Australian Broker Call *Extra* Edition – Jun 21, 2022 – Smat News

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Daily Market Reports | 10:02 AM

An additional news report on the recommendation, valuation, forecast and opinion changes for ASX-listed equities.

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.

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.

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.

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.

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.

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.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

ASB   AUB   BUB   GDG   GUD   IMM   LDX   NIC   PAR   RDY   SDF  

AUB    AUB GROUP LIMITED

Diversified Financials – Overnight Price: $16.42

Jarden rates ((AUB)) as Buy (1) –

AUB Group is now Jarden’s preference over Steadfast Group ((SDF)) and insurance brokers are expected to benefit from sustained tailwinds and insulated margins. Moreover, the sell-off in the stock post the Tysers acquisition has extended its underperformance.

With over 85% of the broking gross written premium (GWP) driven by commercial insurance, where revenue is predominantly related to commissions, the outlook for these classes of insurance is key, the broker points out.

In addition to lifting organic GWP growth estimates for FY23, costs are also forecast to grow and the target is lowered to $27.45 from $31.70. By rating maintained.

This report was published on June 17, 2022.

Target price is $27.45 Current Price is $16.42 Difference: $11.03
If AUB meets the Jarden target it will return approximately 67% (excluding dividends, fees and charges).
Current consensus price target is $25.76, suggesting upside of 56.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 59.30 cents and EPS of 95.90 cents.
At the last closing share price the estimated dividend yield is 3.61%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 91.8, implying annual growth of -1.4%.
Current consensus DPS estimate is 59.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 17.9.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 76.20 cents and EPS of 126.70 cents.
At the last closing share price the estimated dividend yield is 4.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 103.7, implying annual growth of 13.0%.
Current consensus DPS estimate is 61.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 15.8.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

BUB    BUBS AUSTRALIA LIMITED

Dairy – Overnight Price: $0.61

Bell Potter rates ((BUB)) as Speculative Hold (3) –

Updated FY22 guidance has gross revenue forecast to exceed $100m and underlying EBITDA to be at least double the first half. At first glance, the guidance is softer than Bell Potter previously estimated and, therefore, probably includes some conservatism.

In recent weeks Bubs Australia has reached agreements with Walmart, Kroger and Albertsons for additional deliveries of infant formula product into the USA.

While upgrading net revenue forecasts by 6-10%, the broker downgrades margin assumptions, resulting in EBITDA downgrades of -19%. A Speculative Hold rating is maintained. Target is $0.75.

This report was published on June 17, 2022.

Target price is $0.75 Current Price is $0.61 Difference: $0.14
If BUB meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 610.00.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $1.26

Shaw and Partners rates ((GDG)) as Initiation of coverage with Buy (1) –

Shaw and Partners initiates coverage of Generation Development with a Buy rating and $1.80 target. The broker notes the company has spent two years developing its lifetime annuity product which was launched in March 2022.

Significant uptake and penetration is expected, given the company’s vast adviser base across investment bonds and distinct product advantages, which include greater investment options and higher upfront returns.

The broker also believes the company has the potential to overtake Australian Unity as the number one provider of investment bonds.

This report was published on June 20, 2022.

Target price is $1.80 Current Price is $1.26 Difference: $0.54
If GDG meets the Shaw and Partners target it will return approximately 43% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 2.00 cents and EPS of 1.10 cents.
At the last closing share price the estimated dividend yield is 1.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 114.55.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 2.00 cents and EPS of 1.70 cents.
At the last closing share price the estimated dividend yield is 1.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 74.12.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources


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