Australian Broker Call

Ord Minnett rates AGL as Buy (1) -

In an initial review of AGL Energy's FY22 results, Ord Minnett notes a mixed outcome with underlying earnings below its forecast and that of consensus, though net debt and the dividend were positive surprises. The $10.60 target and Buy rating are unchanged.

The broker doesn't expect much change to the consensus forecast. Management doesn't anticipate substantial earnings growth until FY24, as hedge contracts start to roll off.

The analyst points to a strong performance by the gas portfolio, with margins flat on the previous corresponding period, despite higher procurement costs.

Margins in the electricity portfolio were -9% adrift of Ord Minnett 's forecast on low generator availability in the June quarter.

Target price is $10.60 Current Price is $8.16 Difference: $2.44
If AGL meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $9.76, suggesting upside of 24.5% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates AGL as Neutral (3) -

Upon initial review, UBS assesses a soft FY22 result for AGL Energy with profit at the lower end of guidance and earnings (EBITDA) below guidance. FY23 guidance will be provided after management completes a strategic review at the end of September.

Second half underlying profit was a miss versus the broker's forecast and consensus, largely from a lower D&A expense and lower earnings from electricity. The 2H dividend of 10cps compared to the consensus expectation for 11.9cps.

The broker feels that while investors will likely focus on management's reiterated commentary that FY23 is largely hedged, with an earnings recovery in prospect from FY24, consensus estimates may fall in the interim.

Target price is $8.35 Current Price is $8.16 Difference: $0.19
If AGL meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $9.76, suggesting upside of 24.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates AIA as Downgrade to Sell from Neutral (5) -

While Auckland International Airport delivered a beat with its full year results, the company's FY23 net profit guidance has disappointed Citi's expectations -32%, and consensus forecasts -47%, underpinned by what the broker finds conservative passenger assumptions.

While better passenger recovery could allow some upside to guidance, the broker notes rising operational costs, higher interest and lower retail costs all look likely to drag on earnings, and predicts downgrades to forecasts across the market.

The rating is downgraded to Sell from Neutral and the target price decreases to NZ$7.24 from NZ$7.55.

Current Price is $6.90. Target price not assessed.

Current consensus price target is $7.50, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates AIA as Outperform (1) -

FY22 results were slightly ahead of guidance and Macquarie's estimates. There was no dividend. Border closures and domestic lockdowns affected the results and activity only rebounded in the final quarter.

Auckland International Airport's FY23 guidance for net profit of NZ$50-100m is in line with Macquarie's expectations and supported by forecast passenger levels.

Outperform rating and NZ$8.57 target.

Current Price is $6.90. Target price not assessed.

Current consensus price target is $7.50, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates AIA as Overweight (1) -

FY22 earnings were generally in line with expectations, with the net loss of -NZ$12m an improvement on FY21's -NZ$42m. Morgan Stanley assesses the FY22 result was most likely the low point of the pandemic and FY23 guidance for net profit of NZ$50-100m is "prudently conservative".

Auckland International Airport's medium-term capital expenditure plans of NZ$600-700 bn per annum welcomed by the broker.

Morgan Stanley forecasts a resumption of dividends in the second half of FY23 if all goes to plan. Overweight retained. Target is reduced to NZ$7.97 from NZ$8.08. Industry view: Cautious.

Current Price is $6.90. Target price not assessed.

Current consensus price target is $7.50, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates AMC as Neutral (3) -

Following Amcor's result Credit Suisse has slightly fiddled its earnings forecasts but kept its target unchanged at $17.85. FY23 guidance fell a little short of the broker and does not include Russia/Ukraine, forex or higher interest expense.

FY23 free cash flow guidance also came in light. Inventory is no longer expected to be a major drag but the guided increase in capex and muted earnings growth dragged on the broker's projection.

Credit Suisse assumes a greater proportion of share buy backs over dividends given the increased ownership of US investors. Neutral retained. Target $17.85 (unchanged).

Target price is $17.85 Current Price is $18.55 Difference: minus $0.7 (current price is over target).
If AMC meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.68, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates AMC as Downgrade to Neutral from Outperform (3) -

Further to the results, Macquarie downgrades to Neutral from Outperform as the stock is now trading close to its target, steady at $19. Amcor is guiding for 3-8% growth in earnings per share in FY23 and is trading at a 16% PE premium to global peers.

The outlook remains positive, the broker adds, and defensive growth characteristics continue to be attractive.

Target price is $19.00 Current Price is $18.55 Difference: $0.45
If AMC meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $18.68, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates AMC as Equal-weight (3) -

Morgan Stanley assesses the Amcor result was solid and in line with expectations. FX, interest rates and the exit from Russia will weigh on FY23 growth and the broker points out this is in keeping with the rationale for its recent downgrade to Equal-weight.

The broker highlights the company's success in offsetting raw material pressures with price initiatives. Similar free cash flow of US$1-1.1bn is expected in FY23 and US$400m in share buybacks is also anticipated. Target is $17.50. Industry view: In Line.

Target price is $17.50 Current Price is $18.55 Difference: minus $1.05 (current price is over target).
If AMC meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.68, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates AMC as Downgrade to Hold from Add (3) -

Following FY22 results for Amcor, Morgans upgrades its FY23 underlying EPS forecast by 1% and raises its target to $18.75 from $18.60. The rating falls to Hold from Add, due to a 5% forecast for the 12-month total shareholder return.

The analyst highlights price/mix was favourable in the Flexibles and Rigid Plastics divisions, due to a stronger focus on higher-value segments.

FY23 guidance is for constant currency underlying EPS growth of 1-6%, compared to the broker's 4% forecast. Guidance includes a -4%  impact from higher interest costs and a -2% drag from the decision to exit operations in Russia.

Management announced a US$400m share buyback (US$600m in FY22).

Target price is $18.75 Current Price is $18.55 Difference: $0.2
If AMC meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $18.68, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates AMC as Accumulate (2) -

With Amcor reporting full year net profit of US$1.22bn, Ord Minnett highlighted the Flexibles division as a result highlight, supported by both 11% price rises and a favourable mix.

The Rigids division was less positive, missing the broker's estimates, but Ord Minnett notes positive momentum exiting the year should position the division well for a stronger result in the coming year.

The broker highlights earnings momentum, defensive earnings profile, share price support from the company's buyback, and a relatively cheap valuation have informed the retained Accumulate rating. The target price increases to $18.95 from $18.60.

Target price is $18.95 Current Price is $18.55 Difference: $0.4
If AMC meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $18.68, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates APX as Downgrade to Sell from Neutral (5) -

While Citi was not surprised by Appen's ad-related revenue declining -8% year-on-year in the first half, the broker noted a -7% decline in non-ad related revenue and a -52% decline in Global Product revenue were both less expected.

The broker is predicting Appen's Global Services segment revenue to decline -10% year-on-year in the second half, but with the company's largest customers, Google and Facebook, both indicating slowing headcount growth and investment, notes downside risk.

Citi finds Appen's step up in technology platform and go-to-market strategy investment as the right move to reduce exposure to Big Tech. The broker expects no dividend to be paid in the second half, and reduces the dividend ratio to 15%.

The rating is downgraded to Sell from Neutral and the target price decreases to $4.40 from $6.60.

Target price is $4.40 Current Price is $4.47 Difference: minus $0.07 (current price is over target).
If APX meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.97, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates ASX as Neutral (3) -

Acting on further detail provided by ASX, Citi has lowered its net interest income expectations, factored in higher cost and capital expenditure guidance, and accounted for a new issuer services pricing model. 

Earnings per share forecasts decline -4% in FY23 and FY24, with Citi noting the stock continues to look expensive. 

The Neutral rating is retained and the target price decreases to $83.40 from $86.70.

Target price is $83.40 Current Price is $81.27 Difference: $2.13
If ASX meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $81.29, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates ASX as Neutral (3) -

Credit Suisse suggests ASX delivered a clean FY22 result, up 6% year on year and in line with expectations, showcasing the
dependability, diversity and consistency of ASX's earnings and growth profile through volatile markets.

Increased expense and capex guidance was nevertheless disappointing, leading the broker to cut its target to $80 from $85.

With valuation full relative to the market, and activity levels in early FY23 showing signs of a slowdown, the broker retains Neutral.

Target price is $80.00 Current Price is $81.27 Difference: minus $1.27 (current price is over target).
If ASX meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $81.29, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates ASX as Outperform (1) -

FY22 results were in line with expectations while FY23 guidance for operating expenditure growth of 10-12% and capital expenditure of $115-125m are higher than expected.

Listings have benefited from higher annual listing revenues and supported by a recovery in market capitalisation. Strong equities trading activity is partially offset by lower futures volumes.

All up, Macquarie suggests ASX should provide safety in a troubled economic environment. Outperform maintained. Target rises to $93 from $92.

Target price is $93.00 Current Price is $81.27 Difference: $11.73
If ASX meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $81.29, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates ASX as Equal-weight (3) -

The ASX's FY23 capital expenditure guidance of $115-125m is ahead of Morgan Stanley's forecasts, suggesting higher cost growth will occur for longer in order to deliver the new CHESS platform.

Net profit and dividends were in line in FY22 while EBITDA was slightly ahead of estimates.

Morgan Stanley considers the valuation stretched and retains an Equal-weight rating, reducing the target to $80.20 from $80.50. Industry view: Attractive.

Target price is $80.20 Current Price is $81.27 Difference: minus $1.07 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $81.29, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates ASX as Upgrade to Hold from Reduce (3) -

Morgans upgrades its rating for ASX to Hold from Reduce after a recent share price retracement and FY22 results showing top-line growth across all business units. The target is increased to $76.90 from $74.05 on the result and less conservatism for forecast revenue.

The analyst cautions about elevated risks in the near-term surrounding current large-scale technology projects. Guidance was for double digit expense growth in FY23 and a circa 14% increase in capex.

Target price is $76.90 Current Price is $81.27 Difference: minus $4.37 (current price is over target).
If ASX meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $81.29, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates ASX as Sell (5) -

UBS refreshes forecasts for ASX, reducing estimates for FY23 in FY24 largely because of higher costs.

Given an extended timeframe for CHESS delivery and associated internal and external expenditure costs, capital expenditure is expected to remain elevated into the first half of FY25.

Further, EBITDA margin declines are expected over the next two years, levelling out at 69%. Sell rating maintained. Target is reduced to $73 from $75.

Target price is $73.00 Current Price is $81.27 Difference: minus $8.27 (current price is over target).
If ASX meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $81.29, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates BKL as Upgrade to Outperform from Neutral (1) -

Blackmores' result missed Credit Suisse on out-of-stocks in Australia, China lockdowns, restoration of incentive payments and difficult to measure inflationary pressure.

But the broker upgrades to Outperform on the basis that upside risk is greater than downside, suggesting that through price
increases and cost savings, Blackmores has the chance to pull growth forward.

One key challenge in FY23 is the company will be cycling tough covid comparables for immunity products, particularly in Indonesia in the September quarter. Target unchanged at $90.

Target price is $90.00 Current Price is $73.19 Difference: $16.81
If BKL meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $78.91, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates BKL as Neutral (3) -

FY22 results were in line with Macquarie's expectations. Comparable sales growth of 13% and operating discipline contributed to EBIT growth of 19%, to $57m. Growth occurred across all three brands and all markets for the first time in four years.

Blackmores continues to execute on its strategic and commercial plans, reconfirming -$55m in annualised cost savings by FY23. Macquarie retains a Neutral rating and cuts the target to $78 from $83.

Target price is $78.00 Current Price is $73.19 Difference: $4.81
If BKL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $78.91, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates BKL as Hold (3) -

FY22 results for Blackmores beat Morgans earnings (EBIT) forecast on lower depreciation and amortisation expenses though was in line with the consensus estimate.

Management's outlook comments were considered rightfully cautious by the analyst, with no reiteration of FY24 growth targets. The Hold rating is retained due to currently high multiples, while the target rises to $73.40 from $70.50.

The company noted there are early signs that conditions are improving in China, with supply chains normalising.

Target price is $73.40 Current Price is $73.19 Difference: $0.21
If BKL meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $78.91, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates BLX as Downgrade to Neutral from Buy (3) -

While Beacon Lighting continues to execute on its emerging trade business, Citi is concerned about the company's ability to offset a likely slowdown in its larger retail business over the second half of FY23.

The broker predicts the impacts of rising rates on the housing cycle will be felt more in the second half of FY23, and will challenge Beacon Lighting in the medium-term.

Having reported flat margin growth in the second half of FY22, Citi is predicting Beacon Lighting will suffer a -40 basis point decline in the coming year, driven by a declining Australian dollar, higher freight costs and growth in the lower margin trade segment.

The rating is downgraded to Neutral from Buy and the target price decreases to $2.53 from $3.00.

Target price is $2.53 Current Price is $2.38 Difference: $0.15
If BLX meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates BLX as Add (1) -

Following FY22 results, Morgans assesses growth in Beacon Lighting's Trade and International divisions will outweigh the twin impact from rising interest rates and falling property values. Higher sales are expected in FY23, the target rises to $2.60 from $2.50. Add.

FY22 profit was a 15% beat versus the broker's forecast, largely due to higher sales and margins. 

Gross margins were 70bps higher than forecast and rose 50bps year-on-year, due to strong demand for premium range products, reduced discounting and better purchasing, explains the analyst.

Target price is $2.60 Current Price is $2.38 Difference: $0.22
If BLX meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates BXB as Underweight (5) -

Morgan Stanley believes Brambles is managing inflation better than previously expected, but is unlikely to outperform until there is moderation in costs.

The stock is trading at 19x FY23 estimates and therefore Amcor ((AMC)) is the preferred consumer-defensive exposure because of superior cash flows and dividend yield.

Underweight maintained. Target is raised to $11.80 from $10.20. Industry View: In-Line.

Target price is $11.80 Current Price is $12.84 Difference: minus $1.04 (current price is over target).
If BXB meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.24, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates CDA as Outperform (1) -

Macquarie found the FY22 results mixed, with revenue & EBITDA below expectations and net profit ahead. No specific guidance was provided by Codan

The broker notes the run rate in the detector segment was consistent moving into the first half of FY23 while communications had good momentum and a strong order book should underpin double-digit growth in FY23.

Macquarie reiterates an Outperform rating and reduces the target to $9.75 from $11.60.

Target price is $9.75 Current Price is $7.96 Difference: $1.79
If CDA meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates COH as Neutral (3) -

Macquarie, upon initial glance, comments Cochlear's FY22 financials seem to have slightly missed consensus, while slightly beating Macquarie's forecast.

EBIT and net profit felt the impact from higher operational expenses (opex), on the broker's quick analysis.

FY23 guidance equally looks slightly below expectations.

The one missing ingredient, and an important one, is the pending launch of the Nucleus 8 and the broker will keep a keen ear for more details when talking to company management later today.

Neutral. Target $197.

Target price is $197.00 Current Price is $214.20 Difference: minus $17.2 (current price is over target).
If COH meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $220.08, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates COL as Neutral (3) -

Ahead of Coles' earnings result Credit Suisse has increased earnings forecasts and its target to $19.02 from $18.81, claiming more certainty in its assumptions for Coles than for Woolworths ((WOW)).

Neutral retained.

Target price is $19.02 Current Price is $19.38 Difference: minus $0.36 (current price is over target).
If COL meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.35, suggesting upside of 0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates CTD as Neutral (3) -

While Citi finds Corporate Travel Management well positioned for further recovery, the broker notes domestic and international airline capacities and a restrictive environment in the coming year look to drag on company growth.

This supports the broker's outlook for limited earnings growth near-term, but a more optimistic FY24 should conditions normalise. The broker noted 74% recovery in June was a positive, and a sign of further recovery ahead.

The Neutral rating is retained and the target price decreases to $23.14 from $24.09.

Target price is $23.14 Current Price is $20.66 Difference: $2.48
If CTD meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $24.06, suggesting upside of 19.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates CVN as Outperform (1) -

A final decision on Dorado has been delayed amid cost inflation and concerns over the FPSO build in Singapore. Macquarie considers the delay sensible and expects cost pressures could subside in 2023.

Carnarvon Energy's partner, Santos ((STO)), now wants the gas phase to develop along with oil. This has not been Carnarvon Energy's preferred option but to Macquarie now appears to be the reality.

Both will need to agree on gas transfer pricing/tolling terms, adding more complexity. Outperform rating retained. Target is reduced to $0.24 from $0.30.

Target price is $0.24 Current Price is $0.16 Difference: $0.08
If CVN meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates CWY as Neutral (3) -

UBS assesses an in-line FY22 result for Cleanaway Waste Management in a first appraisal of today's announcement. A FY22 final dividend of 2.45cps exceeded the broker's 2.2cps forecast.

The company also announced the acquisition of composting business GRL, which UBS notes is accretive. The acquisition is also considered sensible (in line with strategy) though adds additional challenges at a time of increased operational complexity.

FY23 earnings (EBITDA) guidance was also in line with both the analyst's and the consensus forecast, though there was higher-than-expected D&A guidance.

The Neutral rating and $2.95 target are unchanged.

Target price is $2.95 Current Price is $2.71 Difference: $0.24
If CWY meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.05, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates DOW as Hold (3) -

While Downer EDI's net profit of $225.3m and group earnings of $399.2m were down -13.7% and -15% year-on-year respectively, earnings did beat Ord Minnett's forecasts by 7%.

Ord Minnett encouraged investors to consider the result in context of the short-term challenges the company has faced in the last year. Segmentally, the broker notes both the transport and facilities divisions reported strong revenue growth, while utilities declined -6%. 

The broker expects all three divisions will return to more sustainable growth in the coming year. The Hold rating is retained and the target price increases to $6.10 from $5.70.

Target price is $6.10 Current Price is $5.43 Difference: $0.67
If DOW meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.12, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates DRR as Neutral (3) -

Deterra Royalties delivered an earnings beat to both Citi and consensus forecasts with its full year result of $256.8m, supported by the Mining Area C ramp up being ahead of schedule. 

The broker notes the stock has thus far proved defensive to iron ore price movements, with the stock lifting 2.8% over six months as benchmark pricing declined -22.0%, and lifting 14% in the last month as iron ore rose 5%. 

Despite positives, the broker notes the stock offered better risk-reward in mid-July. The Neutral rating is retained and the target price decreases to $4.80 from $5.10.

Target price is $4.80 Current Price is $4.58 Difference: $0.22
If DRR meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.94, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates DRR as Outperform (1) -

Deterra Royalties had pre-released earnings and dividend numbers so no surprises. Despite the subsequent conference call only focusing on M&A, there wasn’t much to take away, Credit Suisse suggests.

Deterra has evaluated a number of opportunities but hasn’t been able to get there on value and was not willing to disclose what a value accretive transaction potentially looks like.

Outperform and $5.00 target retained.

Target price is $5.00 Current Price is $4.58 Difference: $0.42
If DRR meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.94, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates DRR as Outperform (1) -

Macquarie observes Deterra Royalties has benefited from the ramp up of South Flank as well as iron ore prices and the ongoing ramp up remains a key catalyst.

The spot price scenario for iron ore is largely in line with expectations over FY23 and FY24 and the broker assesses free cash flow and dividend yields at spot prices will remain above 7% from FY23 onwards.

Macquarie retains an Outperform rating and an unchanged target of $5.

Target price is $5.00 Current Price is $4.58 Difference: $0.42
If DRR meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.94, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates DRR as Overweight (1) -

FY22 results were in line with expectations, although Morgan Stanley notes delayed royalty receipts affected cash flow. The broker prefers Deterra Royalties for iron ore exposure and forecasts a dividend of 36.5c per security in FY23 and 25.4c in FY24.

There is also potential, in the broker's view, for outperformance of royalty revenue from the ramp-up profile and BHP Group ((BHP)) producing above nameplate capacity at the asset. Overweight retained. Target is $5.15. Industry View: Attractive.

Target price is $5.15 Current Price is $4.58 Difference: $0.57
If DRR meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.94, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates DRR as Neutral (3) -

UBS assesses FY22 results highlight the quality of Mining Area C as the new South Flank mine ramps up ahead of schedule and iron ore prices remain strong. FY22 revenue, underlying earnings and net profit were largely ahead of the broker's estimates.

Deterra Royalties is expected to remain disciplined on royalty acquisitions although the broker points out credit markets have moved in its favour. Nevertheless, finding and winning additional royalty streams is not expected to be easy.

Neutral maintained. Target rises to $4.75 from $4.10.

Target price is $4.75 Current Price is $4.58 Difference: $0.17
If DRR meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.94, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates DTL as Overweight (1) -

Morgan Stanley lifts estimates for FY23-24 earnings per share, balancing strong momentum with growth off a larger base. The broker remains conservative about factoring in a $6m backlog into FY23 but suspects this could be a source of upside.

Results were previously guided, with continued and significant acceleration noted in services in the second half. Morgan Stanley retains an Overweight rating on the growth visibility for Data#3 and raises the target to $6.90 from $6.30. Industry view is In-Line.

Target price is $6.90 Current Price is $6.29 Difference: $0.61
If DTL meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.94, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates DTL as Hold (3) -

Morgans upgrades its FY23 EPS forecast by 4% and raises its target for Data#3 to $6.42 from $6.27 in the wake of FY22 results. Another record result in the face of supply chain pressures was considered hard to fault, with both EPS and DPS rising by 19%.

The broker recently downgraded its rating to Hold from Add on share price strength and would still prefer to purchase shares at lower levels.

A backlog means the company starts FY23 in a strong position, according to the analyst, though backlogs are likely to persist from ongoing supply chain issues.

Target price is $6.42 Current Price is $6.29 Difference: $0.13
If DTL meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $6.94, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates EDV as Underperform (5) -

Whilst acknowledging upside risk to earnings relative to sell-side consensus, Endeavour Group’s high market valuation and the likelihood that retail liquor sales decline through the FY23 keeps Credit Suisse on the sidelines with an Underperform ahead of the result.

Endeavour's retail liquor division has been losing market share in the past several quarters, which the broker expects to continue into the June quarter.

Target nonetheless rises to $6.67 from $6.60.

Target price is $6.67 Current Price is $8.32 Difference: minus $1.65 (current price is over target).
If EDV meets the Credit Suisse target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.45, suggesting downside of -10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates EVN as Neutral (3) -

Evolution Mining reported a "clean" end to the year, Credit Suisse suggests, slightly above forecast on earnings and dividend. FY23 is expected to be a peak capex year with growth at Cowal Underground and Red Lake.

Managment believes the balance sheet is in good shape with enough liquidity to fund its committed growth, but it can defer some growth if necessary.

There was no change to the recently published FY23 guidance, but management noted some inputs (oil, steel, energy) have eased from the elevated levels assumed when guidance was provided.

Target falls to $2.45 from $2.50, Neutral retained.

Target price is $2.45 Current Price is $2.57 Difference: minus $0.12 (current price is over target).
If EVN meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.80, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates EVN as Neutral (3) -

FY22 net profit was stronger than Macquarie expected, largely because of a gain in the valuation of the existing interest in Ernest Henry. A study is to be released for the extension of Ernest Henry in the third quarter of FY23.

Evolution Mining ended the year with a net debt position largely in line with expectations. The final dividend was below Macquarie's estimate. Neutral maintained. Target rises to $2.70 from $2.60.

Target price is $2.70 Current Price is $2.57 Difference: $0.13
If EVN meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.80, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates EVN as Equal-weight (3) -

Evolution Mining's FY22 earnings (EBITDA) were in line with the forecasts of both Morgan Stanley and consensus, while the 6cps dividend was also in line.

Underlying profit was a 9% beat compared to the analyst's forecast, mainly from a $16m revenue beat.

FY23 guidance by management was unchanged. The Equal-weight rating and $2.35 target are unchanged. Industry View: Attractive.

Target price is $2.35 Current Price is $2.57 Difference: minus $0.22 (current price is over target).
If EVN meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.80, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates EVN as Add (1) -

Morgans assesses a steady FY22 result for Evolution Mining. With six growth projects and gearing at 27%, the balance sheet is not considered an issue, despite questions raised in the aftermath of results by some market participants.

While the analyst feels the worst is over (gold price fall, rising costs and productivity issues) headwinds could remain for some time. The Add rating is retained on an oversold share price and the target rises to $3.00 from $2.95.

Target price is $3.00 Current Price is $2.57 Difference: $0.43
If EVN meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.80, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates EVN as Accumulate (2) -

FY22 underlying EBITDA and cash flow were in line with expectations. FY23 guidance is unchanged although there is some improvement, Ord Minnett notes, in regard to input prices along with group cash tax assumptions.

The broker assesses the risk to Evolution Mining's delivery in the short term is low given recent re-basing of expectations. As a result the Accumulate rating is maintained with the target raised to $3.00 from $2.90.

Target price is $3.00 Current Price is $2.57 Difference: $0.43
If EVN meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.80, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates EVN as Neutral (3) -

Since the Ernest Henry resource update UBS is modelling a mine life to FY35. Drilling continues to outline depth extensions and the broker is now less concerned with mine life and more with the capital expenditure required and ultimate costs.

Ernest Henry is around 37% of asset valuation. UBS estimates Evolution Mining is pricing in a US$1530/oz real gold price indefinitely. Neutral maintained along with a $2.80 target.

Target price is $2.80 Current Price is $2.57 Difference: $0.23
If EVN meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.80, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates FPH as Outperform (1) -

Macquarie reviews forecasts and ahead of the annual meeting, moderating FY23 and FY24 estimates as the outlook for respiratory hospitalisation eases.

The broker suspects a sequential improvement in Fisher & Paykel Healthcare's sales force productivity should lift clinical adoption, as destocking is currently obscuring the picture on device utilisation.

Moreover, the broker continues to believe the market is under appreciating the medium-term hospital potential.  Meanwhile, the outlook for home care appears to be improving as patient diagnosis rates improve.

The Outperform rating is retained and the target price decreases to NZ$26.66 from NZ$27.46.

Current Price is $19.14. Target price not assessed.

Current consensus price target is $21.10, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates GOZ as Neutral (3) -

Growthpoint Properties Australia's FY22 result was in line with Credit Suisse' expectations, but the outlook for FY23 is lower
than expected, with rising debt costs being unsurprisingly the main reason, offsetting forecast operating income growth.

Things are otherwise ticking along nicely at the operating level, the broker notes, with portfolio occupancy of 97%, and limited expiry over FY23-24.

Like-for-like growth was 2.8% and, when coupled with net acquisitions, provided 7% growth in property portfolio net operating income.

Target falls to $3.93 from $4.27, Neutral retained.

Target price is $3.93 Current Price is $3.63 Difference: $0.3
If GOZ meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.91, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates HDN as Outperform (1) -

Macquarie concludes FY23 guidance for FFO of 8.6c per security is driven by an asset sale of premium to book value and an increase in hedging.

The broker now expects HomeCo Daily Needs REIT will sustain FFO growth over 4-5% over FY24-25 amid development completions and underlying rental growth. Outperform retained. Target is reduced to $1.62 from $1.65.

Target price is $1.62 Current Price is $1.27 Difference: $0.35
If HDN meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.47, suggesting upside of 13.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates HDN as Overweight (1) -

Morgan Stanley comments HomeCo Daily Needs REIT's FY22 funds from operations (FFO) met market consensus and its own forecast, but with a slightly weaker guidance for FY23.

Morgan Stanley believes the Aventus assets are to blame for the slightly disappointing guidance.

Equally important: it appears the impact of covid is now in the past, with more than 99% cash collection in FY22, and 5.7% leasing spreads, highlights the broker.

Management at the REIT is expecting 3.3% comp NOI growth in FY23, considered to be "conservative", with 19% of leases linked to CPI.

HomeCo Daily Needs REIT explained the 7-8% uplift in construction costs have been offset by higher rent across its developments. Overweight. Price target $1.57 (unchanged).

Target price is $1.57 Current Price is $1.27 Difference: $0.3
If HDN meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.47, suggesting upside of 13.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates HDN as Add (1) -

Morgans assesses a solid FY22 result for HomeCo Daily Needs REIT and expects growth from the development pipeline. The Add rating and $1.56 target are retained.

FY22 funds from operations (FFO) were slightly above guidance and the dividend came in at 8.28cpu.

FFO for FY23 is guided to be 8.6cpu compared to the broker's 9.1cpu estimate, largely due to an asset sale, higher interest costs and some timing on development projects. Dividend guidance of 8.3cpu was in line with expectations.

Target price is $1.56 Current Price is $1.27 Difference: $0.29
If HDN meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.47, suggesting upside of 13.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates HDN as Hold (3) -

The HomeCo Daily Needs REIT FY22 result was broadly in line with expectations. Ord Minnett notes operating metrics, while solid, were overshadowed by the $14m capital for income swap and a slight miss on FY23 guidance.

Management has signalled that, despite a slowing housing market, positive rental reversions will still occur in FY23, driven by lower base rents.

Development commencements have accelerated and although construction costs have increased, this is absorbed by tenants. Ord Minnett maintains a Hold rating. The target dips to $1.29 from $1.30.

Target price is $1.29 Current Price is $1.27 Difference: $0.02
If HDN meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.47, suggesting upside of 13.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates HPI as Buy (1) -

FY22 results were below Ord Minnett's forecast. FY23 distribution guidance of 18-18.4c per security was provided, as Hotel Property Investments cited rising debt costs amid three asset sales.

Ord Minnett forecasts the FY23 distribution will be higher, slotting in 19c. The debt cost re-basing will create an earnings drag that will be reflected in FY23, in the broker's view, with a return to growth expected in FY24. Buy rating retained. Target is reduced to $3.70 from $3.80.

Target price is $3.70 Current Price is $3.27 Difference: $0.43
If HPI meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates HT1 as Outperform (1) -

HT&E's first half results were slightly lower than Credit Suisse' forecasts for earnings and revenue. The miss was driven by a weaker Digital outcome, with a low conversion of billings into revenues.

Total radio revenues for the third quarter are tracking at 6-8% growth year on year after a soft July, but sentiment appears to have improved into August/September, the broker suggests. The inflationary environment has impacted 2022 cost guidance.

Target falls to $2.20 from $2.35, Outperform retained on valuation.

Target price is $2.20 Current Price is $1.39 Difference: $0.81
If HT1 meets the Credit Suisse target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $1.78, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates ING as Neutral (3) -

Upon initial read, Inghams Group's FY22 performance missed expectations, both UBS's and consensus, and no guidance has been provided.

Clearly, these are tough times and UBS states the obvious: it has been challenging, but the focus will now be on recovery in FY23. Management's thoughts on feed costs and price increases will be on analysts' mind during the conference call later today.

UBS is curently forecasting 13% growth in EBITDA in FY23.

The broker notes Inghams mentioned headwinds such as supply chain delays, employee absenteeism and input cost inflation are expected to continue to be a challenge in FY23.

Neutral. Target $3.05.

Target price is $3.05 Current Price is $2.97 Difference: $0.08
If ING meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.13, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates IPH as Outperform (1) -

FY22 results beat Macquarie's estimates across key areas of earnings. Underlying earnings growth was driven by FX and Asian organic growth. IPH will acquire a Canadian IP agency practice, Smart & Biggar, for CAD348m or 10x EBITDA comprising cash and shares.

Macquarie considers the stock attractive in the current environment with relatively defensive volumes and the acquisition of Smart & Biggar enhancing the options. Outperform maintained. Target is raised to $11.95 from $8.25.

Target price is $11.95 Current Price is $10.21 Difference: $1.74
If IPH meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates IPH as Downgrade to Hold from Add (3) -

While Morgans makes EPS forecast upgrades following FY22 results for IPH, the rating falls to Hold from Add after a strong positive share price reaction to an acquisition announcement. The target rises to $10.63 from $9.52.

The broker likes the highly strategic move into another large secondary market, with the acquisition of Canada’s leading IP firm, Smart & Biggar for around -$387m (scrip and debt).

Morgans awaits a share price pullback before suggesting another entry point for the shares.

Target price is $10.63 Current Price is $10.21 Difference: $0.42
If IPH meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates IRE as Neutral (3) -

Iress' 1H22 results were largely discounted in the market with the company pre-reporting segmental profit lines, according to Macquarie.

The company guided to the lower end of expectations for FY22, highlighting an even more pronounced earnings skew to the 2H22 due to a delay in the UK Retail Wealth, specifically, and investment in fund registry.

Digging deeper the analyst sees the Super admin pipeline, with at least one major contract win possible, and APAC repricing, as positives.

The broker's earnings forecasts are tweaked by -0.7% and 4.6% for FY22 and FY23, respectively, with Macquarie highlighting its FY25 estimates are well below the targets set by Iress. 

The Neutral rating is retained, due to the broker's cautious stance regarding the possibility of the new CEO re-basing the targetted 3-year compound growth rate in earnings.

The target price is lifted to $12.40 from $11.80.

Target price is $12.40 Current Price is $11.56 Difference: $0.84
If IRE meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $12.42, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates IRE as Resume Coverage with Accumulate (2) -

First half underlying net profit of $36.9m was in line with Ord Minnett's forecast. Growth was strong in Asia-Pacific while the UK remains challenging, the broker notes, taking longer to respond to recent restructuring and reinvestment.

Iress has downgraded 2022 segment profit guidance to the lower end of 7-10% growth year-on-year while remaining committed to its 2025 targets.

Ord Minnett assesses the market has already factored in a slow start to the year and remains focused on the upside potential in the superannuation segment. After a short break the broker resumed coverage with an Accumulate rating and $13.10 target.

Target price is $13.10 Current Price is $11.56 Difference: $1.54
If IRE meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $12.42, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates KLL as Neutral (3) -

Kalium Lakes has received commitments for a two-tranche $22m share placement at a price of 4c, or a -57% discount to the last close, as well as a Share Purchase Plan to raise an additional $8m, notes Macquarie.

The broker points out the equity raising is -$3m smaller in size and was done at a larger discount than expected. Some 238m additional shares have been issued or 16% more than anticipated.

Kalium Lakes also announced a debt restructure, which moves FY23 earnings from a small profit to a small loss and the ramp up in Beyondie's project delivery remains a risk to unlock the potential value in the stock.

The Neutral rating is retained and the share price is adjusted to $0.06 from $0.08.

Target price is $0.06 Current Price is $0.06 Difference: $0
If KLL meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates LAU as Buy (1) -

Underlying earnings per share of 6.2c exceeded Ord Minnett's expectations by 25%. Return on equity rose to 19.5%.

The outperformance was underrpinned by rising utilisation across road and rail-based transport. Conditions in the horticulture industry also provided a supportive backdrop.

Ord Minnett assesses barriers to entry in Lindsay Australia's market are significant and the long-term growth strategy underpins a "bright" outlook. Buy rating maintained with the target raised to $0.62 from $0.55.

Target price is $0.62 Current Price is $0.51 Difference: $0.11
If LAU meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates MFG as Lighten (4) -

Underlying earnings for FY22 missed Ord Minnett's forecasts.. The broker flags the cost-to-income ratio is under pressure, with a commitment by Magellan Financial to maintain operating costs into FY23 despite revenue pressures.

Performance, particularly in the Global Flagship Fund, continues to lag benchmarks. The strong performer is Airlie, with a three-year  outperformance of 4.7 percentage points. Ord Minnett maintains a Lighten rating with an $11.20 target.

Target price is $11.20 Current Price is $13.99 Difference: minus $2.79 (current price is over target).
If MFG meets the Ord Minnett target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.76, suggesting downside of -18.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates MGH as Outperform (1) -

Maas Group's FY22 earnings report was in line with expectations, according to Macquarie.

The group reported positive results across Civil Construction, Construction Materials, Real Estate with only weakness in Manufacturing, resulting from covid, and supply chain problems.

FY23 EBITDA was guided to $180-$200m, up 44-60% on FY22, representing growth across all the segments with further upside potential from two acquisitions which could add $24m in EBITDA in FY24, noted the analyst.

Macquarie's earnings forecasts include the acquisitions from settlement at the beginning of 2023. An Outperform rating is retained and the price target is lifted to $5.90 from $5.60.

Target price is $5.90 Current Price is $4.10 Difference: $1.8
If MGH meets the Macquarie target it will return approximately 44% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates MPL as Buy (1) -

Despite finding Medibank Private's value reasonable, rather than cheap, Citi notes it remains attracted to good performance from its private health insurance business, where the broker forecasts reasonable topline growth, and a 15% profit growth target from Medibank Health.

Earnings per share forecasts increase 6% and 2% in FY23 and FY24 respectively, largely the result of marking to market. The Buy rating is retained and the target price increases to $4.00 from $3.85.

Target price is $4.00 Current Price is $3.55 Difference: $0.45
If MPL meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.76, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates MPL as Outperform (1) -

Medibank Private's underlying FY22 result was solid and in line with Credit Suisse' forecast. The 8.2% underlying operating margin was up on 7.8% in FY21, primarily from revenues growing more than management expenses and further improvement is expected.

FY23 claims inflation guidance of 2.3% is in line with FY22. Management expects potential headwinds from hospital contract renewals to be offset by potential prosthesis benefits and the continuation of out of hospital rehab referrals, and 85% of FY23 spend is already contracted.

With continued momentum in private health insurance uptake, favourable claims trends and good cost control, Credit Suisse expects further earnings growth in FY23-24. Outperform retained, target rises to $3.74 from $3.52.

Target price is $3.74 Current Price is $3.55 Difference: $0.19
If MPL meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.76, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates MPL as Neutral (3) -

Macquarie notes the FY22 Medibank Private earnings results revealed resident margins at all time highs with the inference this will continue in the short term.

Company guidance flagged policyholder growth targets of 2.7% (including declining participation rates) which was above consensus expectations with inflation forecast to be offset by productivity improvements.

Broker earnings forecasts are raised 20% for FY23 and 14% for FY24 due to slower claims.

Macquarie views the valuation as full with the stock trading at a 42% premium to the market and 17% above its long-term average.

A Neutral Rating is retained. and the target price is raised to $3.45 from $3.15.

Target price is $3.45 Current Price is $3.55 Difference: minus $0.1 (current price is over target).
If MPL meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.76, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates MPL as Overweight (1) -

Morgan Stanley found the FY22 performance a bit "soft" though underlying profit seems to have slightly beaten forecasts, including market consensus.

Marking to market the investment portfolio generated a net loss of -$24.8m against positive income of $120m in FY21.

Relative to system growth, the broker observes Medibank Private is winning market share (guided to +4bps since FY21). Health Insurance premium revenue of $6,860m is seen as disappointing, but probably related to deferred premium price increases, opines the analyst.

Overweight. Price target $3.70 (unchanged).

Target price is $3.70 Current Price is $3.55 Difference: $0.15
If MPL meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.76, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates MPL as Hold (3) -

FY22 group operating profit for Medibank Private was a 4% beat over the consensus forecast and Morgans raises its FY23 and FY24 EPS forecasts by 14%, and lifts its target to $3.67 from $3.43. 

Based on management commentary, which was generally upbeat, the broker expects a continuation of the favourable claims environment. The Hold rating is retained on valuation after a recent share price rally.

Target price is $3.67 Current Price is $3.55 Difference: $0.12
If MPL meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.76, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates MPL as Accumulate (2) -

Medibank Private's FY22 net profit of $395.9m was ahead of Ord Minnett's forecast, as was the final dividend of 7.3c per share. Guidance appears to signal flat underlying gross margins for residents in FY23 with margin expansion in non-residents.

The broker suspects guidance may end up being conservative, with a large build up in deferred claims provisions and very low actual claims coming through. The broker retains an Accumulate rating and raises the target to $3.75 from $3.68.

Target price is $3.75 Current Price is $3.55 Difference: $0.2
If MPL meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.76, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates MPL as Buy (1) -

Medibank Private's policy growth guidance of 2.7% appears conservative to UBS considering recent momentum. New policyholders have picked up in number. Claims inflation rose in the second half but remains well below the CPI. Ancillary activities are also contributing to growth.

Potential prostheses reform benefits are not captured in guidance and UBS estimates this should provide substantial margin support as claims inflation escalates into FY24. Buy rating maintained. Target rises to $4.00 from $3.90.

Target price is $4.00 Current Price is $3.55 Difference: $0.45
If MPL meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.76, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates NCM as Hold (3) -

Upon first glance, Newcrest Mining's FY22 result numbers were significantly down from FY21, but they met Ord Minnett's forecasts with a much better than anticipated US27.5c dividend on top.

The one disappointment stems from production guidance for the US operations, points out the broker.

FY23 guidance looks okay. The broker notes Newcrest Mining has used a rather conservative copper price assumption for its all-in sustaining cost (AISC) calculations.

Target price is $21.00 Current Price is $18.67 Difference: $2.33
If NCM meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $23.04, suggesting upside of 19.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates NWH as Neutral (3) -

NRW Holdings' FY22 earnings report was considered a strong result and broadly in line with expectations assesses Macquarie, with the company benefiting from higher margins.

The broker considers the FY23 guidance as in line with expectations and points to the risks from contract timing over FY23 with the company highly exposed to the iron ore, coal and lithium investment cycles. Cost pressures remain a headwind.

The Neutral rating is retained and tbe target price is raised to $2.10 from $1.80.

Target price is $2.10 Current Price is $2.38 Difference: minus $0.28 (current price is over target).
If NWH meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates ORA as Buy (1) -

Citi described Orora's full year result as solid, noting the company delivered ahead of expectations supported by continuing momentum in the US business. Sales of $4,091m and net profit of $187m were ahead of consensus by 6% and 3% respectively. 

No quantitative outlook was provided for the coming year, but the company anticipates earnings growth. The broker anticipates guidance for flat growth in Australia may disappoint, and may drag on performance in the US.

The Buy rating is retained and the target price decreases to $3.95 from $4.26.

Target price is $3.95 Current Price is $3.50 Difference: $0.45
If ORA meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.87, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates ORA as Neutral (3) -

In the US, Orora executed two further price increases in the second half and five over FY22. Guidance calls for further margin expansion and growth in North America in FY23. There is virtually no volume growth in the US business, Credit Suisse notes.

But US profit growth should be solid enough to overcome a flattish Australasia, the broker suggests, which is being impacted by higher soda ash and freight costs.

Target falls to $3.80 from $4.00, Neutral retained.

Target price is $3.80 Current Price is $3.50 Difference: $0.3
If ORA meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.87, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates ORA as Outperform (1) -

Orora reported FY22 earnings of $187m which was marginally above the Macquarie forecast of $185m.

Australasian results were impacted by higher costs, with some recovery apparent in the 2H22 and the earnings outlook improving with the beverage can expansion contributing in FY24. Power costs are 80% hedged out to FY27.

North America managed to sustain margins in the 2H22 which is typically weaker than the 1H22.

Capital expenditure plans of $150m in FY23 will result in a lift in debt levels and balance sheet gearing to low 2x, before falling as earnings from the investments kick in FY24.

An Outperform rating is maintained. The target price is lowered to $3.93 from $4.06 from minor earnings adjustments and higher capital expenditure.

Target price is $3.93 Current Price is $3.50 Difference: $0.43
If ORA meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.87, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates ORA as Hold (3) -

Morgans leaves its $3.70 target unchanged following FY22 results for Orora, which slightly exceeded expectations.

Management guided to higher earnings in FY23 for North America as a result of the full year impact of price increases in FY22 and ongoing profit improvement initiatives. Australasian earnings are expected to be broadly in line with FY22.

The broker retains its Hold rating with elevated levels of capex in the near term and potential for M&A.

Target price is $3.70 Current Price is $3.50 Difference: $0.2
If ORA meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.87, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates ORA as Neutral (3) -

Orora expects earnings growth in FY23 and UBS forecasts EBIT growth of 3%, supported by 7% growth in North American earnings. Australasian EBIT is expected to be flat as cost inflation and supply chain pressures offset volume and mix benefits.

While UBS is attracted to the defensive leverage to the Australian beverage packaging market and the margin recovery in North America, near-term capacity constraints and a more uncertain macro backdrop suggests caution is warranted.

The broker retains a Neutral rating and reduces the target to $3.70 from $3.80.

Target price is $3.70 Current Price is $3.50 Difference: $0.2
If ORA meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.87, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates ORG as Neutral (3) -

Origin Energy's underlying result was in line with Credit Suisse' forecast and guidance, with APLNG performing at the high end of the guidance range and Energy Markets at the low.

The market was concerned by a lack of FY23 quantitative earnings guidance, despite coal supply largely secured. But in the broker's view, uncertainty is greatly diminished.

While an FY24 recovery for Energy Markets has been affirmed, to what Credit Suisse sees as a steady-state, consensus forecasts are already above prior guidance with further upside dependent on gas price outcomes.

Neutral retained, target rises to $6.20 from $5.70.

Target price is $6.20 Current Price is $5.91 Difference: $0.29
If ORG meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.48, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates ORG as Outperform (1) -

Origin Energy FY22 earnings were in line with expectations according to Macquarie and the 16.5c dividend was 0.5c higher than forecast.

The balance sheet recorded the lowest debt levels since 2010, which frees up the company to grow the energy markets in wind, solar.

APLNG remains the "cash cow" with $2bn in dividends forecast for FY23. 

The broker's forecasts are adjusted for higher tax expenses from the disbursement of unfranked dividends from APLNG, with EPS estimates down by -44% and -15% for FY23 and FY24, respectively.

Buybacks were discussed by management, but Macquarie expects special dividends are more likely. Outperform rating and the target price is raised to $7.42 from $6.87.

Target price is $7.42 Current Price is $5.91 Difference: $1.51
If ORG meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $6.48, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates ORG as Equal-weight (3) -

Morgan Stanley's key points from Origin Energy's full year result include an 86% year-on-year increase to the company's share of Australia Pacific LNG earnings, noting production guidance for the coming year is in line with FY22 results, and earnings from Origin Energy's Energy Markets of $365m, within guidance. 

Given coal uncertainty, the company refrained from providing Energy Markets guidance for the coming year, but Morgan Stanley considers Origin Energy's near-term outlook to be improving.

The Equal-Weight rating and target price of $6.06 are retained. Industry view: Cautious.

Target price is $6.06 Current Price is $5.91 Difference: $0.15
If ORG meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.48, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates ORG as Hold (3) -

Origin Energy's underlying FY22 earnings (EBITDA) were a 4% beat versus Morgans forecast due to better gas margins in the Energy Markets segment. Profit was also a 32% beat as depreciation and amortisation charges fell, explains the analyst.

With volatility and unknown outcomes for Energy Markets, no guidance was issued. APLNG’s production outlook is flat while drilling and operating costs are increasing, points out the analyst.

The broker is increasingly confident the company is through the worst of its exposure to volatile electricity prices though doesn’t expect significant growth in margins once they have stabilised. The Hold rating is kept, while the target rises to $5.68 from $5.39.

Target price is $5.68 Current Price is $5.91 Difference: minus $0.23 (current price is over target).
If ORG meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.48, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates ORG as Hold (3) -

Origin Energy's reported full year underlying net profit of $407m came in significantly below Ord Minnett's expected $568m, with the broker noting Origin Energy's Energy Markets continue to drag on company performance.

The broker noted free cash flow from Australia Pacific LNG, which drove a $1.4m distribution for Origin Energy, was a highlight of the result. Ord Minnett also liked net debt at more comfortable levels, and flags potential further capital management in the coming year.

The Hold rating is retained and the target price decreases to $6.15 from $6.45.

Target price is $6.15 Current Price is $5.91 Difference: $0.24
If ORG meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.48, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates ORG as Buy (1) -

FY22 results were mixed and underlying net profit missed UBS expectations. This stemmed from tax on unfranked distributions from APLNG, with Origin Energy having used higher commodity prices to pay down the shareholder loan instrument more quickly.

UBS expects electricity margins will gradually recover over the next 2-3 years as tariffs are re-priced. In addition, the gas portfolio gross profit continues to surprise, up 26% despite a -2% drop in gas sales volumes.

UBS revises forecasts, cutting FY23-25 estimates for earnings per share by -16-66% because of the higher effective tax rates. Buy rating retained. Target is reduced to $7.35 from $7.90.

Target price is $7.35 Current Price is $5.91 Difference: $1.44
If ORG meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $6.48, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates PME as Add (1) -

Morgans raises its target for Pro Medicus to $58.18 from $56.20 following FY22 results that displayed strong growth across all metrics. The earnings (EBIT) margin exceeded expectation, rising by 400bps on the previous corresponding period.

Looking forward, the broker highlights a rising number of requests for tender proposals and more renewals from existing customers. For FY22 there were many upsized contract renewals, explains the analyst.

Morgans feels Pro Medicus is a strong long-term growth story which will continue to grow into its high multiple. The Add rating is unchanged.

Target price is $58.18 Current Price is $54.10 Difference: $4.08
If PME meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates RBL as Add (1) -

The FY22 result for Redbubble was in line with Morgans forecast. However, it's thought the market was negatively surprised by elevated FY23 operating expenses flagged by management, which includes a brand campaign and a step-up in employee costs.

After allowing for these operating expenses, the broker also notes near-term margin headwinds/customer acquisition cost pressures and lowers its target to $1.65 from $2.05. The Add rating is retained on valuation grounds.

Target price is $1.65 Current Price is $0.96 Difference: $0.69
If RBL meets the Morgans target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $1.40, suggesting upside of 50.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates RIC as Outperform (1) -

Ridley Corp reported a strong, clean result in line with Credit Suisse' expectations. Strong cashflow and net debt reduction underpinned a dividend payout at the top end of the range and an announced $20m buyback.

Ridley has been presenting its next phase of growth for some time now and the broker retains a high conviction that there are many drivers supporting an average of double-digit earnings growth over the next three years, through organic growth and efficiencies.

On top of the current buyback, Credit Suisse sees scope for further capital management and/or M&A. Outperform retained, target rises to $2.10 from $1.95.

Target price is $2.10 Current Price is $1.90 Difference: $0.2
If RIC meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates RIC as Buy (1) -

UBS believes Ridley Corp offers several qualities such as earnings visibility, low leverage and capital management potential (given the share buyback) that make it stand out.

The broker expects $100m in EBITDA in FY25, with multiple drivers underpinning growth. One risk UBS will monitor is the trajectory of rendering product prices, which remain elevated. Buy rating maintained. Target is raised to $2.15 from $2.00.

Target price is $2.15 Current Price is $1.90 Difference: $0.25
If RIC meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates RIO as Outperform (1) -

Alongside its first half result, Rio Tinto has announced it will lower its dividend ratio payout to 50% despite strong performance and cash flow generation, which Macquarie expects reflects a shift as the company prepares its balance sheet for investment.

The broker does highlight a substantial portion of Rio Tinto's intended investment is volume sustaining capital expenditure, rather than for growth. Macquarie highlights most of the company's near-term iron ore development options are replacement projects with the aim of sustaining volumes.

Macquarie also notes Turqoise Hill Resources' Special Committee has rejected Rio Tinto's cash offer. The Outperform rating is retained and the target price decreases to $116.00 from $120.00.

Target price is $116.00 Current Price is $97.10 Difference: $18.9
If RIO meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $109.79, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates SDF as Accumulate (2) -

Steadfast Group reported full year net profits of $205.4m, compared to Ord Minnett's expected $206.4m, and announced a final 7.8 cents per share dividend, bringing the full year payout to 13 cents per share.

The broker notes Steadfast Group announced $530m in acquisitions in the coming year. which will be funded by a $225m capital raising and an increase in debt facilities. Ord Minnett expects strong organic growth to continue given the strong premium rate environment.

The Accumulate rating is retained and the target price increases to $5.75 from $5.50.

Target price is $5.75 Current Price is $5.29 Difference: $0.46
If SDF meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.12, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates SGP as Buy (1) -

Today's FY22 results for Stockland revealed funds from operations (FFO) of 35.7cps compared to the forecasts of UBS and consensus for 35.5cps. The 26.6cps dividend was pre-announced.

In an initial assessment, the broker points out retail was stronger than expected though corporate costs were much higher.

The analyst feels the market will focus on disappointing July residential net sales of 289 compared to 670 in the previous corresponding period, and also that 4Q enquiries halved from elevated 3Q levels.

Despite this near-term disappointment, UBS sees longer term re-rate potential, with the current strategy leading to a more diversified business. The Buy rating and $4.30 target price are unchanged.

Target price is $4.30 Current Price is $3.81 Difference: $0.49
If SGP meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.54, suggesting upside of 21.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates STO as Outperform (1) -

Global investors appear to be favouring gas over oil, short cycle over long life, ESG optics, shareholder returns over growth and sticking to core competencies. Santos selling down PNG LNG and deferring Dorado to pursue Alaska steers against these trends, Credit Suisse suggests.

Santos spent years emphasising it would stick to key PNG/Australia footprints where it adds value, rather than branch out as it has now. The company has never successfully built a large project, let alone two concurrently, or in challenging Alaska.

Following a report that spits fire, Credit Suisse suggests the stock looks cheap on a bullish LNG outlook. Outperform. Price target lifts by 1% to $8.54.

Target price is $8.54 Current Price is $7.07 Difference: $1.47
If STO meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $9.56, suggesting upside of 27.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates TCL as Neutral (3) -

Wet weather has impacted across Transurban Group's road network in recent months, but Citi notes data suggest recovery to traffic in August, while large vehicle traffic has remained largely resilient and tracked above pre-covid levels in the fourth quarter. 

While Transurban Group's FY22 dividend was in line with Citi's expectations, the broker finds guidance for a 53 cent per share dividend in the coming year to be conservative, with the broker noting recent wet weather impacts may have driven conservatism.

The Neutral rating is retained and the target price increases to $14.52 from $14.10.

Target price is $14.52 Current Price is $14.16 Difference: $0.36
If TCL meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $14.44, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates TCL as Downgrade to Underperform from Neutral (5) -

Transurban reported a weak FY22 result with earnings -5% below Credit Suisse' forecast, mostly due to higher operating costs and
partly due to weaker traffic. FY23 dividend guidance is -14% below forecast.

The company has guided to higher cost growth in FY23 compared to FY22 due to underlying inflationary pressures, new asset costs and costs related to early-stage development projects.

While guidance may be conservative, Credit Suisse cuts its target to $13.00 from $13.60 and downgrades to Underperform from Neutral.

Target price is $13.00 Current Price is $14.16 Difference: minus $1.16 (current price is over target).
If TCL meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.44, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates TCL as Equal-weight (3) -

Transurban Group's full year earnings came in modestly below Morgan Stanley's expectations, with the broker noting 6% year-on-year proportional revenue growth was somewhat offset by an 11% year-on-year increase to proportional costs.

Morgan Stanley highlights the company closed out the year with free cash of $1,531m, up 20% year-on-year, and notes dividend guidance for the coming year of 53 cents per share equates to 29% year-on-year growth but missed consensus by -11%. 

The Equal-Weight rating and target price of $14.28 are retained. Industry view: Cautious.

Target price is $14.28 Current Price is $14.16 Difference: $0.12
If TCL meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $14.44, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates TCL as Hold (3) -

Following FY22 results for Transurban Group, Morgans leaves earnings (EBITDA) forecasts relatively unchanged. The target falls to $13.85 from $13.90. It's thought the CPI benefit versus higher longer-term interest rates is overstated. The Hold rating is maintained. 

First-time FY23 DPS guidance of 53cps missed the broker's 68cps forecast and the 60cps expected by consensus, though the analyst suggests management is understandably conservative at this point of the recovery.

Target price is $13.85 Current Price is $14.16 Difference: minus $0.31 (current price is over target).
If TCL meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.44, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates TCL as Accumulate (2) -

Transurban Group's full year underlying net profit of $1.18bn was a 9% beat to Ord Minnett's forecast, and the company issued a 16 cents per share final dividend, bringing the full year payout to 41 cents per share.

The broker anticipates higher operating expenditure will continue in the coming year, and that traffic recovery will be ongoing and mobility continues to improve. Ord Minnett expects the company to deliver free cash flow and dividend growth in the coming year.

The Accumulate rating is retained and the target price decreases to $15.80 from $15.85.

Target price is $15.80 Current Price is $14.16 Difference: $1.64
If TCL meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $14.44, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates TPG as Buy (1) -

In an initial review of 1H results for TPG Telecom, UBS assesses a miss versus its forecasts and the consensus estimates for both revenue and earnings (EBITDA) of -1.7% and -3%, respectively. 

There were softer-than-expected average revenue per users (ARPUs) in Consumer and continuing declines in Enterprise, explains the analyst. Outcomes were impacted by restructuring and rising cost pressures.

Despite this, momentum for mobile subscriptions is improving, and the broker feels FY22 fixed wireless and cost-out targets are on track.

A 9cps interim dividend was declared, one of the key positives listed by UBS. The Buy rating and $6.90 target are retained.

Target price is $6.90 Current Price is $6.62 Difference: $0.28
If TPG meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.91, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22: