Best calls to action – Monday, 27 February

About the author:

Andrew Tang
Author name:
By Andrew Tang
Job title:
Analyst - Equity Strategy
Date posted:
27 February 2023, 6:00 AM
Sectors Covered:
Equity Strategy and Quant

Mineral Resources (ASX:MIN) - JV restructure adds real value

MIN reported softer 1H23 earnings and the completion of the MARBL JV restructure, for a net positive increase in our valuation to A$102ps. 1H23 was a miss vs consensus, but it was an impressive jump in earnings vs pcp.

Meanwhile, on balance the 1H23 result was in line with our estimates on EBITDA and operating cash flow, while trailing on NPAT. We maintain our ADD rating on MIN, with a (login to view) target price.

Read our full reports and latest price targets on ASX:MIN here.

Jumbo Interactive (ASX:JIN) - 1H23 earnings: Pulling the levers

Underlying EBITDA was $30.4m, up 7% on the pcp, but 5% lower than our forecast.

We have lowered our EBITDA estimates by 2% in both FY23 and FY24. We retain an Add rating with a reduced target price of (login to view).

Read our full reports and latest price targets on ASX:JIN here.

Generation Dev Group (ASX:GDG) - Navigating a tougher half

GDG's 1H23 group underlying NPAT of A$2.93m was +3% on the pcp, but 12% below MorgansE (A$3.34m). Overall, 1H23 saw a tougher environment for GDG, with its Investment Bond (IB) business impacted by lower average FUM growth, due to volatile markets, a tougher sales/outflow environment, and higher expenses.

Pleasingly though, the company still delivered 10% IB AUM growth highlighting the compounding nature of this business, while Lonsec's performance continues to impress. We downgrade GDG FY23F/FY24F EPS by 3%-6% mainly on higher expected costs linked to the Lifetime annuity build-out.

Our target price is reduced marginally to (login to view). ADD maintained.

Read our full reports and latest price targets on ASX:GDG here.

Find out more

You can find further detailed analysis of company results this reporting season by browsing our reporting season tag, and view a full list of upcoming results on our Reporting Season Calendar.

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Disclaimer: Analyst may own shares. The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents (“Morgans”) do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so.

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