth of 36.6%.
Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 18.4.

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

AEL AMPLITUDE ENERGY LIMITED

Crude Oil – Overnight Price: $0.20

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

Goldman Sachs previews the December quarter results for energy companies.

The broker notes the energy sector declined -19% in 2024 compared to a 12% gain for the ASX300, driven by soft demand, particularly in China, despite ongoing geopolitical tensions. Goldman Sachs’ commodity team expects crude oil to remain in the US$70-US$85/bbl range.

LNG prices are forecast to hold at US$13.5/mmBtu in 2025, ahead of a projected oversupply in 2027.

The analyst forecasts Amplitude Energy (formerly Cooper Energy) will generate production/revenue above consensus by 1%/2%, respectively. Further updates on East Coast Supply Project including the JV alignment and capex guidance would be positive.

No change to Neutral rating and 26c target price.

This report was published on January 15, 2025.

Target price is $0.26 Current Price is $0.20 Difference: $0.06
If AEL meets the Goldman Sachs target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $0.27, suggesting upside of 32.5%(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 1.66 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.7, 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 28.6.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.22 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.6, implying annual growth of 271.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.7.

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

AGL AGL ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $11.72

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

Goldman Sachs previews the December quarter results for energy companies.

Target price rises to $11.65 from $11.50. Neutral rating maintained.

This report was published on January 15, 2025.

Target price is $11.65 Current Price is $11.72 Difference: minus $0.07 (current price is over target).
If AGL 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 $11.62, suggesting downside of -0.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 49.00 cents and EPS of 98.00 cents.
At the last closing share price the estimated dividend yield is 4.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.4, implying annual growth of -8.8%.
Current consensus DPS estimate is 57.5, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 46.00 cents and EPS of 91.00 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 12.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.9, implying annual growth of 1.6%.
Current consensus DPS estimate is 59.5, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 12.0.

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

ALD AMPOL LIMITED

Consumer Products & Services – Overnight Price: $29.68

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

Ampol’s gross margin from Lytton is expected to increase to US$5.4/bbl from US$1.5/bbl in the previous quarter, which was impacted by plant shutdowns.

Throughput is forecast to rise to 9.3mmbbl, meeting management’s guidance of total supply in 2024, the analyst states.

No change to Neutral rating and $32.30 target price.

This report was published on January 15, 2025.

Target price is $32.30 Current Price is $29.68 Difference: $2.62
If ALD meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $32.84, suggesting upside of 10.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 77.00 cents and EPS of 127.00 cents.
At the last closing share price the estimated dividend yield is 2.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 135.3, implying annual growth of -41.3%.
Current consensus DPS estimate is 88.0, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 21.9.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 104.00 cents and EPS of 150.00 cents.
At the last closing share price the estimated dividend yield is 3.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 212.7, implying annual growth of 57.2%.
Current consensus DPS estimate is 158.0, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.0.

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

BGL BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $1.12

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

Goldman Sachs has updated estimates for Australian gold mining coverage to reflect mark-to-market for December quarter actuals, exchange rate and gold forward curves, an increase in its long-term gold price estimate to US$2,300/oz, ongoing review of asset lives/costs, and company-specific updates.

In case of Bellevue Gold, the broker has factored in recent production downgrade and resulting cost updates. The broker continues to see valuation upside but expects sentiment to take longer to recover.

Target price lowered to $1.55 from $1.80. Buy rating stays.

This report was published on January 13, 2025.

Target price is $1.55 Current Price is $1.12 Difference: $0.43
If BGL meets the Goldman Sachs target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $1.59, suggesting upside of 41.7%(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 6.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.5, implying annual growth of 30.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.2.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 18.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of 71.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.7.

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

BPT BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.50

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

Goldman Sachs previews the December quarter results for energy companies.

LNG prices are forecast to hold at US$13.5/mmBtu in 2025, ahead of a projected oversupply in 2027.

Goldman Sachs forecasts production and sales for Beach Energy to exceed consensus by 3% and 5%, respectively, due to higher domestic gas production. A gas supply swap for Waitsia in the quarter is expected to support cash flow, but the analyst remains “cautious” about commissioning delays.

Sell rating retained. Target price increases to $1.33 from $1.30.

This report was published on January 15, 2025.

Target price is $1.33 Current Price is $1.50 Difference: minus $0.165 (current price is over target).
If BPT meets the Goldman Sachs target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.51, suggesting upside of 1.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 5.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 3.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.5, implying annual growth of N/A.
Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 8.5.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 11.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 7.36%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 27.4%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 6.7.

Market Sentiment: 0.3
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: $7.17

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

The broker notes Capricorn Metals’ Karlawinda expansion study looks positive, and supports long-term valuations around 0.9x NAV, but uncertainty on Mt. Gibson timing is preventing it from getting more positive.

Target price rises to $7.55 and Neutral rating is retained.

This report was published on January 13, 2025.

Target price is $7.55 Current Price is $7.17 Difference: $0.38
If CMM meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $7.58, suggesting upside of 5.7%(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 45.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.1, implying annual growth of 60.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.3.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 48.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.5, implying annual growth of -1.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.6.

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

CSL CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $275.06

Goldman Sachs rates ((CSL)) as Re-initiation of coverage with Buy (1) –

Goldman Sachs has re-initiated coverage on CSL with a Buy rating and target price of $325.40.

After particularly challenging last five years, the broker observes, the company’s proactive investments in the immunoglobulin (IG) franchise and new product launches in the Behring portfolio are set to increase return on capital.

A double-digit IG growth estimate, strong gross margin recovery, and a rebound in Seqirus growth from depressed US influenza vaccination rates support the Buy rating, the broker says.

The broker highlights key risks include upward pressure on donor fees if US inflation rises materially, pricing pressure for China albumin sales and IG market share loss from launch of new therapies.

This report was published on January 16, 2025.

Target price is $325.40 Current Price is $275.06 Difference: $50.34
If CSL meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $333.79, suggesting upside of 21.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 462.50 cents and EPS of 958.47 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 28.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1092.0, implying annual growth of N/A.
Current consensus DPS estimate is 488.8, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 25.2.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 508.14 cents and EPS of 1106.04 cents.
At the last closing share price the estimated dividend yield is 1.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1269.9, implying annual growth of 16.3%.
Current consensus DPS estimate is 554.0, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 21.7.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

DEG DE GREY MINING LIMITED

Gold & Silver – Overnight Price: $2.01

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

No rating or target price on De Grey Mining.

This report was published on January 13, 2025.

Current Price is $2.01. Target price not assessed.
Current consensus price target is $2.12, suggesting upside of 5.6%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is -0.8, 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 N/A.

Forecast for FY26:

Current consensus EPS estimate is -1.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

EVN EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $5.60

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

Evolution Mining’s target price is raised to $5.15 from $4.50. Neutral rating.

This report was published on January 13, 2025.

Target price is $5.15 Current Price is $5.60 Difference: minus $0.45 (current price is over target).
If EVN meets the Goldman Sachs target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.05, suggesting downside of -9.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 12.00 cents and EPS of 37.10 cents.
At the last closing share price the estimated dividend yield is 2.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.3, implying annual growth of 60.3%.
Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 15.00 cents and EPS of 49.10 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.4, implying annual growth of 20.1%.
Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 13.2.

Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GMD GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $2.91

Moelis rates ((GMD)) as Hold (3) –

Genesis Minerals reported 2Q25 production report which was higher than Moelis’ forecasts mainly due to the commencement of production from the Laverton project. Costs were also lower which the broker assumes is due to additional production and credit from continued stockpiles.

The target price is raised to $3.05. Given the lack of greater upside to its valuation, the broker has retained the Neutral rating.

This report was published on January 16, 2025.

Target price is $3.05 Current Price is $2.91 Difference: $0.14
If GMD meets the Moelis target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.22, suggesting upside of 10.5%(ex-dividends)
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 14.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of 124.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.7.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 23.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.3, implying annual growth of 39.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.0.

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

GOR GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.39

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

The target price on Gold Road Resources rises to $2.65 from $2.35. Buy.

This report was published on January 13, 2025.

Target price is $2.65 Current Price is $2.39 Difference: $0.26
If GOR meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $2.33, suggesting downside of -2.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 2.30 cents and EPS of 14.50 cents.
At the last closing share price the estimated dividend yield is 0.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.2, implying annual growth of 23.0%.
Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 18.1.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 4.30 cents and EPS of 25.60 cents.
At the last closing share price the estimated dividend yield is 1.80%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.1, implying annual growth of 59.8%.
Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 11.3.

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

IGO IGO LIMITED

Nickel – Overnight Price: $5.32

Canaccord Genuity rates ((IGO)) as Sell (5) –

Canaccord Genuity reviews fundamentals for base metals and electric vehicle materials and updates forecasts for relevant stocks under research coverage.

Overall, the broker lowers its near-term copper, nickel and cobalt pricing, decreases near, mid and long-term lead pricing, and lowers
near-term spodumene and lithium chemicals pricing.

Earnings (EBITDA) revisions were generally lower for all companies under coverage on lower price assumptions, explain the analysts.

While announced cuts in the lithium market will help the balance later in 2025, the broker believes there is still supply being added to the market.

The target for IGO Ltd falls to $4.30 from $4.60. Sell maintained.

This report was published on January 9, 2025.

Target price is $4.30 Current Price is $5.32 Difference: minus $1.02 (current price is over target).
If IGO meets the Canaccord Genuity target it will return approximately minus 19% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.46, suggesting upside of 2.6%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 5.6, implying annual growth of 1413.5%.
Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 95.0.

Forecast for FY26:

Current consensus EPS estimate is 18.9, implying annual growth of 237.5%.
Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 28.1.

Market Sentiment: 0.0
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: $53.63

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

Goldman Sachs lowers its FY25 and FY26 earnings (EBIT) forecasts for James Hardie Industries by -2% and -6%, respectively, and notes downside risk to consensus estimates.

The broker explains mortgage rate volatility and increases are negatively impacting housing activity, reducing momentum in the new construction market and delaying large-ticket repair and remodelling (R&R) projects.

Despite the lower earnings forecasts, the broker raises its target for James Hardie by 3% to $59.30, driven by a lower Australian dollar forecast.

This report was published on January 20, 2025.

Target price is $59.30 Current Price is $53.63 Difference: $5.67
If JHX meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $59.98, suggesting upside of 11.8%(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.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 260.8, 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 20.6.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 304.4, implying annual growth of 16.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.6.

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

KAR KAROON ENERGY LIMITED

Crude Oil – Overnight Price: $1.50

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

Goldman Sachs previews the December quarter results for energy companies.

LNG prices are forecast to hold at US$13.5/mmBtu in 2025, ahead of a projected oversupply in 2027.

Goldman Sachs forecasts 4Q 2024 production for Karoon Energy at 2.4mmboe, -12% below consensus, with full-year production expected at the lower end of management’s December guidance.

The target price decreases to $2.04 from $2.15. Karoon remains a top Buy-rated stock for the broker, alongside Santos, with both seen trading at deep discounts to NAV.

This report was published on January 15, 2025.

Target price is $2.04 Current Price is $1.50 Difference: $0.545
If KAR meets the Goldman Sachs target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $2.16, suggesting upside of 44.2%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 8.52 cents and EPS of 34.99 cents.
At the last closing share price the estimated dividend yield is 5.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.8, implying annual growth of N/A.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 3.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 10.65 cents and EPS of 34.99 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 4.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.0, implying annual growth of -17.1%.
Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 4.5.

LTR LIONTOWN RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.64

Canaccord Genuity rates ((LTR)) as Hold (3) –

Canaccord Genuity reviews fundamentals for base metals and electric vehicle materials and updates forecasts for relevant stocks under research coverage.

Overall, the broker lowers its near-term copper, nickel and cobalt pricing, decreases near, mid and long-term lead pricing, and lowers
near-term spodumene and lithium chemicals pricing.

Earnings (EBITDA) revisions were generally lower for all companies under coverage on lower price assumptions, explain the analysts.

While announced cuts in the lithium market will help the balance later in 2025, the broker believes there is still supply being added to the market.

The target for Liontown Resources falls to 60c from 80c on the broker’s lower near-term lithium price forecast and model adjustments. Hold maintained.

This report was published on January 9, 2025.

Target price is $0.60 Current Price is $0.64 Difference: minus $0.035 (current price is over target).
If LTR meets the Canaccord Genuity target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.72, suggesting upside of 13.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

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

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.4, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

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

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.5, implying annual growth of N/A.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 127.0.

Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

LYC LYNAS RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $7.03

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

Lynas Rare Earths reported December quarter rare earth oxide (REO) sales of 2.9kt and revenue of $141m, slightly exceeding the Goldman Sachs’ estimates of 2.7kt and $130m. Realised pricing and costs (AISC) were broadly in line with expectations.

NdPr production fell -23% quarter-on-quarter to 1.29kt, below the broker’s estimate of 1.7kt, due to throughput limitations at the Malaysia facility and challenges with impurities in feedstock from Kalgoorlie.

Management identified technical solutions and expects to recover production in the second half of FY25.

The analyst reduces FY25 NdPr production forecasts and increases cost assumptions slightly, resulting in a -4% reduction to the price target to $7.40 from $7.70. The Neutral rating is unchanged.

This report was published on January 17, 2025.

Target price is $7.40 Current Price is $7.03 Difference: $0.37
If LYC meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $6.89, suggesting downside of -2.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 3.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 0.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 63.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.9, implying annual growth of 31.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 59.1.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 19.00 cents and EPS of 39.00 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.9, implying annual growth of 462.2%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 10.5.

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

MIN MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $37.05

Jarden rates ((MIN)) as Sell (5) –

Ahead of the December quarter report, Jarden expects Mineral Resources to report net debt of $3.8bn and Onslow shipments of around 3.28mt.

Jarden remains comfortable staying -20-30% below Mineral Resources’ FY25 guidance of 18.4-20.5mt but doesn’t expect the company to downgrade guidance at this stage.

The broker has incorporated a reduced long-term SC6 lithium price of US$1,200/t from US$1,400/t and modestly increased FY26 62% iron ore price forecast.

The target price falls to $27.60 from $31.20. Sell rating remains.

This report was published on January 16, 2025.

Target price is $27.60 Current Price is $37.05 Difference: minus $9.45 (current price is over target).
If MIN meets the Jarden target it will return approximately minus 26% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $42.93, suggesting upside of 15.9%(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 minus 131.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 28.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -56.6, implying annual growth of N/A.
Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 0.0%.
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 41.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 88.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 225.4, implying annual growth of N/A.
Current consensus DPS estimate is 63.4, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 16.4.

Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

NEC NINE ENTERTAINMENT CO. HOLDINGS LIMITED

Print, Radio & TV – Overnight Price: $1.28

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

Ahead of 1H25 result, Jarden is forecasting Nine Entertainment’s group revenue growth of 3% and underlying net profit of $89m.

In the broker’s view, the key earnings risk both in the 1H25 result and 2H outlook lays in television, with challenging market conditions continuing late in Q2 as per Nine’s AGM commentary.

If this is the case, Jarden expects Nine to announce further cost initiatives as an offset. The broker has updated Domain estimates to reflect a small reduction to 1H25 volume growth estimate.

The target price falls to $1.50 from $1.55. Overweight rating is retained.

This report was published on January 17, 2025.

Target price is $1.50 Current Price is $1.28 Difference: $0.215
If NEC meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $1.70, suggesting upside of 32.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 5.40 cents and EPS of 7.70 cents.
At the last closing share price the estimated dividend yield is 4.20%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.2, implying annual growth of 33.9%.
Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 6.50 cents and EPS of 9.20 cents.
At the last closing share price the estimated dividend yield is 5.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.4, implying annual growth of 34.8%.
Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 10.4.

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

NST NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $17.45

Goldman Sachs rates ((NST)) as Upgrade to Buy from Neutral (1) –

The broker notes stocks on average are pricing in less than US$2,300/oz, with Northern Star standing out at less than US$2,100/oz. The broker is positive on the outlook for the company on expanded Kalgoorlie Consolidated Gold Mines operations and other asset growth.

With the company going into a 2H production uplift and improving free cash flow generation, combined with other factors, the broker has upgraded Northern Star to Buy from Neutral. Target price lifts to $20.0 from $16.6.

This report was published on January 13, 2025.

Target price is $20.00 Current Price is $17.45 Difference: $2.55
If NST meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $17.97, suggesting upside of 3.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 57.60 cents and EPS of 136.00 cents.
At the last closing share price the estimated dividend yield is 3.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 109.7, implying annual growth of 97.3%.
Current consensus DPS estimate is 48.4, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 213.00 cents and EPS of 158.00 cents.
At the last closing share price the estimated dividend yield is 12.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 132.3, implying annual growth of 20.6%.
Current consensus DPS estimate is 50.6, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 13.2.

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

Jarden rates ((NST)) as Upgrade to Neutral from Underweight (3) –

Jarden increased its long-term gold price forecast to US$2,000/oz from US$1,800.

Incorporating this into Northern Star’s estimates has resulted in a lift in the target price to $15.8 from $13.0. The rating is also upgraded to Neutral from Underweight.

Looking ahead, the broker expects no change to the company’s FY25 guidance of 1.65-1.8moz.

Key catalysts for the remainder of FY25, other than progressing the De Grey Mining ((DEG)) acquisition, include maintaining schedule and budget on the Kalgoorlie expansion, and increasing consistency of delivery from the expanded mills and associated ore sources, the broker says.

This report was published on January 17, 2025.

Target price is $15.80 Current Price is $17.45 Difference: minus $1.65 (current price is over target).
If NST meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $17.97, suggesting upside of 3.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 40.00 cents and EPS of 104.10 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 16.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 109.7, implying annual growth of 97.3%.
Current consensus DPS estimate is 48.4, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 40.00 cents and EPS of 100.20 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 17.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 132.3, implying annual growth of 20.6%.
Current consensus DPS estimate is 50.6, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 13.2.

Market Sentiment: 0.5
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: $49.07

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

Ahead of 2Q25 result, Jarden notes the removal of Subscription Video Service following the sale of Foxtel is likely to create some noise in News Corp’s numbers.

The broker reckons key areas that may surprise include softer advertising revenues across News Corp’s various businesses, a slowdown in the group’s Professional Information Services revenue momentum and an announcement of further asset sales or deals with AI companies

The broker has updated its forecasts to reflect the sale of Foxtel and exchange rate assumptions.

The price target increases to $50.30 as the weaker AUD is positive for News Corp’s valuation. Overweight rating remains

This report was published on January 17, 2025.

Target price is $50.30 Current Price is $49.07 Difference: $1.23
If NWS meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $48.77, suggesting downside of -0.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 30.43 cents and EPS of 118.67 cents.
At the last closing share price the estimated dividend yield is 0.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 41.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 128.5, implying annual growth of N/A.
Current consensus DPS estimate is 35.0, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 38.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 30.43 cents and EPS of 126.27 cents.
At the last closing share price the estimated dividend yield is 0.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 38.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 158.6, implying annual growth of 23.4%.
Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 30.9.

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

OBM ORA BANDA MINING LIMITED

Gold & Silver – Overnight Price: $0.73

Moelis rates ((OBM)) as Hold (3) –

Moelis believes Ora Banda Mining’s December quarter report was softer than anticipated but notes management has reiterated physicals remain in line with required run-rates to achieve FY25 production guidance.

The broker has made minor changes to reflect the softer quarter which resulted in slightly lower headline production for FY25.

Target price is $0.83 and rating is Hold.

This report was published on January 16, 2025.

Target price is $0.83 Current Price is $0.73 Difference: $0.1
If OBM meets the Moelis target it will return approximately 14% (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 5.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.04.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 10.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.89.

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

ORG ORIGIN ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $11.15

Goldman Sachs rates ((ORG)) as Downgrade to Neutral from Buy (3) –

Goldman Sachs previews the December quarter results for energy companies.

The broker downgrades Origin Energy to Neutral from Buy as the stock is up 17% in the last five months following a disappointing FY24 result.

Higher oil prices at US$80/bbl are expected to benefit the company, and if the crude oil spot price remains at US$80/bbl through 2025, the target price would rise to $10.50, the analyst states.

Free cash flow is anticipated to reach $1bn in FY25 compared to $0.63bn in FY24.

Target price rises to $10.40 from $10.30.

This report was published on January 15, 2025.

Target price is $10.40 Current Price is $11.15 Difference: minus $0.75 (current price is over target).
If ORG meets the Goldman Sachs target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $10.89, suggesting downside of -2.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 55.00 cents and EPS of 88.00 cents.
At the last closing share price the estimated dividend yield is 4.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.1, implying annual growth of 1.2%.
Current consensus DPS estimate is 54.2, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 55.00 cents and EPS of 76.00 cents.
At the last closing share price the estimated dividend yield is 4.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.4, implying annual growth of -13.0%.
Current consensus DPS estimate is 54.7, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 15.6.

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

PLS PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $2.39

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

Canaccord Genuity reviews fundamentals for base metals and electric vehicle materials and updates forecasts for relevant stocks under research coverage.

Overall, the broker lowers its near-term copper, nickel and cobalt pricing, decreases near, mid and long-term lead pricing, and lowers
near-term spodumene and lithium chemicals pricing.

Earnings (EBITDA) revisions were generally lower for all companies under coverage on lower price assumptions, explain the analysts.

While announced cuts in the lithium market will help the balance later in 2025, the broker believes there is still supply being added to the market.

The target for Pilbara Minerals falls to $3.60 from $3.90 on the broker’s lower near-term lithium forecast. Buy maintained.

This report was published on January 9, 2025.

Target price is $3.60 Current Price is $2.39 Difference: $1.21
If PLS meets the Canaccord Genuity target it will return approximately 51% (excluding dividends, fees and charges).
Current consensus price target is $2.71, suggesting upside of 13.4%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 1.6, implying annual growth of -81.3%.
Current consensus DPS estimate is 0.2, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 149.4.

Forecast for FY26:

Current consensus EPS estimate is 6.7, implying annual growth of 318.7%.
Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 35.7.

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

Jarden rates ((PLS)) as Buy (1) –

Jarden has incorporated a downgrade in its SC6 lithium price (US$1,200/t from US$1,400) into Pilbara Minerals’ estimates, resulting in a reduction in the target price.

The broker believes the demand side for lithium remains very strong, and while depressed prices are discouraging supply today, it should only fuel the next bullish cycle for the commodity. The broker acknowledges an investment in Pilbara Minerals requires patient capital to extract the maximum reward.

The broker expects the acquisition of Latin Resources ((LRS)) to proceed following the approval of Latin’s shareholders.

Target price is now $2.50, down from $3.30. Buy rating remains.

This report was published on January 17, 2025.

Target price is $2.50 Current Price is $2.39 Difference: $0.11
If PLS meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.71, suggesting upside of 13.4%(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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 239.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.6, implying annual growth of -81.3%.
Current consensus DPS estimate is 0.2, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 149.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 6.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 37.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.7, implying annual growth of 318.7%.
Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 35.7.

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

RIO RIO TINTO LIMITED

Bulks – Overnight Price: $118.74

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

Rio Tinto released its 4Q24 report where realised pricing for 2H was broadly in line with Goldman Sachs’ estimate for iron ore while copper and aluminium came in better than expected. The company made no change to 2025 production guidance.

The broker has lifted FY24-25 EPS estimates by 6% and 2% respectively after lowering exploration expense slightly and lifting bauxite price assumptions, and marginally raising aluminium cost assumptions.

Ahead of the 2024 result in February, the broker is forecasting underlying earnings of US$10.6bn, down -10% and a final dividend of US$1.93/share, taking full year dividend to US$3.70/share.

The target price is $146.20. Buy.

This report was published on January 17, 2025.

Target price is $146.20 Current Price is $118.74 Difference: $27.46
If RIO meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $129.17, suggesting upside of 8.8%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 562.91 cents and EPS of 991.94 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 11.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1113.1, implying annual growth of N/A.
Current consensus DPS estimate is 644.9, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 623.76 cents and EPS of 1071.05 cents.
At the last closing share price the estimated dividend yield is 5.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1167.9, implying annual growth of 4.9%.
Current consensus DPS estimate is 684.6, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 10.2.

RMD RESMED INC

Medical Equipment & Devices – Overnight Price: $38.35

Goldman Sachs rates ((RMD)) as Re-initiation of coverage with Buy (1) –

Goldman Sachs has re-initiated coverage on ResMed with a Buy rating and target price of $48.90.

The broker notes the Buy rating is underpinned by growing awareness of obstructive sleep apnea, market share gains particularly in sleep apnea masks and operating margin expansion driven by product mix and cost management.

Following stellar US devices growth, the broker sees key investments as part of the company’s 2030 strategy to accelerate growth across the rest of its portfolio

Key risks, according to the broker, include US reimbursement pressures, reduction in therapy compliance and product recall impacting market share.

This report was published on January 16, 2025.

Target price is $48.90 Current Price is $38.35 Difference: $10.55
If RMD meets the Goldman Sachs target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $41.08, suggesting upside of 7.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 33.47 cents and EPS of 136.92 cents.
At the last closing share price the estimated dividend yield is 0.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 153.3, implying annual growth of N/A.
Current consensus DPS estimate is 34.7, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 25.0.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 39.56 cents and EPS of 155.18 cents.
At the last closing share price the estimated dividend yield is 1.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 167.2, implying annual growth of 9.1%.
Current consensus DPS estimate is 36.8, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 22.9.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

RRL REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.97

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

The broker notes Regis Resources trades above US$2,500, which is well above its gold price estimate.

Target price rises to $2.70 from $2.05, Sell rating retained due to premium valuation.

This report was published on January 13, 2025.

Target price is $2.70 Current Price is $2.97 Difference: minus $0.27 (current price is over target).
If RRL meets the Goldman Sachs target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.81, suggesting downside of -5.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 6.00 cents and EPS of 36.00 cents.
At the last closing share price the estimated dividend yield is 2.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.5, implying annual growth of N/A.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 11.6.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 12.00 cents and EPS of 50.00 cents.
At the last closing share price the estimated dividend yield is 4.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.4, implying annual growth of 50.6%.
Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 7.7.

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

RWC RELIANCE WORLDWIDE CORP. LIMITED

Building Products & Services – Overnight Price: $5.32

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

Goldman Sachs believes US exposures for Reliance Worldwide should prove relatively resilient as 75-80% relates to non-discretionary
repair, but anticipates downside risk in its EMEA business given deteriorating repair and maintenance (R&M) indicators.

Despite the broker’s lower earnings forecasts, the target for Reliance rises by 2% to $6.05 thanks to a weaker Australian dollar forecast.

The Buy rating is maintained.

This report was published on January 20, 2025.

Target price is $6.05 Current Price is $5.32 Difference: $0.73
If RWC meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $5.81, suggesting upside of 9.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 7.61 cents and EPS of 30.43 cents.
At the last closing share price the estimated dividend yield is 1.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.4, implying annual growth of N/A.
Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 9.13 cents and EPS of 34.99 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.1, implying annual growth of 17.1%.
Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 13.6.

SFR SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $9.87

Canaccord Genuity rates ((SFR)) as Upgrade to Buy from Hold (1) –

Canaccord Genuity reviews fundamentals for base metals and electric vehicle materials and updates forecasts for relevant stocks under research coverage.

Overall, the broker lowers its near-term copper, nickel and cobalt pricing, decreases near, mid and long-term lead pricing, and lowers
near-term spodumene and lithium chemicals pricing.

Earnings (EBITDA) revisions were generally lower for all companies under coverage on lower price assumptions, explain the analysts.

Canaccord sees value emerging at Sandfire Resources and upgrades the stock to Buy from Hold. The target falls to 10.75 from $11.25 on the broker’s lower near-term copper forecast.

This report was published on January 9, 2025.

Target price is $10.75 Current Price is $9.87 Difference: $0.88
If SFR meets the Canaccord Genuity target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $9.95, suggesting upside of 0.8%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 50.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY26:

Current consensus EPS estimate is 71.3, implying annual growth of 41.2%.
Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 13.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SLC SUPERLOOP LIMITED

Telecommunication – Overnight Price: $2.16

Jarden rates ((SLC)) as Buy (1) –

Jarden previews Superloop’s upcoming 1H25 result.

The broker expects revenue growth of 28%, below consensus by -3%, and earnings of $37.2m compared to consensus at $44.7m.

Origin wholesale subscribers are forecast to reach 183k, with 30k net additions contributing $4.3m in earnings. The analyst observes the stock is not priced for an upgrade in FY25 guidance, highlighting the importance of momentum from the Origin contract in 1H25.

Jarden notes Labor’s $3bn investment to upgrade fibre to the node for NBN, expected to impact 11m premises upon completion by 2030, could increase competition due to positive industry tailwinds from faster internet speeds.

The stock remains Overweight rated with a $4 target price and is the broker’s preferred sector choice, with potential upside seen to consensus earnings.

This report was published on January 16, 2025.

Target price is $2.50 Current Price is $2.16 Difference: $0.34
If SLC meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $2.28, suggesting upside of 5.3%(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 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 720.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.0, 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 43.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.3, implying annual growth of 26.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 34.3.

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

STO SANTOS LIMITED

NatGas – Overnight Price: $7.25

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

LNG prices are forecast to hold at US$13.5/mmBtu in 2025, ahead of a projected oversupply in 2027.

The analyst states Santos might well report production and sales volumes below consensus by -2% and -1%, respectively. Management is expected to provide 2025 guidance, with Goldman Sachs estimating 92mmboe total production and -US$2.3bn in capex.

The target price increases to $8.14 from $7.90. Santos remains a top Buy-rated stock, trading at a “deep” discount to NAV with strong free cash flow prospects, the broker assures.

This report was published on January 15, 2025.

Target price is $8.14 Current Price is $7.25 Difference: $0.89
If STO meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $7.98, suggesting upside of 10.1%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 34.99 cents and EPS of 60.86 cents.
At the last closing share price the estimated dividend yield is 4.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.0, implying annual growth of N/A.
Current consensus DPS estimate is 39.7, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 10.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 27.39 cents and EPS of 39.56 cents.
At the last closing share price the estimated dividend yield is 3.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.9, implying annual growth of -1.6%.
Current consensus DPS estimate is 35.8, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 11.0.

This company reports in USD. 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

STX STRIKE ENERGY LIMITED

NatGas – Overnight Price: $0.23

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

Goldman Sachs previews the December quarter results for energy companies.

LNG prices are forecast to hold at US$13.5/mmBtu in 2025, ahead of a projected oversupply in 2027.

The broker expects Walyering production to fall to 322Tj/d over the December quarter from a planned shutdown. Updates on South Erregalla and West Erregalla development will be in focus.

Target price is cut to 25c from 26c. No change to Buy rating.

This report was published on January 15, 2025.

Target price is $0.25 Current Price is $0.23 Difference: $0.025
If STX meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $0.27, suggesting upside of 21.5%(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 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 75.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.7, implying annual growth of 118.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 32.1.

Forecast for FY26:

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

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.6, implying annual growth of -14.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 37.5.

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

TLS TELSTRA GROUP LIMITED

Telecommunication – Overnight Price: $4.00

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

Jarden previews Telstra Group’s upcoming 1H25 results on February 20. The broker expects underlying income growth of 0.6%, outperforming the consensus forecast for a decline of -1.1%, with operating expenses making up the difference.

The dividend per share is forecast to remain at 9c, based on a 99% payout ratio on EPS estimates. Jarden notes upside risk to this estimate, though the telco may be limited by available franking credits.

Potential surprises, according to the analyst, include postpaid net additions falling below consensus due to the 3G shutdown and prepaid subscriber pressures from cost-of-living factors potentially affecting postpaid numbers.

The stock is Overweight rated with an unchanged $4.20 target price.

This report was published on January 16, 2025.

Target price is $4.20 Current Price is $4.00 Difference: $0.2
If TLS meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.18, suggesting upside of 4.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 18.50 cents and EPS of 19.20 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 20.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.3, implying annual growth of 37.4%.
Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 20.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 21.00 cents and EPS of 21.10 cents.
At the last closing share price the estimated dividend yield is 5.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.9, implying annual growth of 8.3%.
Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 19.1.

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

TPG TPG TELECOM LIMITED

Telecommunication – Overnight Price: $4.49

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

Jarden previews TPG Telecom’s upcoming 1H25 result on February 28, forecasting earnings below consensus but at the midpoint of guidance.

As with Telstra, the analyst will focus on postpaid, where both upside and downside earnings risks are possible. Cost-of-living pressures may weigh on the downside, while Telstra’s August price increases could have caused churn, potentially benefiting TPG.

Jarden expects further details on earnings impacts related to the proposed deal with Vocus.

The stock is rated Overweight with a $5.25 target price.

This report was published on January 16, 2025.

Target price is $5.25 Current Price is $4.49 Difference: $0.76
If TPG meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $4.85, suggesting upside of 8.0%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 18.00 cents and EPS of 29.70 cents.
At the last closing share price the estimated dividend yield is 4.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.6, implying annual growth of 490.9%.
Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 28.8.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 22.00 cents and EPS of 36.20 cents.
At the last closing share price the estimated dividend yield is 4.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.5, implying annual growth of 44.2%.
Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 20.0.

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

VEA VIVA ENERGY GROUP LIMITED

Crude Oil – Overnight Price: $2.78

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

Goldman Sachs previews the December quarter results for energy companies.

Viva Energy’s gross margin from Geelong is expected to remain unchanged in 4Q 2024, with the fuel security services payment slightly above subsidy levels, the analyst states.

Convenience and mobility earnings for 2024 are anticipated to come in at the lower end of management’s October guidance if negative impacts on tobacco sales continue.

Target price lifts to $3.35 from $3.30 and remains Buy rated.

This report was published on January 15, 2025.

Target price is $3.35 Current Price is $2.78 Difference: $0.57
If VEA meets the Goldman Sachs target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $3.61, suggesting upside of 29.8%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 12.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 4.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.2, implying annual growth of 8780.0%.
Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 12.5.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 12.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 4.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.0, implying annual growth of 3.6%.
Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 12.1.

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: $25.75

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

LNG prices are forecast to hold at US$13.5/mmBtu in 2025, ahead of a projected oversupply in 2027.

Woodside Energy is expected to surprise with higher LNG exports from the North West Shelf, with the analyst’s sales volume forecast 4% above consensus.

Neutral rating is unchanged. The target price decreases to $25.90 from $26.90.

This report was published on January 15, 2025.

Target price is $25.90 Current Price is $25.75 Difference: $0.15
If WDS meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $27.72, suggesting upside of 7.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 170.39 cents and EPS of 211.47 cents.
At the last closing share price the estimated dividend yield is 6.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 268.8, implying annual growth of N/A.
Current consensus DPS estimate is 206.0, implying a prospective dividend yield of 8.0%.
Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 101.93 cents and EPS of 127.80 cents.
At the last closing share price the estimated dividend yield is 3.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 175.9, implying annual growth of -34.6%.
Current consensus DPS estimate is 132.2, implying a prospective dividend yield of 5.1%.
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: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don’t have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.

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NST NORTHERN STAR RESOURCES LIMITED

NWS NEWS CORPORATION

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RMD RESMED INC

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TLS TELSTRA GROUP LIMITED

TPG TPG TELECOM LIMITED

VEA VIVA ENERGY GROUP LIMITED

WDS WOODSIDE ENERGY GROUP LIMITED

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