##{"id":98954,"date":"2021-12-23T10:01:08","date_gmt":"2021-12-22T23:01:08","guid":{"rendered":"https:\/\/www.fnarena.com\/?p=98954"},"modified":"2021-12-23T10:01:09","modified_gmt":"2021-12-22T23:01:09","slug":"australian-broker-call-extra-edition-dec-23-2021","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2021\/12\/23\/australian-broker-call-extra-edition-dec-23-2021\/","title":{"rendered":"Australian Broker Call *Extra* Edition &#8211; Dec 23, 2021"},"content":{"rendered":"<p><strong>An additional news report on the recommendation, valuation, forecast and opinion changes for ASX-listed&nbsp;equities.<\/strong><\/p>\n<p>In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena&nbsp;has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed&nbsp;stocks, also enlarging the number of stocks that make up the FNArena&nbsp;universe.<\/p>\n<p>One key difference is the *Extra* Edition will not be updated daily, but merely &quot;regularly&quot; depending on availability&nbsp;of&nbsp;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<p>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&nbsp;may not be up to date, or yet awaiting another update by FNArena&#039;s&nbsp;team of journalists.<\/p>\n<p>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<p>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<p>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<p><strong>COMPANIES DISCUSSED IN THIS ISSUE<\/strong><\/p>\n<p>Click on a symbol for fast access.<br \/>The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)<\/p>\n<p><a href=\"#AIS\" style=\"font-weight:bold\">AIS<\/a>&nbsp;&nbsp; <a href=\"#AX1\" style=\"font-weight:bold\">AX1<\/a>&nbsp;&nbsp; <a href=\"#CBO\" style=\"font-weight:bold\">CBO<\/a>&nbsp;&nbsp; <a href=\"#CLW\" style=\"font-weight:bold\">CLW<\/a>&nbsp;&nbsp; <a href=\"#CTD\" style=\"font-weight:bold\">CTD<\/a>&nbsp;&nbsp; <a href=\"#HLO\" style=\"font-weight:bold\">HLO<\/a>&nbsp;&nbsp; <a href=\"#HLS\" style=\"font-weight:bold\">HLS<\/a>&nbsp;&nbsp; <a href=\"#IGO\" style=\"font-weight:bold\">IGO<\/a>&nbsp;&nbsp; <a href=\"#JLG\" style=\"font-weight:bold\">JLG<\/a>&nbsp;&nbsp; <a href=\"#LPD\" style=\"font-weight:bold\">LPD<\/a>&nbsp;&nbsp; <a href=\"#NAB\" style=\"font-weight:bold\">NAB<\/a>&nbsp;&nbsp; <a href=\"#SEK\" style=\"font-weight:bold\">SEK<\/a>&nbsp;&nbsp; <a href=\"#SGM\" style=\"font-weight:bold\">SGM<\/a>&nbsp;&nbsp; <a href=\"#SHL\" style=\"font-weight:bold\">SHL<\/a>&nbsp;&nbsp; <a href=\"#TCL\" style=\"font-weight:bold\">TCL<\/a>&nbsp;&nbsp; <a href=\"#UNI\" style=\"font-weight:bold\">UNI<\/a>&nbsp;&nbsp; <a href=\"#UWL\" style=\"font-weight:bold\">UWL<\/a>&nbsp;&nbsp;<\/p>\n<h2><a name=\"AIS\">AIS<\/a>&nbsp;&nbsp;&nbsp; AERIS RESOURCES LIMITED<\/h2>\n<p><strong>Copper &#8211; Overnight Price: $0.16 <\/strong><\/p>\n<p>Bell Potter rates ((AIS)) as Buy (1) &#8211;<\/p>\n<p>Aeris Resources has published a Maiden Mineral Resource for the Constellation deposit, increasing the global Resource at Tritton by 20%, and deeper exploration drilling suggests a much bigger&nbsp;resource and extended mine life of (6-7 years), says Bell Potter.<\/p>\n<p>The news met the broker&#039;s forecasts, the copper grade coming in&nbsp;at the top end of forecasts.<\/p>\n<p>Buy rating retained. Target price rises to 24c from 22c.<\/p>\n<p>This report was published on December 17, 2021.<\/p>\n<p>Target price is <strong>$0.24<\/strong> Current Price is <strong>$0.16 <\/strong> Difference: <strong>$0.08<\/strong><br \/>If <strong>AIS<\/strong> meets the Bell Potter target it will return approximately <strong> 50%<\/strong> (excluding dividends, fees and charges).<br \/>The company&#039;s fiscal year ends in June.<\/p>\n<p><strong>Forecast for FY22:<\/strong><\/p>\n<blockquote>\n<p>Bell Potter forecasts a full year <strong>FY22<\/strong> dividend of <strong>0.00<\/strong> cents and EPS of <strong>3.50<\/strong> cents.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>4.57<\/strong>.<\/p>\n<\/blockquote>\n<p><strong>Forecast for FY23:<\/strong><\/p>\n<blockquote>\n<p>Bell Potter forecasts a full year <strong>FY23<\/strong> dividend of <strong>0.00<\/strong> cents and EPS of <strong>4.80<\/strong> cents.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>3.33<\/strong>.<\/p>\n<\/blockquote>\n<p>All consensus data are updated until yesterday. FNArena&#039;s consensus calculations require a minimum of three sources<\/p>\n<\/p>\n<h2><a name=\"AX1\">AX1<\/a>&nbsp;&nbsp;&nbsp; ACCENT GROUP LIMITED<\/h2>\n<p><strong>Apparel &amp; Footwear &#8211; Overnight Price: $2.36 <\/strong><\/p>\n<p>Wilsons rates ((AX1)) as Initiation of coverage with Overweight (1) &#8211;<\/p>\n<p>Wilsons initiates coverage of Accent Group with an Overweight rating and $2.70 target price, citing exceptional recent growth and the cornering of the youth shoe market.<\/p>\n<p>The broker expects the company will expand into youth apparel and possibly the international market, gaining market and category share, and expanding margins.<\/p>\n<p>Wilsons concedes&nbsp;reopening risks exist&nbsp;heading into FY22 but to date, the company&#039;s performance has been strong.<\/p>\n<p>This report was published on December 17, 2021.<\/p>\n<p>Target price is <strong>$2.70<\/strong> Current Price is <strong>$2.36 <\/strong> Difference: <strong>$0.34<\/strong><br \/>If <strong>AX1<\/strong> meets the Wilsons target it will return approximately <strong> 14%<\/strong> (excluding dividends, fees and charges).<br \/>Current consensus price target is <strong>$2.84<\/strong>, suggesting upside of <strong>20.3%<\/strong>(ex-dividends)<br \/>The company&#039;s fiscal year ends in June.<\/p>\n<p><strong>Forecast for FY22:<\/strong><\/p>\n<blockquote>\n<p>Wilsons forecasts a full year <strong>FY22<\/strong> dividend of <strong>9.30<\/strong> cents and EPS of <strong>11.10<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>3.94%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>21.26<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>10.8<\/strong>, implying annual growth of <strong>-24.0%<\/strong>.<br \/>Current consensus DPS estimate is <strong>8.5<\/strong>, implying a prospective dividend yield of <strong>3.6%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>21.9<\/strong>.<\/p>\n<\/blockquote>\n<p><strong>Forecast for FY23:<\/strong><\/p>\n<blockquote>\n<p>Wilsons forecasts a full year <strong>FY23<\/strong> dividend of <strong>13.60<\/strong> cents and EPS of <strong>16.30<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>5.76%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>14.48<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>16.2<\/strong>, implying annual growth of <strong>50.0%<\/strong>.<br \/>Current consensus DPS estimate is <strong>12.2<\/strong>, implying a prospective dividend yield of <strong>5.2%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>14.6<\/strong>.<\/p>\n<\/blockquote>\n<p>Market Sentiment: <strong>0.3<\/strong><br \/>All consensus data are updated until yesterday. FNArena&#039;s consensus calculations require a minimum of three sources<\/p>\n<\/p>\n<h2><a name=\"CBO\">CBO<\/a>&nbsp;&nbsp;&nbsp; COBRAM ESTATE OLIVES LIMITED<\/h2>\n<p><strong>Agriculture &#8211; Overnight Price: $1.92 <\/strong><\/p>\n<p>Bell Potter rates ((CBO)) as Buy (1) &#8211;<\/p>\n<p>Cobram Estate Olives has announced a $50m equity raising (underwritten) to fund the Boort mill upgrade and US acreage expansion, causing Bell Potter to downgrade EPS forecasts -5% in FY23 and -4% in FY25 to reflect the dilution.&nbsp;<\/p>\n<p>Management&#039;s trading update confirmed strong sales, particular in Australia; a sharp fall in statutory earnings (EBITDA) in FY22; and in-line costs.<\/p>\n<p>Target price eases to $2.30 from $2.35. Buy rating retained, the broker believing Cobram provides exposure to a premium brand in a rapidly growing market.<\/p>\n<p>This report was published on December 17, 2021.<\/p>\n<p>Target price is <strong>$2.30<\/strong> Current Price is <strong>$1.92 <\/strong> Difference: <strong>$0.38<\/strong><br \/>If <strong>CBO<\/strong> meets the Bell Potter target it will return approximately <strong> 20%<\/strong> (excluding dividends, fees and charges).<br \/>The company&#039;s fiscal year ends in June.<\/p>\n<p><strong>Forecast for FY22:<\/strong><\/p>\n<blockquote>\n<p>Bell Potter forecasts a full year <strong>FY22<\/strong> dividend of <strong>3.30<\/strong> cents and EPS of <strong>0.20<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>1.72%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>960.00<\/strong>.<\/p>\n<\/blockquote>\n<p><strong>Forecast for FY23:<\/strong><\/p>\n<blockquote>\n<p>Bell Potter forecasts a full year <strong>FY23<\/strong> dividend of <strong>3.30<\/strong> cents and EPS of <strong>10.00<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>1.72%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>19.20<\/strong>.<\/p>\n<\/blockquote>\n<p>Market Sentiment: <strong>1.0<\/strong><br \/>All consensus data are updated until yesterday. FNArena&#039;s consensus calculations require a minimum of three sources<\/p>\n<\/p>\n<h2><a name=\"CLW\">CLW<\/a>&nbsp;&nbsp;&nbsp; CHARTER HALL LONG WALE REIT<\/h2>\n<p><strong>REITs &#8211; Overnight Price: $5.01 <\/strong><\/p>\n<p>JP Morgan rates ((CLW)) as Overweight (1) &#8211;<\/p>\n<p>JP Morgan updates its financial model for Charter Hall Long WALE&nbsp;REIT for the ALE&nbsp;Property Group acquisition, portfolio<br \/>revaluations and the sale of the old Virgin headquarters.<\/p>\n<p>The broker points out the acquisition has placed some short term pressure on the share price, which should now moderate upon completion of the deal.<\/p>\n<p>The target price rises to $5.80 from $5.60 and the Overweight rating is maintained.<\/p>\n<p>This report was published on December 17, 2021.<\/p>\n<p>Target price is <strong>$5.80<\/strong> Current Price is <strong>$5.01 <\/strong> Difference: <strong>$0.79<\/strong><br \/>If <strong>CLW<\/strong> meets the JP Morgan target it will return approximately <strong> 16%<\/strong> (excluding dividends, fees and charges).<br \/>Current consensus price target is <strong>$5.42<\/strong>, suggesting upside of <strong>8.2%<\/strong>(ex-dividends)<br \/>The company&#039;s fiscal year ends in June.<\/p>\n<p><strong>Forecast for FY22:<\/strong><\/p>\n<blockquote>\n<p>JP Morgan forecasts a full year <strong>FY22<\/strong> dividend of <strong>30.70<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>6.13%<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>31.1<\/strong>, implying annual growth of <strong>-72.6%<\/strong>.<br \/>Current consensus DPS estimate is <strong>30.9<\/strong>, implying a prospective dividend yield of <strong>6.2%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>16.1<\/strong>.<\/p>\n<\/blockquote>\n<p><strong>Forecast for FY23:<\/strong><\/p>\n<blockquote>\n<p>JP Morgan forecasts a full year <strong>FY23<\/strong> dividend of <strong>31.50<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>6.29%<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>32.0<\/strong>, implying annual growth of <strong>2.9%<\/strong>.<br \/>Current consensus DPS estimate is <strong>31.7<\/strong>, implying a prospective dividend yield of <strong>6.3%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>15.7<\/strong>.<\/p>\n<\/blockquote>\n<p>Market Sentiment: <strong>0.5<\/strong><br \/>All consensus data are updated until yesterday. FNArena&#039;s consensus calculations require a minimum of three sources<\/p>\n<\/p>\n<h2><a name=\"CTD\">CTD<\/a>&nbsp;&nbsp;&nbsp; CORPORATE TRAVEL MANAGEMENT LIMITED<\/h2>\n<p><strong>Travel, Leisure &amp; Tourism &#8211; Overnight Price: $21.41 <\/strong><\/p>\n<p>JP Morgan rates ((CTD)) as Neutral (3) &#8211;<\/p>\n<p>In a transaction expected by management to be around 7% earnings accretive to FY19 pro-forma EPS (post synergies), Corporate Travel Management has acquired Helloworld Travel&#039;s ((HLO)) Corporate Travel division for $175m.<\/p>\n<p>The current valuation for Corporate Travel Management largely captures a recovery in profitability and the broker retains its Neutral rating. The target price rises to $22.50 from $21.00.<\/p>\n<p>The analyst suggests there will&nbsp;only be a minor impact from the omicron variant upon the North American and A&amp;NZ businesses. Meanwhile,&nbsp;the European business reported a record October before November was impacted.<\/p>\n<p>This report was published on December 17, 2021.<\/p>\n<p>Target price is <strong>$22.50<\/strong> Current Price is <strong>$21.41 <\/strong> Difference: <strong>$1.09<\/strong><br \/>If <strong>CTD<\/strong> meets the JP Morgan target it will return approximately <strong> 5%<\/strong> (excluding dividends, fees and charges).<br \/>Current consensus price target is <strong>$25.47<\/strong>, suggesting upside of <strong>18.9%<\/strong>(ex-dividends)<br \/>The company&#039;s fiscal year ends in June.<\/p>\n<p><strong>Forecast for FY22:<\/strong><\/p>\n<blockquote>\n<p>JP Morgan forecasts a full year <strong>FY22<\/strong> dividend of <strong>23.00<\/strong> cents and EPS of <strong>56.00<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>1.07%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>38.23<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>44.4<\/strong>, implying annual growth of <strong>N\/A<\/strong>.<br \/>Current consensus DPS estimate is <strong>13.8<\/strong>, implying a prospective dividend yield of <strong>0.6%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>48.2<\/strong>.<\/p>\n<\/blockquote>\n<p><strong>Forecast for FY23:<\/strong><\/p>\n<blockquote>\n<p>JP Morgan forecasts a full year <strong>FY23<\/strong> dividend of <strong>52.00<\/strong> cents and EPS of <strong>113.00<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>2.43%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>18.95<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>96.5<\/strong>, implying annual growth of <strong>117.3%<\/strong>.<br \/>Current consensus DPS estimate is <strong>43.5<\/strong>, implying a prospective dividend yield of <strong>2.0%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>22.2<\/strong>.<\/p>\n<\/blockquote>\n<p>Market Sentiment: <strong>0.9<\/strong><br \/>All consensus data are updated until yesterday. FNArena&#039;s consensus calculations require a minimum of three sources<\/p>\n<\/p>\n<h2><a name=\"HLO\">HLO<\/a>&nbsp;&nbsp;&nbsp; HELLOWORLD TRAVEL LIMITED<\/h2>\n<p><strong>Travel, Leisure &amp; Tourism &#8211; Overnight Price: $2.36 <\/strong><\/p>\n<p>JP Morgan rates ((HLO)) as Overweight (1) &#8211;<\/p>\n<p>JP Morgan assesses a highly accretive impact from Helloworld Travel&#039;s disposal of its&nbsp;Corporate Travel division. Apart from the $175m sale price, accretion is expected to arise from a reduced risk of equity dilution&nbsp;and management&#039;s ability to&nbsp;redeploy excess capital.<\/p>\n<p>As a result, the target price rises to $2.90 from $2.20. The analyst estimates&nbsp;the transaction will heighten leverage to a recovery in leisure travel,&nbsp;and hence,&nbsp;more potential variability in near-term earnings forecasts.<\/p>\n<p>The Overweight rating is maintained.<\/p>\n<p>This report was published on December 16, 2021.<\/p>\n<p>Target price is <strong>$2.90<\/strong> Current Price is <strong>$2.36 <\/strong> Difference: <strong>$0.54<\/strong><br \/>If <strong>HLO<\/strong> meets the JP Morgan target it will return approximately <strong> 23%<\/strong> (excluding dividends, fees and charges).<br \/>The company&#039;s fiscal year ends in June.<\/p>\n<p><strong>Forecast for FY22:<\/strong><\/p>\n<blockquote>\n<p>JP Morgan forecasts a full year <strong>FY22<\/strong> dividend of <strong>0.00<\/strong> cents and EPS of <strong>minus 15.00<\/strong> cents.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>minus 15.73<\/strong>.<\/p>\n<\/blockquote>\n<p><strong>Forecast for FY23:<\/strong><\/p>\n<blockquote>\n<p>JP Morgan forecasts a full year <strong>FY23<\/strong> dividend of <strong>0.00<\/strong> cents and EPS of <strong>17.00<\/strong> cents.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>13.88<\/strong>.<\/p>\n<\/blockquote>\n<p>Market Sentiment: <strong>0.5<\/strong><br \/>All consensus data are updated until yesterday. FNArena&#039;s consensus calculations require a minimum of three sources<\/p>\n<\/p>\n<h2><a name=\"HLS\">HLS<\/a>&nbsp;&nbsp;&nbsp; HEALIUS LIMITED<\/h2>\n<p><strong>Healthcare services &#8211; Overnight Price: $5.39 <\/strong><\/p>\n<p>Jarden rates ((HLS)) as Overweight (2) &#8211;<\/p>\n<p>Jarden&nbsp;sharply&nbsp;upgrades Sonic Healthcare and&nbsp;Healius&nbsp;((HLS)) earnings&nbsp;in response to recent M&amp;A and&nbsp;covid&nbsp;PCR volumes across Australia, Germany and US (due&nbsp;to surging infections and omicron), and a -15% cut to the Australian PCR reimbursement (the broker had been expecting a -25% cut).<\/p>\n<p>Healius&nbsp;plans to buy Agelix Biolabs for -$301.3m. Jarden says the business should be 1.8% EPS accretive by FY23 and 3.2% by&nbsp;FY24 and considers the acquisition a good fit.<\/p>\n<p>Healius&#039;s EPS forecasts rise 56.2% in FY22, 18.4% in FY22&nbsp;and 6.4% i n FY24. Target price rises to $5.67 from $5.16. Overweight rating retained.<\/p>\n<p>This report was published on December 19, 2021.<\/p>\n<p>Target price is <strong>$5.67<\/strong> Current Price is <strong>$5.39 <\/strong> Difference: <strong>$0.28<\/strong><br \/>If <strong>HLS<\/strong> meets the Jarden target it will return approximately <strong> 5%<\/strong> (excluding dividends, fees and charges).<br \/>Current consensus price target is <strong>$5.42<\/strong>, suggesting upside of <strong>0.5%<\/strong>(ex-dividends)<br \/>The company&#039;s fiscal year ends in June.<\/p>\n<p><strong>Forecast for FY22:<\/strong><\/p>\n<blockquote>\n<p>Jarden forecasts a full year <strong>FY22<\/strong> dividend of <strong>51.90<\/strong> cents and EPS of <strong>84.60<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>9.63%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>6.37<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>53.0<\/strong>, implying annual growth of <strong>531.0%<\/strong>.<br \/>Current consensus DPS estimate is <strong>21.1<\/strong>, implying a prospective dividend yield of <strong>3.9%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>10.2<\/strong>.<\/p>\n<\/blockquote>\n<p><strong>Forecast for FY23:<\/strong><\/p>\n<blockquote>\n<p>Jarden forecasts a full year <strong>FY23<\/strong> dividend of <strong>19.80<\/strong> cents and EPS of <strong>32.60<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>3.67%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>16.53<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>28.9<\/strong>, implying annual growth of <strong>-45.5%<\/strong>.<br \/>Current consensus DPS estimate is <strong>15.4<\/strong>, implying a prospective dividend yield of <strong>2.9%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>18.7<\/strong>.<\/p>\n<\/blockquote>\n<p>Market Sentiment: <strong>0.6<\/strong><br \/>All consensus data are updated until yesterday. FNArena&#039;s consensus calculations require a minimum of three sources<\/p>\n<\/p>\n<h2><a name=\"IGO\">IGO<\/a>&nbsp;&nbsp;&nbsp; IGO LIMITED<\/h2>\n<p><strong>Nickel &#8211; Overnight Price: $11.05 <\/strong><\/p>\n<p>JP Morgan rates ((IGO)) as Overweight (1) &#8211;<\/p>\n<p>Strategists at JP Morgan&nbsp;have upgraded lithium forecasts by 30-70% over 2022-23. While peak prices are expected&nbsp;in 2022-23 as new<br \/>supply emerges, an ongoing deficit is expected to keep prices above historical averages for the foreseeable future.<\/p>\n<p>The broker keeps its Overweight rating for its key pick IGO and increases its target price to $12.30 from $11.60.&nbsp;<\/p>\n<p>In a separate and later report, JP Morgan reviews IGO&#039;s&nbsp;all-cash bid of $3.36\/share for Western Areas ((WSA)). It&#039;s felt&nbsp;some investors may disapprove of the overall dilution of the company&#039;s lithium exposure, via the increased nickel weighting.<\/p>\n<p>The price paid is also considered full by the analyst and the transaction will potentially constrain the company&#039;s ability to pay dividends. The revised target price from the December 15 broker update is unchanged and the&nbsp;Overweight rating is unchanged.<\/p>\n<p>These reports were published on December 15 and December 17, 2021.<\/p>\n<p>Target price is <strong>$12.30<\/strong> Current Price is <strong>$11.05 <\/strong> Difference: <strong>$1.25<\/strong><br \/>If <strong>IGO<\/strong> meets the JP Morgan target it will return approximately <strong> 11%<\/strong> (excluding dividends, fees and charges).<br \/>Current consensus price target is <strong>$9.28<\/strong>, suggesting downside of <strong>-16.1%<\/strong>(ex-dividends)<br \/>The company&#039;s fiscal year ends in June.<\/p>\n<p><strong>Forecast for FY22:<\/strong><\/p>\n<blockquote>\n<p>JP Morgan forecasts a full year <strong>FY22<\/strong> dividend of <strong>9.00<\/strong> cents and EPS of <strong>40.00<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>0.81%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>27.63<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>44.2<\/strong>, implying annual growth of <strong>83.0%<\/strong>.<br \/>Current consensus DPS estimate is <strong>10.7<\/strong>, implying a prospective dividend yield of <strong>1.0%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>25.0<\/strong>.<\/p>\n<\/blockquote>\n<p><strong>Forecast for FY23:<\/strong><\/p>\n<blockquote>\n<p>JP Morgan forecasts a full year <strong>FY23<\/strong> dividend of <strong>40.00<\/strong> cents and EPS of <strong>118.00<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>3.62%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>9.36<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>75.7<\/strong>, implying annual growth of <strong>71.3%<\/strong>.<br \/>Current consensus DPS estimate is <strong>14.8<\/strong>, implying a prospective dividend yield of <strong>1.3%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>14.6<\/strong>.<\/p>\n<\/blockquote>\n<p>Market Sentiment: <strong>0.0<\/strong><br \/>All consensus data are updated until yesterday. FNArena&#039;s consensus calculations require a minimum of three sources<\/p>\n<\/p>\n<h2><a name=\"JLG\">JLG<\/a>&nbsp;&nbsp;&nbsp; JOHNS LYNG GROUP LIMITED<\/h2>\n<p><strong>Building Products &amp; Services &#8211; Overnight Price: $8.43 <\/strong><\/p>\n<p>Moelis rates ((JLG)) as Buy (1) &#8211;<\/p>\n<p>Moelis&nbsp;considers Johns Lyng Group&#039;s US&nbsp;acquisition of Reconstruction Experts for A$200m to be highly accretive, offering an earn-out of up to $81m.<\/p>\n<p>The deal was struck on a multiple of 7.8x and will be funded through a $230m equity raising, comprising a $187m placement at $7 and a $42.5m entitlement offer at $6.80.<\/p>\n<p>Moelis estimates accretion to be 64% and the total addressable market US$100bn.<\/p>\n<p>Combined with a flexible balance sheet and&nbsp;domestic growth from existing panel growth,&nbsp;client wins and strata and facilities management, the broker expects the purchase will contribute to multi-year earnings growth.<\/p>\n<p>Buy rating retained. Target price is $9.78.<\/p>\n<p>This report was published on December 14, 2021.<\/p>\n<p>Target price is <strong>$9.78<\/strong> Current Price is <strong>$8.43 <\/strong> Difference: <strong>$1.35<\/strong><br \/>If <strong>JLG<\/strong> meets the Moelis target it will return approximately <strong> 16%<\/strong> (excluding dividends, fees and charges).<br \/>The company&#039;s fiscal year ends in June.<\/p>\n<p><strong>Forecast for FY22:<\/strong><\/p>\n<blockquote>\n<p>Moelis forecasts a full year <strong>FY22<\/strong> dividend of <strong>7.90<\/strong> cents and EPS of <strong>15.10<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>0.94%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>55.83<\/strong>.<\/p>\n<\/blockquote>\n<p><strong>Forecast for FY23:<\/strong><\/p>\n<blockquote>\n<p>Moelis forecasts a full year <strong>FY23<\/strong> dividend of <strong>109.10<\/strong> cents and EPS of <strong>20.00<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>12.94%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>42.15<\/strong>.<\/p>\n<\/blockquote>\n<p>All consensus data are updated until yesterday. FNArena&#039;s consensus calculations require a minimum of three sources<\/p>\n<\/p>\n<h2><a name=\"LPD\">LPD<\/a>&nbsp;&nbsp;&nbsp; LEPIDICO LIMITED<\/h2>\n<p><strong>New Battery Elements &#8211; Overnight Price: $0.04 <\/strong><\/p>\n<p>Shaw and Partners rates ((LPD)) as Buy (1) &#8211;<\/p>\n<p>Lithium hopeful&nbsp;Lepidico&nbsp;has signed binding offtakes for 100% of its lithium and caesium sulphate production with commodity trader Traxys, which will underpin the company&#039;s debt financing (expected early 2022), reports Shaw &amp; Partners.<\/p>\n<p>The broker has upgraded its lithium price forecasts triggering a 92% and 60% uptick in its earnings (EBITDA) forecasts for FY24 and FY25.<\/p>\n<p>Shaw notes that Lepidico is pioneering an alternative source of lithium which, if successful, would make the target price appear &quot;very conservative&quot;.<\/p>\n<p>Target price rises to 5.7c to 3.1c. Buy, High Risk rating retained.<\/p>\n<p>This report was published on December 17,&nbsp;2021.<\/p>\n<p>Target price is <strong>$0.06<\/strong> Current Price is <strong>$0.04 <\/strong> Difference: <strong>$0.017<\/strong><br \/>If <strong>LPD<\/strong> meets the Shaw and Partners target it will return approximately <strong> 43%<\/strong> (excluding dividends, fees and charges).<br \/>The company&#039;s fiscal year ends in June.<\/p>\n<p><strong>Forecast for FY21:<\/strong><\/p>\n<blockquote>\n<p>Shaw and Partners forecasts a full year <strong>FY21<\/strong> dividend of <strong>0.00<\/strong> cents and EPS of <strong>minus 0.10<\/strong> cents.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>minus 40.00<\/strong>.<\/p>\n<\/blockquote>\n<p><strong>Forecast for FY22:<\/strong><\/p>\n<blockquote>\n<p>Shaw and Partners forecasts a full year <strong>FY22<\/strong> dividend of <strong>0.00<\/strong> cents and EPS of <strong>minus 0.10<\/strong> cents.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>minus 40.00<\/strong>.<\/p>\n<\/blockquote>\n<p>All consensus data are updated until yesterday. FNArena&#039;s consensus calculations require a minimum of three sources<\/p>\n<\/p>\n<h2><a name=\"NAB\">NAB<\/a>&nbsp;&nbsp;&nbsp; NATIONAL AUSTRALIA BANK LIMITED<\/h2>\n<p><strong>Banks &#8211; Overnight Price: $28.54 <\/strong><\/p>\n<p>Bell Potter rates ((NAB)) as Buy (1) &#8211;<\/p>\n<p>Bell Potter counts the pluses and minuses for National Australia Bank&nbsp;after the annual general meeting, and the pluses triumph.<\/p>\n<p>Now Australia&#039;s second largest bank by&nbsp;market capitalisation&nbsp;with a payout ratio approaching its maximum, the 40% progression on returning its capital surplus, and the purchase of Citigroup&#039;s Oz consumer business, all support the broker&#039;s optimism.<\/p>\n<p>Governance and regulatory changes pleased,&nbsp;no big one-offs were reported and the bank&#039;s Business and Private Banking market did well.&nbsp;FY22 and FY23 earnings forecasts inch up 1%. Target price rises to $32 from $31. Buy rating retained.<\/p>\n<p>This report was published on December 17, 2021.<\/p>\n<p>Target price is <strong>$32.00<\/strong> Current Price is <strong>$28.54 <\/strong> Difference: <strong>$3.46<\/strong><br \/>If <strong>NAB<\/strong> meets the Bell Potter target it will return approximately <strong> 12%<\/strong> (excluding dividends, fees and charges).<br \/>Current consensus price target is <strong>$29.47<\/strong>, suggesting upside of <strong>3.2%<\/strong>(ex-dividends)<br \/>The company&#039;s fiscal year ends in September.<\/p>\n<p><strong>Forecast for FY22:<\/strong><\/p>\n<blockquote>\n<p>Bell Potter forecasts a full year <strong>FY22<\/strong> dividend of <strong>133.00<\/strong> cents and EPS of <strong>192.00<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>4.66%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>14.86<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>197.2<\/strong>, implying annual growth of <strong>2.2%<\/strong>.<br \/>Current consensus DPS estimate is <strong>137.2<\/strong>, implying a prospective dividend yield of <strong>4.8%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>14.5<\/strong>.<\/p>\n<\/blockquote>\n<p><strong>Forecast for FY23:<\/strong><\/p>\n<blockquote>\n<p>Bell Potter forecasts a full year <strong>FY23<\/strong> dividend of <strong>135.00<\/strong> cents and EPS of <strong>195.00<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>4.73%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>14.64<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>215.2<\/strong>, implying annual growth of <strong>9.1%<\/strong>.<br \/>Current consensus DPS estimate is <strong>149.3<\/strong>, implying a prospective dividend yield of <strong>5.2%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>13.3<\/strong>.<\/p>\n<\/blockquote>\n<p>Market Sentiment: <strong>0.3<\/strong><br \/>All consensus data are updated until yesterday. FNArena&#039;s consensus calculations require a minimum of three sources<\/p>\n<\/p>\n<h2><a name=\"SEK\">SEK<\/a>&nbsp;&nbsp;&nbsp; SEEK LIMITED<\/h2>\n<p><strong>Jobs &amp; Skilled Labour Services &#8211; Overnight Price: $32.70 <\/strong><\/p>\n<p>Jarden rates ((SEK)) as Initiation of coverage with Overweight (2) &#8211;<\/p>\n<p>Jarden initiates coverage of Seek with an Overweight rating and $40.10 target price, representing a return of 19.2%.<\/p>\n<p>The broker says higher than normal churn and employment challenges are triggering an uptick in advertising volumes, expects upside from each mark to market and that&nbsp;the company&#039;s first-half result will outpace guidance.<\/p>\n<p>Jarden&nbsp;believes the market is underestimating the fund and&nbsp;forecasts strong annual revenue per unit and spies solid offshore potential, although China may prove an investment drain,&nbsp;and a gradual return to pre-covid growth.<\/p>\n<p>This report was published on December 16, 2021.<\/p>\n<p>Target price is <strong>$40.10<\/strong> Current Price is <strong>$32.70 <\/strong> Difference: <strong>$7.4<\/strong><br \/>If <strong>SEK<\/strong> meets the Jarden target it will return approximately <strong> 23%<\/strong> (excluding dividends, fees and charges).<br \/>Current consensus price target is <strong>$35.05<\/strong>, suggesting upside of <strong>7.2%<\/strong>(ex-dividends)<br \/>The company&#039;s fiscal year ends in June.<\/p>\n<p><strong>Forecast for FY22:<\/strong><\/p>\n<blockquote>\n<p>Jarden forecasts a full year <strong>FY22<\/strong> dividend of <strong>45.70<\/strong> cents and EPS of <strong>60.90<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>1.40%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>53.69<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>60.7<\/strong>, implying annual growth of <strong>73.8%<\/strong>.<br \/>Current consensus DPS estimate is <strong>39.6<\/strong>, implying a prospective dividend yield of <strong>1.2%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>53.9<\/strong>.<\/p>\n<\/blockquote>\n<p><strong>Forecast for FY23:<\/strong><\/p>\n<blockquote>\n<p>Jarden forecasts a full year <strong>FY23<\/strong> dividend of <strong>52.60<\/strong> cents and EPS of <strong>70.10<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>1.61%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>46.65<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>69.7<\/strong>, implying annual growth of <strong>14.8%<\/strong>.<br \/>Current consensus DPS estimate is <strong>45.0<\/strong>, implying a prospective dividend yield of <strong>1.4%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>46.9<\/strong>.<\/p>\n<\/blockquote>\n<p>Market Sentiment: <strong>0.4<\/strong><br \/>All consensus data are updated until yesterday. FNArena&#039;s consensus calculations require a minimum of three sources<\/p>\n<\/p>\n<h2><a name=\"SGM\">SGM<\/a>&nbsp;&nbsp;&nbsp; SIMS LIMITED<\/h2>\n<p><strong>Steel &amp; Scrap &#8211; Overnight Price: $15.85 <\/strong><\/p>\n<p>Jarden rates ((SGM)) as Buy (1) &#8211;<\/p>\n<p>Sims continues on the acquisition path, adding US east-coast privately owned&nbsp;Atlantic Recycling Group (which Jarden says appears to be highly profitable) to its shopping cart for US$37m plus working capital adjustments.<\/p>\n<p>The announcement&nbsp;follows hot on the heels of the purchase of&nbsp;Recyclers Australia this month&nbsp;for $18m.&nbsp;<\/p>\n<p>The broker expects smaller players will continue to be snapped up by large listed companies as the circularity theme gains momentum in global steel production.<\/p>\n<p>Jarden says the purchase should strengthen Sims&#039; business in the region, and the two companies appear to have an existing relationship through Sims&#039; global brokerage.<\/p>\n<p>FY22 and FY23 earnings (EBIDTA) estimates rise 0.5% and 0.9%. The broker spies FX risks from the Turkish lira&nbsp;in FY22 and favours FY23. Target price edges up to $17.70 from $17.50. Buy rating retained.<\/p>\n<p>This report was first published on December 16, 2021.<\/p>\n<p>Target price is <strong>$17.70<\/strong> Current Price is <strong>$15.85 <\/strong> Difference: <strong>$1.85<\/strong><br \/>If <strong>SGM<\/strong> meets the Jarden target it will return approximately <strong> 12%<\/strong> (excluding dividends, fees and charges).<br \/>Current consensus price target is <strong>$18.32<\/strong>, suggesting upside of <strong>15.6%<\/strong>(ex-dividends)<br \/>The company&#039;s fiscal year ends in June.<\/p>\n<p><strong>Forecast for FY22:<\/strong><\/p>\n<blockquote>\n<p>Jarden forecasts a full year <strong>FY22<\/strong> dividend of <strong>54.40<\/strong> cents and EPS of <strong>194.40<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>3.43%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>8.15<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>207.9<\/strong>, implying annual growth of <strong>82.2%<\/strong>.<br \/>Current consensus DPS estimate is <strong>57.6<\/strong>, implying a prospective dividend yield of <strong>3.6%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>7.6<\/strong>.<\/p>\n<\/blockquote>\n<p><strong>Forecast for FY23:<\/strong><\/p>\n<blockquote>\n<p>Jarden forecasts a full year <strong>FY23<\/strong> dividend of <strong>53.40<\/strong> cents and EPS of <strong>201.60<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>3.37%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>7.86<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>138.1<\/strong>, implying annual growth of <strong>-33.6%<\/strong>.<br \/>Current consensus DPS estimate is <strong>43.6<\/strong>, implying a prospective dividend yield of <strong>2.8%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>11.5<\/strong>.<\/p>\n<\/blockquote>\n<p>Market Sentiment: <strong>0.7<\/strong><br \/>All consensus data are updated until yesterday. FNArena&#039;s consensus calculations require a minimum of three sources<\/p>\n<\/p>\n<h2><a name=\"SHL\">SHL<\/a>&nbsp;&nbsp;&nbsp; SONIC HEALTHCARE LIMITED<\/h2>\n<p><strong>Healthcare services &#8211; Overnight Price: $45.52 <\/strong><\/p>\n<p>Jarden rates ((SHL)) as Neutral (3) &#8211;<\/p>\n<p>Jarden updates Sonic Healthcare and Healius ((HLS)) in response to recent M&amp;A and covid PCR volumes across Australia, Germany and US (due&nbsp;to surging infections and omicron), and a -15% cut to the Australian PCR reimbursement (the broker had been expecting a -25% cut).<\/p>\n<p>Sonic recently purchased Dallas-based anatomical pathology business&nbsp;ProPath for an undisclosed sum, funded through cash and debt, and management says the acquisition will be immediately EPS accretive, but not material.<\/p>\n<p>EPS forecasts rise 39.6% in FY22, 18.4% in FY23 and 3.5% in FY24.<\/p>\n<p>Neutral rating is retained. Target price slips to $38.64 from $38.77.<\/p>\n<p>This report was published on December 19, 2021.<\/p>\n<p>Target price is <strong>$38.64<\/strong> Current Price is <strong>$45.52 <\/strong> Difference: <strong>minus $6.88<\/strong> (current price is over target).<br \/>If <strong>SHL<\/strong> meets the Jarden target it will return approximately <strong>minus 15%<\/strong> (excluding dividends, fees and charges &#8211; negative figures indicate an expected loss).<br \/>Current consensus price target is <strong>$45.75<\/strong>, suggesting upside of <strong>0.5%<\/strong>(ex-dividends)<br \/>The company&#039;s fiscal year ends in June.<\/p>\n<p><strong>Forecast for FY22:<\/strong><\/p>\n<blockquote>\n<p>Jarden forecasts a full year <strong>FY22<\/strong> dividend of <strong>231.10<\/strong> cents and EPS of <strong>352.50<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>5.08%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>12.91<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>279.5<\/strong>, implying annual growth of <strong>1.5%<\/strong>.<br \/>Current consensus DPS estimate is <strong>107.4<\/strong>, implying a prospective dividend yield of <strong>2.4%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>16.3<\/strong>.<\/p>\n<\/blockquote>\n<p><strong>Forecast for FY23:<\/strong><\/p>\n<blockquote>\n<p>Jarden forecasts a full year <strong>FY23<\/strong> dividend of <strong>126.40<\/strong> cents and EPS of <strong>192.80<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>2.78%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>23.61<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>176.8<\/strong>, implying annual growth of <strong>-36.7%<\/strong>.<br \/>Current consensus DPS estimate is <strong>113.4<\/strong>, implying a prospective dividend yield of <strong>2.5%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>25.7<\/strong>.<\/p>\n<\/blockquote>\n<p>Market Sentiment: <strong>0.5<\/strong><br \/>All consensus data are updated until yesterday. FNArena&#039;s consensus calculations require a minimum of three sources<\/p>\n<\/p>\n<h2><a name=\"TCL\">TCL<\/a>&nbsp;&nbsp;&nbsp; TRANSURBAN GROUP LIMITED<\/h2>\n<p><strong>Infrastructure &amp; Utilities &#8211; Overnight Price: $13.66 <\/strong><\/p>\n<p>Jarden rates ((TCL)) as Neutral (3) &#8211;<\/p>\n<p>Transurban Group have settled with the D&amp;C subcontractor and the Victorian State Government over the $3.4bn West Gate Tunnel cost overruns, without resorting to expensive legal action, and a completion date of 2025 was agreed.<\/p>\n<p>The bill will be split evenly between Transurban and the government, Transurban paying an adidtional $300m pertaining to insurance costs, site activation and project management costs. Transurban will not have to bear the cost of any&nbsp;covid overruns.<\/p>\n<p>Jarden says the good news is work on Westgate will continue.&nbsp;<\/p>\n<p>Neutral rating retained. Target price rises to $13.90 from $13.50, given Jarden had been expecting a higher cost.&nbsp;<\/p>\n<p>This report was published on December17, 2021.<\/p>\n<p>Target price is <strong>$13.90<\/strong> Current Price is <strong>$13.66 <\/strong> Difference: <strong>$0.24<\/strong><br \/>If <strong>TCL<\/strong> meets the Jarden target it will return approximately <strong> 2%<\/strong> (excluding dividends, fees and charges).<br \/>Current consensus price target is <strong>$14.78<\/strong>, suggesting upside of <strong>8.2%<\/strong>(ex-dividends)<br \/>The company&#039;s fiscal year ends in June.<\/p>\n<p><strong>Forecast for FY22:<\/strong><\/p>\n<blockquote>\n<p>Jarden forecasts a full year <strong>FY22<\/strong> dividend of <strong>41.10<\/strong> cents and EPS of <strong>4.40<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>3.01%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>310.45<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>8.5<\/strong>, implying annual growth of <strong>N\/A<\/strong>.<br \/>Current consensus DPS estimate is <strong>41.3<\/strong>, implying a prospective dividend yield of <strong>3.0%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>160.7<\/strong>.<\/p>\n<\/blockquote>\n<p><strong>Forecast for FY23:<\/strong><\/p>\n<blockquote>\n<p>Jarden forecasts a full year <strong>FY23<\/strong> dividend of <strong>58.70<\/strong> cents and EPS of <strong>26.80<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>4.30%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>50.97<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>21.6<\/strong>, implying annual growth of <strong>154.1%<\/strong>.<br \/>Current consensus DPS estimate is <strong>59.5<\/strong>, implying a prospective dividend yield of <strong>4.4%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>63.2<\/strong>.<\/p>\n<\/blockquote>\n<p>Market Sentiment: <strong>0.7<\/strong><br \/>All consensus data are updated until yesterday. FNArena&#039;s consensus calculations require a minimum of three sources<\/p>\n<\/p>\n<h2><a name=\"UNI\">UNI<\/a>&nbsp;&nbsp;&nbsp; UNIVERSAL STORE HOLDINGS LIMITED<\/h2>\n<p><strong>Apparel &amp; Footwear &#8211; Overnight Price: $6.81 <\/strong><\/p>\n<p>Jarden rates ((UNI)) as Initiation of coverage with Neutral (3) &#8211;<\/p>\n<p>Jarden initiates coverage of Universal Store Holdings with an $8 target price and Neutral rating, implying an 18.4% total shareholder&nbsp;return.<\/p>\n<p>The broker admires the company&#039;s strong supply chain management and geographic&nbsp;exposure, which have helped it out-compete peers during covid, and says the company has the largest store growth pipeline in Jarden&#039;s apparel industry coverage.<\/p>\n<p>Jarden pegs an&nbsp;EPS compound annual growth rate of 26%&nbsp;to FY25.<\/p>\n<p>The broker is confident on the company&#039;s outlook but sits about -10% below consensus out to FY24, expecting lower sales and slightly higher costs, and foresees&nbsp;an&nbsp;earnings miss. Jarden favours&nbsp;Accent Group ((AX1)).<\/p>\n<p>This report was published on December 15, 2021.<\/p>\n<p>Target price is <strong>$8.00<\/strong> Current Price is <strong>$6.81 <\/strong> Difference: <strong>$1.19<\/strong><br \/>If <strong>UNI<\/strong> meets the Jarden target it will return approximately <strong> 17%<\/strong> (excluding dividends, fees and charges).<br \/>Current consensus price target is <strong>$8.83<\/strong>, suggesting upside of <strong>29.7%<\/strong>(ex-dividends)<br \/>The company&#039;s fiscal year ends in June.<\/p>\n<p><strong>Forecast for FY22:<\/strong><\/p>\n<blockquote>\n<p>Jarden forecasts a full year <strong>FY22<\/strong> dividend of <strong>17.00<\/strong> cents and EPS of <strong>26.40<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>2.50%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>25.80<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>29.9<\/strong>, implying annual growth of <strong>-10.2%<\/strong>.<br \/>Current consensus DPS estimate is <strong>10.5<\/strong>, implying a prospective dividend yield of <strong>1.5%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>22.8<\/strong>.<\/p>\n<\/blockquote>\n<p><strong>Forecast for FY23:<\/strong><\/p>\n<blockquote>\n<p>Jarden forecasts a full year <strong>FY23<\/strong> dividend of <strong>26.00<\/strong> cents and EPS of <strong>41.00<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>3.82%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>16.61<\/strong>.<\/p>\n<p>How do these forecasts compare to market consensus projections?<\/p>\n<p>Current consensus EPS estimate is <strong>44.6<\/strong>, implying annual growth of <strong>49.2%<\/strong>.<br \/>Current consensus DPS estimate is <strong>16.5<\/strong>, implying a prospective dividend yield of <strong>2.4%<\/strong>.<br \/>Current consensus EPS estimate suggests the PER is <strong>15.3<\/strong>.<\/p>\n<\/blockquote>\n<p>Market Sentiment: <strong>1.0<\/strong><br \/>All consensus data are updated until yesterday. FNArena&#039;s consensus calculations require a minimum of three sources<\/p>\n<\/p>\n<h2><a name=\"UWL\">UWL<\/a>&nbsp;&nbsp;&nbsp; UNITI GROUP LIMITED<\/h2>\n<p><strong>Telecommunication &#8211; Overnight Price: $4.40 <\/strong><\/p>\n<p>Bell Potter rates ((UWL)) as Downgrade to Hold from Buy (3) &#8211;<\/p>\n<p>Bell Potter upgrades Uniti Group&#039;s target price to $4.75 from $4.50 to account for market movements and time creep; and raises the valuation multiple to 22x from 20x to reflect Aussie Broadband&#039;s strong share-price performance; and a sharp forecast&nbsp;first-half debt reduction and\/or the start of the share buyback.<\/p>\n<p>But the broker downgrades to Hold from Buy to reflect a low 2% expected return.<\/p>\n<p>This report was published on December 17, 2021.<\/p>\n<p>Target price is <strong>$4.75<\/strong> Current Price is <strong>$4.40 <\/strong> Difference: <strong>$0.35<\/strong><br \/>If <strong>UWL<\/strong> meets the Bell Potter target it will return approximately <strong> 8%<\/strong> (excluding dividends, fees and charges).<br \/>The company&#039;s fiscal year ends in June.<\/p>\n<p><strong>Forecast for FY22:<\/strong><\/p>\n<blockquote>\n<p>Bell Potter forecasts a full year <strong>FY22<\/strong> dividend of <strong>0.00<\/strong> cents and EPS of <strong>11.20<\/strong> cents.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>39.29<\/strong>.<\/p>\n<\/blockquote>\n<p><strong>Forecast for FY23:<\/strong><\/p>\n<blockquote>\n<p>Bell Potter forecasts a full year <strong>FY23<\/strong> dividend of <strong>1.50<\/strong> cents and EPS of <strong>13.40<\/strong> cents.<br \/>At the last closing share price the estimated dividend yield is <strong>0.34%<\/strong>.<br \/>At the last closing share price the stock&#039;s estimated Price to Earnings Ratio (PER) is <strong>32.84<\/strong>.<\/p>\n<\/blockquote>\n<p>Market Sentiment: <strong>0.3<\/strong><br \/>All consensus data are updated until yesterday. FNArena&#039;s consensus calculations require a minimum of three sources<\/p>\n<\/p>\n<hr \/>\n<p><strong>Disclaimer:<\/strong><br \/>The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don&#039;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<p><span style=\"color:#444444\"><span style=\"font-family:arial,sans-serif\"><span style=\"font-size:10.0pt\">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<p><span style=\"color:#444444\"><span style=\"font-family:arial,sans-serif\"><span style=\"font-size:10.0pt\">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. 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