Australian Broker Call

Citi rates 29M as Neutral (3) -

29Metals' June quarter production report, and added clarity on the restart of Capricorn Copper (from 2026), have not changed Citi analysts' view there's little prospect in the immediate term to increase cash flows and de-gear the balance sheet.

On that basis, the broker's Neutral, high risk rating remains unchanged. The target price has declined to 45c from 55c as forecasts have been pulled back.

Target price is $0.45 Current Price is $0.40 Difference: $0.055
If 29M meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $0.55, suggesting upside of 47.3% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates 29M as Neutral (3) -

Copper production for 29Metals in Q2 beat the consensus forecast by 30% while zinc production missed by -5%, notes Macquarie. 

Overall costs (AISC) were 32% better-than-expected by consensus due to broadly stronger metals production and positive stockpile movements, explains the broker.

Management maintained FY24 production and cost guidance, but increased growth capex guidance to -$35-40m from -$20-25m due to the tailings storage facility 4 (TSF4) scope and cost escalation at Golden Grove.

The Neutral rating is maintained, and the broker's target falls by -9% to 43c due to lower EPS forecasts.

Target price is $0.43 Current Price is $0.40 Difference: $0.035
If 29M meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $0.55, suggesting upside of 47.3% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates 29M as Overweight (1) -

Morgan Stanley leaves its 55c target and Overweight rating unchanged following 2Q results by 29Metals. Industry View: Attractive.

Driven by grades, production in the quarter at Golden Grove beat across all commodities, explains the broker, and costs were better than forecasts made by the analysts and consensus by 55% and 48%, respectively.

Copper and zinc sales were weaker for the quarter, missing Morgan Stanley's forecasts by -38% and -31%, respectively.

Target price is $0.55 Current Price is $0.40 Difference: $0.155
If 29M meets the Morgan Stanley target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $0.55, suggesting upside of 47.3% (ex-dividends)

The company's fiscal year ends in December.

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

Shaw and Partners rates A1M as Buy (1) -

Despite weak share-trading in AIC Mines following its very positive June-quarter report, Shaw and Partners retains the faith.

The broker appears to attribute the share price decline to FY25 guidance, which it considers to be conservative yet positive for FY26, and points to the prospect of Jericho production being brought forward.

The broker appreciates the company's net mine cash flow of $9.5m in the June quarter and remains bullish on copper.

Exploration and drilling results are excellent, observes the broker, providing a strong life for Eloise and the company has sharply increased exploration at Eloise and Jericho for FY25 at a cost of -$7m from a budget of $12m.

Buy recommendation and $1.10 target price retained.

Target price is $1.10 Current Price is $0.33 Difference: $0.77
If A1M meets the Shaw and Partners target it will return approximately 233% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates A2M as Hold (3) -

Bell Potter adjusts its forecasts for a2 Milk Co heading into the company's FY24 results, observing a recovery in trade-flows with China, a decline in Australian flows and a net decline in imports from Auckland, the broker viewing the latter as a cost of goods indicator.

Year on year, the average value per tone in FY24 rose 10%, observes Bell Potter.

Forecasts rise modestly in FY24 and FY25.

Hold rating retained on valuation. Target price rises to $7.05 from $5.70 to reflect a reduction in the discount rate and a roll forward of modeling.

Target price is $7.05 Current Price is $6.87 Difference: $0.18
If A2M meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.81, suggesting downside of -1.3% (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: 0.4

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

Morgans rates A2M as Hold (3) -

Heading into a2 Milk Co's result, Morgans is of the view that FY24 revenue guidance is conservative, sitting well below consensus forecasts, although the broker questions consensus optimism for FY25.

Hold rating and $6.05 target price retained.

Target price is $6.05 Current Price is $6.87 Difference: minus $0.82 (current price is over target).
If A2M meets the Morgans target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.81, suggesting downside of -1.3% (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: 0.4

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

Bell Potter rates ALC as Hold (3) -

Alcidion Group has been chosen as the preferred Electronic Patient Record supplier to North Cumbria Integrated Care NHS Foundation Trust, which services half a million people in the UK.

Bell Potter says the total contract value is estimated to be between $30m and $40m, depending on the modules included, and the term is 10 years.

The broker observes the contract will be the largest Alcidion Group has signed with a UK customer and believes the deal signals a turn in the company's contract fortunes. 

Bell Potter is less confident around the company's balance sheet but expects more contract wins will bring the company to profitability by FY25 to FY26.

Buy recommendation retained. Target price rises to 8c from 5c.

Target price is $0.08 Current Price is $0.07 Difference: $0.014
If ALC meets the Bell Potter target it will return approximately 21% (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 ALD as Outperform (1) -

In an initial response to Ampol's market update this morning, Macquarie analysts highlight the stand-out is weaker-than-expected Lytton refining earnings (both margins & volumes), while non-refining businesses did better than forecast.

First half RCOP EBIT of $500-510m is -13-15% below the broker's estimate and market consensus with the weaker 2Q refining result seen as the key culprit.

H1 RCOP EBITDA of $735-745m is -10-11% weaker than Macquarie's forecast. The broker comments 2H EBIT should be a little stronger than in 1H.

Target $37. Outperform.

Target price is $37.00 Current Price is $33.10 Difference: $3.9
If ALD meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $35.94, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in December.

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 ALX as Accumulate (2) -

While 2Q traffic volumes on Atlas Arteria's toll roads missed Ord Minnett’s estimates, revenue met the consensus expectation with a year-on-year rise of 5%.

Traffic numbers for trucks on the APPR toll network in France suffered because of lower France and Spain trading activity with the rest of Europe over the period, explains the broker, while car numbers fell due to the timing of the Easter break.

The Accumulate rating and $5.40 target are unchanged.

Target price is $5.40 Current Price is $5.17 Difference: $0.23
If ALX meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.35, suggesting upside of 4.2% (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

Macquarie rates AMI as Outperform (1) -

Most metrics within Aurelia Metals' 4Q operational report were pre-released apart from costs (AISC) which were 6% better than Macquarie's forecast.

In contrast to most peers, observes the broker, Aurelia Metals has a strong balance sheet with cash of $116.5m and no debt. 

The Outperform rating and 28c target are maintained.

Target price is $0.28 Current Price is $0.20 Difference: $0.08
If AMI meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Ord Minnett rates AMI as Speculative Buy (1) -

Aurelia Metals' 4Q result was largely as expected given production and cash metrics had been pre-released, notes Ord Minnett.

Gold sales were a bit weaker-than-expected due to an apparent concentrate build at both Peak and Dargues, but the broker suggests this should somewhat unwind in the current quarter.

The Speculative Buy rating and 27c target are unchanged.

Target price is $0.27 Current Price is $0.20 Difference: $0.07
If AMI meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Ord Minnett rates ANN as Downgrade to Lighten from Hold (4) -

Ord Minnett is expecting a -16% fall in EPS to US$0.96 (2% above consensus) for Ansell when reporting FY24 results on August 20, but forecasts EPS of US$1.06 for FY25, -6% below consensus.

Negatively for Ansell, the analyst highlights a move by distributors in the glove market towards private-label products (where their margins are higher) and low barriers to entry in the industry.

While the target remains at $24.30 (prior whitelabeled research from Morningstar had a $32 target), the broker downgrades to Lighten from Hold due to its below-the-market FY25 forecast.

Target price is $24.30 Current Price is $27.43 Difference: minus $3.13 (current price is over target).
If ANN meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.89, suggesting downside of -3.6% (ex-dividends)

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: 0.0

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

UBS rates APM as No Rating (-1) -

UBS is still under research restriction and observes APM Human Services International has updated on its FY24 financial performance with indication of meeting the bottom end of previous guidance.

The takeover offer by Madison Dearborn Partners (MDP) remains in place, with board approval.

Current Price is $1.41. Target price not assessed.

Current consensus price target is $1.43, suggesting upside of 0.9% (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

Morgans rates ARX as Add (1) -

Aroa Biosurgery's June-quarter revenue outpaced Morgans' forecasts and management guided to positive operating cash flow in the March FY25 half, and reiterated FY25 guidance of 21% to 32% revenue growth.

Cash receipts rose 17.1% in the quarter, and the company posted a net cash outflow of -NZ$3.6m.

Add rating and $1.05 target price retained, the broker considering the company to be attractively priced relative to peers.

Target price is $1.05 Current Price is $0.63 Difference: $0.42
If ARX meets the Morgans target it will return approximately 67% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Shaw and Partners rates AVL as Buy (1) -

Poor renewable generation and gas supply on the east coast this winter has pushed wholesale prices to historic levels (spot electricity prices are up 23%), highlighting the importance of batteries in managing peak supply, says Shaw and Partners.

The broker takes the opportunity to highlight vanadium's flow batteries, which represent a large scale, longer duration answer to the grid storage problem, with better environmental credentials than lithium-ion cells.

Australian Vanadium has finalised phase 1 of its Optimised Feasibility study for its Australian Vanadium Project, observes the broker, just as investment in California provides proof of vanadium battery uptake, suggests Shaw and Partners.

The broker notes the company is undertaking binding offtake and funding discussions. Buy rating and 8c target price retained.

Target price is $0.08 Current Price is $0.02 Difference: $0.064
If AVL meets the Shaw and Partners target it will return approximately 400% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgans rates AX1 as Add (1) -

While Accent Group's trading update was positive and Morgans believes the company will have held a tight rein on costs, the broker doubts it will be able to fend of the impact of rising wage and rent costs.

The broker expects wholesale sales may have improved in the June half and estimates 18 more stores will have opened in the June half, as savings from the closure of 17 underperforming Glue stores flow through, the new stores benefiting from owned-brand strength.

Add rating and $2.40 target price retained.

Target price is $2.40 Current Price is $2.19 Difference: $0.21
If AX1 meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.40, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Citi rates BAP as Neutral (3) -

At first glance, Citi believes US-based Genuine Parts Company's (GPC) June-quarter result suggests Bapcor may be losing further market share to Repco.

GPC's like for like sales grew 2.3% in the June quarter and 1.2% in the March quarter and management suggested gains in commercial and retail sales were logged in its Asia Pacific business, observes Citi.

This contrasts Bapcor's soft retail trading update in May, notes Citi, which believes the company has its work cut out to turn around its fundamentally sound business.

Heading into Bapcor's pre-reported result, Citi expects eyes will be on cash conversion and the December-half trading update.

Neutral rating and $4.70 target price retained.

Target price is $4.70 Current Price is $5.15 Difference: minus $0.45 (current price is over target).
If BAP meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.86, suggesting downside of -4.1% (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

Macquarie rates BOE as Outperform (1) -

As the ramp-up continues at Honeymoon and Alta Mesa, Boss Energy's 4Q cash balance was lower-than-expected by Macquarie suggesting a higher level of ongoing Honeymoon capex than the broker previously forecast.

Management can self-fund remaining costs by selling uranium from inventories, explains the broker. The cash level is expected to hit its nadir in the December quarter this year.

The Outperform rating and $5.00 target are retained.

Target price is $5.00 Current Price is $3.59 Difference: $1.41
If BOE meets the Macquarie target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 39.1% (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

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

From yesterday's release of Boss Energy's quarterly activities and quarterly cash flow reports, Morgan Stanley highlights FY24 unrestricted cash of $67.12m.

This cash balance missed forecasts by the broker and consensus for $90.9m and $107.4m, respectively, driven by higher mine development costs, suspects the broker.

Management noted the production ramp-up at Honeymoon is proceeding to plan.

Equal-weight. Target $4.55. Industry view: Attractive. 

Target price is $4.55 Current Price is $3.59 Difference: $0.96
If BOE meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 39.1% (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

Morgan Stanley rates CHC as Overweight (1) -

After reviewing FY24 performance data for various unlisted wholesale and retail property funds, including 15 funds managed by listed REITs under Morgan Stanley's research coverage, the broker lowers Charter Hall's FY25 EPS forecast.

The analysts highlight office valuations have declined by -15% across wholesale platforms, and by as much as -25% at some direct funds.

Overweight rating. The target slips to $14.95 from $14.99. Industry view: In-Line. 

Target price is $14.95 Current Price is $12.04 Difference: $2.91
If CHC meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $13.27, suggesting upside of 13.4% (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

Macquarie rates COL as Outperform (1) -

Macquarie predicts FY24 results for Consumer Staples will reveal a slowing in food inflation, but ongoing pressure for the cost-of-doing-business (CODB). Wages, rents and utilities continue to see higher cost growth than food, explains the broker.

The political environment also remains hostile to excess profits for supermarkets, points out the analyst. However, it's believed Australian consumers are at a turning point for a stronger FY25 on the back of slowing inflation, tax cuts and rising wages.

The broker's target for Coles Group rises by 10.9% to $19.40 and the Outperform rating is maintained.

Coles Group reports on August 27.

Target price is $19.40 Current Price is $17.82 Difference: $1.58
If COL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $18.12, suggesting upside of 2.1% (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

Morgans rates CVL as Initiation of coverage with Add (1) -

Morgans initiates coverage of founder-led engineering company Civmec with an Add rating and $1.40 target price.

The broker appreciates the company's market leading margins, high return on equity, strong balance, best-in-class facilities and strong cash flow conversion of greater than 100%.

The company closed June 30 with net cash of $30m.

The broker observes the company boasts many options for growth in: maintenance; iron ore; and defence.

Judging from its key competitor Monadelphous's performance during when the last iron ore and energy capital expenditure cycle ended in 2015, the broker expects Civmec's business should expand through FY25 after completion of its Port Hedlance facility and Gladstone workshop.

The company is in the process of re-domiciling its listing to Australia, which Morgans expects should improve liquidity (although the founder owns 40%).

All up, the current valuation is too cheap, says Morgans.

Target price is $1.40 Current Price is $1.18 Difference: $0.22
If CVL meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates DHG as Neutral (3) -

Macquarie anticipates greater investment by Domain Holdings Australia into sales and marketing to more quickly close the listings coverage gap to REA Group ((REA)). The consensus earnings estimate is expected to fall due to these additional costs.

For FY24 results on August 24, the broker forecasts earnings (EBITDA) of $137m and listings growth of 3% over the period.

The target falls to $3.30 from $3.53. Neutral.

Target price is $3.30 Current Price is $3.19 Difference: $0.11
If DHG meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 5.2% (ex-dividends)

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 DMP as Neutral (3) -

Macquarie believes Australian consumers should be at a turning point for a stronger FY25 on the back of slowing inflation, tax cuts and rising wages.

Regarding the upcoming reporting season, the broker suggests at-home consumption will outperform out-of-home.

Macquarie anticipates the FY24 result for Domino's Pizza Enterprises on August 21 will be broadly in line with market expectations.

The Neutral rating and $37 target are unchanged.

Target price is $37.00 Current Price is $33.61 Difference: $3.39
If DMP meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $40.48, suggesting upside of 19.9% (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 EDV as Downgrade to Neutral from Outperform (3) -

Macquarie predicts FY24 results for Consumer Staples will reveal a slowing in food inflation, but ongoing pressure for the cost-of-doing-business (CODB). Wages, rents and utilities continue to see higher cost growth than food, explains the broker.

However, the broker believes Australian consumers are at a turning point for a stronger FY25 on the back of slowing inflation, tax cuts and rising wages.

The broker's target for Endeavour Group rises by 3% to $5.75 and the rating is downgraded to Neutral from Outperform following the recently strong share price.

The analyst points out cost-of-living pressures have resulted in softer demand for restaurants, cafes and pubs & bars.

Endeavour Group reports on August 26.

Target price is $5.75 Current Price is $5.38 Difference: $0.37
If EDV meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.90, suggesting upside of 10.5% (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

Citi rates FLT as Buy (1) -

At first glance, Flight Centre Travel's FY24 result has proved a 2% beat but Citi says it's the implications that are more interesting, observing improved June-quarter exit rates and falling prices suggest continued strength in corporate as the market regains momentum.

This is the second profitable year for FCM client wins, observes Citi, another positive.

Management upgraded guidance by 2% at the midpoint.

Buy rating and $24.15 target price retained.

Target price is $24.15 Current Price is $21.92 Difference: $2.23
If FLT meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $26.12, suggesting upside of 22.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgans rates FLT as Add (1) -

Flight Centre Travel's FY24 guidance update outpaced consensus but disappointed Morgans at the midpoint.

The broker expects falling flight prices augurs well for the company but says the trading update pointed to a slightly softer June than Morgans had expected.

While revising forecasts to reflect guidance (FY25 EPS and DPS forecasts are cut), the broker expects margins should continue to grow underpinning strong earnings for FY25.

Add rating retained. Target price eases to $26.48 from $27.27.

Target price is $26.48 Current Price is $21.92 Difference: $4.56
If FLT meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $26.12, suggesting upside of 22.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

UBS rates FLT as Buy (1) -

The main gripe for UBS is that management's FY24 guidance implies an overall slowing in TTV growth, and this, the broker highlights, requires further investigation.

The underlying suggestion is that, maybe, forecasts need to be recalibrated to adjust for a slower growth environment, irrespective of falling ticket prices.

UBS does emphasise FY25 is still looking great from the perspective of the costs side of the business and productivity benefits should show up from significant investments made in FY24.

Buy. Target $27.80.

Target price is $27.80 Current Price is $21.92 Difference: $5.88
If FLT meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $26.12, suggesting upside of 22.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates FMG as Neutral (3) -

In a quick response to today's market update, Citi analysts saw yet another "very strong" operational performance, but they suspect not everyone is going to like the guided energy spend in FY25, which remains high.

What truly impressed is the Q2 reported cash cost of US$18.5/wmt.

Citi points out management's FY25 guidance is for total shipments of 190-200mt, including 5-9mt from Iron Bridge (100% basis) and a C1 cost for Pilbara Hematite of US$18.50-US$19.75/wmt (FX at 0.68).

Neutral rating and target price of $23.50.

Target price is $23.50 Current Price is $21.32 Difference: $2.18
If FMG meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $20.28, suggesting upside of 0.3% (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: -0.6

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

Macquarie rates FMG as Underperform (5) -

In a quick response to today's Q2 market update, Macquarie analysts saw a rather mixed quarter from Fortescue, noting ore processed missed (-3%) but this was offset by stronger shipments (+3%).

Costs beat (-2%) while hematite prices missed (-4%). FY25 guidance on capex sits15% above consensus on the broker's assessment. Management has also guided for FY25 production to be flat which is slightly weaker (-3%) than consensus.

As just about everyone is forecasting lower iron ore prices, Macquarie states investor focus will be on dividend sustainability. The FY25 guidance (capex plus production) is seen as disappointing.

Underperform. Target $14.50.

Target price is $14.50 Current Price is $21.32 Difference: minus $6.82 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.28, suggesting upside of 0.3% (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: -0.6

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

Morgan Stanley rates FPR as Overweight (1) -

FleetPartners Group's 3Q results reflect a continuation of solid growth trends since the 1H result, observes Morgan Stanley, noting end-of-lease (EOL) income remains elevated and materially above expectation.

The broker sees scope for further share buybacks. While the backlog is releasing, it remains elevated, providing earnings visibility into FY24 and FY25, explain the analysts.

Overweight. Target $3.90. Industry View: In-line.

Target price is $3.90 Current Price is $3.49 Difference: $0.41
If FPR meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.78, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Ord Minnett rates FPR as Accumulate (2) -

Ord Minnett describes a "reasonably solid" 3Q performance by FleetPartners Group. New business writings (NBW) for the Fleet Australia segment and Novated business increased by 40% and 29%, respectively, on the previous corresponding period.

The broker highlights the electric vehicle transition continues reasonably strongly, reaching 59% of Novated lease NBW in the period, up from 36% in June 2023.

The Accumulate rating and $3.50 target are maintained.

Target price is $3.50 Current Price is $3.49 Difference: $0.01
If FPR meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.78, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Macquarie rates HVN as Outperform (1) -

In the Discretionary Consumer space, Macquarie believes believe momentum into FY25 has improved. It's felt Australian consumers should be at a turning point on the back of slowing inflation, tax cuts and rising wages.

Prior to FY24 results for Harvey Norman (due on August 30), the broker raises its target by 1.9% to $5.40 and retains an Outperform rating.

The analyst sees a potential uplift in sales from AI-ready laptops, and notes recent tax cuts should deliver a benefit to consumption growth.

Target price is $5.40 Current Price is $4.63 Difference: $0.77
If HVN meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.92, suggesting upside of 8.1% (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 ING as Outperform (1) -

Macquarie believes Australian consumers should be at a turning point for a stronger FY25 on the back of slowing inflation, tax cuts and rising wages.

Regarding the upcoming reporting season, the broker suggests at-home consumption will outperform out-of-home.

The FY24 result for Inghams Group is on August 23. Macquarie anticipates management will face questions about its pricing power and avian flu risks.

The Outperform rating and $4.20 target are unchanged.

Target price is $4.20 Current Price is $3.62 Difference: $0.58
If ING meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Macquarie rates JBH as Outperform (1) -

In the Discretionary Consumer space, Macquarie believes believe momentum into FY25 has improved. It's felt Australian consumers should be at a turning point on the back of slowing inflation, tax cuts and rising wages.

Prior to FY24 results for JB Hi-Fi (due on August 12), the broker raises its target by 14.1% to $71.90 and retains an Outperform rating.

The analyst sees a potential uplift in sales from AI-ready laptops and notes recent tax cuts should deliver a benefit to consumption growth.

Target price is $71.90 Current Price is $67.90 Difference: $4
If JBH meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $59.85, suggesting downside of -10.5% (ex-dividends)

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

Citi rates KAR as Buy (1) -

In an initial response to today's Q2 market update, Citi analysts comment Karoon Energy's production for the quarer proved slightly better than expected, though market consensus had higher expectations.

Foreshadowed capital return seems to please the analysts, with Citi commenting a 20%-40% payout ratio on underlying NPAT and an additional US$25m buyback should see total distributions of at least US$50m for the first half.

There are risks, however, with the broker also highlighting SPS-88 well intervention looks increasingly likely to slip to 2025, implying 2024 production might end up at the bottom end of the guidance range.

Also, guidance for D&A is slightly ahead of consensus. This can possibly drag down earnings expectations, suggests the broker.

Buy. Target $2.75.

Target price is $2.75 Current Price is $1.80 Difference: $0.955
If KAR meets the Citi target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 41.7% (ex-dividends)

The company's fiscal year ends in December.

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: 1.0

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

Macquarie rates LNW as Outperform (1) -

Macquarie lowers its Social Gaming industry forecast given weaker-than-expected industry growth in the 1H of 2024, though notes market share gains for most of the top operators, according to Eilers & Krejcik Gaming research.

Eilers estimates Light & Wonder's SciPlay gained 10bps of share to a record 11.2%, maintaining its position as the third-largest operator.

The $178 target and Outperform rating are maintained.

Target price is $178.00 Current Price is $162.28 Difference: $15.72
If LNW meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $170.00, suggesting upside of 8.4% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

UBS rates MQG as Neutral (3) -

Macquarie Group released an Q1 market update ahead of its AGM tday and UBS analysts, in an initial response, believe today's update reads worse than expected.

The Q1 run rate, explains the broker, is well below current consensus projections. With company management stating performance is in line with expectations, UBS points out this implies a strong H2 will be required.

Nevertheless, UBS's commentary remains sceptical, also arguing divisional commentary, with exception of CGM, equally reads worse than anticipated.

Target $200. Neutral.

Target price is $200.00 Current Price is $208.73 Difference: minus $8.73 (current price is over target).
If MQG 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 $196.88, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates MTS as Outperform (1) -

Macquarie predicts FY24 results for Consumer Staples will reveal a slowing in food inflation, but ongoing pressure for the cost-of-doing-business (CODB). Wages, rents and utilities continue to see higher cost growth than food, explains the broker.

The political environment also remains hostile to excess profits for supermarkets, points out the analyst. However, it's believed Australian consumers are at a turning point for a stronger FY25 on the back of slowing inflation, tax cuts and rising wages.

The $4.20 target and Outperform rating are maintained for Metcash.

Target price is $4.20 Current Price is $3.57 Difference: $0.63
If MTS meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.07, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates NEM as Buy (1) -

In a quick response to today's Q2 release, Citi analysts highlight Newmont Corp's EBITDA for the quarter surprised by 8%. Free cash flow was strong too, at circa US$600m.

Management has made no changes to FY guidance. Buy. Target price US$45.

Target price is $69.00 Current Price is $71.40 Difference: minus $2.4 (current price is over target).
If NEM meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

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: 0.9

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

Macquarie rates NEM as Outperform (1) -

Newmont Corp has released its Q2 market update and Macquarie, upon initial read, comments gold production is 5% better than expected and 2% better than consensus.

Costs (AISC) are 4% better than expected and 5% above consensus. Macquarie's assessment is that of a "decent start" to the year.

Management has retained guidance of 6.93Moz of gold at an AISC of US$1,400/oz which compares to the broker's prior expectations of 6.87Moz at an AISC of US$1,542/oz.

Outperform. Target $81.

Target price is $81.00 Current Price is $71.40 Difference: $9.6
If NEM meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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: 0.9

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

UBS rates NHF as Buy (1) -

Within the framework of a general review of the private health insurance sector in Australia, UBS concludes Medibank Private ((MPL)) is currently outperforming nib Holdings in both Hospitals and Extras, with lower retention and structurally higher lapse rates.

The broker has now switched its preference to Medibank Private.

For nib Holdings, UBS has lowered forecasts, which weighs on its price target; $8.50 instead of $8.90. Buy rating retained.

Target price is $8.50 Current Price is $7.24 Difference: $1.26
If NHF meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.13, suggesting upside of 12.7% (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

Macquarie rates NST as Outperform (1) -

Macquarie's initial response following Northern Star Resources' Q2 market update released earlier today highlights a weak FY25 guidance which is likely to outweigh a better-than-forecast performance in Q2.

Guidance for both Yandal and Pogo is below expectations while the company is also spending more than expected on capex.

Outperform. Target $18.

Target price is $18.00 Current Price is $14.35 Difference: $3.65
If NST meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $15.82, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Bell Potter rates OPT as Initiation of coverage with Buy (1) -

Bell Potter reinitiates coverage on Opthea after a four-year absence with a Speculative Buy rating and 70c target price.

The company is developing a new drug sozinibercept to treat common retinal diseases, particularly wet-age-related macular degeneration, which is the leading cause of vision loss in older people and to date has represented a $5bn market.

Bell Potter says the Opthea's solution stands out from an otherwise undifferentiated market by targeting a new pathway in the retina, which it expects will provide superior outcomes - the first drug to do so in 15 years, says Bell Potter.

The drug is in the clinical phase as the company progresses two large (the biggest readouts for an ASX-listed biotech in recent history) Phase III trials, fully recruited with readouts scheduled for early and mid 2025.

Target price is $0.70 Current Price is $0.41 Difference: $0.295
If OPT meets the Bell Potter target it will return approximately 73% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates PDN as No Rating (-1) -

Operating costs in the 4Q for Paladin Energy were a little higher-than-expected but were a one-off on the restart of Langer Heinrich, assures Macquarie.

Management noted the first shipment of 319,229lb U3O8 departed the Walvis Bay harbour in Namibia on July 12.

For FY25, guidance was maintained for production, costs, and capex.

Macquarie is currently under research restriction for Paladin Energy and provides no rating or target.

Current Price is $11.78. Target price not assessed.

Current consensus price target is $16.29, suggesting upside of 43.4% (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: 1.0

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

Citi rates PLS as Sell (5) -

On full examination of Pilbara Minerals FY24 report, Citi lowers its target price to $2.90 from $3.20, expecting spodumene pricing to remain challenging and observing FY24 costs were toppy.

The broker upgrades the company's rating to Neutral from Sell on valuation.

While considering it to be too early to call a low, Citi observes several positives: Pilbara Minerals has sold an $80m minority stake in one of its interests, suggesting the company may be reining in M&A, observes the broker; resilient spodume prices at these low levels; operational leadership; a healthy $1.2bn cash buffer; and a strong growth platform that should continue to deliver cash through the cycle.

Target price is $2.90 Current Price is $2.89 Difference: $0.01
If PLS meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.02, suggesting upside of 4.9% (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

Macquarie rates PLS as Neutral (3) -

Fourth quarter production, sales, and costs for Pilbara Minerals beat consensus forecasts by 22%, 21%, and 9%, respectively, but the realised price was a -10% miss, but only -5% short of Macquarie's forecast.

The broker highlights management has a $1.6bn cash balance to navigate current market conditions. It's felt no dividends will be paid for FY24.

The Neutral rating and $3.25 target are maintained.

Target price is $3.25 Current Price is $2.89 Difference: $0.36
If PLS meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.02, suggesting upside of 4.9% (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

Morgan Stanley rates PLS as Underweight (5) -

Pilbara Minerals' 4Q spodumene concentrate production and shipments beat expectations held by Morgan Stanley and consensus (leading to a beat on costs), while realised pricing remained an area of weakness.

New FY25 production guidance missed the broker's forecast by -14% but was in line with consensus, while cost guidance was worse-than-expected by both parties to the tune of -9.5% and -16%, respectively.

The target eases to $2.70 from $2.75. Underweight. Industry view is Attractive.

Target price is $2.70 Current Price is $2.89 Difference: minus $0.19 (current price is over target).
If PLS meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.02, suggesting upside of 4.9% (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 PLS as Hold (3) -

Pilbara Minerals' June-quarter production outpaced consensus and Morgans' forecasts by 22%, resulting in a 5% beat on FY24 guidance.

Realised pricing proved a miss but realised costs a beat, thanks in part to the higher production, observes the broker.

FY25 guidance disappointed consensus and Morgans' forecasts. FY25 EPS and DPS forecasts fall.

Add rating retained. Target price eases to $3.40 from $3.50.

Target price is $3.40 Current Price is $2.89 Difference: $0.51
If PLS meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.02, suggesting upside of 4.9% (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 PLS as Hold (3) -

Despite lower-than-anticipated realised prices, a strong performance by Pilbara Minerals on production and shipments ensured cash flow met Ord Minnett’s expectations.

Meeting the consensus forecast, management guided to FY25 spodumene concentrate (5.2% lithium) production of between of 800-840,000t. Guidance for operating costs were, however, -9% worse than market forecasts.

The Hold rating is maintained and target slips to $3.00 from $3.10.

Target price is $3.00 Current Price is $2.89 Difference: $0.11
If PLS meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.02, suggesting upside of 4.9% (ex-dividends)

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 PLS as Sell (5) -

Pilbara Minerals managed to beat its own production guidance in Q2, as well as UBS's estimate. Sales were even stronger, the broker highlights.

There is a however... as the realised pricing proved well below expectations (-14%). Earnings estimates have been culled. Target price declines to $2.50 (-4%).

With lithium markets well-supplied, UBS analysts are visiting Zimbabwe next month to get a better insight into the ramp up of African production.

Sell rating retained.

Target price is $2.50 Current Price is $2.89 Difference: minus $0.39 (current price is over target).
If PLS 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 $3.02, suggesting upside of 4.9% (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

Bell Potter rates PNR as Upgrade to Buy from Hold (1) -

Pantoro's June-quarter gold production record met Bell Potter's forecast and all-in-sustaining costs outpaced.

Cash and bullion as at June 30 stood at $103.9m and net cash stood at $85m. The company retains its US$12.5m Convertible Loan Facility.

Bell Potter estimates that this is the first positive quarterly cash position (net of the equity raising and debt repayments) since the restart of Norseman Gold and views it as a positive milestone, auguring a big cash boost in FY25.

The broker's forecast loss for FY24 falls to -$2.4m from -$6.5m. EPS forecasts are steady.

Rating is upgraded to Buy from Hold. Target price is steady at 10c.

Target price is $0.10 Current Price is $0.08 Difference: $0.017
If PNR meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Ord Minnett rates PNR as Speculative Buy (1) -

While most metrics were pre-released, Ord Minnett highlights a 4Q free cash flow (FCF) inflection point for Pantoro despite management advancing the underground development at Scotia. FCF was around $20m for the period.

Management has now laid the platform for the next leg of growth, suggests the broker, after raising $95m (after costs) during the period (at a slim discount) to bolster the balance sheet.

The Speculative Buy rating and 11c target are maintained.

Target price is $0.11 Current Price is $0.08 Difference: $0.027
If PNR meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates PPT as Neutral (3) -

Citi lowers its target price for Perpetual heading into the company's FY24 result to $22.25 from $23.25.

The broker observes net outflows in the June quarter, particularly from Pendal and Trillium, is problematic, especially ahead of receipt of net proceeds from its KKR affiliate and key ATO tax rulings, and given burgeoning costs, as it leaves the company dependent on the remaining business.

EPS forecasts rise 0.1% for FY24; fall -4% for FY25; and fall -5% for FY26.

Neutral rating retained.

Target price is $22.25 Current Price is $22.60 Difference: minus $0.35 (current price is over target).
If PPT meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.05, suggesting upside of 12.8% (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

UBS rates PPT as Upgrade to Buy from Neutral (1) -

Perpetual's Q4 market update revealed a disappointing performance for Asset Management, comments UBS, with Assets under Admin (AuM) coming in -5% lower than forecast.

Larger than expected outflows were once again responsible. What exactly are the tax implications from selling wealth management to KKR is the next potential catalyst, suggests the broker.

If there's no capital gains tax to be paid, this should allow a relief rally to take place. All eyes on Aug 29. UBS has upgraded to Buy from Neutral, with an unchanged target price of $25.00.

Target price is $25.00 Current Price is $22.60 Difference: $2.4
If PPT meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $25.05, suggesting upside of 12.8% (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

Citi rates QAN as Neutral (3) -

At first glance, Flight Centre ((FLT)) data suggest international airfares may have fallen -13% in the June quarter, further than forecasts. This follows a -13% decline in the March quarter, observes Citi. 

While not like-for-like with Qantas Airways/revenue per available seat kilometre, Citi is providing a head's up.

The broker observes consensus expects the fall to moderate in the December half.

Neutral rating and $5.85 target price.

Target price is $5.85 Current Price is $5.92 Difference: minus $0.07 (current price is over target).
If QAN meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.74, suggesting upside of 12.0% (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

Macquarie rates RMD as Outperform (1) -

Prior to ResMed's 4Q results on August 2, Macquarie forecasts a gross margin of 58.3% for both the 4Q and the 1Q of FY25, rising to 58.5% for FY25, which is an increase of circa 20bps compared to FY24 exit rates.

While freight rates have risen in recent months, the broker expects this headwind will be largely offset by lower component and manufacturing costs.

Outperform rating retained. The target rises to $35.40 from $34.85 largely due to new assumptions by Macquarie for risk-free rates
and the terminal growth rate.

Target price is $35.40 Current Price is $31.65 Difference: $3.75
If RMD meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $33.34, suggesting upside of 6.3% (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

Morgan Stanley rates SGF as Overweight (1) -

Ahead of FY24 results on August 27, Morgan Stanley raises its target for SG Fleet to $3.60 from $3.10. The stock is also included among key small/mid-cap ideas where the broker has conviction into earnings and outperformance into FY25.

The broker highlights resilient demand and normalising supply, together with elevated backlogs, and forecasts residual values will remain higher-for-longer.

The Overweight rating is maintained. Industry View: In-line.

Target price is $3.60 Current Price is $3.18 Difference: $0.42
If SGF meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates SRG as Buy (1) -

SRG Global has upgraded FY24 earnings guidance to the top of its previous range, thanks to strong margins across the board, contract wins and solid operational delivery to repeat blue-chip clients.

The guidance implies annual growth of 22.9%, observes Bell Potter.

Management's FY25 guidance slightly disappointed the broker, which considers it to be conservative, believing the risk remains to the upside given the company's $2bn work in hand and pipeline of $6.5bn.

EPS forecasts rise 1% in FY24 and FY25; and are steady for FY26 to reflect margin improvements and a lower working-capital forecast.

Buy rating retained. Target price edges up to $1.35 from $1.30.

Target price is $1.35 Current Price is $0.93 Difference: $0.425
If SRG meets the Bell Potter target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $1.24, suggesting upside of 33.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgans rates SVR as Add (1) -

Morgans agrees with Solvar's strategic decision to exit New Zealand by August to focus on lending in Australia, where it plans to boost its more profitable and lower risk commercial lending book.

The move follows a December-half loss of -$0.6m due to rising bad debts.

Management took the opportunity to slightly upgrade FY24 guidance by 3.6% at the midpoint and announced a 5cps fully franked dividend.

Morgans says the repatriation of $66m to the Australian business over three years as receivables are collected should be achievable and expects benefits to flow from commercial lending by FY26.

FY24 and FY25 EPS forecasts fall -53% and -40% respectively. Add rating and $1.40 target price retained.

Target price is $1.40 Current Price is $1.09 Difference: $0.31
If SVR meets the Morgans target it will return approximately 28% (excluding dividends, fees and charges).

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 TWE as Neutral (3) -

Citi believes Treasury Wine Estates' short-term outlook has been de-risked given the company did not deliver a feared downgrade at its Americas investor day and offered a relatively benign outlook on its recently acquired Daou Vineyards.

Add to that three-year guidance from Penfolds, which reduces uncertainty around the China situation, and Citi plumps for a more positive stance.

The broker is now just looking for signs of a stabilisation in the premium Americas business while keeping an eye on cash conversion at the FY24 result.

Neutral rating and $12.95 target price retained.

Target price is $12.95 Current Price is $12.50 Difference: $0.45
If TWE meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $13.85, suggesting upside of 13.0% (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

Macquarie rates TWE as Outperform (1) -

Macquarie believes Australian consumers should be at a turning point for a stronger FY25 on the back of slowing inflation, tax cuts and rising wages.

Regarding the upcoming reporting season, the broker suggests at-home consumption will outperform out-of-home.

Treasury Wine Estates (which reports on August 15) will likely benefit from the re-opening of China for Penfolds, explains the analyst. The target is increased by 2.9% to $14 and the Outperform rating is unchanged.

Target price is $14.00 Current Price is $12.50 Difference: $1.5
If TWE meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $13.85, suggesting upside of 13.0% (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

Macquarie rates WAF as Outperform (1) -

Most key metrics within the 2Q operational report for West African Resources were pre-released apart from costs (AISC) which were 8% better than Macquarie forecast.

Management retained FY24 guidance. The broker notes actual production for the 1H represented 54% of the midpoint of FY24 production guidance.

The timing of the Kiako development in Burkina Faso remains important, explains Macquarie, as the project is set to more than double the company's gold output.

The Outperform rating and $1.90 target are maintained.

Target price is $1.90 Current Price is $1.49 Difference: $0.41
If WAF meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Morgan Stanley rates WDS as Overweight (1) -

Should the acquisition of Tellurian and its Driftwood LNG development project complete, Morgan Stanley suggests the transaction will add significant capacity and diversification to Woodside Energy' global LNG portfolio.

The broker sees potential returns from an around -50% sell-down, trading, and tolling.

Overweight rating. Target $32. Industry view: Attractive. 

Target price is $32.00 Current Price is $27.24 Difference: $4.76
If WDS meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $31.08, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates WES as Neutral (3) -

In the Discretionary Consumer space, Macquarie believes believe momentum into FY25 has improved. It's felt Australian consumers should be at a turning point on the back of slowing inflation, tax cuts and rising wages.

Prior to FY24 results for Wesfarmers (due on August 29), the broker raises its target by 10.2% to $72.10 largely driven by changes to Macquarie's assumed discount rate and terminal growth rates, along with rising peer multiples.

The Neutral rating is maintained.

Target price is $72.10 Current Price is $72.30 Difference: minus $0.2 (current price is over target).
If WES 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 $61.27, suggesting downside of -12.7% (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 WOW as Downgrade to Neutral from Outperform (3) -

Macquarie predicts FY24 results for Consumer Staples will reveal a slowing in food inflation, but ongoing pressure for the cost-of-doing-business (CODB). Wages, rents and utilities continue to see higher cost growth than food, explains the broker.

The political environment also remains hostile to excess profits for supermarkets, points out the analyst. However, it's believed Australian consumers are at a turning point for a stronger FY25 on the back of slowing inflation, tax cuts and rising wages.

The broker's target for Woolworths Group rises by 7.1% to $37.50 and the rating is downgraded to Neutral from Outperform following the recently strong share price.

Woolworths Group reports on August 28.

Target price is $37.50 Current Price is $34.62 Difference: $2.88
If WOW meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $34.08, suggesting downside of -1.0% (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