Australian Broker Call *Extra* Edition – Feb 10, 2025

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

The company is included in ASX100, ASX200, ASX300 and ALL-ORDS

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)

AMP   BPT (3)   BWP   CKF   COF (2)   GDF   IPX   NWS   ORA   PXA   REA (2)  

AMP    AMP LIMITED

Wealth Management & Investments – Overnight Price: $1.73

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

Ahead of AMP’s FY24 result on February 14, Goldman Sachs notes key focus will be on platform flows broadly breaking even with stable margins expected over 2H24. The broker awaits an update on the pipeline for FY25 noting some early recovery in net flows across platforms, and superannuation and investments.

The broker also awaits an update on the new SME digital bank as well as the outlook for the core bank, including net interest margin trajectory into FY25 and growth expectations. 

AMP is due to present an updated view on capital management plans and a sustainable dividend payout ratio. Goldman sees an opportunity for further capital management outside of dividends

Neutral rating and $1.54 target price.

This report was published on February 6, 2025.

Target price is $1.54 Current Price is $1.73 Difference: minus $0.185 (current price is over target).
If AMP 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 $1.61, suggesting downside of -6.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 4.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.7, implying annual growth of 1122.2%.
Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 22.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 6.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 3.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.1, implying annual growth of 31.2%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 17.1.

Market Sentiment: 0.0
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: $1.36

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

Beach Energy’s 1H underlying earnings (EBITDA) and profit were slight beats against consensus estimates, but missed Goldman Sachs’ forecasts by -6% and -9%, respectively, on higher-than-expected operating expenses.

Management aims to return a progressive and sustainable dividend going forward, observes the broker, after announcing a 3 cent interim payout, which missed the 4 cents expected by consensus.

Funds were set aside this half for the upcoming Offshore Gas Victoria program, explains the broker.

Target price falls to $1.30 from $1.35. Sell rating retained.

This report was published on February 7, 2025.

Target price is $1.30 Current Price is $1.36 Difference: minus $0.065 (current price is over target).
If BPT meets the Goldman Sachs target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.52, suggesting upside of 11.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 7.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 5.13%.
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 20.2, implying annual growth of N/A.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 9.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 6.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of 16.8%.
Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 5.8.

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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Jarden rates ((BPT)) as Neutral (3) –

Beach Energy’s 1H25 result was broadly in line with expectations, Jarden highlights, but dividend was lower than forecast with the company justifying it by flagging higher costs related to restoration and capex.

The broker expects Otway execution risks and a conservative production outlook to negatively impact 2H25 free cash flow.  Additionally, the broker has factored in lower than previously forecast production over FY25 and FY26, and reduced DD&A expenses over the forecast period.

The net impact is lower distributable free cash flow forecasts for FY25-26, reducing dividend outlook in those periods.

Target price cut to $1.38 from $1.42. Rating remains at Neutral.

This report was published on February 6, 2025.

Target price is $1.38 Current Price is $1.36 Difference: $0.015
If BPT meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $1.52, suggesting upside of 11.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 12.00 cents and EPS of 20.50 cents.
At the last closing share price the estimated dividend yield is 8.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.2, implying annual growth of N/A.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 10.00 cents and EPS of 25.50 cents.
At the last closing share price the estimated dividend yield is 7.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of 16.8%.
Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 5.8.

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

Beach Energy’s 1H results were largely in line with Wilsons’ forecasts, with cost-cutting beginning to take effect. FY25 production guidance was narrowed to 18.5-20.5mmboe from 17.5-21.5mmboe, while capex guidance was maintained.

The broker observes free cash flow (FCF) in the second half may be tighter than the market initially expected, with reliability at the Otway gas plant seen as a key project to drive a step-change in cash flows.

The analysts believe management can bring the plant closer to its nameplate capacity after several false starts, suggesting the market is not pricing in its full production potential.

Wilsons retains an Overweight rating with a $1.86 target.

This report was published on February 7, 2025.

Target price is $1.86 Current Price is $1.36 Difference: $0.495
If BPT meets the Wilsons target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $1.52, suggesting upside of 11.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 6.00 cents and EPS of 21.50 cents.
At the last closing share price the estimated dividend yield is 4.40%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.2, implying annual growth of N/A.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 11.10 cents and EPS of 23.30 cents.
At the last closing share price the estimated dividend yield is 8.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of 16.8%.
Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 5.8.

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

BWP    BWP TRUST

REITs – Overnight Price: $3.48

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

Jarden notes BWP Trust had one of its most active 12 months in a long time, with asset sales, site acquisitions, strong leasing momentum and the acquisition of Newmark Property REIT.

The broker sees BWP in a strong position to keep building on this momentum due to its conservative balance sheet. But it will likely need to show evidence of continued earnings growth to support a re-rating beyond the 6% YTD, the broker adds.

The broker has rolled forward its model and increased its FFO forecasts for FY26 and FY27 by 0.9% and 1.8%, respectively, mainly based on a lower BBSW forward curve.

Underweight rating maintained and target price is $3.45.

This report was published on February 5, 2025.

Target price is $3.45 Current Price is $3.48 Difference: minus $0.03 (current price is over target).
If BWP meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 18.70 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 5.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.61.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 19.70 cents and EPS of 19.70 cents.
At the last closing share price the estimated dividend yield is 5.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.66.

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

CKF    COLLINS FOODS LIMITED

Food, Beverages & Tobacco – Overnight Price: $8.35

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

Wilsons’ initial analysis of the implication of Yum! Brands 4Q24 result for Collins Foods is that it is a strong result. KFC Australia’s (which includes NZ) total system sales growth was 11% year on year.

The broker believes the result indicates the same-store sales trajectory for Collins Foods’ core business is at least sustaining at the level reported for the first seven weeks of 2H25 (0.8% rise), if not showing improvement.

No earnings implications at this stage. Overweight rating and $10.72 target price.

This report was published on February 7, 2025.

Target price is $10.72 Current Price is $8.35 Difference: $2.37
If CKF meets the Wilsons target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $9.75, suggesting upside of 16.7%(ex-dividends)
The company’s fiscal year ends in May.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 25.00 cents and EPS of 39.20 cents.
At the last closing share price the estimated dividend yield is 2.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.9, implying annual growth of -21.1%.
Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 22.0.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 34.00 cents and EPS of 56.60 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.9, implying annual growth of 36.9%.
Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 16.1.

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

COF    CENTURIA OFFICE REIT

REITs – Overnight Price: $1.15

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

Centuria Office REIT’s 1H25 result highlighted challenging office leasing markets in the near term, notes Jarden. The REIT also flagged incentives and capex will drag on adjusted funds from operations in the near term.

The broker believes the REIT does appear cheap but it is looking for more conviction on underlying income growth to get more constructive, which is made harder by the exposure to less known suburban markets.

The broker raised FY26 funds from operations forecast by 0.4%, mainly driven by a lower BBSW curve and highlighted upside potential for the stock in a declining interest rate environment.

Underweight rating retained and target price is $1.17.

This report was published on February 5, 2025.

Target price is $1.17 Current Price is $1.15 Difference: $0.02
If COF meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.23, suggesting upside of 7.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 10.10 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 8.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.9, implying annual growth of N/A.
Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 8.8%.
Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 10.10 cents and EPS of 11.90 cents.
At the last closing share price the estimated dividend yield is 8.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of 3.4%.
Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 9.0%.
Current consensus EPS estimate suggests the PER is 9.3.

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

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Moelis rates ((COF)) as Buy (1) –

Centuria Office REIT re-iterated FY25 guidance at the 1H25 report with EPS of 5.8c and dividend of 6.8c, notes Moelis.

The broker highlights the short-term earnings outlook is “mixed,” pointing to a steadying of rents to slightly higher and interest costs at market rates.

Moelis stresses the REIT has around 18% of income exposed to the expiration of leases in the next 18 months when competition for landlords is notable.

Management announced construction of a 1.1MW data centre at 818 Bourke St, after picking up a 50% stake in ResetData, which focuses on liquid cooling for data centres. The analyst believes there is positive potential if the REIT can deliver on the data centre project.

Target price slips to $1.68 from $1.73. Buy rating unchanged.

This report was published on February 5, 2025.

Target price is $1.68 Current Price is $1.15 Difference: $0.53
If COF meets the Moelis target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $1.23, suggesting upside of 7.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 10.10 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 8.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.9, implying annual growth of N/A.
Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 8.8%.
Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 10.20 cents and EPS of 12.20 cents.
At the last closing share price the estimated dividend yield is 8.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of 3.4%.
Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 9.0%.
Current consensus EPS estimate suggests the PER is 9.3.

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

GDF    GARDA PROPERTY GROUP

REITs – Overnight Price: $1.12

Moelis rates ((GDF)) as Buy (1) –

Garda Property’s 1H25 funds from operations and dividend were in line with Moelis’ estimates, and the company reaffirmed FY25 dividend guidance of 6.3c.

The broker notes Garda is well positioned for a strong 42% EPS growth into FY26 driven by debt reduction as a result of North Lakes sales and growth in credit book.

The broker made negligible changes to earnings, with an increased contribution from private credit offset by deferral of income contribution from both the Acacia Ridge properties. Buy rating maintained but target price cut to $1.57 from $1.66. 

This report was published on February 6, 2025.

Target price is $1.57 Current Price is $1.12 Difference: $0.45
If GDF meets the Moelis target it will return approximately 40% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 6.30 cents and EPS of 6.40 cents.
At the last closing share price the estimated dividend yield is 5.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.50.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 7.20 cents and EPS of 6.70 cents.
At the last closing share price the estimated dividend yield is 6.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.72.

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

IPX    IPERIONX LIMITED

Industrial Metals – Overnight Price: $4.32

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

Petra Capital highlights the little understood strong competitive moat for Iperionx in titanium production driven by its patented HAMR and HSPT processes. It’s felt customers will increasingly seek to partner with the company as production ramps-up in 2025.

The broker points out these technologies have lower energy costs, reduce waste, and improve production efficiencies, making titanium more viable for aerospace and defence applications.

A recent Boeing report validates Iperionx’s cost advantages, the broker suggests, estimating a potential -75% reduction in titanium costs for the Boeing 787 airframe through improved machining yields and reduced scrap.

Petra Capital retains its $6.69 target and Buy rating.

This report was published on February 7, 2025.

Target price is $6.69 Current Price is $4.32 Difference: $2.37
If IPX meets the Petra Capital target it will return approximately 55% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 254.12.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.

Market Sentiment: 1.0
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: $54.14

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

Goldman Sachs raises its target for Buy-rated News Corp by 11% to $61 following a very strong second quarter, with all segments reporting results in line or ahead of forecasts.

Cost discipline and the inclusion of Sky News bolstered returns at News Media, while revenues from Move increased for the first time in ten quarters, driven by an acceleration in adjacencies, explain the analysts.

The broker expects Dow Jones earnings (EBITDA) growth to accelerate in the second half, supported by stronger circulation and subscription trends.

This report was published on February 7, 2025.

Target price is $61.00 Current Price is $54.14 Difference: $6.86
If NWS meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $54.50, suggesting upside of 0.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 149.02 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 36.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 136.0, implying annual growth of N/A.
Current consensus DPS estimate is 35.9, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 39.8.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 EPS of 169.77 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 165.2, implying annual growth of 21.5%.
Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 32.8.

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

ORA    ORORA LIMITED

Paper & Packaging – Overnight Price: $2.28

Jarden rates ((ORA)) as Buy (1) –

At Orora’s 1H25 result announcement on February 13, Jarden will be watching whether the company maintains its qualitative guidance for FY25, noting the share price will respond higher if guidance is retained.

The broker will also look for margin performance within Saverglass, especially as the company has sought to use cost controls to offset volume weakness across key markets, namely in Europe. Also important will be further disclosure of reallocated corporate costs following the sale of North American business.

The broker left FY25 EPS forecasts largely unchanged, with only minor adjustments to its expected buyback average share price, following recent weakness in the share price. FY26 EPS forecast cut by -1.5% on cautious Saverglass revenue growth outlook in light of softer customer results and sensitivity around potential tariff impacts.

No change to the Buy rating and $2.70 target price.

This report was published on February 6, 2025.

Target price is $2.70 Current Price is $2.28 Difference: $0.42
If ORA meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $2.68, suggesting upside of 17.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 10.00 cents and EPS of 14.20 cents.
At the last closing share price the estimated dividend yield is 4.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of -1.6%.
Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 11.80 cents and EPS of 16.80 cents.
At the last closing share price the estimated dividend yield is 5.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.6, implying annual growth of 13.7%.
Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 13.7.

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

PXA    PEXA GROUP LIMITED

Real Estate – Overnight Price: $12.15

Jarden rates ((PXA)) as Neutral (3) –

Pexa Group downgraded FY25 guidance, with higher charges expected for both specified items and tax expenses, but Jarden views the factors driving the downgrades to be one-offs.

Also, the broker sees the update on impaired associates to be immaterial to its overall view/valuation.

Jarden has lowered the target price slightly to $15.30 from $15.35, reflecting minor outer year EPS downgrades. Neutral rating stays.

This report was published on February 6, 2025.

Target price is $15.30 Current Price is $12.15 Difference: $3.15
If PXA meets the Jarden target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $15.08, suggesting upside of 24.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 810.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.6, 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 59.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 30.98 cents and EPS of 44.30 cents.
At the last closing share price the estimated dividend yield is 2.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.0, implying annual growth of 84.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 32.0.

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

REA    REA GROUP LIMITED

Real Estate – Overnight Price: $262.12

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

Goldman Sachs spotted a strong first-half result for REA Group, with “good” growth across multiple segments.

Management’s listing outlook is more positive than the broker’s prior forecasts for the second half and medium-term, supported by a robust third-quarter pipeline and the view the structural decline in listings has passed.

While the pending retirement of CEO Owen Wilson introduces uncertainty, Goldman expects the business to continue delivering strong growth.

The Buy rating remains unchanged, with the target rising by 2% to $273.

This report was published on February 7, 2025.

Target price is $273.00 Current Price is $262.12 Difference: $10.88
If REA meets the Goldman Sachs target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $260.71, suggesting downside of -0.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 231.00 cents and EPS of 421.00 cents.
At the last closing share price the estimated dividend yield is 0.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 62.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 439.3, implying annual growth of 91.6%.
Current consensus DPS estimate is 240.6, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 59.7.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 271.00 cents and EPS of 492.00 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 53.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 522.8, implying annual growth of 19.0%.
Current consensus DPS estimate is 289.1, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 50.1.

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

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

Jarden describes REA Group’s 1H25 result as strong, noting the higher FY25 cost guidance reflects higher revenue expectations.

The broker increased FY25 operating cost growth assumption to 12.1% from 9.8%, and raised revenue forecast by 1.6% to $1.689bn. 

The key risk to the 2H25 outlook is residential listing volumes, with uncertainty in Q4 given a combination of Easter and ANZAC Day’s timing, and the prospect of a federal election.

The broker noted surprise with CEO Owen Wilson’s retirement announcement but added REA is a high-quality business with a strong management team that can continue to deliver on the market’s expectations 

The broker upgraded FY25-FY26 EPS estimates by 3% and 4% respectively. Underweight rating retained and target price is $210.

This report was published on February 6, 2025.

Target price is $210.00 Current Price is $262.12 Difference: minus $52.12 (current price is over target).
If REA meets the Jarden target it will return approximately minus 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $260.71, suggesting downside of -0.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 238.60 cents and EPS of 439.00 cents.
At the last closing share price the estimated dividend yield is 0.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 59.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 439.3, implying annual growth of 91.6%.
Current consensus DPS estimate is 240.6, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 59.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 277.70 cents and EPS of 511.10 cents.
At the last closing share price the estimated dividend yield is 1.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 51.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 522.8, implying annual growth of 19.0%.
Current consensus DPS estimate is 289.1, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 50.1.

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

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