##{"id":100634,"date":"2022-03-31T12:05:35","date_gmt":"2022-03-31T01:05:35","guid":{"rendered":"https:\/\/www.fnarena.com\/index.php\/2022\/03\/31\/australian-broker-call-extra-edition-mar-31-2022\/"},"modified":"2022-03-31T12:05:35","modified_gmt":"2022-03-31T01:05:35","slug":"australian-broker-call-extra-edition-mar-31-2022","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2022\/03\/31\/australian-broker-call-extra-edition-mar-31-2022\/","title":{"rendered":"Australian Broker Call *Extra* Edition – Mar 31, 2022"},"content":{"rendered":"

An additional news report on the recommendation, valuation, forecast and opinion changes for ASX-listed equities.<\/strong><\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

COMPANIES DISCUSSED IN THIS ISSUE<\/strong><\/p>\n

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)<\/p>\n

APE<\/a> APM<\/a> JDO<\/a> KSN<\/a> LKE<\/a> NEA<\/a> PMV<\/a> PRU<\/a> QML<\/a> RHC<\/a> SBM<\/a> SGM<\/a> SHV<\/a> TSI<\/a> UBI<\/a> <\/p>\n

APE<\/a>    EAGERS AUTOMOTIVE LIMITED<\/h2>\n
Automobiles & Components – Overnight Price: $14.50 <\/strong><\/p>\n
Bell Potter rates ((APE)) as Buy (1) –<\/p>\n
Eagers Automotive has snapped up WFM Motors Canberra dealerships and properties for $205m, hot on the heels of the sale of the Bill Buckle Auto Group for $92m in a move viewed positively by Bell Potter.<\/p>\n
The acquisition will require shareholder approval given WFM Motors is owned by Eagers Automotive's director and majority shareholder, Nick Politis.<\/p>\n
The purchase provides immediate scale in Canberra, the company's last remaining region for expansion. While turnover was not disclosed, Bell Potter says the multiple paid appears likely to be lower than the Bill Buckle sale multiple. <\/p>\n
EPS forecasts rise 2% in 2022, 4% in 2023 and 4% in 2024. Buy recommendation retained. Target price rises 3% to $17.25 from $16.75.<\/p>\n
This report was published on March 30, 2022.<\/p>\n
Target price is $17.25<\/strong> Current Price is $14.50 <\/strong> Difference: $2.75<\/strong>
If APE<\/strong> meets the Bell Potter target it will return approximately 19%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $17.32<\/strong>, suggesting upside of 21.9%<\/strong>(ex-dividends)
The company's fiscal year ends in December.<\/p>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Bell Potter forecasts a full year FY22<\/strong> dividend of 47.50<\/strong> cents and EPS of 104.20<\/strong> cents.
At the last closing share price the estimated dividend yield is 3.28%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.92<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 103.3<\/strong>, implying annual growth of -17.5%<\/strong>.
Current consensus DPS estimate is 62.3<\/strong>, implying a prospective dividend yield of 4.4%<\/strong>.
Current consensus EPS estimate suggests the PER is 13.8<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY23:<\/strong><\/p>\n
\n
Bell Potter forecasts a full year FY23<\/strong> dividend of 47.50<\/strong> cents and EPS of 91.60<\/strong> cents.
At the last closing share price the estimated dividend yield is 3.28%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.83<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 95.5<\/strong>, implying annual growth of -7.6%<\/strong>.
Current consensus DPS estimate is 59.1<\/strong>, implying a prospective dividend yield of 4.2%<\/strong>.
Current consensus EPS estimate suggests the PER is 14.9<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 0.8<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
APM<\/a>    APM HUMAN SERVICES INTERNATIONAL LIMITED<\/h2>\n
Healthcare – Overnight Price: $3.15 <\/strong><\/p>\n
Goldman Sachs rates ((APM)) as Buy (1) –<\/p>\n
Unsurprisingly according to Goldman Sachs, APM Human Services International has won market share with the announcement of the NESM\/Workforce Australia tender results, gaining a 50% increase on its Jobactive footprint with contracts in 27 employment regions.<\/p>\n
The company has also been appointed to the sub-panels of all 51 employment regions, which the broker expects is a good position for further market share gains from underperforming providers.<\/p>\n
Goldman Sachs suggests earnings will likely look the same in FY23 as the increased market share offsets a caseload decline, but the broker expects earnings growth in FY24 and FY25.<\/p>\n
The Buy rating is retained and the target price increases to $4.00 from $3.60.<\/p>\n
This report was published on March 28, 2022.<\/p>\n
Target price is $4.00<\/strong> Current Price is $3.15 <\/strong> Difference: $0.85<\/strong>
If APM<\/strong> meets the Goldman Sachs target it will return approximately 27%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in June.<\/p>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY22<\/strong> EPS of 28.00<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.25<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY23:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY23<\/strong> EPS of 21.00<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 1.0<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
JDO<\/a>    JUDO CAPITAL HOLDINGS LIMITED<\/h2>\n
Business & Consumer Credit – Overnight Price: $1.77 <\/strong><\/p>\n
Goldman Sachs rates ((JDO)) as Neutral (3) –<\/p>\n
According to Goldman Sachs, Judo Capital's deposit growth will need to rise faster than the cash rate in order for the bank to achieve its targets, noting valuation is sensitive to where deposit spreads settle as cash rates rise which remains unpredictable. <\/p>\n
Judo Capital maintains a 70-75% medium-term deposit funding target, but Goldman Sachs notes achieving this will require a 65% deposit compound annual growth rate, with year-on-year deposit growth peaking over 100% in late 2023. <\/p>\n
The broker updates earnings per share estimates 39%, -8% and -6% through to FY24. <\/p>\n
The Neutral rating is retained and the target price decreases to $2.17 from $2.46.<\/p>\n
This report was published on March 29, 2022.<\/p>\n
Target price is $2.17<\/strong> Current Price is $1.77 <\/strong> Difference: $0.4<\/strong>
If JDO<\/strong> meets the Goldman Sachs target it will return approximately 23%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $2.42<\/strong>, suggesting upside of 37.3%<\/strong>(ex-dividends)
The company's fiscal year ends in June.<\/p>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of 1.00<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 177.00<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 0.8<\/strong>, implying annual growth of -69.3%<\/strong>.
Current consensus DPS estimate is N\/A<\/strong>, implying a prospective dividend yield of N\/A<\/strong>.
Current consensus EPS estimate suggests the PER is 220.0<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY23:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY23<\/strong> dividend of 0.00<\/strong> cents and EPS of 9.00<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.67<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 5.1<\/strong>, implying annual growth of 537.5%<\/strong>.
Current consensus DPS estimate is N\/A<\/strong>, implying a prospective dividend yield of N\/A<\/strong>.
Current consensus EPS estimate suggests the PER is 34.5<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 0.3<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
KSN<\/a>    KINGSTON RESOURCES LIMITED<\/h2>\n
Mining – Overnight Price: $0.17 <\/strong><\/p>\n
Canaccord Genuity rates ((KSN)) as Buy (1) –<\/p>\n
Canaccord Genuity highlights Kingston Resources has successfully ramped up its Mineral Hill gold tailings operations.<\/p>\n
The broker retains its gold production forecasts and spies upside potential from other prospects at Mineral Hill and views potential positive cash flow as a near-term catalyst.<\/p>\n
Speculative Buy rating and 70c target price retained.<\/p>\n
This report was published on March 29, 2022.<\/p>\n
Target price is $0.70<\/strong> Current Price is $0.17 <\/strong> Difference: $0.53<\/strong>
If KSN<\/strong> meets the Canaccord Genuity target it will return approximately 312%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in June.<\/p>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Canaccord Genuity forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of 2.00<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.50<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY23:<\/strong><\/p>\n
\n
Canaccord Genuity forecasts a full year FY23<\/strong> dividend of 0.00<\/strong> cents and EPS of 4.00<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.25<\/strong>.<\/p>\n<\/blockquote>\n
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
LKE<\/a>    LAKE RESOURCES N.L.<\/h2>\n
New Battery Elements – Overnight Price: $1.95 <\/strong><\/p>\n
Canaccord Genuity rates ((LKE)) as Buy (1) –<\/p>\n
Lake Resources has signed an offtake agreement with Hanwa to supply lithium carbonate from Kachi for 10 years, with another 10-year option. Prices are referenced to average quarterly benchmarks.<\/p>\n
Canaccord Genuity says the memorandum of understanding also allows Hanwa to consider financial support such as equity, offtake prepayment or trade finance.<\/p>\n
The broker notes the 25ktpa deal is 50% of planned capacity and is among the largest chemical offtakes outside the majors but says given supply\/demand dynamics, Lake Resources might have delivered a more binding deal.<\/p>\n
Speculative Buy rating retained. Target price steady at $1.65 based on current benchmark pricing.<\/p>\n
This report was published on March 29, 2022.<\/p>\n
Target price is $1.65<\/strong> Current Price is $1.95 <\/strong> Difference: minus $0.3<\/strong> (current price is over target).
If LKE<\/strong> meets the Canaccord Genuity target it will return approximately minus 15%<\/strong> (excluding dividends, fees and charges – negative figures indicate an expected loss).<\/p>\n
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
NEA<\/a>    NEARMAP LIMITED<\/h2>\n
Software & Services – Overnight Price: $1.52 <\/strong><\/p>\n
Canaccord Genuity rates ((NEA)) as Buy (1) –<\/p>\n
Nearmap's market update shows it is tracking at the upper end of guidance, representing annual contract value or ACV growth of 25% for FY22 says Canaccord Genuity.<\/p>\n
The company has also signed its largest government contract to date, in North America.<\/p>\n
The broker notes the fourth quarter is traditionally the company's strongest and says a record could be in the wings, which would illustrate exceptional unit economics. Canaccord points to low cash burn and strong operating leverage. <\/p>\n
EPS forecasts rise 3%, 2% and 1% across FY22, FY23 and FY24. Target price steady at $3. Buy rating retained.<\/p>\n
This report was published on March 31, 2022.<\/p>\n
Target price is $3.00<\/strong> Current Price is $1.52 <\/strong> Difference: $1.48<\/strong>
If NEA<\/strong> meets the Canaccord Genuity target it will return approximately 97%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $2.03<\/strong>, suggesting upside of 34.7%<\/strong>(ex-dividends)
The company's fiscal year ends in June.<\/p>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Canaccord Genuity forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 8.00<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.00<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is -5.8<\/strong>, implying annual growth of N\/A<\/strong>.
Current consensus DPS estimate is N\/A<\/strong>, implying a prospective dividend yield of N\/A<\/strong>.
Current consensus EPS estimate suggests the PER is N\/A<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY23:<\/strong><\/p>\n
\n
Canaccord Genuity forecasts a full year FY23<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 5.00<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.40<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is -3.9<\/strong>, implying annual growth of N\/A<\/strong>.
Current consensus DPS estimate is N\/A<\/strong>, implying a prospective dividend yield of N\/A<\/strong>.
Current consensus EPS estimate suggests the PER is N\/A<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 0.7<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
PMV<\/a>    PREMIER INVESTMENTS LIMITED<\/h2>\n
Apparel & Footwear – Overnight Price: $28.68 <\/strong><\/p>\n
Goldman Sachs rates ((PMV)) as Sell (5) –<\/p>\n
While Premier Investments' top-end-of-guidance first half results were largely pre-announced, Goldman Sachs highlighted beats from Peter Alexander, Portmans and Just Jeans, while Smiggle performance weighed with sales remaining -24.5% below pre-covid levels.<\/p>\n
More positively, online sales in the half were up 27.3%, totaling $195.4m, and gross margins remained strong despite a weaker promotional environment. <\/p>\n
The broker reiterates that Premier Investments trades at an elevated price to earnings ratio. The Sell rating is retained and the target price increases to $24.30 from $23.40.<\/p>\n
This report was published on March 28, 2022.<\/p>\n
Target price is $24.30<\/strong> Current Price is $28.68 <\/strong> Difference: minus $4.38<\/strong> (current price is over target).
If PMV<\/strong> meets the Goldman Sachs target it will return approximately minus 15%<\/strong> (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $31.18<\/strong>, suggesting upside of 10.3%<\/strong>(ex-dividends)
The company's fiscal year ends in July.<\/p>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY22<\/strong> dividend of 92.00<\/strong> cents and EPS of 141.00<\/strong> cents.
At the last closing share price the estimated dividend yield is 3.21%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.34<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 152.8<\/strong>, implying annual growth of -10.7%<\/strong>.
Current consensus DPS estimate is 99.2<\/strong>, implying a prospective dividend yield of 3.5%<\/strong>.
Current consensus EPS estimate suggests the PER is 18.5<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY23:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY23<\/strong> dividend of 95.00<\/strong> cents and EPS of 123.00<\/strong> cents.
At the last closing share price the estimated dividend yield is 3.31%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.32<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 148.3<\/strong>, implying annual growth of -2.9%<\/strong>.
Current consensus DPS estimate is 113.2<\/strong>, implying a prospective dividend yield of 4.0%<\/strong>.
Current consensus EPS estimate suggests the PER is 19.1<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 0.6<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
PRU<\/a>    PERSEUS MINING LIMITED<\/h2>\n
Gold & Silver – Overnight Price: $1.95 <\/strong><\/p>\n
Canaccord Genuity rates ((PRU)) as Buy (1) –<\/p>\n
Perseus Mining has confirmed the mine life extension of Sissingue after incorporating the Fimbiasso and Bagoe satellite inventories into the updated LOMP. <\/p>\n
Canaccord Genuity updates its production model to incorporate the changes, higher all in sustaining costs being cushioned by the low capital intensity of the extension.<\/p>\n
Earnings (EBITDA) forecasts rise 6% across FY23-FY26.<\/p>\n
The company is one of the broker's favoured gold picks. Buy rating and $2.35 target price retained.<\/p>\n
This report was published on March 29, 2022.<\/p>\n
Target price is $2.35<\/strong> Current Price is $1.95 <\/strong> Difference: $0.4<\/strong>
If PRU<\/strong> meets the Canaccord Genuity target it will return approximately 21%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $2.00<\/strong>, suggesting upside of 0.5%<\/strong>(ex-dividends)
The company's fiscal year ends in June.<\/p>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Canaccord Genuity forecasts a full year FY22<\/strong> dividend of 1.00<\/strong> cents and EPS of 19.00<\/strong> cents.
At the last closing share price the estimated dividend yield is 0.51%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.26<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 20.0<\/strong>, implying annual growth of 109.0%<\/strong>.
Current consensus DPS estimate is 2.9<\/strong>, implying a prospective dividend yield of 1.5%<\/strong>.
Current consensus EPS estimate suggests the PER is 10.0<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY23:<\/strong><\/p>\n
\n
Canaccord Genuity forecasts a full year FY23<\/strong> dividend of 1.00<\/strong> cents and EPS of 18.00<\/strong> cents.
At the last closing share price the estimated dividend yield is 0.51%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.83<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 20.8<\/strong>, implying annual growth of 4.0%<\/strong>.
Current consensus DPS estimate is 3.6<\/strong>, implying a prospective dividend yield of 1.8%<\/strong>.
Current consensus EPS estimate suggests the PER is 9.6<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 0.3<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
QML<\/a>    QMINES LIMITED<\/h2>\n
Mining – Overnight Price: $0.31 <\/strong><\/p>\n
Shaw and Partners rates ((QML)) as Buy (1) –<\/p>\n
Early results from QMines' Mt Chalmers copper\/gold project in Queensland are encouraging, says Shaw & Partners.<\/p>\n
The broker notes results from another 11 diamond drill holes are imminent and drilling is ramping up, and expects another resource update for the March quarter.<\/p>\n
Buy recommendation retained. Price target rises to 74c from 72c.<\/p>\n
This report was published on March 31, 2022.<\/p>\n
Target price is $0.74<\/strong> Current Price is $0.31 <\/strong> Difference: $0.43<\/strong>
If QML<\/strong> meets the Shaw and Partners target it will return approximately 139%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in June.<\/p>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Shaw and Partners forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 1.70<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.24<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY23:<\/strong><\/p>\n
\n
Shaw and Partners forecasts a full year FY23<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 1.60<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.38<\/strong>.<\/p>\n<\/blockquote>\n
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
RHC<\/a>    RAMSAY HEALTH CARE LIMITED<\/h2>\n
Healthcare services – Overnight Price: $64.74 <\/strong><\/p>\n
Goldman Sachs rates ((RHC)) as Buy (1) –<\/p>\n
As restrictions continue to ease across major markets, Goldman Sachs finds Ramsay Health Care better positioned than most global peers to weather persisting labour challenges with nursing contracts in Australia largely secured under three-year EBA agreements. <\/p>\n
Elective surgery volumes are improving in all markets, with Western Australia the only domestic market where surgery cancellations continue to impact. The broker notes a skew to non-surgical and day-patient work but expects case mix to normalise.<\/p>\n
The Buy rating and target price of $74.00 are retained.<\/p>\n
This report was published on March 30, 2022.<\/p>\n
Target price is $74.00<\/strong> Current Price is $64.74 <\/strong> Difference: $9.26<\/strong>
If RHC<\/strong> meets the Goldman Sachs target it will return approximately 14%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $69.68<\/strong>, suggesting upside of 7.6%<\/strong>(ex-dividends)
The company's fiscal year ends in June.<\/p>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY22<\/strong> EPS of 194.00<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.37<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 170.3<\/strong>, implying annual growth of -11.8%<\/strong>.
Current consensus DPS estimate is 124.4<\/strong>, implying a prospective dividend yield of 1.9%<\/strong>.
Current consensus EPS estimate suggests the PER is 38.0<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY23:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY23<\/strong> EPS of 250.00<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.90<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 257.4<\/strong>, implying annual growth of 51.1%<\/strong>.
Current consensus DPS estimate is 157.3<\/strong>, implying a prospective dividend yield of 2.4%<\/strong>.
Current consensus EPS estimate suggests the PER is 25.2<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 0.1<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
SBM<\/a>    ST. BARBARA LIMITED<\/h2>\n
Gold & Silver – Overnight Price: $1.43 <\/strong><\/p>\n
Canaccord Genuity rates ((SBM)) as Buy (1) –<\/p>\n
St Barbara says the covid outbreak in Simberi (which had forced 45% of the workforce into isolation) is under control.<\/p>\n
The company has reinstated guidance which Canaccord Genuity says is mostly in line with forecasts.<\/p>\n
The broker downgrades earnings (EBITDA) forecasts -10% for FY22 to account for higher all in sustaining costs at Simberi. <\/p>\n
Target price eases to $2.50 from $2.55. Buy rating retained on expectations the company will achieve permit milestones.<\/p>\n
This report was published on March 29, 2022.<\/p>\n
Target price is $2.50<\/strong> Current Price is $1.43 <\/strong> Difference: $1.07<\/strong>
If SBM<\/strong> meets the Canaccord Genuity target it will return approximately 75%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $1.50<\/strong>, suggesting upside of 4.2%<\/strong>(ex-dividends)
The company's fiscal year ends in June.<\/p>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Canaccord Genuity forecasts a full year FY22<\/strong> dividend of 1.00<\/strong> cents and EPS of 5.00<\/strong> cents.
At the last closing share price the estimated dividend yield is 0.70%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.60<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 4.1<\/strong>, implying annual growth of N\/A<\/strong>.
Current consensus DPS estimate is 0.5<\/strong>, implying a prospective dividend yield of 0.3%<\/strong>.
Current consensus EPS estimate suggests the PER is 35.1<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY23:<\/strong><\/p>\n
\n
Canaccord Genuity forecasts a full year FY23<\/strong> dividend of 3.00<\/strong> cents and EPS of 17.00<\/strong> cents.
At the last closing share price the estimated dividend yield is 2.10%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.41<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 6.6<\/strong>, implying annual growth of 61.0%<\/strong>.
Current consensus DPS estimate is 1.5<\/strong>, implying a prospective dividend yield of 1.0%<\/strong>.
Current consensus EPS estimate suggests the PER is 21.8<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 0.0<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
SGM<\/a>    SIMS LIMITED<\/h2>\n
Steel & Scrap – Overnight Price: $21.55 <\/strong><\/p>\n
Goldman Sachs rates ((SGM)) as Buy (1) –<\/p>\n
Sims provided positive commentary on its volume and margin outlook at its recent investor day, noting demand and price momentum for scrap metal has continued into the second half. Goldman Sachs notes the company maintains a 40% volume increase target by FY25.<\/p>\n
The company highlighted labour and shipping inflation was largely being offset by strong scrap pricing, while demand was allowing elevated freight costs to be absorbed by steel mills and customers.<\/p>\n
The broker maintains a second half earnings forecast of $329m, notably higher than consensus of $317m. The Buy rating is retained and the target price increases to $21.40 from $20.00.<\/p>\n
This report was published on March 30, 2022.<\/p>\n
Target price is $21.40<\/strong> Current Price is $21.55 <\/strong> Difference: minus $0.15<\/strong> (current price is over target).
If SGM<\/strong> meets the Goldman Sachs target it will return approximately minus 1%<\/strong> (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $20.40<\/strong>, suggesting downside of -6.2%<\/strong>(ex-dividends)
The company's fiscal year ends in June.<\/p>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY22<\/strong> dividend of 63.00<\/strong> cents and EPS of 250.00<\/strong> cents.
At the last closing share price the estimated dividend yield is 2.92%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.62<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 243.5<\/strong>, implying annual growth of 113.4%<\/strong>.
Current consensus DPS estimate is 74.8<\/strong>, implying a prospective dividend yield of 3.4%<\/strong>.
Current consensus EPS estimate suggests the PER is 8.9<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY23:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY23<\/strong> dividend of 59.00<\/strong> cents and EPS of 184.00<\/strong> cents.
At the last closing share price the estimated dividend yield is 2.74%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.71<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 178.6<\/strong>, implying annual growth of -26.7%<\/strong>.
Current consensus DPS estimate is 56.2<\/strong>, implying a prospective dividend yield of 2.6%<\/strong>.
Current consensus EPS estimate suggests the PER is 12.2<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 0.7<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
SHV<\/a>    SELECT HARVESTS LIMITED<\/h2>\n
Agriculture – Overnight Price: $5.43 <\/strong><\/p>\n
Bell Potter rates ((SHV)) as Buy (1) –<\/p>\n
Bell Potter says forward sales of the FY22 crop appear similar to subdued levels seen a year ago and downgrades its near-term almond price forecasts and cuts FY22 net profit after tax forecasts for Select Harvests by -48% in FY22 and -18% in FY23.<\/p>\n
The broker makes similar cuts to EPS forecasts. <\/p>\n
While Bell Potter considers consensus forecasts for Select Harvests to be optimistic, the broker spies solid value in the asset base and retains a Buy rating. Target price falls to $6.60 from $6.85.<\/p>\n
This report was published on March 31, 2022.<\/p>\n
Target price is $6.60<\/strong> Current Price is $5.43 <\/strong> Difference: $1.17<\/strong>
If SHV<\/strong> meets the Bell Potter target it will return approximately 22%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in September.<\/p>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Bell Potter forecasts a full year FY22<\/strong> dividend of 4.00<\/strong> cents and EPS of 10.90<\/strong> cents.
At the last closing share price the estimated dividend yield is 0.74%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 49.82<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY23:<\/strong><\/p>\n
\n
Bell Potter forecasts a full year FY23<\/strong> dividend of 9.00<\/strong> cents and EPS of 24.70<\/strong> cents.
At the last closing share price the estimated dividend yield is 1.66%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.98<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 1.0<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
TSI<\/a>    TOP SHELF INTERNATIONAL HOLDINGS LIMITED<\/h2>\n
Food, Beverages & Tobacco – Overnight Price: $1.60 <\/strong><\/p>\n
Canaccord Genuity rates ((TSI)) as Buy (1) –<\/p>\n
Canaccord attended Top Shelf International Holdings investor briefing and reports the company is developing Australian brands to take to market with a launch date estimated roughly at the start of 2024.<\/p>\n
The company also took an opportunity to advise of its AgTech applications to monitor and optimise plant growth on lower resources (sustainability being an ESG thematic).<\/p>\n
Speculative Buy rating and $2.44 target price retained.<\/p>\n
This report was published on March 29, 2022.<\/p>\n
Target price is $2.44<\/strong> Current Price is $1.60 <\/strong> Difference: $0.84<\/strong>
If TSI<\/strong> meets the Canaccord Genuity target it will return approximately 52%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in June.<\/p>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Canaccord Genuity forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 22.00<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.27<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY23:<\/strong><\/p>\n
\n
Canaccord Genuity forecasts a full year FY23<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 10.00<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.00<\/strong>.<\/p>\n<\/blockquote>\n
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
UBI<\/a>    UNIVERSAL BIOSENSORS, INC<\/h2>\n
Medical Equipment & Devices – Overnight Price: $0.84 <\/strong><\/p>\n
Canaccord Genuity rates ((UBI)) as Initiation of coverage with Buy (1) –<\/p>\n
Canaccord Genuity initiates coverage of Universal Biosensors with a Speculative Buy rating and $1.25 target price.<\/p>\n
The company manufactures hand-held point of care\/use devices and test strips to measure analytes across the Life Sciences, Environmental, Animal Health and Food & Beverage industries.<\/p>\n
The broker appreciates the company's proven technology pedigree and notes the Sentia wine testing product is the first new product in seven years, and that there are several products in the pipeline, including cancer and human-health related biomarkers. <\/p>\n
This report was published on March 30, 2022.<\/p>\n
Target price is $1.25<\/strong> Current Price is $0.84 <\/strong> Difference: $0.41<\/strong>
If UBI<\/strong> meets the Canaccord Genuity target it will return approximately 49%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in December.<\/p>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Canaccord Genuity forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 5.90<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.24<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY23:<\/strong><\/p>\n
\n
Canaccord Genuity forecasts a full year FY23<\/strong> dividend of 0.00<\/strong> cents and EPS of 5.20<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.15<\/strong>.<\/p>\n<\/blockquote>\n
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
\n
Disclaimer:<\/strong>
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.<\/p>\n
As part of emerging new trends overseas, The Australian Broker Call Extra Edition also includes providers of sponsored research. Readers should bear in mind, sponsored research, while not necessarily of lower quality, has the embedded complication that the company that is the subject of the research has paid for this research. Providers of sponsored research that can potentially be included in this Report are Breakaway Research, Edison Investment Research, Independent Investment Research, NDF Research, Pitt Street Research, and TMT Analytics.<\/span><\/span><\/span><\/p>\n
Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.<\/span><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
Extra Edition of the Broker Call Report<\/p>\n","protected":false},"author":3,"featured_media":100635,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[84],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/100634"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=100634"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/100634\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media\/100635"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=100634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=100634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=100634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}