Australian Broker Call

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

Having expected Adbri to be reaching a trough at this point, Citi now sees risk of a rebasement moving forward. The broker notes management changes that include a semi-permanent CEO, risk of capital raising, and an uneconomic product mix change, all add to risk for the company. 

On the latter point, the broker expects it will be hard for the company to achieve historic margins long-term as its exposure to lime declines, with earnings margins already declining -230 basis points over the company's second half. 

The rating is downgraded to Sell from Neutral and the target price decreases to $1.50 from $1.55.

Target price is $1.50 Current Price is $1.71 Difference: minus $0.21 (current price is over target).
If ABC meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.75, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in December.

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 ABC as Underperform (5) -

Adbri has delivered an in-line full year net profit result according to Credit Suisse, while earnings missed by -7% on volumes. The company is guiding to rebuilding resilience and margins in 2023, which the broker finds in line with its expectation that partial margin recovery will emerge, underpinned by price acceleration, cost moderation and volume growth. 

The company did flag a further budget increase for its Kwinana project, warning the final cost is likely to exceed the revised $290m estimate provided in December. Despite this, Credit Suisse still finds economics on the project robust. 

The Underperform rating is retained and the target price increases to $1.60 from $1.50.

Target price is $1.60 Current Price is $1.71 Difference: minus $0.11 (current price is over target).
If ABC meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.75, suggesting upside of 1.5% (ex-dividends)

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 ABC as Neutral (3) -

2022 results were better than Macquarie expected. Adbri revealed evidence of price stickiness yet the broker does not consider this a catalyst for a rerating in the short term.

A combination of softening markets and management uncertainty pending the appointment of a permanent CFO are weighing on the stock. Estimates are reduced by -3% for FY23 and -14% for FY24. Neutral maintained. Target is steady at $1.90.

Target price is $1.90 Current Price is $1.71 Difference: $0.19
If ABC meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.75, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in December.

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 ABC as Equal-weight (3) -

Adbri reported earnings ex-property below Morgan Stanley's expectations. Operating costs in particular, along with energy costs and wet weather events continued to outstrip pricing increases.

However management flagged price increases were put through in the back end of 2022. Given the lagged effect of these increases, the broker suggests we should start to see an impact flow through in 2023.

The Kwinana project has been hit with further cost blow-outs, resulting in no dividend being declared. Management stated that increased cost savings will ensure that adequate returns are delivered.

On expectation of better FY24 earnings, target rises to $1.80 from $1.60, Equal-Weight retained. Industry view: In-Line.

Target price is $1.80 Current Price is $1.71 Difference: $0.09
If ABC meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.75, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in December.

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 ABC as Neutral (3) -

2022 results beat UBS estimates by a small margin on property. Going forward, the broker expects margins will be underpinned by better contract terms and stronger prices. Yet, this should be broadly offset by slowing demand.

Gearing may lift further, given the overrun at the Kwinana project, but there is an option to accelerate land divestments should earnings deteriorate more than expected.

UBS  retains a Neutral rating for Adbri and believes there is better upside elsewhere in the segment. Target is reduced to $1.80 from $1.95.

Target price is $1.80 Current Price is $1.71 Difference: $0.09
If ABC meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.75, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in December.

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 AHL as Add (1) -

First half results for Adrad were just slightly in advance of Morgans expectations, with a 7% increase in revenue and underlying earnings falling by -8%. The latter was due to higher costs for raw materials, labour, occupancy and freight.

Both divisions registered greater earnings growth than the analyst expected. The company designs and manufactures heat exchangers for industrial applications. It also manufactures, imports, and distributes automotive parts for the aftermarket in A&NZ and for OEMs globally.

FY23 revenue and underlying earnings (EBITDA) guidance were maintained.

Morgans retains its Add rating and $1.85 target.

Target price is $1.85 Current Price is $1.16 Difference: $0.695
If AHL meets the Morgans target it will return approximately 60% (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

Ord Minnett rates AIS as Buy (1) -

Aeris Resources's December-half result missed Ord Minnett's forecasts and management sharply downgraded FY23 earnings (EBITDA) guidance due to lower realised pricing (and operational guidance was unchanged).

Given pricing is outside management's control, the broker considers the market sell-off to be an overreaction.

Ord Minnett acknowledges the risks at Tritton after the vent delays at Budgerygar, but overall considers value is emerging.

Buy rating retained. Target price falls to 83c from 85c.

Target price is $0.83 Current Price is $0.57 Difference: $0.255
If AIS meets the Ord Minnett 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

Morgans rates AMX as Add (1) -

Lower MetroMap growth and a decline in photomapping project work contributed to a miss for Aerometrex's 1H results compared to Morgans expectations.

The analyst points out pricing strategies from competitors have resulted in lesser demand for the MetroMap subscription product. Flight mobilisation constraints also continued, including airspace limitations, which resulted in lower LiDAR sales.

No guidance was provided.

The target falls to $1.09 from $1.24. Add.

Target price is $1.09 Current Price is $0.43 Difference: $0.66
If AMX meets the Morgans target it will return approximately 153% (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

Ord Minnett rates AOF as Hold (3) -

Australian Unity Office Fund's December-half result outpaced Ord Minnett's forecasts, due to higher net property income.

The broker observes the highlight of the half was successful asset sales at book value or above but says the deployment of those funds to the refurbishment of remaining properties will create a near-term brake on growth.

Ord Minnett advises the company is considering declaring a special dividend in the June half.

Hold recommendation retained. Target price rises 5% to $1.79.

Target price is $1.79 Current Price is $1.62 Difference: $0.17
If AOF meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

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

Ord Minnett rates APM as Accumulate (2) -

APM Human Services International's December-half result appears to have met Ord Minnett's expectations, thanks to strong revenue growth in North America.

The company posted a beat on revenue but a miss on margins due to growth in the lower-margin North American business, although Australian margins also tightened due to higher taxation and costs and investment in the health business.

Ord Minnett raises revenue forecasts and cuts margin estimates and net profit forecasts.

Accumulate rating and $2.80 target price retained.

Target price is $2.80 Current Price is $2.31 Difference: $0.49
If APM meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 40.8% (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

Morgan Stanley rates ART as Underweight (5) -

Airtasker's result missed Morgan Stanley, with revenue growth slowing and earnings losses widening. The company remains
unprofitable and free cash flow-negative and is not forecast to turn these around until end-FY25 on the broker's estimates.

Morgan Stanley believes the market is looking for a clearer pathway to profitability.

Despite a "seductively large" total addressable market in the US and UK, the broker suggests an exit of these markets would lead to a re-rate. Meanwhile, Underweight retained. Target falls to 25c from 30c. Industry view: Attractive.

Target price is $0.25 Current Price is $0.26 Difference: minus $0.005 (current price is over target).
If ART meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

UBS rates ASX as Upgrade to Neutral from Sell (3) -

UBS observes ASX is back at fair value and upgrades the rating to Neutral from Sell. Volumes appear to be at cyclical lows in all key markets and most of the catalysts underpinning the former recommendation have now played out.

While primary and secondary raisings in listings remain weak the broker expects these will inevitably recover. The broker expects second half revenue to fall by -3% before rising 6% in FY24. Target is raised to $70 from $68.

Target price is $70.00 Current Price is $68.04 Difference: $1.96
If ASX meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $69.97, suggesting upside of 3.5% (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 AVG as Hold (3) -

According to Morgans, Australian Vintage has posted a weak 1H result, largely due to tough operating conditions in the UK. Increasing inflationary costs, in particular for sea freight, weighed on the outcome as did an increase in marketing spend by -$2m.

Earnings (EBITS) and profit (NPATS) of $5.4m and $2.3m compared to the broker's forecasts of $10.2m and $5.8m, respectively.

Subject to currency, agricultural risk and planned asset sales, management guides to FY23 earnings in line with FY22.

This guidance implies to the analyst FY23 EBITS of around $12m, assuming a circa $15.3m benefit associated with a sale and leaseback transaction and a -$1.5m impact from unfavourable currency.

The target falls to 60c from 77c. Hold.

Target price is $0.60 Current Price is $0.60 Difference: $0.005
If AVG meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

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 BBT as Add (1) -

Morgans had forecast a 1H earnings (EBITDA) loss of -$1.9m and BlueBet Holdings revealed a loss of -$10.5m due to 'front-loading' of marketing costs and increased staff costs.

The broker accordingly increases its loss forecasts in FY23 to -$16m from -$14m and to -$13m from -$10m in FY24. The target falls to 90c from $1.00. It's assumed marketing costs will fall by -50% in the 2H by comparison with the 1H and staff costs are expected to stabilise.

Add retained.

Target price is $0.90 Current Price is $0.30 Difference: $0.605
If BBT meets the Morgans target it will return approximately 205% (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

Ord Minnett rates BBT as Buy (1) -

BlueBet Holdings' December-half results fell a tad shy of Ord Minnett's forecasts due to a blip in operating expenditure (management advises it intended to front-end expenditure).

The Australian business delivered negative operating cash flow but expects to return to the black in the June half thanks to cuts in marketing.

The broker appreciates the company's capital efficient strategy and white-labelling potential.

EPS forecasts fall in FY23; and rise 10% in FY24.

Buy rating and 80c target price retained.

Target price is $0.80 Current Price is $0.30 Difference: $0.505
If BBT meets the Ord Minnett target it will return approximately 171% (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

Morgan Stanley rates BTH as Overweight (1) -

Yesterday Morgan Stanley reported Bigtincan Holdings's pre-guided December-half result met its forecasts. Management reiterated guidance and advised free cash flow break-even should be achieved in FY23.

Annual recurring revenue rose 16%; and gross margins increased to 88% from 86% in the previous December half. Cash burn surprised negatively and included -$4.5m of one-off redundancies and -$2.1 in non-recurring seasonal costs.

The broker awaits the shift to free-cash-flow positive. Overweight rating and target now falls to 95c from $1.00. Industry view: In line.

Target price is $0.95 Current Price is $0.51 Difference: $0.44
If BTH meets the Morgan Stanley target it will return approximately 86% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates CCX as Neutral (3) -

First half results were in line with guidance and Macquarie's estimates. Sales and earnings were lower, reflecting promotional intensity and weak demand.

The broker now expects a larger loss in FY23 from City Chic Collective as soft demand has implications for margins. The greater uncertainty drives a reduction of -11%  to FY24 forecasts for earnings per share. Neutral. Target is reduced to $0.52 from $0.61.

Target price is $0.52 Current Price is $0.47 Difference: $0.055
If CCX meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $0.60, suggesting upside of 26.8% (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 CMW as Hold (3) -

Following 1H results for Cromwell Property, Morgans points out challenging market conditions continue to hamper the strategy of business simplification which includes asset sales/debt reduction.

Operating profit for the 1H was $87.1m, portfolio occupancy was 95.1% and values fell -1.3% (following revaluations).

No FY23 guidance was provided other than for a 1.275cpu dividend the March quarter, which implies to the analyst a FY23 dividend of 5.5cpu.

The target falls to 88c from 95c. Hold.

Target price is $0.88 Current Price is $0.67 Difference: $0.215
If CMW meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

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 COE as Neutral (3) -

First half earnings were substantially below Macquarie's estimates. the broker believes investors will need to watch the transition of leadership as Cooper Energy awaits a new CEO in order to assess the strategic direction.

Still, even at the current share price the broker believes equity investors may not be adequately rewarded for taking on the ongoing risks in the business. Neutral maintained. Target edges down to $0.19 from $0.20.

Target price is $0.19 Current Price is $0.17 Difference: $0.025
If COE meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $0.26, suggesting upside of 71.7% (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

Morgans rates COE as Add (1) -

Cooper Energy's 1H results were mostly in line with Morgans estimates with earnings (EBITDAX) and operating cash flow in line while profit missed on an increased D&A charge.

The broker points out an uneven 1H performance by Orbost has resulted in lower FY23 guidance. Production guidance was lowered to 3.55-3.7mmboe from 3.7- 4.0mmboe, while EBITDAX guidance is now $115-$133m, down from $120-$150m.

The stock is oversold, according to the broker. The Add rating is retained and the target eases to 26c from 27c.

Target price is $0.26 Current Price is $0.17 Difference: $0.095
If COE meets the Morgans target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $0.26, suggesting upside of 71.7% (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 DDH as Outperform (1) -

First half results from DDH1 were pre-released. In the update the company indicated adverse weather had affected the business in January and February, delaying regulatory approvals and drilling programs.

Activity is expected to improve through the second half. The main downside risk, Macquarie assesses is a material slump in commodity prices that reduces demand for drilling services. Outperform maintained. Target is reduced to $1.05 from $1.15.

Target price is $1.05 Current Price is $0.90 Difference: $0.15
If DDH 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: 1.0

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

Macquarie rates EBO as Outperform (1) -

Surgical volume data for January from Medicare indicates speciality areas outperformed, particularly orthopaedic and spinal, up 22%. A continued recovery in volumes will be a driver of the institutional healthcare division, Macquarie asserts.

In community pharmacy, the broker awaits the results from Sigma Healthcare ((SIG)) at the end of March for further insight into the trends as recently that company's ERP problems have worked in Ebos Group's favour.

Outperform. Target is NZ$47.93. 

Current Price is $40.80. Target price not assessed.

Current consensus price target is $39.53, suggesting downside of -1.6% (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

Morgans rates EBR as Add (1) -

The FY22 cost base for EBR Systems was higher than Morgans forecast due to costs from the Solve clinical trial and associated product and staffing costs.

A net loss of -US$33.1m was a miss versus the -US$27.7m expected.

In May, the company will present top line results from the Solve trial at the international Cardiac conference, which the analyst sees as a key upcoming share price catalyst.

The broker's target falls to 97c from 99c. Add.

Target price is $0.97 Current Price is $0.61 Difference: $0.36
If EBR meets the Morgans target it will return approximately 59% (excluding dividends, fees and charges).

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

Morgans rates HLS as Add (1) -

There were few surprises for Morgans in 1H results for Healius, given they were pre-released. An -88% decline in covid testing masked improvements in underlying diagnostics. Imaging improvements were also ahead of the wider industry, notes the analyst.

After executing -$67m in annualised cost savings, the broker still expects additional savings on lower group support costs. The cost base is now reset to around pre-covid levels.

No formal FY23 guidance was provided other than an undertaking by management to “significantly and sustainably” expand EBIT margins.

Morgans retains its Add rating on an improving earnings outlook and the target falls to $3.02 from $3.30 largely due to lower Pathology and Agilex revenue and margin assumptions.

Target price is $3.02 Current Price is $2.75 Difference: $0.27
If HLS meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.13, suggesting upside of 15.4% (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

Ord Minnett rates HMY as Accumulate (2) -

Harmoney's December-half result met Ord Minnett's forecasts.

The broker explains rising interest rates triggered a miss on net interest margins, but gross loans and group income grew sharply.

Operating cash-flow proved a beat and the broker observes the company is well capitalised heading into an economic slowdown (but adds macro conditions will need to improve prior to a rerate).

EPS forecasts fall sharply as the broker adopts a more conservative stance.

Accumulate rating retained. Target price falls to 89c from 94c (the second downgrade in four weeks).

Target price is $0.89 Current Price is $0.60 Difference: $0.29
If HMY meets the Ord Minnett target it will return approximately 48% (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

Citi rates HVN as Neutral (3) -

With first half profit before tax from Harvey Norman of $411m disappointing Citi by -12% and consensus by -14%, the broker has brought forwards its expectations of a softening in household goods demand.

For Citi, Harvey Norman's inventory overhang heading into a demand decline remains a key concern, placing the retailers margins at risk. The broker notes franchisee receivables rose by $310m year-on-year in the first half, representing 13.6% of rolling twelve month system sales, and adding risk to the likelihood of discounting activity to clear stock. 

The Neutral rating is retained and the target price decreases to $4.10 from $4.80.

Target price is $4.10 Current Price is $3.85 Difference: $0.25
If HVN meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 6.7% (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

Credit Suisse rates HVN as Outperform (1) -

Despite a first half result well above consensus expectations from Harvey Norman, Credit Suisse highlights the market is concerned about a high level of excess inventory at the close of the half. The company claims excess stock is seasonal and will be carried into the first half of the next fiscal year, but commentary has done little to appease.

A January sales update also indicated domestic franchisee sales declined to 8% above pre-covid levels, from 15% above pre-covid levels in the second quarter, with deceleration greater than expected. 

The Outperform rating is retained and the target price decreases to $5.26 from $5.40.

Target price is $5.26 Current Price is $3.85 Difference: $1.41
If HVN meets the Credit Suisse target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 6.7% (ex-dividends)

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 HVN as Neutral (3) -

First half results were weaker than Macquarie expected. The issue centres on expenses, which are on the rise as the panademic helped sales growth with little need for marketing and promotions.

Going forward, the rising cost of living will place pressure on consumers too, so softer earnings are anticipated. Macquarie revises estimates for FY23 and FY24 down by -11.0% and -11.8%, respectively. Target is lowered to $3.90 from $4.40. Neutral maintained.

Target price is $3.90 Current Price is $3.85 Difference: $0.05
If HVN meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 6.7% (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 HVN as Underweight (5) -

Harvey Norman's result missed Morgan Stanley on the revenue and earnings lines ex-property. The miss was driven by lower than anticipated Franchisee Sales and lower than anticipated Franchising Operations Margins.

Sales growth trends have deteriorated significantly, the broker notes. Weakness was attributable to seasonal stock such as air-conditioners, outdoor furniture and BBQs. Franchisees will likely need to carry this stock until the typical demand pickup in Sept-Oct.

Morgan Stanley remains Underweight based on exposure to big-ticket and housing-linked spend, franchisee margins being historically more volatile through economic cycles, and the impact of a weaker consumer on discretionary spend.

Target unchanged at $3.50.

Target price is $3.50 Current Price is $3.85 Difference: minus $0.35 (current price is over target).
If HVN 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 $4.04, suggesting upside of 6.7% (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 HVN as Hold (3) -

Harvey Norman's December-half result disappionted the market, profit margins beating a retreat in the overseas retail and Australian franchisees segments.

While Ord Minnett expects margins to stabilise past FY24, believes the advent of Amazon and international competitors spells tough ties ahead, and observes a conservative dividend stance has been adopted to reflect this.

Sales weakened in both Australia and New Zealand and the broker reads through JB Hi-Fi's ((JBH)) trading update to ascertain a slowing in consumer spending, adding the full impact of rate rises on consumer spending is yet to hit. Add to that excess inventories, which could lead to discount and margin pressure, and the broker sees little to inspire.

The broker expects EPS will fall -25% in FY23; and -8% in FY24.

Hold rating and $3.90 target price retained.

Target price is $3.90 Current Price is $3.85 Difference: $0.05
If HVN meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 6.7% (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 HVN as Sell (5) -

First half results were below UBS estimates. Harvey Norman has indicated that retail trading conditions were challenging, having endured higher costs as marketing expenses returned. The company indicated inventory was skewed to seasonal products and UBS suspects the business was overstocked.

Compared with competitor JB HHi-Fi ((JBH)), the broker expects a combination of market share losses and exposure to challenging categories such as furniture and bedding, which are more affected by rising consumer costs, will be headwinds in 2023.

Sell maintained. Target is lowered to $3.60 from $3.85.

Target price is $3.60 Current Price is $3.85 Difference: minus $0.25 (current price is over target).
If HVN meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.04, suggesting upside of 6.7% (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 IME as Speculative Buy (1) -

Following in-line FY22 results, Morgans retains its Speculative Buy rating and $1.82 target for ImExHS.

Given a relatively low cash balance, the analyst believes the market will be closely monitoring whether the company achieves and maintains positive quarterly cash flows.

The broker sees a positive outlook on current sales activity, encouraging trading conditions and new contract implementations.

Target price is $1.82 Current Price is $0.40 Difference: $1.42
If IME meets the Morgans target it will return approximately 355% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 LNK as No Rating (-1) -

Macquarie has changed its model for Link Administration to align with consensus, and will base its assessments on the way management provides guidance.

The main change is exclusion of PEXA sales profits, which primarily impacts the dividend per share and underlying tax rate (now 28%).

The shift from statutory to underlying assessment is reflected in the EPS.

Most other metrics are unchanged. Macquarie is on research restriction.

Current Price is $2.29. Target price not assessed.

Current consensus price target is $2.52, suggesting upside of 16.9% (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 M7T as Add (1) -

First half results for Mach7 Technologies were in line with Morgans expectations and FY23 guidance was maintained.

The broker highlights a record sales order book and annual recurring revenues (ARR) which cover around 65% of operating costs.

The company needs $5.5m in additional contracts to be recognised in the 2H to hit revenue guidance, observes the analyst.

The Add rating and $1.34 target are unchanged.

Target price is $1.34 Current Price is $0.64 Difference: $0.7
If M7T meets the Morgans target it will return approximately 109% (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 MHJ as Buy (1) -

Michael Hill delivered first half earnings of $54.5m, towards the top end of the company's guidance range, and is pointing to a full year result that will exceed the previous fiscal year. Citi highlighted while industry promotion is returning to pre-pandemic levels, Michael Hill has not had to participate as much as peers as it benefits from brand elevation activities. 

The broker warns weather events, and subsequent temporary store closures, in New Zealand could weigh on the region's performance in the third quarter, although the retailer indicated sales in the first eight weeks have been in line with expectations. 

The Buy rating is retained and the target price decreases to $1.21 from $1.58.

Target price is $1.21 Current Price is $1.05 Difference: $0.16
If MHJ meets the Citi target it will return approximately 15% (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

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

Morgans pulls back its rating for MoneyMe to Hold from Add and slashes its target to 85c from $1.20 after largely pre-released 1H results. These changes come despite the underlying business performance tracking in line with recent management commentary.

The broker raises its forecasts for funding costs and D&A expenses and is more conservative on long-term margin assumptions, which reduces the target to $1.00. A further -15c cut arises from uncertainty on a debt repayment.

The repayment of the additional -$25m of debt funding from Pacific Equity Partners will remain a key risk and likely overhang the stock until an announcement is made, suggests the broker.

Target price is $0.85 Current Price is $0.20 Difference: $0.655
If MME meets the Morgans target it will return approximately 336% (excluding dividends, fees and charges).

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 MTO as Add (1) -

First half results for Motorcycle Holdings slightly missed Morgans forecasts driven by higher-than-expected operating costs. Including acquisitions, strong gross profit growth versus the previous corresponding period was delivered across all core segments.

Management is now focusing on tighter cost management as signs of softening demand have emerged, (particularly across New and Used motorcycle sales), notes the analyst. 

The broker believes the company represents compelling value on a medium-term view and maintains its Add rating. The target falls to $2.85 from $3.42 on significantly lower EPS forecasts.

Target price is $2.85 Current Price is $1.95 Difference: $0.9
If MTO meets the Morgans target it will return approximately 46% (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 NIC as Neutral (3) -

Nickel Industries's FY22 full-year result outpaced Macquarie's forecasts at the earnings (EBITDA) and net-profit-after-tax levels and the broker forecasts Nickel Industries' share of production should nearly double in 2024.

Cash flow proved a -76% disappointment due to the timing of construction payments for Oracle, but net debt met the broker's expectations and the company embarked on a US$471m equity raising in January.

EPS forecasts fall -5% in 2023 to reflect recent realisation rates.

Neutral rating and $1.05 target price retained.

Target price is $1.05 Current Price is $0.98 Difference: $0.07
If NIC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

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: 0.3

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

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

Nitro Software had pre-announced its 2022 result. 2023 guidance will be provided in April if the company is still around to provide it. Nitro is subject to a takeover offer from private equity.

On that basis Morgan Stanley suggests the stock will not trade on fundamentals unless the takeover fails. Equal-Weight and $2.00 target retained. Industry view: In-Line

Target price is $2.00 Current Price is $2.18 Difference: minus $0.18 (current price is over target).
If NTO meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

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: 0.0

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

Citi rates NXT as Buy (1) -

Despite retaining a record pipeline of work, NextDC has flagged imminent new hyperscale contracts to Citi and suggested a material step up in contract size, with demand coming from global social media and content companies.

Elsewhere, initial planning development on M4 and S5 is underway, although the company refrained from providing specific timelines. Citi expects construction contracts could be awarded in the next twelve months. 

The Buy rating and target price of $12.60 are retained.

Target price is $12.60 Current Price is $10.27 Difference: $2.33
If NXT meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $12.09, suggesting upside of 14.2% (ex-dividends)

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 NXT as Neutral (3) -

NextDC's first half earnings result has exceeded Credit Suisse's forecasts, with the company reporting data centre services revenue of $159.7m and underlying earnings of $97.5m. The company now expects it can deliver data centre services revenue at the top end of its guidance range of $340-355m.

While contracted utilisation was lower than Credit Suisse had expected at the end of the period, the broker points out a further 4.5 megawatts of capacity are being added at M3 and an additional 10 megawatts at S3, with the company suggesting material hyperscale contracts could be added in the next six months.

The Neutral rating is retained and the target price increases to $11.00 from $10.90.

Target price is $11.00 Current Price is $10.27 Difference: $0.73
If NXT meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $12.09, suggesting upside of 14.2% (ex-dividends)

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

Macquarie rates NXT as Outperform (1) -

NextDC's December-half result disappointed Macquarie but the broker observes management guided to a second-half skew, boasting of the strongest pipeline in their history.

The company is adding inventory to meet this forecast demand, and has secured expansion capacity in the medium term through its S5 and M4 site acquisition, observes the broker.

Macquarie expects elevated energy prices will result in margin compression in the near term, but says this should be offset by CPI clauses, and expects a strong margin recovery in 2024 when energy prices in NSW and Victoria are forecast to ease.

Outperform rating retained. Target price eases to $11.10 from $11.40.

Target price is $11.10 Current Price is $10.27 Difference: $0.83
If NXT meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $12.09, suggesting upside of 14.2% (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

Morgan Stanley rates NXT as Overweight (1) -

Covid accelerated global IT upgrades and demand for data centres hence Morgan Stanley was incrementally cautious heading into the NextDC's result, given a subsequent global pull-back in IT spend. Ultimately, revenue missed the broker by -3% but earnings beat by 7%.

The result did show contracted utilisation slightly below expectation but management has modestly raised FY revenue guidance and substantially raised capex guidance to fund expansion of the third Sydney site and to add a fifth site in Sydney and fourth in Melbourne.

Demand implications thus de-risk the broker's concerns. Overweight retained, target falls to $13 from $14.

Industry view: Attractive

Target price is $13.00 Current Price is $10.27 Difference: $2.73
If NXT meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $12.09, suggesting upside of 14.2% (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 NXT as Add (1) -

NextDC's underlying earnings (EBITDA) for the 1H slightly beat Morgans estimate due to lower than expected expenses.

Management has raised FY23 capex guidance due largely to new site acquisitions, which helps underpin long-term growth, according to the analyst.

The maintenance of underlying earnings guidance was effectively an upgrade, as it includes higher opex due to holding costs of the newly purchased sites, explains the broker.

Morgans expects material contract wins in the next six months and maintains its Add rating. The target slips to $13.00 from $13.30 as the broker adopts a higher risk-free rate.

Target price is $13.00 Current Price is $10.27 Difference: $2.73
If NXT meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $12.09, suggesting upside of 14.2% (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

Ord Minnett rates NXT as Hold (3) -

NextDC's December-half result appears to have met Ord Minnett's forecast.

Management raised FY23 guidance to the top end of its range, expecting a strong second-half skew, saying it was about to register the conversion of some of the largest enterprise opportunities in its history.

The broker considered the highlight to be the purchase of two new data centres - S5 in Macquarie Park, and M4 in Port Melbourne - after a five-year search, and this came at a cost.

The broker observes that while earnings were steady, margin pressure was evident due to power prices. EPS forecasts are shaved.

Hold rating and $11 target price retained.

Target price is $11.00 Current Price is $10.27 Difference: $0.73
If NXT meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $12.09, suggesting upside of 14.2% (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

UBS rates NXT as Buy (1) -

First half operating earnings missed estimates yet, significantly, UBS notes guidance for FY23 has been maintained. The "hyperscaler" contracts investors are eagerly awaiting are expected in the second half.

The broker backs NextDC's track record and also awaits the contract announcements, which should again de-risk future earnings and provide potential for a re-rating.

Further details about expansion into Asia are also expected in the second half. UBS retains a Buy rating and the target is reduced to $12.90 from $13.85.

Target price is $12.90 Current Price is $10.27 Difference: $2.63
If NXT meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $12.09, suggesting upside of 14.2% (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 PBH as Neutral (3) -

PointsBet Holdings is now guiding to an earnings loss of -$77-82m in the June half, which Credit Suisse finds achievable although more than it had modeled, with the company anticipating net cash outflows of around -$100m in the second half. 

Credit Suisse notes revenue should be materially higher in the second half as PointsBet Holdings captures a full six month contribution from from four new US states. The broker intends to retain its rating until the company can attain a profitable US market share. 

The Neutral rating is retained and the target price decreases to $1.30 from $1.40.

Target price is $1.30 Current Price is $1.31 Difference: minus $0.005 (current price is over target).
If PBH meets the Credit Suisse target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: 0.0

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

Ord Minnett rates PPS as Buy (1) -

Praemium's December-half result outpaced Ord Minnett's forecasts by a decent clip thanks to a strong cost performance, a tax benefit, margin strength and an in-line revenue performance.

Management expects its cost program to boost operating leverage and the broker is confident margins will keep improving.

The broker also spies potential takeover appeal given the recent offloading of the international business.

EPS forecasts rise 12% to 20% over FY23 to FY25.

Buy rating retained. Target price rises to $1.10 from 95c. 

Target price is $1.10 Current Price is $0.82 Difference: $0.28
If PPS meets the Ord Minnett target it will return approximately 34% (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 PPT as Outperform (1) -

Macquarie resumes coverage of Perpetual after a period on research restrictions with an Outperform rating and $30 target price (which the broker says represents the lower end of its estimates to account for outflow risks).

The broker believes Perpetual will extract strong synergies from the Pendal acquisition of at least $60m, which it says will well outweigh the risk of further outflows (as those that occurred with other acquisitions in the sector).

Outflows, while expected, are not forecast to accelerate. Add to that the fact that Macquarie's pre-synergy valuation is above the share price, and the broker feels the case is clear-cut.

The broker observes, the company's earnings (EBITDA) margin has been lagging peers, and the company is more exposed to market movements. On the downside, a big retreat could flag balance sheets concerns (but the broker notes Perpetual can easily sell assets), and a rally would trigger an outperformance given the company's higher operating leverage.

EPS forecasts fall -0.7% in FY23; rise 2.4% in FY24; and 7% to 9% thereafter.

Target price is $30.00 Current Price is $24.39 Difference: $5.61
If PPT meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $30.40, suggesting upside of 23.7% (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 SFR as Neutral (3) -

Sandfire Resources delivered an in-line first half earnings result of US$136m, with no interim dividend as expected by Citi. 

The broker highlights the company remains on track to deliver first concentrate from its Motheo project early in the June quarter, and Citi sees the company's ability to deliver the project on time as impressive.

The Neutral rating is retained and the target price decreases to $6.30 from $6.40.

Target price is $6.30 Current Price is $5.88 Difference: $0.42
If SFR meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.87, suggesting upside of 0.0% (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: 0.1

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

Credit Suisse rates SFR as Underperform (5) -

There were few surprises in Sandfire Resources' December half result for Credit Suisse, with operating and group earnings of $175m and $136m being pre-disclosed. Operating cash flow was a miss for the broker, but more in line with consensus forecasts. 

The broker was impressed by progress at Motheo, with the project tracking ahead of schedule and on budget. Dry commissioning is underway and wet commissioning is likely in late March, with the company anticipating first concentrate production two weeks after commissioning. 

The Underperform rating is retained and the target price decreases to $5.00 from $5.10.

Target price is $5.00 Current Price is $5.88 Difference: minus $0.88 (current price is over target).
If SFR meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.87, suggesting upside of 0.0% (ex-dividends)

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: 0.1

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

Macquarie rates SFR as Outperform (1) -

Sandfire Resources's December-half result largely met Macquarie's forecasts save for a larger than expected underlying loss due to higher than forecast financing costs.

Management reiterated guidance for a strong June half from MATSA and the broker observes the Motheo project is set to start producing in the June quarter and should prove a catalyst.

Macquarie alters EPS forecasts to reflect the widening of the loss in the June half. 

Outperform rating and $7 target price retained (which compares with the last entry in the FNArena database on February 14 of $5.80). 

Target price is $7.00 Current Price is $5.88 Difference: $1.12
If SFR meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.87, suggesting upside of 0.0% (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: 0.1

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

Morgan Stanley rates SFR as Overweight (1) -

Perhaps no one at Sandfire Resources speaks Spanish. The miner's result was in line with Morgan Stanley but a misunderstanding of Spanish tax rules means changes have been made for MATSA, leading to a reduction in the broker's base case valuation.

Management has retained FY23 guidance. The broker has cut its target to $6.30 from $6.85 to reflect the adjustment but Sandfire remains the broker's preferred copper play.

Overweight retained. Industry view: Attractive

Target price is $6.30 Current Price is $5.88 Difference: $0.42
If SFR meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.87, suggesting upside of 0.0% (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: 0.1

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

Morgans rates SFR as Add (1) -

While 1H results were pre-reported and FY23 guidance was maintained, Morgans raises its target for Sandfire Resources to $6.50 from $5.20 after adjusting its risk assessments for Motheo and Black Butte.

First concentrate production is due in April for Motheo (Botswana) and commissioning/ ramp-up looms as a major de-risking event, explains the analyst.

The broker believes the peak has passed for investor concerns given the halving in European power prices (from peak levels), strong execution at Motheo and a stronger balance sheet. Add.

Target price is $6.50 Current Price is $5.88 Difference: $0.62
If SFR meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.87, suggesting upside of 0.0% (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: 0.1

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

UBS rates SFR as Neutral (3) -

First half earnings and net profit were largely in line with estimates. Sandfire Resources has retained FY23 guidance for 83-91,000t copper and 78-83,000t zinc. Growth expectations have been reiterated.

Construction at Motheo is on schedule for first concentrate early in the June quarter. UBS continues to model the 5.2mtpa expansion and A4 development, taking production to over 50,000tpa from FY25. Neutral maintained. Target is $6.40.

Target price is $6.40 Current Price is $5.88 Difference: $0.52
If SFR meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.87, suggesting upside of 0.0% (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: 0.1

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

Ord Minnett rates SZL as Buy (1) -

Sezzle's FY22 full-year result pleased Ord Minnett, the company posting three consecutive months of profit growth in the December quarter, despite seasonal obstacles.

Management has targeted an extra US$10m of annualised revenue targets in 2023.

Low December-quarter gross bad debts of 1.2% proved a standout, and this flowed into a sector-beating net transaction margin.

Buy rating retained on valuation. Target price rises to $1.20 from $1.10.

Target price is $1.20 Current Price is $0.55 Difference: $0.655
If SZL meets the Ord Minnett target it will return approximately 120% (excluding dividends, fees and charges).

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

Macquarie rates TYR as Neutral (3) -

Tyro Payments' pre-released December-half result met Macquarie's forecasts and FY23 guidance was reiterated, and the broker observes the company is on track to meet the upper end of the guidance range.

But Macquarie expects margin pressures could come to bear in the second half after a mix shift to lower margin international transactions, and expects concerns about the economic outlook in 2024 could weigh.

Neutral rating retained. Target price rises to $1.70 from $1.65, the broker expecting an improved offer could emerge from Potentia.

Target price is $1.65 Current Price is $1.65 Difference: $0
If TYR meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 21.9% (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

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

Tyro Payments pre-announced a stronger than expected first half results back in January but with access now to the full set of accounts, Morgan Stanley has assessed that original beat as high quality. And early second half trading continues to be strongly positive, showing a 23% total transaction value increase thus far.

It was an important update, the broker suggests, because it confirmed the delivering of positive underlying profit for the first time since 2015 and positive free cashflow some six months ahead of target.

Overall the business benefited from multiple drivers increasing TTV, including new merchant sign-ups, aided by new hardware devices,  and lower churn. FY23 guidance has been reaffirmed.

As private equity is sniffing around, Morgan Stanley retains Equal-Weight on a $1.60 target. Industry view: Attractive

Target price is $1.60 Current Price is $1.65 Difference: minus $0.05 (current price is over target).
If TYR meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.94, suggesting upside of 21.9% (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

Morgans rates TYR as Add (1) -

Morgans slightly increases its EPS forecasts for Tyro Payments following 1H results that were largely pre-released. The target rises to $1.89 from $1.82.

The company registered its first positive profit result and generated its maiden positive free cashflow performance.

Taking into account January trading, the analyst extrapolates the current earnings run-rate and believes the mid-point of recently-revised FY23 guidance will be met.

The Add rating is maintained and the broker notes potential upside from corporate suitors.

Target price is $1.89 Current Price is $1.65 Difference: $0.24
If TYR meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 21.9% (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