Dear Reader: As part of FNArena's coverage of the February reporting season in Australia, Editions of the Australian Broker Call *Extra* Report will be focusing on responses to released financial results during the month.<\/p>\n
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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. ABY<\/a> AD8<\/a> AMA<\/a> ANP<\/a> APE<\/a> APX<\/a> ASG<\/a> BGA<\/a> BIN (2)<\/a> BKG<\/a> CAT<\/a> CCX (3)<\/a> CGC<\/a> CNU<\/a> CXL<\/a> EHE (2)<\/a> GDI<\/a> GEM<\/a> HMC<\/a> HMY<\/a> HUB<\/a> IEL<\/a> IRE<\/a> JHC<\/a> JLG<\/a> MAH<\/a> MAQ<\/a> MCP<\/a> MHJ<\/a> MNF<\/a> MOZ<\/a> MPL<\/a> MYX (2)<\/a> NAN (2)<\/a> NHF<\/a> NTO<\/a> NXT<\/a> OSL<\/a> PNV<\/a> PRN<\/a> PTM<\/a> PWG<\/a> REG<\/a> RIC<\/a> SCG<\/a> SLK<\/a> SOM<\/a> SPK<\/a> SSG<\/a> ST1<\/a> WOW<\/a> <\/p>\n Household & Personal Products – Overnight Price: $4.60 <\/strong><\/p>\n Shaw and Partners rates ((ABY)) as Buy (1) –<\/p>\n Adore Beauty Group's inaugural first half result (as a listed company) was above guidance with a 7% rise in revenue and a very strong beat at the operating income line, observes Shaw and Partners.<\/p>\n The broker believes the market under-appreciates the group's peerless focus on key customer and revenue metrics, both of which provide significant operating leverage.<\/p>\n Revenue growth in FY21 is guided to be above pre-covid levels. The broker has already factored this in and is optimistic for a more than 50% growth forecast going into the result.<\/p>\n Adore is positioned well for long-term growth, believes the broker, with a very large yet fragmented addressable market, which provides an opportunity to the company to garner further market share and to drive scale.<\/p>\n Buy rating is retained with a target of $8.30.<\/p>\n This report was published on February 24, 2021.<\/p>\n Target price is $8.30<\/strong> Current Price is $4.60 <\/strong> Difference: $3.7<\/strong> Forecast for FY21:<\/strong><\/p>\n Shaw and Partners forecasts a full year FY21<\/strong> dividend of 0.00<\/strong> cents and EPS of 6.70<\/strong> cents. Forecast for FY22:<\/strong><\/p>\n Shaw and Partners forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of 11.40<\/strong> cents. Market Sentiment: 1.0<\/strong> Hardware & Equipment – Overnight Price: $7.16 <\/strong><\/p>\n Shaw and Partners rates ((AD8)) as Buy (1) –<\/p>\n Audinate Group's first-half result was largely in line at the sales, operating income and net profit line with Shaw and Partners' forecasts. The outlook points to momentum in recovery and the broker has increased its FY22-23 USD sales by 4% and 7%.<\/p>\n The broker believes in the long term, Audinate will be a "ripper of a story" with compelling attractions and a clear earnings runaway. <\/p>\n Buy rating with a target price of $10.<\/p>\n This report was published on February 23, 2021.<\/p>\n Target price is $10.00<\/strong> Current Price is $7.16 <\/strong> Difference: $2.84<\/strong> Forecast for FY21:<\/strong><\/p>\n Shaw and Partners forecasts a full year FY21<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 3.80<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is -6.0<\/strong>, implying annual growth of N\/A<\/strong>. Forecast for FY22:<\/strong><\/p>\n Shaw and Partners forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of 0.20<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is -1.9<\/strong>, implying annual growth of N\/A<\/strong>. Market Sentiment: 1.0<\/strong> Automobiles & Components – Overnight Price: $0.63 <\/strong><\/p>\n Canaccord Genuity rates ((AMA)) as Buy (1) –<\/p>\n With volumes now understood to be returning to pre-covid-19 levels, and with all AMA Group’s 182 panel locations open and operational, Canaccord Genuity is comfortable that 2H21 earnings (EBITDA) of around $33.1m can be achieved by the vehicle repair business in the absence of any meaningful disruption to operations.<\/p>\n The broker also notes acquisitions are back on the agenda, and a pipeline representing around $100m in revenues currently exits.<\/p>\n While average repair volumes were down -27% through the 1H21 period, AMA delivered underlying 1H21 earnings (EBITDA) of $39.1m, which included a full 6-months from the Capital Smart and ACM parts acquisitions that were effective in November 2019.<\/p>\n While the divestment of the ACAD operation for $70m has help deliver a net debt position of $151m as at 1H21, Canaccord Genuity expects a focus on debt reduction to continue, allowing management to potentially take the issue of covenants out of the discussion with regard to AMA and its outlook.<\/p>\n Buy rating is retained with the target decreasing to $0.90 from $0.95.<\/p>\n This report was published on February, 25 2021.<\/p>\n Target price is $0.90<\/strong> Current Price is $0.63 <\/strong> Difference: $0.27<\/strong> Forecast for FY21:<\/strong><\/p>\n Canaccord Genuity forecasts a full year FY21<\/strong> dividend of 0.00<\/strong> cents and EPS of 3.00<\/strong> cents. Forecast for FY22:<\/strong><\/p>\n Canaccord Genuity forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of 5.00<\/strong> cents. Market Sentiment: 1.0<\/strong> Pharmaceuticals & Biotech\/Lifesciences – Overnight Price: $0.17 <\/strong><\/p>\n Wilsons rates ((ANP)) as Overweight (1) –<\/p>\n In the wake of first half results, Wilsons notes the November capital raise has helped the balance sheet with $10m cash at the bank at the end of the half. This cash is considered necessary to support drug manufacture and trial preparations.<\/p>\n The broker forecasts total R&D costs of approximately -$27m for the upcoming EU Phase IIb twelve month trial, which will likely be completed in 2024. The completion and success of this trial is considered a key de-risking point for the stock.<\/p>\n The Overweight rating and $0.57 target are maintained.<\/p>\n This report was published on February 25, 2021.<\/p>\n Target price is $0.57<\/strong> Current Price is $0.17 <\/strong> Difference: $0.4<\/strong> Forecast for FY21:<\/strong><\/p>\n Wilsons forecasts a full year FY21<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 2.50<\/strong> cents. Forecast for FY22:<\/strong><\/p>\n Wilsons forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 2.00<\/strong> cents. Market Sentiment: 1.0<\/strong> Automobiles & Components – Overnight Price: $14.03 <\/strong><\/p>\n Wilsons rates ((APE)) as Market Weight (3) –<\/p>\n After Eagers Automotive delivered an in-line result, Wilsons notes the order book remains strong and trading conditions favourable, suggesting profitability will remain elevated in the near-term.<\/p>\n Wilsons lifts profit (PBT) estimates (excluding AASB16) by 14% in 2021, reflecting the ongoing favourable trading conditions. 2022 is downgraded by -6% due to divestment of the Daimler truck business partly offset by higher underlying margins in Car Retailing.<\/p>\n The Market Weight rating is unchanged and the target price is increased to $12.41 from $10.75.<\/p>\n This report was published on February 25, 2021.<\/p>\n Target price is $12.41<\/strong> Current Price is $14.03 <\/strong> Difference: minus $1.62<\/strong> (current price is over target). Forecast for FY21:<\/strong><\/p>\n Wilsons forecasts a full year FY21<\/strong> dividend of 40.40<\/strong> cents and EPS of 61.40<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 68.8<\/strong>, implying annual growth of -3.6%<\/strong>. Forecast for FY22:<\/strong><\/p>\n Wilsons forecasts a full year FY22<\/strong> dividend of 36.70<\/strong> cents and EPS of 54.90<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 73.6<\/strong>, implying annual growth of 7.0%<\/strong>. Market Sentiment: 0.8<\/strong> IT & Support – Overnight Price: $16.13 <\/strong><\/p>\n Wilsons rates ((APX)) as Overweight (1) –<\/p>\n Appen met its downgraded guidance at the group level with the core business (that form 90% of FY20 revenue) seeing operating income margins fall to 20.9% while speech and image saw operating income fall -42% primarily due to pandemic hit business activity.<\/p>\n The company has guided on year to date revenue and orders-in-hand which is in-line with historical averages, although the operating income guidance is below current expectations. The company has indicated a skew towards the second half in terms of project delivery.<\/p>\n While retaining the Overweight rating, Wilson lowers the FY21-FY23 earnings (EBITDA) forecasts by -15% to -23% and the P\/E-based valuation falls to $22.83 from $32.11.<\/p>\n This report was published on February 24, 2021.<\/p>\n Target price is $22.83<\/strong> Current Price is $16.13 <\/strong> Difference: $6.7<\/strong> Forecast for FY21:<\/strong><\/p>\n Wilsons forecasts a full year FY21<\/strong> dividend of 11.50<\/strong> cents and EPS of 79.20<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 53.3<\/strong>, implying annual growth of 28.3%<\/strong>. Forecast for FY22:<\/strong><\/p>\n Wilsons forecasts a full year FY22<\/strong> dividend of 13.50<\/strong> cents and EPS of 100.20<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 67.1<\/strong>, implying annual growth of 25.9%<\/strong>. Market Sentiment: 0.2<\/strong> Automobiles & Components – Overnight Price: $1.98 <\/strong><\/p>\n Wilsons rates ((ASG)) as Overweight (1) –<\/p>\n Wilsons assesses a very strong 1H result, with profit (PBT) growth of 164% in-line with recent guidance and driven by margin expansion associated with very favourable demand\/supply dynamics. Near-term trading conditions are considered remaining strong.<\/p>\n Management noted January and February trading is at or above expectations, the order book is at record levels, constrained vehicle supply will continue to support margins and the acquisition environment is favourable.<\/p>\n The broker upgrades earnings (EBITDA) forecasts by 5-10% (excluding AASB16) though still assumes margins moderate into FY22. The target price is increased to $2.34 from $2.03. The Overweight rating is retained.<\/p>\n The report was published on February 25, 2021.<\/p>\n Target price is $2.34<\/strong> Current Price is $1.98 <\/strong> Difference: $0.36<\/strong> Forecast for FY21:<\/strong><\/p>\n Wilsons forecasts a full year FY21<\/strong> dividend of 6.70<\/strong> cents and EPS of 18.60<\/strong> cents. Forecast for FY22:<\/strong><\/p>\n Wilsons forecasts a full year FY22<\/strong> dividend of 7.60<\/strong> cents and EPS of 15.30<\/strong> cents. Market Sentiment: 1.0<\/strong> Dairy – Overnight Price: $6.10 <\/strong><\/p>\n
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)<\/p>\nABY<\/a> ADORE BEAUTY GROUP LIMITED<\/h2>\n
If ABY<\/strong> meets the Shaw and Partners target it will return approximately 80%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in June.<\/p>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 68.66<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.35<\/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>\nAD8<\/a> AUDINATE GROUP LIMITED<\/h2>\n
If AD8<\/strong> meets the Shaw and Partners target it will return approximately 40%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $9.93<\/strong>, suggesting upside of 40.9%<\/strong>(ex-dividends)
The company's fiscal year ends in June.<\/p>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 188.42<\/strong>.<\/p>\n
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\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3580.00<\/strong>.<\/p>\n
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
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\nAMA<\/a> AMA GROUP LIMITED<\/h2>\n
If AMA<\/strong> meets the Canaccord Genuity target it will return approximately 43%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in June.<\/p>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.00<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.60<\/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>\nANP<\/a> ANTISENSE THERAPEUTICS LIMITED<\/h2>\n
If ANP<\/strong> meets the Wilsons target it will return approximately 235%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in June.<\/p>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.80<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.50<\/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>\nAPE<\/a> EAGERS AUTOMOTIVE LIMITED<\/h2>\n
If APE<\/strong> meets the Wilsons target it will return approximately minus 12%<\/strong> (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.76<\/strong>, suggesting upside of 1.3%<\/strong>(ex-dividends)
The company's fiscal year ends in December.<\/p>\n\n
At the last closing share price the estimated dividend yield is 2.88%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.85<\/strong>.<\/p>\n
Current consensus DPS estimate is 44.0<\/strong>, implying a prospective dividend yield of 3.0%<\/strong>.
Current consensus EPS estimate suggests the PER is 21.2<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the estimated dividend yield is 2.62%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.56<\/strong>.<\/p>\n
Current consensus DPS estimate is 45.8<\/strong>, implying a prospective dividend yield of 3.1%<\/strong>.
Current consensus EPS estimate suggests the PER is 19.8<\/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>\nAPX<\/a> APPEN LIMITED<\/h2>\n
If APX<\/strong> meets the Wilsons target it will return approximately 42%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $22.23<\/strong>, suggesting upside of 35.7%<\/strong>(ex-dividends)
The company's fiscal year ends in December.<\/p>\n\n
At the last closing share price the estimated dividend yield is 0.71%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.37<\/strong>.<\/p>\n
Current consensus DPS estimate is 10.9<\/strong>, implying a prospective dividend yield of 0.7%<\/strong>.
Current consensus EPS estimate suggests the PER is 30.7<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the estimated dividend yield is 0.84%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.10<\/strong>.<\/p>\n
Current consensus DPS estimate is 14.8<\/strong>, implying a prospective dividend yield of 0.9%<\/strong>.
Current consensus EPS estimate suggests the PER is 24.4<\/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>\nASG<\/a> AUTOSPORTS GROUP LIMITED<\/h2>\n
If ASG<\/strong> meets the Wilsons target it will return approximately 18%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in June.<\/p>\n\n
At the last closing share price the estimated dividend yield is 3.38%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.65<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the estimated dividend yield is 3.84%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.94<\/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>\nBGA<\/a> BEGA CHEESE LIMITED<\/h2>\n