Just got this in an email ...
Wed, 22 June at 9:44 amWednesday, 22 June 2022
CRN - CORONADO GLOBAL RESOURCES INC
Credit Suisse rates CRN as Outperform (1) - Queensland's government has a new royalties scheme effective from July1 2022. This applies a 20% royalty for coal prices that are over $175/t, 30% for prices over $225/t and 40% for over $300/t.
Credit Suisse understands the royalties calculation will be based on Coronado Global Resources' weighted average realised prices at Curragh. As a result the broker trims its target to $ 3.00 from $3.40.
The share price has been declining following the announcement and the broker believes the associated valuation impact has largely been incorporated while yields remain attractive. Outperform maintained.
Target price is $3.00 Current Price is $1.53 Difference: $1.47 If CRN meets the Credit Suisse target it will return approximately 96% (excluding dividends, fees and charges). Current consensus price target is $3.06, suggesting upside of 99.8%(ex-dividends)The company's fiscal year ends in December.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 71.63 cents and EPS of 85.49 cents . At the last closing share price the estimated dividend yield is 46.82%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1.79. How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 97.4, implying annual growth of N/A. Current consensus DPS estimate is 58.9, implying a prospective dividend yield of 38.5%. Current consensus EPS estimate suggests the PER is 1.6.
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 62.20 cents and EPS of 73.69 cents . At the last closing share price the estimated dividend yield is 40.65%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.08. How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 55.0, implying annual growth of -43.5%. Current consensus DPS estimate is 40.8, implying a prospective dividend yield of 26.7%. Current consensus EPS estimate suggests the PER is 2.8.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.Market Sentiment: 1.0All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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