Australian Broker Call *Extra* Edition – Feb 13, 2025

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

The company is included in 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)

AOV   ARF   BRG   BSL   BVS   CPU   CQE (2)   CSL   GDG   RGN (2)   RWC   SUN   TLS   VSL  

AOV    AMOTIV LIMITED

Automobiles & Components – Overnight Price: $9.87

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

Wilsons assesses a soft 1H for Amotiv though suggests the market is excessively discounting the earnings outlook. The Overweight rating is maintained and the target eases to $12.70 from $12.71.

Normalised profit of $59m was flat but -4% below the analysts’ forecast, driven by tan EBITA miss and a higher-than-expected interest expense.

During the half, the broker notes onging strength in the Powertrain and Undercar (P&U) division and Vision X in the Lighting segment, and a solid APG contribution, but underperformance in the Lighting, Power and Electrical (LP&E) division was disappointing.

This report was published on February 13, 2025.

Target price is $12.70 Current Price is $9.87 Difference: $2.83
If AOV meets the Wilsons target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $13.26, suggesting upside of 34.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 43.00 cents and EPS of 86.90 cents.
At the last closing share price the estimated dividend yield is 4.36%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.3, implying annual growth of 19.2%.
Current consensus DPS estimate is 42.2, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 49.60 cents and EPS of 96.60 cents.
At the last closing share price the estimated dividend yield is 5.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.5, implying annual growth of 10.9%.
Current consensus DPS estimate is 47.1, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 10.6.

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

ARF    ARENA REIT

REITs – Overnight Price: $3.91

Moelis rates ((ARF)) as Hold (3) –

Arena REIT’s 1H25 result was in line with Moelis’ expectations, with the REIT also maintaining full-year dividend guidance of 18.25c.

The broker notes like-for-like rents grew by 3.2%, with 87% of FY25’s rent roll benefiting from CPI links, and a further 8% subject to market reviews. The REIT’s 18 market reviews during the half remain in negotiation with most subject to a 7.5% cap.

Hold rating maintained, and target price rises slightly to $3.98 from $3.95.

This report was published on February 12, 2025.

Target price is $3.98 Current Price is $3.91 Difference: $0.07
If ARF meets the Moelis target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.26, suggesting upside of 9.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 18.30 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 4.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.8, implying annual growth of 16.8%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 20.8.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 19.20 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 4.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.3, implying annual growth of 2.7%.
Current consensus DPS estimate is 19.1, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 20.3.

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

BRG    BREVILLE GROUP LIMITED

Household & Personal Products – Overnight Price: $36.33

Jarden rates ((BRG)) as Neutral (3) –

Jarden believes Breville’s 1H25 result was a material event, with the company de-risking earnings for the next three years and expanding in the second-biggest global economy. The broker sees risk to consensus sales remaining skewed on the upside

The result was a small beat vs consensus, and management guided to 5-10% EBIT growth in FY25, implying a downgrade to consensus of -10% at the mid-point. 

The broker lowered its forecasts to the top of the EBIT guidance range, noting among other things, the forecast for deceleration in 2H25 Americas growth to 6% is conservative. 

The broker’s DCF-based valuation lifts substantially to reflect China in the longer-term forecasts, with higher EBITDA and terminal growth up by 50bp. Target price rises to $32.6 from $26.3. Neutral maintained.

This report was published on February 11, 2025.

Target price is $32.60 Current Price is $36.33 Difference: minus $3.73 (current price is over target).
If BRG meets the Jarden target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $38.36, suggesting upside of 5.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 37.00 cents and EPS of 94.40 cents.
At the last closing share price the estimated dividend yield is 1.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 38.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.8, implying annual growth of 12.2%.
Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 39.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 41.00 cents and EPS of 105.40 cents.
At the last closing share price the estimated dividend yield is 1.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 34.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.4, implying annual growth of 14.7%.
Current consensus DPS estimate is 42.4, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 34.1.

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

BSL    BLUESCOPE STEEL LIMITED

Steel & Scrap – Overnight Price: $21.70

Jarden rates ((BSL)) as Neutral (3) –

Ahead of BlueScope Steel’s 1H25 result on 17 February, Jarden expects the company to report $300m EBIT vs guidance of $270m-310m and consensus of $295m.

The result should reflect below-trend regional steel spreads, combined with several one-off operational challenges, and structurally higher domestic energy costs, the broker highlights.

The broker anticipates material downside to 2H25 consensus EBIT of $405m (Jarden $345m), and resultant earnings downgrades.

The broker believes a challenging domestic outlook should be mitigated by Bluescope being a net beneficiary of any additional US
steel tariffs, an improving US demand outlook, plus a low AUDUSD.

Target price cut slightly to $21.8 from $21.9. Neutral rating maintained.

This report was published on February 11, 2025.

Target price is $21.80 Current Price is $21.70 Difference: $0.1
If BSL meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $23.73, suggesting upside of 9.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 60.00 cents and EPS of 78.90 cents.
At the last closing share price the estimated dividend yield is 2.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.9, implying annual growth of -58.4%.
Current consensus DPS estimate is 58.8, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 29.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 60.00 cents and EPS of 139.50 cents.
At the last closing share price the estimated dividend yield is 2.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 192.7, implying annual growth of 157.3%.
Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 11.3.

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

BVS    BRAVURA SOLUTIONS LIMITED

Wealth Management & Investments – Overnight Price: $2.74

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

First half results for Bravura Solutions revealed a significant improvement in earnings (EBITDA) to $23.8m from $7.9m in the prior corresponding period due to cost savings and efficiency programs, highlights Wilsons.

Management upgraded FY25 revenue and earnings (EBITDA) guidance by 3% and 12%, respectively, reflecting ongoing operational efficiencies.

With financial stability restored and a focus shifting to revenue growth, the broker expects further contract wins to support momentum.

Wilsons’ target rises to $3.17 from $2.06 due to a 15% lift in the FY25 earnings forecast and a higher valuation multiple. Overweight rating maintained.

This report was published on February 13, 2025.

Target price is $3.17 Current Price is $2.74 Difference: $0.43
If BVS meets the Wilsons target it will return approximately 16% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 10.50 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 3.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 38.06.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 4.10 cents and EPS of 7.70 cents.
At the last closing share price the estimated dividend yield is 1.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 35.58.

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

CPU    COMPUTERSHARE LIMITED

Diversified Financials – Overnight Price: $41.53

Jarden rates ((CPU)) as Neutral (3) –

Computershare’s 1H25 net profit of $384.1m came 5.4% ahead of consensus, but missed Jarden’s forecast by -3.6% and consensus by -7.5% on a reported basis on higher restructuring costs and integration expenses.

The company upgraded FY25 EPS guidance by 15% to $1.35, prompting Jarden to revise its forecast by 4.2% for FY25 and 2.4% for FY26. 

The broker remains cautious around the medium-term outlook for the company, particularly given the risks of a tariff environment driving rates higher for longer and weighing on transaction activity.

Target price rises slightly to $34.5 from $34.0. Neutral rating maintained.

This report was published on February 12, 2025.

Target price is $34.50 Current Price is $41.53 Difference: minus $7.03 (current price is over target).
If CPU meets the Jarden target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $35.85, suggesting downside of -13.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 96.40 cents and EPS of 205.37 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 20.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 211.6, implying annual growth of N/A.
Current consensus DPS estimate is 104.7, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 19.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 104.90 cents and EPS of 217.27 cents.
At the last closing share price the estimated dividend yield is 2.53%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 216.9, implying annual growth of 2.5%.
Current consensus DPS estimate is 107.1, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 19.1.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CQE    CHARTER HALL SOCIAL INFRASTRUCTURE REIT

Childcare – Overnight Price: $2.88

Jarden rates ((CQE)) as Neutral (3) –

Following Charter Hall Social Infrastructure REIT’s 1H25 result, Jarden believes the REIT is well positioned for strong organic growth, seeing upside risk to its forecasts if management continues to find asset recycling opportunities. 

The REIT should also be able to ramp up its inorganic growth pipeline once interest rates come down, the broker notes.

Neutral rating maintained and target price is $2.95.

This report was published on February 11, 2025.

Target price is $2.95 Current Price is $2.88 Difference: $0.07
If CQE meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 15.20 cents and EPS of 15.30 cents.
At the last closing share price the estimated dividend yield is 5.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.82.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 15.90 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 5.52%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.00.

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

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Moelis rates ((CQE)) as Buy (1) –

Charter Hall Social Infrastructure REIT’s 1H25 result met Moelis’ expectations.

The REIT upgraded the full-year dividend to 15.2c from 15.0c following strong rental growth in the 1H and expectations of rate cuts, and the broker incorporated it in its own forecasts.

The broker notes the REIT’s freehold childcare assets are currently valued at a yield of around 4.9%, a premium to direct market evidence, though this is not adjusted for asset quality.

Buy rating maintained but target price drops to $3.02 from $3.14.

This report was published on February 11, 2025.

Target price is $3.02 Current Price is $2.88 Difference: $0.14
If CQE meets the Moelis target it will return approximately 5% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 15.20 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 5.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.70.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 16.00 cents and EPS of 16.20 cents.
At the last closing share price the estimated dividend yield is 5.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.78.

Market Sentiment: 1.0
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: $256.28

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

Jarden highlights CSL’s 1H25 result was solid and on balance represented an improvement in the quality of the business.

However, the broker downgraded net profit estimates for FY25 and FY26 by -0.9% and -7.8% on delay in gross margin improvement.

On margins, the broker is disappointed the company retained previous guidance of “100bps plus a bit” improvement in FY25 margins for Behring despite the better-than-expected 170bps rise in 1H. 

Target price cut to $314.37 from $329.62. Jarden maintained its Overweight recommendation, noting the current pricing should offer investors impressive returns with further upside under Horizon 2 initiatives.

This report was published on February 12, 2025.

Target price is $314.37 Current Price is $256.28 Difference: $58.09
If CSL meets the Jarden target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $329.93, suggesting upside of 28.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 399.76 cents and EPS of 917.91 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1038.1, implying annual growth of N/A.
Current consensus DPS estimate is 474.1, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 24.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 434.39 cents and EPS of 983.37 cents.
At the last closing share price the estimated dividend yield is 1.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1202.7, implying annual growth of 15.9%.
Current consensus DPS estimate is 539.7, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 21.3.

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

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $5.00

Moelis rates ((GDG)) as No Rating (-1) –

Generation Development announced it has entered into a binding agreement to acquire 100% of Evidentia Group Holdings for -$320m, comprising $244.9m cash and $75.1m scrip issued at the $4.15/share. The deal is being funded by $287.9m equity raising.

Moelis notes the acquisition of Evidentia and subsequent merger with Lonsec Investment Solutions will bring together two fastest-growing managed account providers, with a combined $25bn in funds under management. 

The broker is currently restricted on the company after being appointed as a joint-lead manager for its equity raising. No rating or target price.

This report was published on February 11, 2025.

Current Price is $5.00. Target price not assessed.
Current consensus price target is $4.88, suggesting downside of -2.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 3.20 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 0.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 62.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.0, implying annual growth of 165.8%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 62.5.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 4.30 cents and EPS of 10.80 cents.
At the last closing share price the estimated dividend yield is 0.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 46.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.5, implying annual growth of 43.8%.
Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 43.5.

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

RGN    REGION GROUP

REITs – Overnight Price: $2.08

Jarden rates ((RGN)) as Downgrade to Overweight from Buy (2) –

Jarden lowers its target for Region Group to $2.40 from $2.50 and downgrades to Overweight from Buy given ongoing near-term risks.

First half results missed expectations due to slowing rent growth, property expense inflation, and Mosaic Brtands ((MOZ)) store closures, explains the broker, though management remains confident FY25 guidance will be met.

Jarden suggests asset recycling and the new Metro fund should support growth, while demand for non-discretionary retail assets remains strong, providing upside potential in the medium-term.

This report was published on February 12, 2025.

Target price is $2.40 Current Price is $2.08 Difference: $0.32
If RGN meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $2.37, suggesting upside of 14.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 13.70 cents and EPS of 15.50 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 13.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of 879.9%.
Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 14.00 cents and EPS of 15.80 cents.
At the last closing share price the estimated dividend yield is 6.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.5, implying annual growth of -0.7%.
Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 14.3.

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

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Moelis rates ((RGN)) as Buy (1) –

Region Group’s 1H25 result was in line with the Moelis’ previously flagged earnings tailwinds, with the REIT also maintaining forecasts for the full year.

The broker left its estimates largely unchanged, highlighting forecasts imply a long-awaited return to earnings growth in FY26.

Buy rating and $2.54 target are unchanged.

This report was published on February 11, 2025.

Target price is $2.54 Current Price is $2.08 Difference: $0.46
If RGN meets the Moelis target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $2.37, suggesting upside of 14.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 13.70 cents and EPS of 15.50 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 13.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of 879.9%.
Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 14.10 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 6.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.5, implying annual growth of -0.7%.
Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 14.3.

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: $5.25

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

Jarden expects resilient earnings at Reliance Worldwide over the next six-to-twelve months, supported by non-discretionary repairs, while awaiting a housing-led recovery.

The broker notes signs of pent-up demand, but higher US mortgage rates and uncertainty around Australian rate cuts are still restraining buyer activity and large-ticket purchases or renovations.

Jarden retains a Neutral rating and raises the target price to $5.70 from $5.65.

This report was published on February 12, 2025.

Target price is $5.70 Current Price is $5.25 Difference: $0.45
If RWC meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $5.80, 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 6.71 cents and EPS of 27.01 cents.
At the last closing share price the estimated dividend yield is 1.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.0, implying annual growth of N/A.
Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 8.09 cents and EPS of 32.80 cents.
At the last closing share price the estimated dividend yield is 1.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.6, implying annual growth of 17.0%.
Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 13.6.

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

SUN    SUNCORP GROUP LIMITED

Insurance – Overnight Price: $20.62

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

Goldman Sachs notes Suncorp Group reported better-than-expected cash earnings in 1H25, exceeding the broker’s forecast by 21% due to a robust general insurance result.

The broker highlights an underlying insurance trading result of 11.8%, with 2H25 expected to match this, supported by a lower expense ratio and running yields.

Gross written premium continued to grow at 8.9%, with FY25 guidance retained at mid to high single-digit growth, the analyst states.

Peril costs and allowances were significantly lower than forecasts by -$277m.

Target price $21, Buy rating retained. The broker raises EPS estimates.

This report was published on February 13, 2025.

Target price is $21.00 Current Price is $20.62 Difference: $0.38
If SUN meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $20.41, suggesting downside of -1.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 80.00 cents and EPS of 134.00 cents.
At the last closing share price the estimated dividend yield is 3.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.0, implying annual growth of 14.4%.
Current consensus DPS estimate is 99.4, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 19.1.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 84.00 cents and EPS of 119.00 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 17.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 115.2, implying annual growth of 6.7%.
Current consensus DPS estimate is 211560.4, implying a prospective dividend yield of 10260.0%.
Current consensus EPS estimate suggests the PER is 17.9.

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

TLS    TELSTRA GROUP LIMITED

Telecommunication – Overnight Price: $3.91

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

Telstra Group remains Buy rated with a $4.50 target in the lead-up to the 1H25 earnings report on February 20.

Goldman Sachs anticipates a “solid” result from the mobile and InfraCo businesses, with earnings before interest, tax, and depreciation expected to advance by 4%.

Management is also expected to retain FY25 guidance, with consensus assuming a greater earnings weighting in 2H25 due to the timing of mobile price rises, fixed enterprise restructuring, and mobile enterprise headwinds, the broker explains.

An interim dividend per share of 9.5c is forecast, and no major strategy updates are anticipated ahead of the company’s T30 Investor Day.

This report was published on February 12, 2025.

Target price is $4.50 Current Price is $3.91 Difference: $0.59
If TLS meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $4.18, suggesting upside of 7.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 19.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 4.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.55.

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 4.8%.
Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 20.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 5.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.62.

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 5.0%.
Current consensus EPS estimate suggests the PER is 18.7.

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

VSL    VULCAN STEEL LIMITED

Steel & Scrap – Overnight Price: $7.60

Jarden rates ((VSL)) as Neutral (3) –

First-half earnings (EBITDA) of NZ$57m for Vulcan Steel exceeded Jarden’s estimate of NZ$51m but were down -30% year-on-year, with the dividend reduced to just NZ2.5 cents from NZ12 cents.

The broker highlights tough trading conditions, with New Zealand in recession and below-trend economic growth in Australia, resulting in declining volumes and margins.

Despite ongoing challenges, management pointed to signs of stabilisation in certain segments, with trading volumes in New Zealand expected to recover from the second or third quarter of 2025, while the metals segment in Australia remains relatively steady.

Jarden lifts its FY25 earnings (EBITDA) forecast to NZ$110m from NZ$107m but maintains a Neutral rating with an NZ$8.00 target.

This report was published on February 12, 2025.

Current Price is $7.60. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 6.85 cents and EPS of 11.24 cents.
At the last closing share price the estimated dividend yield is 0.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 67.64.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 19.09 cents and EPS of 31.88 cents.
At the last closing share price the estimated dividend yield is 2.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.84.

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

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