Australian Broker Call

Citi rates AMC as Neutral (3) -

Amcor released Q4 financials this morning and Citi, upon first glance, notes the EBIT has beaten forecasts, while the EPS of US19.3c is above market consensus' US18.2c.

The 'beat' can be traced back to Flexibles and Corporate Expense. The market was worried about declining volumes and on this account today's update confirms that concern was valid as volumes declined by -7% on the prior year.

Guidance for EPS of US67-71c for FY24 is below expectations with higher taxes and higher interest costs offsetting the share buyback. Amcor also divested its presence in Russia.

Target price is $16.00 Current Price is $14.59 Difference: $1.41
If AMC meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $15.50, suggesting upside of 9.4% (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 AMC as Neutral (3) -

Amcor's FY23 performance met expectations but management has lowered the bar for FY24, UBS points out in an initial response. The broker suggests consensus is some 5% positioned above the new guidance.

Lower volumes, residual Russian headwinds, and higher interest expense are all conspiring to provide headwinds for the year ahead.

Neutral. Target $16.30.

Target price is $16.30 Current Price is $14.59 Difference: $1.71
If AMC meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $15.50, suggesting upside of 9.4% (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

Citi rates ASX as Neutral (3) -

It is Citi's initial assessment the ASX's FY23 release has revealed a net profit "miss" of some -2% against its own and market consensus forecasts.

Softer than projected revenues seem to be the key culprit, although costs are proving higher than estimated too.

Target $64. Neutral.

Target price is $64.00 Current Price is $61.64 Difference: $2.36
If ASX meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $63.91, suggesting upside of 5.8% (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) -

Judging from UBS's initial response, the news has not become any better for the ASX with the release of FY23 financials this morning.

Both earnings and dividend have missed the mark, and capex guidance seems to be an additional negative. UBS sees downside risk to consensus forecasts for the year ahead.

The broker does suggest today's numbers are not materially different from what had been flagged at the June investor day. No reason to change our Sell rating, UBS exclaims. Target $59.

Target price is $59.00 Current Price is $61.64 Difference: minus $2.64 (current price is over target).
If ASX meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $63.91, suggesting upside of 5.8% (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

Citi rates BAP as Neutral (3) -

Bapcor's FY23 result fell -1% shy of consensus but Citi describes FY24 guidance as solid, albeit earnings are likely to be hampered by cost and wage inflation.

Citi is starting to doubt that the company's Better Than Before program will deliver on its promise, expecting gross benefits will be skewed to the second half of FY24 at best, with full benefits to be pushed out to FY26.

While the trade division posted a strong performance, Citi observes the retail business continues to underperform other divisions, and suspects its discretionary nature could be responsible for its narrowing premium to G.U.D. Holdings ((GUD)).

Neutral rating retained. Target price rises to $7 from $6.49 to reflect lower net debt debt and higher market multiples.

Target price is $7.00 Current Price is $6.77 Difference: $0.23
If BAP meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $7.32, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates BAP as Outperform (1) -

The FY23 results from Bapcor were in line with expectations amid strong cash generation, an unwinding of inventory and lower net debt.

The business-to-business target is on track and will be the focus for FY24, Macquarie points out, with the second half exit run rate a key catalyst that should build confidence in the path to the $100m target for FY25. Outperform. Target edges up to $8.45 from $8.40.

Target price is $8.45 Current Price is $6.77 Difference: $1.68
If BAP meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $7.32, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Morgan Stanley rates BAP as Underweight (5) -

Following FY23 results, Morgan Stanley suggests investors stay Underweight Bapcor as higher interest and capex costs restrain operating leverage. Revenue and earnings were in line with the broker's forecasts while profit was a slight miss.

The highlight for FY24, suggest the analysts, is the potential for $20-30m of transformation benefits on a gross basis. It's thought the market was skeptical this reaffirmed milestone would be achieved, though timing/execution risks remain.

Regarding the Trade outlook, management suggested market growth will normalise from elevated levels, while in Retail there are "ongoing challenging market conditions" and potential gross margin impacts of loyalty.

The Underweight rating is retained and the target price rises to $6.20 from $5.90. Industry view: In-Line. 

Target price is $6.20 Current Price is $6.77 Difference: minus $0.57 (current price is over target).
If BAP 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 $7.32, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Morgans rates BAP as Hold (3) -

Bapcor's FY23 underlying profit was in line with Morgans forecast. Profit for BAP Trade, Retail, Specialist Wholesale and Bapcor NZ moved by 8%, 1%, 1% and -9.4%, respectively, with all but Retail experiencing 2H earnings (EBITDA) margin improvement.

Management expects BAP expects a "solid underlying performance" in the core business and the Better Than Before transformation project to deliver its stated FY24 targets of $20-30m in gross benefits.

The analyst is comfortable sitting on a Hold rating to gain increased confidence while underlying operating conditions are subdued. The target rises to $7.58 from $7.16.

Target price is $7.58 Current Price is $6.77 Difference: $0.81
If BAP meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.32, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Ord Minnett rates BAP as Buy (1) -

Bapcor's FY23 net profit was just below Ord Minnett's forecasts. Sales increased 9.7%, largely in line.

The broker lowers estimates by -10% and -8% for FY24 and FY25, respectively, yet expects earnings growth,driven by the core Burson trade business and continued expansion of the store network in Australasia.

Operating margins are also expected to improve through cost cutting.  Buy rating maintained. Target is reduced to $7.50 from $8.40.

Target price is $7.50 Current Price is $6.77 Difference: $0.73
If BAP meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $7.32, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Citi rates BLX as Neutral (3) -

It is Citi's early assessment that Beacon Lighting's FY23 performance, released earlier this morning, has missed forecasts by -3%-4%. On its own net profits retreated by -17% from the year prior.

Final dividend of 4c matches expectations, as does the gross margin of 68% (down -139bps from last year). Sales thus far in FY24 look underwhelming.

Neutral. Target $1.73.

Target price is $1.73 Current Price is $1.88 Difference: minus $0.15 (current price is over target).
If BLX meets the Citi 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 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 CPU as Buy (1) -

On closer examination, Citi observes the FY23 result from Computershare delivered on guidance yet was soft in terms of composition.

Good cost control was evident but revenue was softer in US mortgage servicing while there was a strong recovery in second half register maintenance. Management guided to 7.5% growth in FY24, (not including the buyback), a touch shy of market expectations.

The broker welcomes the capital initiative in the form of the $750m buyback along with the strong rise in the final dividend. FY24 margin income guidance has increased to around US$840m, slightly below Citi's previous forecasts.

Citi observes possible M&A activity over the December half could prove an added bonus, and the company also plans to sell its US mortgage business in the half.

All up, the broker believes Computershare "stands apart" from the diversified financials sector. Buy rating retained. Target price rises to $27.20 from $25.90.

Target price is $27.20 Current Price is $24.10 Difference: $3.1
If CPU meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $26.07, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Macquarie rates CPU as Outperform (1) -

Macquarie notes capital management was the focus in the FY23 results for Computershare, with the final dividend missing consensus estimates while a $750m buyback was announced.

The broker assesses the buyback now provides downside protection, and accretion from ongoing reinvestment of cash will deliver upside risk to earnings per share over the medium term.

As inflationary trends normalise further opportunities for cost reductions could also materialise. The company will provide an update on the US mortgage services sale at the AGM.

Outperform. Target is $26.

Target price is $26.00 Current Price is $24.10 Difference: $1.9
If CPU meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $26.07, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Morgans rates CPU as Add (1) -

While Computershare's FY23 management EPS was broadly in line with guidance, the 40cps final dividend and FY24 EPS guidance missed consenus expectations.

The analyst highlights a stellar Margin Income (MI) result though also notes the FY23 EBIT (ex MI) did decline by -25% on the previous corresponding period, on softer event/transaction activity.

A $750m buyback was announced, demonstrating to the broker significant balance sheet flexibility. The target rises to $26.40 from $25.10 and the Add rating is retained due to a low multiple relative to more than 20% return on invested capital (ROIC).

Target price is $26.40 Current Price is $24.10 Difference: $2.3
If CPU meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $26.07, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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 CPU as Hold (3) -

FY23 results from Computershare were in line with guidance and Ord Minnett notes underlying EPS of US$1.08 was up 86%, underpinned by significantly higher margin income, cost reductions and growth in recurring fees.

Of note, operating margins exceeded forecasts and, despite a probable moderation in margin income, the broker expects mid single-digit growth over the next five years to FY28, largely fuelled by cost reductions. Hold maintained. Target is $25.

Target price is $25.00 Current Price is $24.10 Difference: $0.9
If CPU meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $26.07, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

UBS rates CPU as Buy (1) -

Computershare's record FY23 result appears to have pleased UBS, the broker observing return on equity exceeded 30% for the first time in a decade.

The announcement of a $750m just added to the joy, says UBS, adding 5% to EP growth by FY25.

FY24 guidance was for 7.5% EPS, excluding the buyback amd margin balances since June 30.

UBS says the focus is switching from yields to balances. While the broker spies near-term downside risk to margin balances given weak debt markets, given M&A is a strong likelihood, the broker believes the overalls view is rosy.

Buy rating and $28 target price retained.

Target price is $28.00 Current Price is $24.10 Difference: $3.9
If CPU meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $26.07, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Citi rates CXO as Sell (5) -

Core Lithium has announced a $100m to $120m equity raising at a 27% discount - 300m shares at 40c each at a 26.6% discount to the prior close. A $100m institutional placement has been underwritten and another $20m is reserved for a share purchase plan.

Citi considers the move surprising given the company's net cash balance sheet and the broker now speculates about the performance of Finnis, given capital expenditure has blown out in the exploration phase alone.

The broker doesn't understand why the company is spending $35-$40m on studies instead of fast-tracking geomet work to get to the bottom of what the broker perceives may be a fines problem. Citi is considering revisiting its LT recovery estimates.

Sell rating retained. Target price falls to 40c from 50c.

Target price is $0.40 Current Price is $0.55 Difference: minus $0.15 (current price is over target).
If CXO meets the Citi target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.67, suggesting upside of 64.2% (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 DHG as Neutral (3) -

It is Citi's initial assessment that Domain Holdings Australia's FY23 EBITDA missed expectations by up to -7%. Costs were lower than expected so today's miss is entirely due to slower sales.

Core net profit sank -41% from the year prior and missed consensus by -10% and Citi's forecast by -15%.

The Home Loans business needs scale, and the broker questions how soon can Domain have a solution?

Neutral. Target $4.40.

Target price is $4.40 Current Price is $4.08 Difference: $0.32
If DHG meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting downside of -3.2% (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 DRR as Sell (5) -

On UBS's assessment, Deterra Royalties' FY23 result met its own forecasts, but slightly missed consensus on revenues, net profit and the dividend. Those misses are small, though.

While management is preparing for acquisitions, also inceasing the bilateral credit facility by $150m to $500m, UBS remains concerned about lower iron ore prices and their impact for royalties.

Thus the broker retains its Sell rating. Price target falls to $3.90 from $4.10.

Target price is $3.90 Current Price is $4.50 Difference: minus $0.6 (current price is over target).
If DRR meets the UBS target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.39, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Macquarie rates DXS as Outperform (1) -

The FY23 results from Dexus were broadly in line with Macquarie's estimates. FY24 distribution guidance was disappointing, -8% below estimates and partially stemming from a roll off in trading profits.

The acquisition of Collimate is now complete, bringing to the management platform $18.2bn in funds under management including $10.2bn in infrastructure.

The company believes infrastructure will be a material source of growth going forward and Macquarie asserts evidence of growth in earnings and FUM will drive a re-rating for the business. Outperform. Target is reduced to $8.95 from $9.32.

Target price is $8.95 Current Price is $7.76 Difference: $1.19
If DXS meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.93, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Morgan Stanley rates DXS as Underweight (5) -

FY23 funds from operations (FFO) for Dexus of $738m exceeded the forecasts of consensus and Morgan Stanley for $726m and $718m, respectively, though FY24 guidance was a miss.

Given a lack of activity in transaction markets, the broker is unsurprised management expects FY24 trading profits will be around $10m (post tax) compared to $50.2m in FY23.

FY24 dividend guidance is for around 48cpu, when consensus was expecting 50.3cpu.

Management believes its is "halfway through a challenging two-year period", with further downward pressure on valuation of assets expected.

Target $8.60. Underweight. Industry View: In-Line.

Target price is $8.60 Current Price is $7.76 Difference: $0.84
If DXS meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.93, suggesting upside of 18.6% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

UBS rates DXS as Neutral (3) -

Dexus' FY23 result outpaced UBS by 1% but FY24 guidance disappointed, management expecting lower trading income and high earnings variability.

Disappointing guidance reflects management's bid to support the balance sheet; its desire to prioritise earnings quality over quantity; the integration of the Colimate FM Platofrm; a shift in capital from directly owned office assets; and flat office fundamentals.

The company's office occupancy of 95.9% outperformed peers at 88% but UBS expects further valuation declines in FY24.

Neutral rating retained. Target price eases to $8.30 from $8.44.

Target price is $8.30 Current Price is $7.76 Difference: $0.54
If DXS meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.93, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Macquarie rates EDV as Outperform (1) -

Sales momentum continues to be strong for Endeavour Group with retail up 2.5% in the first six weeks of FY24 and hotels sales up 4.6%.

A key point in the FY23 result was higher-than-expected interest and tax expenses, with management flagging net interest costs guidance of around $280-310m for FY24, well ahead of Macquarie's forecasts.

The broker's EBIT forecasts are largely unchanged as the operating business is resilient, although the step up in tax and interest costs will negatively affect net profit forecasts by mid-single digits. Outperform maintained. Target slips to $6.40 from $6.50.

Target price is $6.40 Current Price is $5.75 Difference: $0.65
If EDV meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.95, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Morgan Stanley rates EDV as Underweight (5) -

FY23 sales and earnings (EBITDA) for Endeavour Group were misses of only -0.5% and -0.3%, respectively, against consensus estimates.

Growth in gaming moderated in the 2H but remains positive, note the analysts, while the Hotel mix of revenue in FY23 now reflects normalised trading conditions.

A new cost optimisation program is aiming for $200m of additional annualised saving by the end FY26 and is intended to offset inflationary pressures, explains the broker. It's though this intention will be challenging in FY24 given wage inflation.

Underweight. Target $5.80. Industry view: In-Line.

Target price is $5.80 Current Price is $5.75 Difference: $0.05
If EDV meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.95, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Morgans rates EDV as Hold (3) -

Endeavour Group's FY23 was only slightly softer than Morgans expected.

Despite a decline in sales in the Retail segment, the EBIT margin was maintained at 6.6% aided by cost savings initiatives and the trend towards premiumisation and new products that offset inflationary pressures in labour.

The sales mix in Hotels is now largely back to pre-covid levels, observes the analyst, though the changing mix during FY23 contributed to a gross margin decrease of -100bps to 84.1%.

for the first six weeks of July, sales in Retail and Hotels rose by 2.5% and 4.6%, respectively, and management noted customer trends remain resilient and stable.

The target falls to $5.71 from $5.87. Hold.

Target price is $5.71 Current Price is $5.75 Difference: minus $0.04 (current price is over target).
If EDV meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.95, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Ord Minnett rates EDV as Accumulate (2) -

FY23 results from Endeavour Group were largely in line with Ord Minnett's expectations. Pre-tax profit margins are expected to fall by -40 basis points to 6.1% in FY24, as the broker anticipates increases in hourly wages will more than offset the savings from the newly introduced roster system.

Ord Minnett assesses liquor demand is defensive relative to discretionary retailing categories such as household goods and fashion, while the premiumisation trend counterbalances the structural decline in per capita liquor consumption.

The shares appear slightly undervalued to the broker and the Accumulate rating and $6.10 target are maintained.

Target price is $6.10 Current Price is $5.75 Difference: $0.35
If EDV meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.95, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

UBS rates EDV as Neutral (3) -

On its second take, UBS observes Endeavour Group's FY23 earnings (EBIT) appears to be a miss, although at the divisional level the overall result appears to be a beat for consensus and a miss for UBS.

Costs were mixed, with savings logged offsetting a spike in net interest.

Revenue appears to have kicked up in the first weeks of FY24, observes the broker, but management guided to higher net interest in FY24, disappointing consensus forecast.

EPS forecasts fall -4% in FY24; and -3% in FY25 to reflect higher net interest and tax, and higher net debt.

Neutral rating retained. Target price falls to $5.75 from $6.15.

Target price is $5.75 Current Price is $5.75 Difference: $0
If EDV meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $5.95, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Shaw and Partners rates EV1 as Buy (1) -

Evolution Energy Minerals has signed an agreement with the world's largest battery anode company BTR to engage in downstream battery anode collaboration and binding offtake, subject to shareholder approval in October.

Shaw and Partners says the deal aims to position Evolution as a vertically integrated producer of lithium-ion battery anode material.

Under the deal, BTR will buy $4.9m Evolution shares for 22c to take a 9.9% stake in the company; a memorandum of understanding covering downstream processing and US site selection will be signed; and the pair with enter a binding offtake agreement for 100% of the fine flake graphite from Chilalo for three years, on the proviso it is executed by March 31, 2024.

Chillalo construction is pegged at US$120m and under the deal 90% of its production is under offtake.

Buy recommendation and 72c target price retained.

Target price is $0.72 Current Price is $0.24 Difference: $0.48
If EV1 meets the Shaw and Partners target it will return approximately 200% (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 FBU as Outperform (1) -

While FY23 results from Fletcher Building were in line with expectations the result was messier than Macquarie anticipated, with some guessing required as to the ultimate costs around the Iplex product claim and silicosis claims. No FY24 guidance was provided.

The legacy construction issue is less of a concern to the broker. Macquarie strongly believes there are structural changes occurring in Australasian manufacturing/distribution and values these businesses more meaningfully as a result.

Outperform rating and the target reduced to NZ$7.39 from NZ$7.70.

Current Price is $4.60. Target price not assessed.

Current consensus price target is $5.30, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.6

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

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

Fletcher Building's FY23 result was in line with both prior guidance and Morgan Stanley's forecast though a softer-than-expected dividend may suggest weaker times in FY24.

Management commentary pointed to “further tightening in our overall volumes” with Materials and Distribution expected to be down around -8%.

The analysts forecast a -13% decline in FY24 earnings (EBIT) due to ongoing declines in A&NZ residential markets.

Target $5.09. Equal-weight. Industry View: In-Line.

Target price is $5.09 Current Price is $4.60 Difference: $0.49
If FBU meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.30, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.6

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

Ord Minnett rates FCL as Accumulate (2) -

Fineos Corp intends to raise $45m for liquidity and to strengthen the balance sheet, securing $35m via an institutional placement at $2.25 a share. Around $5m will be raised from a placement to founder, CEO and director Michael Kelly, subject to shareholder approval, and up to $5m via a share purchase plan.

While the capital raising is conducted at a large discount to fair value, Ord Minnett considers this relatively small as a percentage of equity and retains a target of $3.30, believing the raising is a deliberate measure to capitalise on the recent re-rating of the share price. Accumulate maintained.

Target price is $3.30 Current Price is $2.15 Difference: $1.15
If FCL meets the Ord Minnett target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 56.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Citi rates GMG as Buy (1) -

Upon initial assessment, it appears Goodman Group does what Goodman Group does best; meeting expectations with FY23 financials and starting off with a modest looking, at face value underwhelming guidance for the year ahead.

Management has a history of being conservative on initial guidance and we see this time as no different, comment the analysts at Citi.

Total Funds under management increased to $81bn, below Citi's estimate of $84.5bn, with lower net acquisition & development, and lower revaluation gains, the broker explains.

With a strong outlook for rental income, Citi predicts the share price will respond positively. Buy. Target $24.30.

Target price is $24.30 Current Price is $19.75 Difference: $4.55
If GMG meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $22.78, suggesting upside of 9.1% (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

UBS rates GMG as Buy (1) -

At first glance, it appears Goodman Group's guidance for FY24 seems a bit light on, but management tends to start off cautiously and then upgrade throughout the year.

UBS doesn't seem too fussed about it and labels it a "solid" result with FY24 guidance leaving scope for an upgrade down the track.

Buy. Target $23.

Target price is $23.00 Current Price is $19.75 Difference: $3.25
If GMG meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $22.78, suggesting upside of 9.1% (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 GOZ as Buy (1) -

According to Citi's early assessment, Growthpoint Properties Australia's FY23 FFO per share retreated by -3.2% from the year prior, though this was slightly better-than-anticipated.

The dividend increased in line with expectations by 2.9% to 21.4c. The broker highlights NTA retreated by -12.3% since Jun-22 to $4.00, implying the stock is trading at a -34% discount.

Citi highlights FY24 distribution guidance of 19.3cps is -9% below consensus expectations. It is the heavy discount that lures the broker into commenting the stock might be losing strength post today's release, but it is looking attractive with a yield of 7.3% (higher now on today's weakness).

Buy. Target $3.40.

Target price is $3.40 Current Price is $2.64 Difference: $0.76
If GOZ meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 40.3% (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

UBS rates GQG as Buy (1) -

Upon initial assessment, it looks like GQG Partners' interim result has beaten forecasts, except for cash EPS. UBS's response indicates the US3.87c in dividend is much higher than the US2.02c forecast.

The broker does believe it is a "low quality" beat, predominantly because of performance fees, largely driven by Global/US strategies that have underperformed in H1.

With no news on the PAC bid, UBS thinks the dividend surprise will probably dominate investors' perception of today's update.

Target $2.25. Buy.

Target price is $2.25 Current Price is $1.58 Difference: $0.67
If GQG meets the UBS target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $2.04, suggesting upside of 36.0% (ex-dividends)

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: 0.9

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

UBS rates HDN as Buy (1) -

In an initial assessment, it appears HomeCo Daily Needs REIT's FY23 release proved in line while FY24 guidance beats forecasts by UBS and market consensus by some 6%.

Following a hedge restructuring, the costs for servicing its debt are lower, and responsible for the FY24 guidance "beat", the broker explains.

Buy. Target $1.36.

Target price is $1.36 Current Price is $1.11 Difference: $0.25
If HDN meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.34, suggesting upside of 15.3% (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

Bell Potter rates IEL as Buy (1) -

IDP Education’s student placement (SP) volumes typically correlate with student visa data from key source markets (eg India, China)
into key destination countries (Australia, UK and Canada), Bell Potter notes. The broker has looked at recent destination data to inform forecasts.

Bell Potter had factored in strong growth in SP volumes underpinned by Australia, however, remains more conservative on the outlook for multi-destination, with a slowdown in visa grants in the UK and limited visibility around processing in Canada, despite signs of growth in recent months.

Target falls to $27.00 from $27.40, Buy retained.

Target price is $27.00 Current Price is $22.26 Difference: $4.74
If IEL meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $26.76, suggesting upside of 18.1% (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 ING as Neutral (3) -

UBS, upon initial commentary, finds Inghams Group's FY23 result outpaced forecasts, including market consensus, but it is labeled of low quality given $3m below the line increase in transformation costs.

Cash flow generation was good, says the broker, driving balance sheet leverage solidly within the 1-2x target range.

No formal guidance was provided. UBS cites the reduction in leverage as the key highlight of today's release. Investor focus will be on costs and the quantum of one-off transformation costs, if any, suggests the broker.

Neutral. Target $3.

Target price is $3.00 Current Price is $2.78 Difference: $0.22
If ING meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.08, suggesting downside of -3.3% (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

Ord Minnett rates LIC as Hold (3) -

The Lifestyle Communities FY23 results were stronger at the top line compared with Ord Minnett's forecasts while FY24-26 settlements guidance is short of expectations.

Although results continue to be affected by volatility in the residential market, the broker assesses the business is high quality and supported by strong long-term fundamentals.

The stock is considered fairly valued and a Hold rating is maintained while the target is lowered to $17.02 from $17.96.

Target price is $17.02 Current Price is $16.68 Difference: $0.34
If LIC meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

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 LIC as Downgrade to Neutral from Buy (3) -

UBS has decided to downgrade Lifestyle Communities to Neutral from Buy with the outlook less certain and the risk reward seen as more balanced post the release of FY23 financials.

At face value, the FY23 net profit was better-than-expected but UBS points at lower overhead costs that made the difference. Costs for servicing debt are expected to "step up" from FY25.

Given the market is expecting high growth in FY25-27, the broker opines the lack of any guidance for FY24 is certainly "underwhelming". UBS sees limitations to growth, also pointing at increased gearing to 41% from 35% the year prior.

Price target has gained 10c to $17.10. The broker finds the valuation increasingly "stretched".

Target price is $17.10 Current Price is $16.68 Difference: $0.42
If LIC meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

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

Macquarie rates MGR as Upgrade to Outperform from Neutral (1) -

The FY23 results were slightly below Macquarie's estimates yet FY24 guidance is better than previously expected. Mirvac Group is guiding to FY24 operating earnings per share of 14-14.3c.

Macquarie selects the mid point of the guidance range, underpinned by a beat in residential settlements in FY23, along with commercial & mixed use earnings anticipated to perform in line with FY23.

The broker upgrades to Outperform from Neutral, given the improved guidance and an incrementally supportive macro backdrop. Target is raised to $2.66 from $2.22.

Target price is $2.66 Current Price is $2.40 Difference: $0.26
If MGR meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.67, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Morgan Stanley rates MGR as Overweight (1) -

Mirvac Group's FY23 EPS was in line with both prior guidance and Morgan Stanley's forecast, while FY24 guidance for EPS and DPS were slightly below consensus and the broker's expectations due to interest expense.

The analysts believe momentum looks good, particularly for residential sales after FY23 settlements came in at 2,298 lots compared to prior guidance for 2,200. Q4 sales were 508 lots, up from 288 in Q3.

There was no FY24 settlement guidance forthcoming but the pipeline suggests to the broker a range of 2,000-2,200 lots.

Overweight rating. Target $2.65. Industry view is In-Line.

Target price is $2.65 Current Price is $2.40 Difference: $0.25
If MGR meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.67, suggesting upside of 10.9% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

UBS rates MGR as Buy (1) -

Mirvac Group's FY23 result outpaced consensus and UBS forecasts, and recently revised guidance. Residential outpaced by 20% and Commercial disappointed by -9%. On the downside, Operating EPS proved a miss.

Strong forecast residential settlements in FY24, aided by weather delays, and higher apartment prices, are expected to be offset by lost income on trust assets set for redevelopment; softer commercial development profits; and higher debt costs.

UBS cuts FY24 earnings by -2% but observes a FY24-FY27 operating EPS compound annual growth rate of 7.8%, which compares favourably with the A-REIT sector's 4.4%.

Buy rating retained. Target price steady at $2.55.

Target price is $2.55 Current Price is $2.40 Difference: $0.15
If MGR meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.67, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Shaw and Partners rates NOL as Buy (1) -

Plan For Life data for the year to March 31, 2023, confirms NobleOak's strong market share gains, advises Shaw and Partners, with premium inflows growing 24.% compared with the combined individual risk market growth of 3.2%.

The broker expects continued double-digit growth in In-Force Premiums out to FY25. 

NobleOak's FY23 result is due on 31 August.

Buy rating and $2.85 target price retained.

Target price is $2.85 Current Price is $1.69 Difference: $1.16
If NOL meets the Shaw and Partners target it will return approximately 69% (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 NST as Hold (3) -

As a result of a site visit to KCGM Ord Minnett tweaks FY23 estimates to allow for the stockpile, increasing the capital expenditure and cost outlook beyond FY25 amid expectations for "stickier inflation conditions".

The key concern is labour availability in the region, although the broker was slightly more confident after the visit, given contingencies baked into the $1.5bn capital expenditure number and Northern Star Resources' ability to lock in key contracts amid a staged expansion.

Hold maintained. Target is reduced to $11.40 from $12.30.

Target price is $11.40 Current Price is $10.55 Difference: $0.85
If NST meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $12.06, suggesting upside of 17.3% (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 NWH as Buy (1) -

Citi analysts, having returned from a conference call with management at NRW Holdings, report their optimism regarding FY24 has grown, stating revenue guidance of $2.8bn is likely to prove conservative.

Management also intimated labour challenges are abating, report the analysts, adding tight labour has been the key constraint to growth for the contractor.

Management is also confident about new projects being awarded. Citi has its doubts over management's margin optimism, but overall has more confidence in the company's future than before the conference call.

Buy. Target $2.90.

Target price is $2.90 Current Price is $2.74 Difference: $0.16
If NWH meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.83, suggesting upside of 5.7% (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

Citi rates NWL as Neutral (3) -

On closer examination, Netwealth Group's FY23 net profit fell -1% shy of consensus and Citi's forecasts, though it did grow by 20% from the year prior. Earnings (EBITDA) proved a -2% miss for the broker, due to lower-than-forecast transaction revenue which triggered a half-on-half decline in revenue margins.

On the upside, EBITDA margins rose to 48% from 44% and growth in costs slowed due in part to a lower-than-expected rise in headcount. The company also reported strong cash flow and cash conversion of 106%.

Management has abstained from including concrete guidance on funds flows, nor did it mention operating leverage, and the number of advisers fell half on half, all of which are poor prognosticators in Citi's view, not to mention an apparent drop in flows in early FY24 trading.

Neutral rating retained and $14 target price retained.

Target price is $14.00 Current Price is $14.51 Difference: minus $0.51 (current price is over target).
If NWL meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.98, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates NWL as Neutral (3) -

FY23 results from Netwealth Group were broadly in line with expectations as a softer revenue margin was offset by controlled costs.

Macquarie is encouraged by this and anticipates new product launches will present upside risk to funds under administration, although there is some risk cannibalisation could affect margins.

A lack of guidance for FY24 may be viewed as a negative indicator but the broker points out management appeared more upbeat about the outlook compared with recent updates. Neutral maintained. Target rises to $14.50 from $14.40.

Target price is $14.50 Current Price is $14.51 Difference: minus $0.01 (current price is over target).
If NWL meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.98, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Morgans rates NWL as Hold (3) -

FY23 underlying profit for Netwealth Group was in line with consensus. Morgans notes operational efficiencies were delivered in the 2H with an around 376bps margin expansion half-on-half. The margin expansion is expected to continue into FY24/25.

Management expressed high confidence, according to the analyst, in the retail and institutional flows pipelines with guaranteed funds under administration (FUA ) inflows due from planned transitions.

The broker's Hold rating is maintained on valuation and the target rises to $15 from $14.85.

Target price is $15.00 Current Price is $14.51 Difference: $0.49
If NWL meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $14.98, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Ord Minnett rates NWL as Accumulate (2) -

Netwealth Group's FY23 result was considered "excellent" by Ord Minnett with EBITDA up 17% and ahead of forecasts. Going forward the broker is confident in a gradual recovery in net flows, and product development initiatives are expected to increase market share.

Estimates for EPS are downgraded by -3-5% over the next two years, driven by lower-than-expected cash balances and a modest reduction in net flow assumptions. Accumulate rating retained. Target is reduced to $15.00 from $15.30.

Target price is $15.00 Current Price is $14.51 Difference: $0.49
If NWL meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $14.98, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

UBS rates NWL as Buy (1) -

Netwealth Group's FY23 result missed UBS's forecast by -5% despite strong cost cutting, due to a fall in transaction revenues.

The company provided little by way of FY24 guidance. 

Funds Under Administration Growth drove strong revenue (up 26% in the second half), and cash spreads recovered. Platform revenue per account rose 8% in the half.

UBS's channel check points to an improvement in flows in early trade this September quarter, particularly in defensive asset classes.

But the broker observes cash allocations have trended down as yields on defensive asset classes have risen. While it finds this concerning, UBS expects the current cash allocation will hold.

Cost inflation slowed in the June half, observes UBS, and the broker expects the company may have hit its cost nadir.

FY24 to FY25 EPS forecasts fall -5% to -7% to reflect the miss.

Buy rating retained. Target price eases to $16.40 from $16.50.

Target price is $16.40 Current Price is $14.51 Difference: $1.89
If NWL meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $14.98, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Morgan Stanley rates NWS as Overweight (1) -

Morgan Stanley resumes coverage of News Corp with an Overweight rating and US$27.50 target price. Industry view: Attractive.

The broker believes there are signs in FY23 results of stabilsation for the earnings outlook for both the advertising related businesses, Dow Jones and Media, and the real estate-linked REA Group ((REA)) and Move Inc. It's thought housing market activity is starting to recover.

Via owning News Corp shares, the broker calculates investors could claim to be acquiring an interest in REA Group at an around -50% discount to its standalone price.

This is another way for Morgan Stanley to highlight News Corp shares are trading at a meaningful discount to intrinsic vale.

Current Price is $33.11. Target price not assessed.

Current consensus price target is $32.77, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

This company reports in USD. 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

Citi rates ORA as Buy (1) -

Upon initial assessment, Citi asserts Orora's FY23 EBIT proved 4% higher than the consensus forecast, with the surprise coming from margins in North America.

With consensus positioned for no growth in FY24, management's confidence there will be growth should be a positive, in the broker's view.

Citi points out the Australian operations should cycle a weak comp where EBIT declined by circa -3.5%. Target $3.70. Buy.

Target price is $3.70 Current Price is $3.57 Difference: $0.13
If ORA meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.59, suggesting downside of -2.7% (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 ORG as Hold (3) -

Judging from Ord Minnett's initial commentary, Origin Energy's FY23 result has decisively "beaten" expectations, but its 36.5c in dividends missed expectations for 47c by a long stretch.

Target $8.70. Hold.

Target price is $8.70 Current Price is $8.36 Difference: $0.34
If ORG meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.74, suggesting upside of 2.7% (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 PGH as Neutral (3) -

Pact Group's FY23 results were slighttly ahead of Macquarie's estimates while the lack of a final dividend was in line with expectations.

The broker finds the FY24 outlook relatively opaque, with no guidance reflecting the uncertain environment and the successive downgrades in FY23.

The company has indicated inflation remains elevated and a stabilising of input costs along with cost reductions will be key for the FY24 performance.

The broker finds the 50% sale of RPC a positive for gearing yet awaits more clarity at the November AGM regarding first half trading. Neutral rating and $0.94 target maintained.

Target price is $0.94 Current Price is $0.82 Difference: $0.12
If PGH meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

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

Ord Minnett rates PME as Sell (5) -

Pro Medicus posted a 34% increase in EBIT  in FY23, largely in line with Ord Minnett's forecasts given the visibility on contracted revenue.

A highlight was the underlying EBIT margin, maintained at 67%, with the broker noting, as a software company, there are limited supply chain or cost inflation pressures.

The main product, Visage 7, appears to resonate most with US academic hospitals that typically have larger endowments.

While the company is starting to demonstrate smaller groups are willing to pay for its technology, the broker expects the wider uptake will be slow, and there will be downward pressure on the size of future contracts as the more lucrative academic hospitals become saturated.

Sell rating retained. Target edges up to $31 from $30.

Target price is $31.00 Current Price is $70.07 Difference: minus $39.07 (current price is over target).
If PME meets the Ord Minnett target it will return approximately minus 56% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.00, suggesting downside of -19.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.3

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

Ord Minnett rates RGN as Hold (3) -

The FY23 result from Region Group was in line with Ord Minnett's expectations. Rising finance costs offset revenue growth for the year. Once interest costs peak, the broker expects revenue growth will deliver low single-digit earnings growth.

Ord Minnett considers the business one of the more defensive A-REITs, with the portfolio mainly skewed to non-discretionary expenditure categories.

Hold rating maintained. Target is $2.55.

Target price is $2.55 Current Price is $2.19 Difference: $0.36
If RGN meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.50, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Macquarie rates SBM as Outperform (1) -

St Barbara will incorporate a 1.8mtpa process capacity in the prefeaasibility study for Fifteen Mile Stream project. This throughput rate is -33% lower than the 2.6mtpa Macquarie had expected.

The company is still targeting a 10-year mine life with average gold production of 60,000ozpa and Macquarie assumes throughput will grow to 2.0mtpa for around 65,000ozpa for 8.5 years. Target is reduced to $0.29 from $0.33. Outperform retained.

Target price is $0.29 Current Price is $0.22 Difference: $0.07
If SBM meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $0.47, suggesting upside of 125.4% (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

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

Morgan Stanley assesses a solid FY23 result for Steadfast Group and FY24 guidance was just ahead of consensus expectations.

The broker believes there is a solid pipeline of further domestic inorganic growth as equity brokers only increased to 48% of network from 46% in FY22.

Management noted a pipeline of $280m worth of FY24 acquisitions, in line with Morgan Stanley's forecast.

According to the broker, guidance for FY24 underlying EPS growth of 10-15% highlights the attractive and stable growth on offer in insurance broking.

Target $6.40. Equal-weight. Industry View: In-Line.

Target price is $6.40 Current Price is $5.83 Difference: $0.57
If SDF meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.30, suggesting upside of 9.6% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Ord Minnett rates SDF as Hold (3) -

On Ord Minnett's initial assessment, Steadfast Group's FY23 has revealed underlying net profits growing by 22.5% on the previous corresponding period, but they are a "miss" against higher expectations.

The broker highlights today's result includes non-trading net losses mainly due to actual earnout payments for businesses acquired being more than expected.

Management's forecast is for underlying diluted EPS growth of 10 - 15% for the year ahead.

Hold. Target $5.70.

Target price is $5.70 Current Price is $5.83 Difference: minus $0.13 (current price is over target).
If SDF meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.30, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates SEK as Outperform (1) -

FY23 EBITDA from Seek was in line although FY24 net profit guidance is -9-12% below Macquarie's forecasts, largely because cost reductions are less than expected.

The broker suspects the disappointing reaction to the results was because of the lack of proactive cost management despite the company indicating it is continuing to pursue growth initiatives.

Seek has also signalled it will reduce investment if the macro environment turns more negative.

Macquarie assesses there is opportunity for upside surprise if the company can achieve pricing above the high single-digit five-year guidance. Valuation is considered attractive and an Outperform rating is maintained while the target is reduced to $28 from $30.

Target price is $28.00 Current Price is $23.52 Difference: $4.48
If SEK meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $26.22, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Morgans rates SEK as Add (1) -

While FY23 revenue, earnings and adjusted profit for Seek were all slightly shy of consensus expectations, Morgans believes softer FY24 guidance was responsible for the share price fall in reaction to results.

FY24 guidance is for revenue of $1.18bn-$1.26bn, which implies to the analyst flat growth, while EBITDA of $520-$560m was an around -7% miss against the consensus forecast.

Factoring in these new guidance figures, the broker's target falls to $28.10 from $30.20. It's felt management has the levers to drive medium-term growth and the Add rating is maintained.

Target price is $28.10 Current Price is $23.52 Difference: $4.58
If SEK meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $26.22, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

UBS rates SEK as Downgrade to Neutral from Buy (3) -

Seek's FY23 result fell a touch shy of consensus but the big disappointment was FY24 guidance.

UBS downgrades Seek to Neutral from Buy, spying few catalysts over the next year given management's FY24 guidance and its plans to reinvest to achieve its FY28 $2bn revenue target. Costs are guided to grow in the mid to high single digits.

The broker expects the company will maintain its high single digit compound annual growth rate in Australia but believes this is pretty much priced in.

EPS forecasts are cut -23% to account for higher depreciation and amortisation and associate losses from the growth fund.

Target price falls to $26.50 from $27.80.

Target price is $26.50 Current Price is $23.52 Difference: $2.98
If SEK meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $26.22, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Ord Minnett rates SHL as Hold (3) -

According to Ord Minnett's initial assessment, Sonic Healthcare's FY23 proved a rather decisive "miss" to the tune of -6%-8.8% depending on what metric one focuses on.

As happens so often with Australian boards, the sweetener has come through a much higher dividend: 104c versus the 93c forecast by the broker.

The loss of prior covid-related revenues is still haunting the business, suggests the broker, highlighting base business revenue grew by 11% versus the prior year, and 7% on a like-for-like basis.

FY24 guidance implies up to 5% growth over FY23, points out Ord Minnett, with interest costs to increase by 25%.Hold. Target $34.

Target price is $34.00 Current Price is $33.97 Difference: $0.03
If SHL meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $36.45, suggesting upside of 13.8% (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 SUL as Sell (5) -

Upon initial assessment, it looks like Super Retail's FY23 EBIT has beaten UBS's and market expectations, with capital management on top, as expected.

Trading to date has been resilient though slowing, comments the broker, adding Rebel and Macpac are the laggards in the group. Capex guidance appears above expectations.

Target $10. Sell.

Target price is $10.00 Current Price is $13.34 Difference: minus $3.34 (current price is over target).
If SUL meets the UBS target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.14, suggesting downside of -11.6% (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

Bell Potter rates SVR as Hold (3) -

Solvar's FY23 result confirmed the numbers provided at an update earlier this month, Bell Potter notes, but provided more colour about how the business should develop.

As a result of recession and natural catastrophes in New Zealand, demand there has fallen and the company plans to stand back from this segment. It will instead focus on the core Money3 business and the AFS business in Australia.

The change to profit guidance for FY24 was a shock to the market and the broker expects the shares to mark time while investors adjust to the lower expected profitability.

In the longer term, if the company can grow and improve the credit quality of the loan book, albeit with lower net interest margins, and higher leverage then there is a path to profit growth and re-rating. Hold retained, target rises to $1.09 from $1.08.

Target price is $1.09 Current Price is $1.21 Difference: minus $0.12 (current price is over target).
If SVR meets the Bell Potter target it will return approximately minus 10% (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: 0.5

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

Macquarie rates SWM as Neutral (3) -

FY23 earnings from Seven West Media were below forecasts, largely because market share was less than Macquarie expected. The company has provided cost guidance that is 4-5% higher than FY23, the main negative surprise for the broker.

This largely stems from content and digital investment, with Macquarie noting several companies have started to invest with a through-the-cycle view despite the softening in consumer expenditure.

As the bottom of the advertising market is nearing, the broker suggests this could benefit the larger, more liquid media operators in the first instance. Neutral retained. Target is reduced to $0.38 from $0.52.

Target price is $0.38 Current Price is $0.38 Difference: $0
If SWM meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.43, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.1

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

Ord Minnett rates SWM as Accumulate (2) -

A -50% slump in normalised earnings in the second half dragged FY23 results below Ord Minnett's forecasts.

The broker asserts the savings implemented in FY23 to limit the impact of the new NBCUniversal and inflation-driven costs will be temporary, pointing to recently upgraded streaming-inclusive rights on Australian Football League, Cricket Australia and NBCUniversal that will require incremental investment in digital capacity.

Forecasts do not factor in an "heroic" earnings recovery, Ord Minnett points out, although still considers the stock materially undervalued and retains an Accumulate rating. Target is reduced to 55c from 60c.

Target price is $0.55 Current Price is $0.38 Difference: $0.17
If SWM meets the Ord Minnett target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $0.43, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.1

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

UBS rates SWM as Neutral (3) -

Seven West Media's result was mixed but in the wash, appears to be a miss, with -2% worse cost impact remaining sticky.

The company's announcement of higher operating expenditure reinvestment of $30m proved an unwelcome surprise.

UBS says Macro will be the main swing factor and observes July SMI data show Metro ad markets slumped -12% and regional TV -12%, only a slight improvement over June.

The company advises September bookings are tracking ahead of the previous year, providing some hope.

UBS cuts EPS forecasts -13% across FY24 to FY26.

Neutral rating retained. Target price falls to 38c from 41c.

Target price is $0.38 Current Price is $0.38 Difference: $0
If SWM meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.43, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.1

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

Citi rates TCL as Buy (1) -

Citi observes that all roads save the Melbourne (Citylink) and the 495 Express Lanes in the US have recovered to pre-covid levels.

While the FY24 CPI-linked increase is in train, leading Citi to believe FY24 DPS guidance may be conservative, the broker spies a delayed CPI impact on some roads.

All up, the broker spies upside risk.

Buy rating retained. Target price eases to $15.90 from $16.20.

Target price is $15.90 Current Price is $13.86 Difference: $2.04
If TCL meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $14.60, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates TCL as Outperform (1) -

The FY23 EBITDA and cash flow from Transurban Group were broadly in line with Macquarie's estimates.

Roadworks are expected to stymie growth in Sydney, although the broker observes Brisbane and Melbourne combined with CPI-related increases to tolls should ensure an improvement in earnings and cash flow.

The broker finds the growth outlook for the next five years exciting, with EBITDA forecast to increase by 48%, cash earnings by 43% and the dividend by 40%. Outperform retained. Target is raised to $15.09 from $14.82.

Target price is $15.09 Current Price is $13.86 Difference: $1.23
If TCL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $14.60, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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) -

Proportional earnings (EBITDA) of $2,448m were a miss against forecasts by Morgan Stanley and consensus of  -3% and - 2%, respectively.

The final dividend of 31.5cps was announced on July 24 and included 2.8cps of capital.

FY24 dividend guidance is for 62cps including 3-4cps capital, which compares to the forecasts of Morgan Stanley and consensus for 63cps and 62.5cps, respectively. FY24-27 targets are for 3-5% per annum growth.

Target $14.88. Equal Weight. Industry View: Cautious.

Target price is $14.88 Current Price is $13.86 Difference: $1.02
If TCL meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $14.60, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Morgans rates TCL as Hold (3) -

Morgans makes immaterial changes to its earnings forecasts for Transurban Group following FY23 results, while first-time FY24 DPS guidance of 62cps was in line with the consensus view.

The broker still belives an FY24 upgrade to 63.25cps is on the cards and dividends should grow to 72.5cps by FY27.

The Hold rating is unchanged and the target rises to $13.86 from $13.75.

Target price is $13.86 Current Price is $13.86 Difference: $0
If TCL meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $14.60, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Ord Minnett rates TCL as Lighten (4) -

Transurban Group's proportional EBITDA in FY23 was marginally below expectations as operating costs were higher than Ord Minnett expected. Guidance is for costs to rise further in FY24 which leads to a downgrade in forecasts by around -3% on average.

The broker assesses earnings growth is likely to slow as traffic volumes have largely recovered from the pandemic. Proportional EBITDA growth of around 8% per year on average over the next five years is anticipated as the business benefits from the completion of developments, population growth and toll price increases.

Lighten rating and $12.50 target price retained.

Target price is $12.50 Current Price is $13.86 Difference: minus $1.36 (current price is over target).
If TCL meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.60, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

UBS rates TCL as Buy (1) -

Transurban Group's FY23 result fell a touch shy of UBS forecasts but within guidance; and revenue and earnings (EBITDA) rose 25% and 29% on the year.

FY24 guidance also disappointed but UBS suspects conservatism may be in play (last year Transurban guided -10% below consensus and finished with a 9% beat).

Operationally, traffic rose 20% in FY23 but growth tailed off in the fourth quarter.

Buy rating retained. Target price eases to $15.35 from $15.45.

Target price is $15.35 Current Price is $13.86 Difference: $1.49
If TCL meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $14.60, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

UBS rates TLS as Buy (1) -

Upon initial glance, it appears Telstra Group's H2 result and guidance for F24 are both in line with forecasts. EBITDA in the Mobile division proved a positive surprise, while Enterprise underperformed.

The 8.5c in dividend is smack bang in line with UBS and market consensus.

Management's target for -$500m cost out remains and InfraCo monetisation is flagged to be unlikely over the medium term, the broker highlights.

Buy. Target $4.75.

Target price is $4.75 Current Price is $4.25 Difference: $0.5
If TLS meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.67, suggesting upside of 13.0% (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

Bell Potter rates TPW as Hold (3) -

Temple & Webster posted revenues in line but beat Bell Potter on earnings thanks to 3.8% margins. The first six weeks of FY24 have sales up 16%, but that's cycling a year ago's -18% over the same period.

Key metrics such as repeat rates and revenue per customer have remained resilient despite the soft demand environment, the broker notes. The company expects strong revenue growth in both the furniture & homewares and home improvement verticals as a larger share of the overall industry is targeted.

Hold and $6.40 target retained.

Target price is $6.40 Current Price is $6.11 Difference: $0.29
If TPW meets the Bell Potter target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.58, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates TPW as Neutral (3) -

Macquarie observes trading for Temple & Webster has returned to double-digit growth in the first six weeks of the first half of FY24, up 16% although weaker comparables are being cycled. The broker increases revenue growth assumptions to 16%.

The company has reduced EBITDA margin guidance, to 1-3% for FY24/25 to reflect increased marketing investment, yet the broker increases forecasts for AI leverage and as a result this leads to higher margins in the later years.

Top-line growth is a positive yet Macquarie considers this adequately captured in the current share price, aware of the macro headwinds, and retains a Neutral rating. Target is raised to $6.70 from $4.00.

Target price is $6.70 Current Price is $6.11 Difference: $0.59
If TPW meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.58, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Morgan Stanley rates TPW as Overweight (1) -

FY23 earnings (EBITDA) for Temple & Webster were a 2% beat against the consensus forecast and Morgan Stanley notes a strong start to FY24 with revenue up 16% year-on-year.

As consumers continue to trade down in the current macroeconomic backdrop, the broker believes the company is well positioned to make ongoing market share gains. It's also thought reinvesting in a period of cyclical weakness makes strategic sense.

Despite lower earnings forecasts, Morgan Stanley raises its target to $7.00 from $5.60 as cumulative free cash flow in its valuation model increases by 16%, primarily on higher sales growth. The Overweight rating is unchanged. Industry view: In-Line.

Target price is $7.00 Current Price is $6.11 Difference: $0.89
If TPW meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $6.58, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

UBS rates TPW as Neutral (3) -

On closer examination, Temple & Webster's FY23 result, while mixed, appears to be a beat, thanks to strong sales and margins. But FY24 margin guidance sharply disappointed.

The broker observes a mismatch between a $1bn 3-5 years sales target at a 15% earnings (EBITDA) margin, and FY24/FY25 margin guidance.

On the upside, sales have jumped 16% in the first six weeks of FY24 but price inflation and easing growth in AOV and revenue per customer are on the decline, suggests UBS.  The broker expects double-digit medium-term earnings downgrades.

UBS raises near and long-term revenue and gross margin forecasts, along with sharp rises in operating expenditure and marketing investment forecasts over FY24 and FY25. EPS forecasts reduced by -62% in FY24 and -35% in FY25 to reflect the cost spike.

Neutral rating retained. Target price rises to $6.20 from $4.60 to reflect longer term earnings upgrades and stronger operating leverage assumptions.

Target price is $6.20 Current Price is $6.11 Difference: $0.09
If TPW meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.58, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Ord Minnett rates TWE as Hold (3) -

Underlying EBIT of $584m was up 11% and in line with Ord Minnett's forecasts. This came despite a -30% decline in volume as Treasury Wine Estates continues to reposition its portfolio towards more expensive, higher-margin wine.

The strategic focus on high-end wines and increased geographic diversity should benefit long-term revenue growth and profitability, the broker assesses, yet a highly competitive industry and volatility in consumer preferences limits the ability to maintain excess returns over the long-term.

Hold maintained along with an $11.50 target.

Target price is $11.50 Current Price is $11.70 Difference: minus $0.2 (current price is over target).
If TWE meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.79, suggesting upside of 8.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Citi rates VCX as Neutral (3) -

At first glance, Vicinity Centres' FY23 results outpaced consensus and Citi's forecasts, FFOps and AFFOps beating by 3% and 2% respectively. 

Portfolio retail sales drove the beat, with all product categories posting growth in the second half. Occupancy rose to 98.8% from 98.3% in FY22. Leasing spreads also improved.

Net tangible assets fell -2.5% for the year and Citi observes the company is trading at a -19% discount to NTA.

For now, Neutral rating and $2 target price retained.

Target price is $2.00 Current Price is $1.90 Difference: $0.1
If VCX meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.00, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Macquarie rates VCX as Neutral (3) -

Vicinity Centres' FY23 results were ahead of Macquarie's estimates, largely because of higher-than-expected provision releases. FY24 guidance assumes around 3% income growth, underpinned by an assumption of a -1% contraction in re-leasing spreads.

Although this implies a further deterioration on the current spread, Macquarie assesses it reflects the uncertainty that exists as to how material the decline in sales will be over the next six months.

The broker retains a Neutral rating, being cautious about the strength of the consumer over the short term. Target is $1.87, edging up from $1.84.

Target price is $1.87 Current Price is $1.90 Difference: minus $0.03 (current price is over target).
If VCX meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.00, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

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

FY23 funds from operations (FFO) for Vicinity Centres of $684m beat the forecasts of Morgan Stanley and consensus for $661m and $663m, respectively. It's felt outperformance was largely due to stronger operations, rather than reversal of prior year waivers.

FY24 FFO guidance is in the range of 14.1-14.5cpu. For comparison, the broker and consensus had forecast 14.0cpu and 14.2cpu, respectively.

A lift in FY23 leasing spreads by 0.3% suggest to the analysts tenants are in good health with occupancy costs now running at 13.5% compared to the pre-covid level of 15%.

Equal-weight. Target $2.26. Industry view: In-line.

Target price is $2.26 Current Price is $1.90 Difference: $0.36
If VCX meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.00, suggesting upside of 6.4% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

UBS rates VCX as Sell (5) -

Vicinity Centres' FY23 result outpaced UBS by 2% thanks to portfolio strength, which also triggered a beat in FY24 guidance - enough to cushion against uncertainty, says UBS, particularly given support for the balance sheet.

The broker raises FFOPS forecasts 2% accordingly.

But the broker says the result just isn't good enough to justify a re-rate, observing the company's strong relative valuation; low yielding development expenditure; variability in net property income; and forecast capital expenditure.

Sell rating retained. Target price rises to $1.82 from $1.78.

Target price is $1.82 Current Price is $1.90 Difference: minus $0.08 (current price is over target).
If VCX meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.00, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Macquarie rates WDS as Neutral (3) -

Macquarie notes Woodside Energy is still actively negotiating with workers at the North West Shelf while Chevron workers will vote shortly. The workers have until early September to call industrial action after the Fair Work Commission approved protected industrial action.

The broker points out both companies are incentivised to reach a deal with workers and prevent outages which could mean deferred revenue of more than US$2bn combined.

Woodside will report its first half result on August 22. Neutral retained. Target is $35.

Target price is $35.00 Current Price is $38.29 Difference: minus $3.29 (current price is over target).
If WDS meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.92, suggesting downside of -3.9% (ex-dividends)

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: 0.3

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