Australian Broker Call
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June 05, 2023
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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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Today's Upgrades and Downgrades
A2M - | a2 Milk Co | Upgrade to Neutral from Sell | Citi |
ADH - | Adairs | Downgrade to Neutral from Buy | UBS |
AUB - | AUB Group | Upgrade to Accumulate from Hold | Ord Minnett |
EBO - | Ebos Group | Upgrade to Lighten from Sell | Ord Minnett |
NHC - | New Hope | Upgrade to Accumulate from Hold | Ord Minnett |
NWH - | NRW Holdings | Upgrade to Buy from Neutral | Citi |
Overnight Price: $5.30
Citi rates A2M as Upgrade to Neutral from Sell (3) -
Citi upgrades its rating for a2 Milk Co to Neutral from Sell due to encouraging China momentum and the increasing likelihood of Chinese State Administration for Market Renewal (SAMR) approval over the next few months.
Longer-term concerns around birth rate and margin expectations prevents the broker from assigning a Buy rating.
While Citi lowers its FY23-25 forecasts on lower management guidance for revenue and weaker Australian sales, the target rises to $5.35 from $4.70 on the potential SAMR outcome.
Target price is $5.35 Current Price is $5.30 Difference: $0.05
If A2M meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $5.84, suggesting upside of 9.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 0.00 cents and EPS of 18.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.2, 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 29.3. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 0.00 cents and EPS of 23.98 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.2, implying annual growth of 27.5%. Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 23.0. |
This company reports in NZD. 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
Overnight Price: $1.61
Morgans rates ADH as Hold (3) -
After a big share price fall following a material cut to FY23 guidance by Adairs, Morgans retains its Hold rating despite a very attractive dividend yield, due to the volatility and unpredictability of near-term earnings.
Guidance for sales was reduced to $616-622m from $625-665m, while earnings (EBIT) guidance is now expected to be in the range of $62-65m, down from $70-80m.
The highly discretionary nature of the homewares category further amplifies the apparent recent capitulation of the consumer, notes the analyst.
The target is reduced to $1.80 from $2.60.
Target price is $1.80 Current Price is $1.61 Difference: $0.195
If ADH meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $1.72, suggesting upside of 6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 15.00 cents and EPS of 23.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.2, implying annual growth of -15.8%. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 8.9%. Current consensus EPS estimate suggests the PER is 7.3. |
Forecast for FY24:
Morgans forecasts a full year FY24 dividend of 15.00 cents and EPS of 22.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.2, implying annual growth of -13.5%. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 8.7%. Current consensus EPS estimate suggests the PER is 8.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ADH as Hold (3) -
Adairs has downgraded sales and profit guidance for FY23. Sales are expected to be in the range of $616-622m, -4% lower than the mid point of prior guidance.
Ord Minnett notes the impact of rising interest rates and higher cost of living has meant declining household goods expenditure, with traffic lower in both stores and online.
The broker expects trading conditions will deteriorate in the short term and retains a Hold rating, reducing the target to $1.70 from $2.40.
Target price is $1.70 Current Price is $1.61 Difference: $0.095
If ADH meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $1.72, suggesting upside of 6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 13.50 cents and EPS of 21.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.2, implying annual growth of -15.8%. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 8.9%. Current consensus EPS estimate suggests the PER is 7.3. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 13.00 cents and EPS of 19.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.2, implying annual growth of -13.5%. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 8.7%. Current consensus EPS estimate suggests the PER is 8.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ADH as Downgrade to Neutral from Buy (3) -
Adairs has cut FY23 sales guidance by -4% and EBIT by -15%. The drivers of the downgrade were the core Adairs brand and Focus, with the latter surprising UBS given recent upbeat commentary from management about the outlook and potential as a "trade-down" beneficiary.
UBS reassesses top-line and cost assumptions from FY24 and reduces EPS estimates by -36%, cutting FY25 by -28%. The visibility into FY24 across the brands remains challenging, given the consumer backdrop and recent execution issues.
UBS downgrades to Neutral from Buy and reduces the target to $1.65 from $2.95.
Target price is $1.65 Current Price is $1.61 Difference: $0.045
If ADH meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $1.72, suggesting upside of 6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
UBS forecasts a full year FY23 EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.2, implying annual growth of -15.8%. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 8.9%. Current consensus EPS estimate suggests the PER is 7.3. |
Forecast for FY24:
UBS forecasts a full year FY24 EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.2, implying annual growth of -13.5%. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 8.7%. Current consensus EPS estimate suggests the PER is 8.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.76
Citi rates APX as Sell (5) -
While the recent equity raise bolsters Appen's balance sheet, and Citi sees large-language models as a tailwind, the Sell rating is maintained on valuation, as well as client concentration and execution risk.
As the company is 60% through its $46m cost-out program, the analyst expects lower operating expenses will offset potential revenue headwinds.
After a change in valuation methodology the target rises to $2.40 from $1.94. Based on the cost-out program as well as operating leverage from top-line growth, the earnings (EBITDA) margin is expected to rise to 12% in the 2H of FY25 from -11% in the 1H of FY23.
Target price is $2.40 Current Price is $3.76 Difference: minus $1.36 (current price is over target).
If APX meets the Citi target it will return approximately minus 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.99, suggesting downside of -41.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 31.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -34.9, 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 FY24:
Citi forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -14.2, 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: -0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $25.09
Ord Minnett rates AUB as Upgrade to Accumulate from Hold (2) -
As the share price of AUB Group has moved through the trigger level Ord Minnett upgrades to Accumulate from Hold. Target is $29.
Target price is $29.00 Current Price is $25.09 Difference: $3.91
If AUB meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $29.59, suggesting upside of 15.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 60.00 cents and EPS of 125.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 123.5, implying annual growth of 17.0%. Current consensus DPS estimate is 63.3, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 20.7. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 75.00 cents and EPS of 136.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 142.1, implying annual growth of 15.1%. Current consensus DPS estimate is 76.8, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 18.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.60
UBS rates BGA as Neutral (3) -
Bega Cheese has provided its offer price of $8.80/kg for farmgate milk, in line with regulatory requirements for all Australian dairy processors.
UBS notes the decline in price was broadly in line with expectations, given the significant drop in the commodity export price which processes such as Bega Cheese partially sell into.
Given this price is below the majority of the industry the broker notes there is some risk that prices get re-negotiated higher.
UBS retains a Neutral rating and $3.50 target.
Target price is $3.50 Current Price is $3.60 Difference: minus $0.1 (current price is over target).
If BGA meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.79, suggesting upside of 5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
UBS forecasts a full year FY23 EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.5, implying annual growth of 6.5%. Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 42.2. |
Forecast for FY24:
UBS forecasts a full year FY24 EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.6, implying annual growth of 83.5%. Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 23.0. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.18
Citi rates BUB as Neutral (3) -
Citi lowers its target for Bubs Australia to 19c from 32c after incorporating a weaker-than-expected 3Q trading update in China and to a lesser extent in the US. The forecast FY23 loss is increased by -$3m to -$40m.
The 3Q update has implications for channel profitability and subsequently consumer offtake, point out the analysts.
Recent execution and strategic uncertainty also means the broker's former high premium for the company relative to peers is no longer justified. The Neutral rating is unchanged.
Target price is $0.19 Current Price is $0.18 Difference: $0.01
If BUB meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 5.50 cents. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.20 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $38.05
Ord Minnett rates EBO as Upgrade to Lighten from Sell (4) -
As the share price of Ebos Group has moved through the trigger level Ord Minnett upgrades to Lighten from Sell. Target is $29.
Target price is $29.00 Current Price is $38.05 Difference: minus $9.05 (current price is over target).
If EBO meets the Ord Minnett target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $38.04, suggesting upside of 0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 87.20 cents and EPS of 124.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 135.7, implying annual growth of 18.5%. Current consensus DPS estimate is 95.2, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 28.0. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 95.60 cents and EPS of 136.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 152.9, implying annual growth of 12.7%. Current consensus DPS estimate is 103.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 24.8. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.53
Morgan Stanley rates EVN as Overweight (1) -
Evolution Mining is expected to provide an update on expenditure and timelines for Mungari at its investor briefing. Morgan Stanley believes the market will pay close attention to this and it should be a catalyst for the share price.
If capital expenditure for the mill is below prior guidance of $250m and total project capital is below $300m this would provide a bull case. If capex is above guidance then this creates concerns for the balance sheet and a potential capital raising, as the start date is imminent.
The target is $3.75. Overweight rating is unchanged. Industry view: Attractive.
Target price is $3.75 Current Price is $3.53 Difference: $0.22
If EVN meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.23, suggesting downside of -11.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 2.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.6, implying annual growth of -17.7%. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 25.0. |
Forecast for FY24:
Morgan Stanley forecasts a full year FY24 dividend of 15.00 cents and EPS of 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.1, implying annual growth of 85.6%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FCL FINEOS CORPORATION HOLDINGS PLC
Cloud services
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Overnight Price: $1.79
Macquarie rates FCL as Neutral (3) -
Fineos Corp continues to trade at a material discount to Guidewire, Macquarie observes, and the latter has raised profitability expectations for FY23 amid higher cloud margins, while the cost performance has outweighed lower services revenue and margin.
The broker makes no changes to the Fineos Corp earnings estimates but upgrades the target to $1.67 from $1.59, to reflect the updated Guidewire multiple and FX. Neutral maintained.
Target price is $1.67 Current Price is $1.79 Difference: minus $0.12 (current price is over target).
If FCL meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.44, suggesting upside of 36.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 11.62 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -12.3, 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 FY24:
Macquarie forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 7.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -6.5, 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 N/A. |
This company reports in EUR. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $19.88
Morgans rates GMG as Initiation of coverage with Add (1) -
Morgans points out active industrial managers/developers like Goodman Group operate in one of the few sub-sectors where operating conditions are sufficiently positive to offset increasing yields.
The broker initiates coverage with an Add rating and $24 target price. Compared to overseas peers, the group consistently delivers higher returns at lower levels of leverage and at a comparable price to book ratio, observes the broker.
Much of the increased demand by tenants for warehouse space is to attain cost efficiencies through improved proximity to end customers, explains the analyst. This space includes retail (physical stores fulfillment and e-commerce), data storage and manufacturing.
Morgans likes Goodman Group because it can grow assets under management (AUM) and add value from an active buy, build, manage strategy.
Target price is $24.00 Current Price is $19.88 Difference: $4.12
If GMG meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $22.86, suggesting upside of 13.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 30.00 cents and EPS of 93.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 94.2, implying annual growth of -48.6%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 21.4. |
Forecast for FY24:
Morgans forecasts a full year FY24 dividend of 30.00 cents and EPS of 103.12 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 103.2, implying annual growth of 9.6%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 19.5. |
Market Sentiment: 0.8
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
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Overnight Price: $38.25
Morgan Stanley rates JHX as Overweight (1) -
The market share of fibre cement in US new housing data for 2022 showed an increase of 1.3 percentage points to 23.5%. Morgan Stanley observes fibre cement made meaningful gains in the midwest while vinyl softened in the north-east.
Vinyl siding's overall share has declined -9 percentage points, while bricks have shown a -6 ppts decline and wood -2 ppts.
Morgan Stanley continues to believe James Hardie industries is the highest-quality company within its building materials coverage and there is attractive valuation support through the cycle.
Overweight rating reiterated. Target is $44. Industry View: In-Line.
Target price is $44.00 Current Price is $38.25 Difference: $5.75
If JHX meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $42.83, suggesting upside of 10.3% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY24:
Morgan Stanley forecasts a full year FY24 dividend of 0.00 cents and EPS of 185.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 188.9, 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 FY25:
Morgan Stanley forecasts a full year FY25 dividend of 0.00 cents and EPS of 201.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 217.6, implying annual growth of 15.2%. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 0.6%. Current consensus EPS estimate suggests the PER is 17.8. |
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
Overnight Price: $69.50
Macquarie rates MIN as Outperform (1) -
Macquarie notes sentiment in the lithium market is improving with regional prices higher week on week.
Mineral Resources remains among the broker's preferred producers, while movements in spot iron ore and spodumene prices presenting the most material upside risk.
Target is reduced to $113 from $115. Outperform maintained.
Target price is $113.00 Current Price is $69.50 Difference: $43.5
If MIN meets the Macquarie target it will return approximately 63% (excluding dividends, fees and charges).
Current consensus price target is $89.71, suggesting upside of 27.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 214.00 cents and EPS of 439.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 444.8, implying annual growth of 140.6%. Current consensus DPS estimate is 253.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 705.00 cents and EPS of 1411.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 912.8, implying annual growth of 105.2%. Current consensus DPS estimate is 346.1, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 7.7. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.09
Morgans rates MME as Hold (3) -
After MoneyMe's recent quarterly update and the completion of a $33m capital raise at 8c/share, with a $5m share purchase plan to follow, Morgans lowers its target to 33c from 85c and retains its Hold rating.
The analyst believes a key overhang for the stock price will be removed when the majority of the new funds are used to repay the company's $50m corporate debt facility. Annual interest cost savings (on the $50m balance) will now be around $6-8m.
The quarterly update highlighted a renewed focus by management on maintaining profitability, according to the broker.
Target price is $0.33 Current Price is $0.09 Difference: $0.242
If MME meets the Morgans target it will return approximately 275% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.20 cents. |
Forecast for FY24:
Morgans forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.79
Ord Minnett rates NHC as Upgrade to Accumulate from Hold (2) -
The share price of New Hope has moved through the trigger level and Ord Minnett upgrades to Accumulate from Hold. Target is $6.10.
Target price is $6.10 Current Price is $4.79 Difference: $1.31
If NHC meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $5.64, suggesting upside of 17.4% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 60.40 cents and EPS of 153.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 145.3, implying annual growth of 23.0%. Current consensus DPS estimate is 79.4, implying a prospective dividend yield of 16.5%. Current consensus EPS estimate suggests the PER is 3.3. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 35.20 cents and EPS of 84.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 113.7, implying annual growth of -21.7%. Current consensus DPS estimate is 62.3, implying a prospective dividend yield of 13.0%. Current consensus EPS estimate suggests the PER is 4.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NWH NRW HOLDINGS LIMITED
Mining Sector Contracting
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Overnight Price: $2.19
Citi rates NWH as Upgrade to Buy from Neutral (1) -
Citi believes the around -20% selloff in NRW Holdings shares since interim results in February is overdone as the company currently has a robust order book based on announced contract wins.
Moreover, the analysts expect major contract award momentum could begin and accelerate in the near term.
The broker points out customers have been increasingly keen to secure capacity and have been awarding (unannounced) small work packages. Larger contracts are expected to follow.
The rating is upgraded to Buy from Neutral, while the target rises to $2.90 from $2.80.
Target price is $2.90 Current Price is $2.19 Difference: $0.71
If NWH meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $2.83, suggesting upside of 23.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 17.60 cents and EPS of 23.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.5, implying annual growth of 8.3%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 9.8. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 19.10 cents and EPS of 26.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.7, implying annual growth of 9.4%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 8.9. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.67
Bell Potter rates PDN as Speculative Buy (1) -
The Namibian government has confirmed that existing mineral or petroleum licence holders would be exempt of any future free-carry ownership legislation. Bell Potter considers the comments will support Paladin Energy and remove a potential overhang for the stock.
The near-term catalyst is a re-start of Langer Heinrich. The broker notes the uranium price continues to gain momentum as limited supply spurs the spot market. The company represents the largest, most liquid exposure to uranium on ASX.
Speculative Buy rating retained. Target is $0.99.
Target price is $0.99 Current Price is $0.67 Difference: $0.32
If PDN meets the Bell Potter target it will return approximately 48% (excluding dividends, fees and charges).
Current consensus price target is $1.10, suggesting upside of 63.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 8.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -3.5, 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 N/A. |
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.5, 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 44.7. |
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
Overnight Price: $1.15
Citi rates PRN as Buy (1) -
Perenti is holding a strategy briefing tomorrow and Citi expects updates on progress/findings made by the Safety Transformation
Taskforce to date.
The analysts also believe FY25 targets are out of date and will be revised given guidance upgrades so far this year.
The $1.60 target and Buy rating are retained.
Target price is $1.60 Current Price is $1.15 Difference: $0.45
If PRN meets the Citi target it will return approximately 39% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 0.00 cents and EPS of 16.40 cents. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 3.00 cents and EPS of 18.70 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $76.63
Bell Potter rates WTC as Hold (3) -
Bell Potter reviews forecasts and expects more revenue, assuming greater penetration in both customs & compliance and landside logistics markets.
This follows the announcement of a venture with Kuehne+Nagel and the acquisition of two landside logistics companies in the current half-year.
The broker suspects the strength of the CargoWise platform is a sign WiseTech Global could eventually dominate adjacent markets as it does within freight forwarding now.
The broker upgrades FY24 and FY25 EPS forecasts by 3% and 11%, respectively. Hold rating maintained. Target is raised to $74.25 from $60.00.
Target price is $74.25 Current Price is $76.63 Difference: minus $2.38 (current price is over target).
If WTC meets the Bell Potter target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $73.54, suggesting downside of -3.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 14.60 cents and EPS of 66.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.8, implying annual growth of 20.3%. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 106.0. |
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 18.40 cents and EPS of 98.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.0, implying annual growth of 33.7%. Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 79.3. |
Market Sentiment: 0.4
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 | |
A2M | a2 Milk Co | $5.34 | Citi | 5.35 | 4.70 | 13.83% |
ADH | Adairs | $1.61 | Morgans | 1.80 | 2.60 | -30.77% |
Ord Minnett | 1.70 | 2.40 | -29.17% | |||
UBS | 1.65 | 2.95 | -44.07% | |||
APX | Appen | $3.42 | Citi | 2.40 | 2.00 | 20.00% |
BUB | Bubs Australia | $0.18 | Citi | 0.19 | 0.32 | -40.63% |
FCL | Fineos Corp | $1.79 | Macquarie | 1.67 | 1.59 | 5.03% |
GMG | Goodman Group | $20.15 | Morgans | 24.00 | 4.20 | 471.43% |
MIN | Mineral Resources | $70.29 | Macquarie | 113.00 | 115.00 | -1.74% |
MME | MoneyMe | $0.09 | Morgans | 0.33 | 0.85 | -61.18% |
NWH | NRW Holdings | $2.30 | Citi | 2.90 | 2.80 | 3.57% |
WTC | WiseTech Global | $76.10 | Bell Potter | 74.25 | 60.00 | 23.75% |
Summaries
A2M | a2 Milk Co | Upgrade to Neutral from Sell - Citi | Overnight Price $5.30 |
ADH | Adairs | Hold - Morgans | Overnight Price $1.61 |
Hold - Ord Minnett | Overnight Price $1.61 | ||
Downgrade to Neutral from Buy - UBS | Overnight Price $1.61 | ||
APX | Appen | Sell - Citi | Overnight Price $3.76 |
AUB | AUB Group | Upgrade to Accumulate from Hold - Ord Minnett | Overnight Price $25.09 |
BGA | Bega Cheese | Neutral - UBS | Overnight Price $3.60 |
BUB | Bubs Australia | Neutral - Citi | Overnight Price $0.18 |
EBO | Ebos Group | Upgrade to Lighten from Sell - Ord Minnett | Overnight Price $38.05 |
EVN | Evolution Mining | Overweight - Morgan Stanley | Overnight Price $3.53 |
FCL | Fineos Corp | Neutral - Macquarie | Overnight Price $1.79 |
GMG | Goodman Group | Initiation of coverage with Add - Morgans | Overnight Price $19.88 |
JHX | James Hardie Industries | Overweight - Morgan Stanley | Overnight Price $38.25 |
MIN | Mineral Resources | Outperform - Macquarie | Overnight Price $69.50 |
MME | MoneyMe | Hold - Morgans | Overnight Price $0.09 |
NHC | New Hope | Upgrade to Accumulate from Hold - Ord Minnett | Overnight Price $4.79 |
NWH | NRW Holdings | Upgrade to Buy from Neutral - Citi | Overnight Price $2.19 |
PDN | Paladin Energy | Speculative Buy - Bell Potter | Overnight Price $0.67 |
PRN | Perenti | Buy - Citi | Overnight Price $1.15 |
WTC | WiseTech Global | Hold - Bell Potter | Overnight Price $76.63 |
RATING SUMMARY
Rating | No. Of Recommendations |
1. Buy | 7 |
2. Accumulate | 2 |
3. Hold | 9 |
4. Reduce | 1 |
5. Sell | 1 |
Monday 05 June 2023
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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 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.
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