FNArena will be updating Special Editions of this Report in September dedicated to the August Reporting Season.<\/p>\n
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. AD8<\/a> ALD<\/a> ARB<\/a> BRG<\/a> BRI<\/a> COE<\/a> CQR<\/a> CTD<\/a> ENN<\/a> EVN<\/a> EVT<\/a> FBU<\/a> FPH<\/a> GDI<\/a> GEM (2)<\/a> GNG<\/a> HPI<\/a> HUB<\/a> LBL<\/a> MAD<\/a> MLD (2)<\/a> MND<\/a> NHF<\/a> NWL<\/a> OML (2)<\/a> OZL<\/a> PRN<\/a> REH<\/a> RWC<\/a> SRG<\/a> UWL<\/a> XRF<\/a> <\/p>\n Hardware & Equipment – Overnight Price: $10.08 <\/strong><\/p>\n Canaccord Genuity rates ((AD8)) as Buy (1) –<\/p>\n Canaccord Genuity has described Audinate Group's FY21 result as strong, with revenue of $33.5m, gross profit of $25.5m and underlying earnings of $3.0m. The broker noted the company achieved a record interim result of US$13.9m in the second half. <\/p>\n Commentary looking ahead is positive given a sale order backlog at record levels and industry sentiment at all time highs in July. The company also expects positive sales momentum from Dante Video products in FY22. <\/p>\n Despite the broker expecting supply chain and manufacturing risks to persist into FY22, the company is guiding to a return to historical revenue ranges of US$32-33m for the next year. <\/p>\n The Buy rating is retained and the target price increases to $11.20 from $10.50. <\/p>\n This report was published on August 23, 2021.<\/p>\n Target price is $11.20<\/strong> Current Price is $10.08 <\/strong> Difference: $1.12<\/strong> Forecast for FY22:<\/strong><\/p>\n Canaccord Genuity forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 4.00<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is -2.9<\/strong>, implying annual growth of N\/A<\/strong>. Forecast for FY23:<\/strong><\/p>\n Canaccord Genuity forecasts a full year FY23<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 2.00<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 3.5<\/strong>, implying annual growth of N\/A<\/strong>. Market Sentiment: 1.0<\/strong> Consumer Products & Services – Overnight Price: $26.93 <\/strong><\/p>\n Goldman Sachs rates ((ALD)) as No Rating (-1) –<\/p>\n While Ampol's first half profit after tax of $205m was a 10% beat on Goldman Sachs' forecast, the broker notes lockdowns have already impacted on second half results with CR fuel volumes down 15% and 18% on the previous corresponding period for July and August.<\/p>\n The company has flagged that given current run rates Australian volumes will likely be below the previous guidance range of 13.5-14.0bn litres. Elsewhere, Ampol has submitted a non-binding indicative proposal to acquire Z Energy ((ZEL)). <\/p>\n Goldman Sachs is not rated and there is no target price. <\/p>\n This report was published on August 23, 2021. <\/p>\n Current Price is $26.93<\/strong>. Target price not assessed. Forecast for FY21:<\/strong><\/p>\n Goldman Sachs forecasts a full year FY21<\/strong> EPS of 164.00<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 142.8<\/strong>, implying annual growth of N\/A<\/strong>. Forecast for FY22:<\/strong><\/p>\n Goldman Sachs forecasts a full year FY22<\/strong> EPS of 189.00<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 178.0<\/strong>, implying annual growth of 24.6%<\/strong>. Market Sentiment: 0.4<\/strong> Automobiles & Components – Overnight Price: $47.34 <\/strong><\/p>\n JP Morgan rates ((ARB)) as Underweight (5) –<\/p>\n JP Morgan assesses a strong FY21 result, in line with recent company guidance. The broker retains its Underweight rating as earnings are likely elevated (from increased domestic travel and leisure) and the shares are trading on a high multiple.<\/p>\n Management highlighted the strong sales trajectory for the business has continued into the start of FY22, and the near-term outlook for the business remains robust. A fully franked final dividend of 39cps was declared. The price target is raised to $33.00 from $32.50.<\/p>\n This report was published on August 18, 2021.<\/p>\n Target price is $33.00<\/strong> Current Price is $47.34 <\/strong> Difference: minus $14.34<\/strong> (current price is over target). Forecast for FY22:<\/strong><\/p>\n JP Morgan forecasts a full year FY22<\/strong> dividend of 63.00<\/strong> cents and EPS of 126.00<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 138.9<\/strong>, implying annual growth of -0.8%<\/strong>. Forecast for FY23:<\/strong><\/p>\n JP Morgan forecasts a full year FY23<\/strong> dividend of 53.00<\/strong> cents and EPS of 105.00<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 144.0<\/strong>, implying annual growth of 3.7%<\/strong>. Market Sentiment: -0.3<\/strong> Household & Personal Products – Overnight Price: $29.70 <\/strong><\/p>\n JP Morgan rates ((BRG)) as Neutral (3) –<\/p>\n JP Morgan considers management made conservative outlook statements which spooked the market after FY21 results. It's thought the result could have been materially stronger had the company not reinvested in the business to support further growth.<\/p>\n The analyst retains a Neutral rating on valuation though believes the company is well positioned to continue strong top-line and earnings (EBIT) growth over the longer-term. A final dividend of 13.5cps (100% franked) was declared.<\/p>\n This report was published on August 18, 2021.<\/p>\n Target price is $29.00<\/strong> Current Price is $29.70 <\/strong> Difference: minus $0.7<\/strong> (current price is over target). Forecast for FY22:<\/strong><\/p>\n JP Morgan forecasts a full year FY22<\/strong> dividend of 30.00<\/strong> cents and EPS of 75.00<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 76.6<\/strong>, implying annual growth of 16.5%<\/strong>. Forecast for FY23:<\/strong><\/p>\n JP Morgan forecasts a full year FY23<\/strong> dividend of 35.00<\/strong> cents and EPS of 87.00<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 87.9<\/strong>, implying annual growth of 14.8%<\/strong>. Market Sentiment: 0.7<\/strong> Building Products & Services – Overnight Price: $1.97 <\/strong><\/p>\n Moelis rates ((BRI)) as Buy (1) –<\/p>\n Big River Industries' FY21 result was in line with expectations, and Moelis noted the company showed strong growth on the previous period.<\/p>\n Moelis also highlighted the acquisition of Revolution Wood Panels in Brisbane, for a total consideration of $8m. Revolution Wood Panels has revenue of around $15m per annum, and the transaction is expected to complete in October. <\/p>\n The company is guiding to revenue growth of 19-24% in FY22. The broker estimates underlying earnings of $26.8m and $30.4m for FY22 and FY23 respectively. <\/p>\n The Buy rating is retained and the target price increases to $2.51 from $2.24.<\/p>\n This report was published on August 25, 2021. <\/p>\n Target price is $2.51<\/strong> Current Price is $1.97 <\/strong> Difference: $0.54<\/strong> Forecast for FY22:<\/strong><\/p>\n Moelis forecasts a full year FY22<\/strong> dividend of 5.60<\/strong> cents and EPS of 11.70<\/strong> cents. Forecast for FY23:<\/strong><\/p>\n Moelis forecasts a full year FY23<\/strong> dividend of 6.00<\/strong> cents and EPS of 14.10<\/strong> cents. All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n Crude Oil – Overnight Price: $0.23 <\/strong><\/p>\n Canaccord Genuity rates ((COE)) as Buy (1) –<\/p>\n Cooper Energy battled another frustrating year in FY21 according to Canaccord Genuity, with failures by APA Group ((APA)) to deliver the contractually required 68 terajoule per day Orbost gas plant reflecting on earnings and perceived value. <\/p>\n While improvements have been implemented allowing the plant to generate 40 terjoules per day, it is the broker's view that Cooper Energy should be considering if and how APA Group could be removed as operator of Orbost. <\/p>\n The Buy rating and target price of $0.40 are retained. <\/p>\n This research update was released on August 24, 2021.<\/p>\n Target price is $0.40<\/strong> Current Price is $0.23 <\/strong> Difference: $0.17<\/strong> Forecast for FY22:<\/strong><\/p>\n Canaccord Genuity forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 0.20<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is -0.8<\/strong>, implying annual growth of N\/A<\/strong>. Forecast for FY23:<\/strong><\/p>\n Canaccord Genuity forecasts a full year FY23<\/strong> dividend of 0.00<\/strong> cents and EPS of 1.20<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 0.9<\/strong>, implying annual growth of N\/A<\/strong>. Market Sentiment: 0.2<\/strong> REITs – Overnight Price: $3.95 <\/strong><\/p>\n JP Morgan rates ((CQR)) as Neutral (3) –<\/p>\n FY21 operating earnings were in line with JP Morgan and guidance. No FY22 guidance was provided due to new covid-19 restrictions. It's thought restrictions will impact the first half with 11% of stores by income currently not trading.<\/p>\n The analyst points out the second half result shows performance quickly rebounds in the portfolio once restrictions ease. Portfolio occupancy is at its highest level since 2015. The broker retains its Neutral rating and lowers its target price to $4.00 from $4.10.<\/p>\n This report was published on August 18, 2021.<\/p>\n Target price is $4.00<\/strong> Current Price is $3.95 <\/strong> Difference: $0.05<\/strong>
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)<\/p>\nAD8<\/a> AUDINATE GROUP LIMITED<\/h2>\n
If AD8<\/strong> meets the Canaccord Genuity target it will return approximately 11%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $11.72<\/strong>, suggesting upside of 16.2%<\/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 252.00<\/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\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 504.00<\/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 288.0<\/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>\nALD<\/a> AMPOL LIMITED<\/h2>\n
Current consensus price target is $31.12<\/strong>, suggesting upside of 15.6%<\/strong>(ex-dividends)
The company's fiscal year ends in December.<\/p>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.42<\/strong>.<\/p>\n
Current consensus DPS estimate is 87.2<\/strong>, implying a prospective dividend yield of 3.2%<\/strong>.
Current consensus EPS estimate suggests the PER is 18.9<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.25<\/strong>.<\/p>\n
Current consensus DPS estimate is 104.8<\/strong>, implying a prospective dividend yield of 3.9%<\/strong>.
Current consensus EPS estimate suggests the PER is 15.1<\/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>\nARB<\/a> ARB CORPORATION LIMITED<\/h2>\n
If ARB<\/strong> meets the JP Morgan target it will return approximately minus 30%<\/strong> (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $46.93<\/strong>, suggesting downside of -0.9%<\/strong>(ex-dividends)
The company's fiscal year ends in June.<\/p>\n\n
At the last closing share price the estimated dividend yield is 1.33%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.57<\/strong>.<\/p>\n
Current consensus DPS estimate is 72.4<\/strong>, implying a prospective dividend yield of 1.5%<\/strong>.
Current consensus EPS estimate suggests the PER is 34.1<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the estimated dividend yield is 1.12%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.09<\/strong>.<\/p>\n
Current consensus DPS estimate is 74.8<\/strong>, implying a prospective dividend yield of 1.6%<\/strong>.
Current consensus EPS estimate suggests the PER is 32.9<\/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>\nBRG<\/a> BREVILLE GROUP LIMITED<\/h2>\n
If BRG<\/strong> meets the JP Morgan target it will return approximately minus 2%<\/strong> (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $33.59<\/strong>, suggesting upside of 13.1%<\/strong>(ex-dividends)
The company's fiscal year ends in June.<\/p>\n\n
At the last closing share price the estimated dividend yield is 1.01%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.60<\/strong>.<\/p>\n
Current consensus DPS estimate is 31.0<\/strong>, implying a prospective dividend yield of 1.0%<\/strong>.
Current consensus EPS estimate suggests the PER is 38.8<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the estimated dividend yield is 1.18%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.14<\/strong>.<\/p>\n
Current consensus DPS estimate is 35.4<\/strong>, implying a prospective dividend yield of 1.2%<\/strong>.
Current consensus EPS estimate suggests the PER is 33.8<\/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>\nBRI<\/a> BIG RIVER INDUSTRIES LIMITED<\/h2>\n
If BRI<\/strong> meets the Moelis target it will return approximately 27%<\/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 2.84%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.84<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the estimated dividend yield is 3.05%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.97<\/strong>.<\/p>\n<\/blockquote>\nCOE<\/a> COOPER ENERGY LIMITED<\/h2>\n
If COE<\/strong> meets the Canaccord Genuity target it will return approximately 74%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $0.26<\/strong>, suggesting upside of 14.8%<\/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 115.00<\/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\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.17<\/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 25.6<\/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>\nCQR<\/a> CHARTER HALL RETAIL REIT<\/h2>\n
If CQR<\/strong> meets the JP Morgan target it will return approximately 1%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $4.05<\/strong>, suggesting upside of 2.4%<\/strong>(ex-dividends)