Australian Broker Call
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December 24, 2021
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, 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.
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BKG BOOKTOPIA GROUP LIMITED
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Overnight Price: $1.38
Morgans rates BKG as Add (1) -
Booktopia Group has provided a disappointing pre-Christmas update, with covid impacts, costs and distribution bottlenecks leading to renewed fist half revenue guidance well below Morgans' estimate.
The broker cuts FY22-24 earnings forecasts by -25-41% and lowers its target to $2.78 from $3.72.
The broker nevertheless continues to see longer term upside from increased market share, distribution centre automation and growth in publishing services. Add retained.
Target price is $2.78 Current Price is $1.38 Difference: $1.4
If BKG meets the Morgans target it will return approximately 101% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY22:
Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of 1.60 cents. |
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 0.10 cents and EPS of 3.90 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.03
Citi rates CGC as Buy (1) -
Citi incorporates Costa Group's forecast FY22 rental expense and increase in lease liabilities and right-of-use assets from Costa’s new leases for the seven berry and citrus properties previously owned by Vitalharvest.
FY22 forecast earnings thus rise 2% but profit falls -9%, in line with guidance.
Buy and $3.45 target retained.
Target price is $3.45 Current Price is $3.03 Difference: $0.42
If CGC meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $3.56, suggesting upside of 16.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 7.00 cents and EPS of 14.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.6, implying annual growth of -8.8%. Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 22.6. |
Forecast for FY22:
Citi forecasts a full year FY22 dividend of 7.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.0, implying annual growth of 25.0%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 18.1. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.13
Morgans rates KLL as Add (1) -
Kalium Lakes has reported practical completion of construction activities at Beyondie but flags a slower ramp-up in production as commissioning activities continue and remediation/rectification works on problem areas are planned.
Morgans had already made allowance for production to ramp up slower than the company guided, but now does not expect first revenue until Q3FY22 (from Q2) and pushes full rate production back to Q1FY24 (from Q4FY23).
Delayed production and a slower ramp-up increase the risk of a funding gap but for now Morgans retains an Add (Speculative Buy) rating. Target falls to 25c from 27c.
Target price is $0.25 Current Price is $0.13 Difference: $0.12
If KLL meets the Morgans target it will return approximately 92% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY22:
Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.40 cents. |
Forecast for FY23:
Morgans forecasts a full year FY23 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
UBS rates PXA as Initiation of coverage with Buy (1) -
UBS has initiated coverage of Pexa Group with a maiden price target of $20.50 alongside a Buy recommendation, arguing this is a globally unique financial infrastructure company.
Having digitised the vast majority of Australian conveyancing transactions, the company is now eyeing offshore expansion. UBS's positive view is premised on success in the UK, which is estimated to boost the FY24 performance by 25% above prospectus forecast.
Target price is $20.50 Current Price is $18.35 Difference: $2.15
If PXA meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY22:
UBS forecasts a full year FY22 EPS of 37.00 cents. |
Forecast for FY23:
UBS forecasts a full year FY23 EPS of 39.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
| Company | Last Price | Broker | New Target | Prev Target | Change | |
| BKG | Booktopia Group | $1.35 | Morgans | 2.78 | 3.72 | -25.27% |
| KLL | Kalium Lakes | $0.12 | Morgans | 0.25 | 0.27 | -7.41% |
Summaries
| BKG | Booktopia Group | Add - Morgans | Overnight Price $1.38 |
| CGC | Costa Group | Buy - Citi | Overnight Price $3.03 |
| KLL | Kalium Lakes | Add - Morgans | Overnight Price $0.13 |
| PXA | PEXA Group | Initiation of coverage with Buy - UBS | Overnight Price $18.35 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 4 |
Friday 24 December 2021
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