Australian Broker Call

Macquarie rates 29M as Neutral (3) -

29Metals has received $24m in an initial insurance payment for damage sustained at its Capricorn Operation. The miner also expects to make a -$180-210m non-cash impairment for Capricorn Assets during the first half 2023 financial results due on 30 August.

Further insurance payments have the potential to provide upside to Macquarie's base case as the broker assumes no additional payments in its current valuation. Target rises to 79c from 78c, Neutral retained.

Target price is $0.79 Current Price is $0.64 Difference: $0.155
If 29M meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $0.81, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in December.

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 29M as Equal-weight (3) -

Following 29Metals' receipt of an initial $24m insurance payment for damage at its Capricorn operations, Morgan Stanley acknowledges an easing in cash requirements, but also notes the balance sheet remains tight.

The broker sees potential for a total claim of around $93m.

The broker's Equal-weight rating and 75c target are retained. Industry view: Attractive.

Target price is $0.75 Current Price is $0.64 Difference: $0.115
If 29M meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $0.81, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates A11 as Outperform (1) -

Atlantic Lithium's Ewoyaa development partner, Piedmont Lithium ((PLL)), recently exercised its option to acquire a 22.5% interest in the project.

Macquarie highlights Atlantic is in discussion with local regulators in Ghana to secure the mining lease for the Ewoyaa project.

Piedmont also indicated its commitment to stage 3 funding. The broker notes the funding is subject to receipt of all regulatory approvals for Ewoyaa.

Outperform and 70c target retained.

Target price is $0.70 Current Price is $0.40 Difference: $0.3
If A11 meets the Macquarie target it will return approximately 75% (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

Bell Potter rates A2M as Hold (3) -

FY23 underlying net profit was ahead of expectations. Bell Potter expects the first half of FY24 will be challenging for a2 Milk Co given the China label transition and likely disruption as brands exit the market.

The broker points out the company has grown share in all key measures in a declining market and is well-positioned to benefit from the brand consolidation in China. Hold rating maintained. Target is reduced to $4.85 from $5.70.

Target price is $4.85 Current Price is $4.27 Difference: $0.58
If A2M meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.32, suggesting upside of 17.7% (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

Citi rates A2M as Neutral (3) -

FY23 results from a2 Milk Co beat Citi's estimates, largely because of lower-than-expected tax.

The broker observes the China infant formula market is still challenging but that the company is taking it in its stride, and spies potential upside from an accelerated fall in US and/or MVM losses, as well as M&A.

While the business execution has been impressive, Citi notes the run rate slowed over the year and there are downside risks to FY24 earnings (particularly from the daigou channel) which could mean the share price softens in the wake.

FY24 guidance implies low double-digit EBITDA consensus downgrades. Neutral rating retained. Target price falls to $4.74 from $5.30.

Target price is $4.74 Current Price is $4.27 Difference: $0.47
If A2M meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.32, suggesting upside of 17.7% (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

Macquarie rates A2M as Upgrade to Neutral from Underperform (3) -

a2 Milk reported FY23 results in line with guidance, but FY24 guidance came in well below Macquarie's forecast. The revenue outlook is
softer on expected category headwinds and label transition, while earnings guidance is -11-13% below consensus.

Margins are unlikely to lift in FY24, but FY25 should see improvement, the broker suggests, on improved ingredient prices.

Macquarie has cut earnings forecasts and its target to $4.40 from $4.65, but upgrades to Neutral from Underperform on improving valuation at 20x PE and more balanced risk/reward following reset FY24 expectations.

Target price is $4.40 Current Price is $4.27 Difference: $0.13
If A2M meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.32, suggesting upside of 17.7% (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 Upgrade to Add from Hold (1) -

Under difficult market conditions, a2 Milk Co's FY23 result was slightly better than Morgans expected. Execution was considered strong particularly for the China label infant formula (IF) and the English Label cross-border e-commerce (CBEC) IF products.

Guidance was conservative for China label IF, in the broker's opinion, which results in material downgrades to Morgans forecasts. Both FY24 sales (low single digit growth) and margin (flat) guidance were lower than consensus was expecting.

Despite near-term uncertainties, the analysts believe decent growth will resume in FY25 and FY26 and upgrade the rating to Add from Hold. It's noted the company has a strong brand and balance sheet and shares are trading on the lowest multiples in years.

The target falls to $5.40 from $6.05.

Target price is $5.40 Current Price is $4.27 Difference: $1.13
If A2M meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $5.32, suggesting upside of 17.7% (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

Ord Minnett rates A2M as Accumulate (2) -

Ord Minnett believes the market is preoccupied by the troubles in the near term for a2 Milk Co with the dive in the shares following the FY23 earnings result belying a solid and improving position in Chinese infant formula.

While reducing some of the short-term earnings estimates the broker's long-term view is intact, noting the company continues to gain share in China while the English label business is also recovering. Accumulate retained. Target is $7.20.

Target price is $7.20 Current Price is $4.27 Difference: $2.93
If A2M meets the Ord Minnett target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $5.32, suggesting upside of 17.7% (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

UBS rates A2M as Buy (1) -

Following the FY23 result from a2 Milk Co, UBS lowers earnings forecasts by -17-20% for FY24-25 because of a reduced daigou sales outlook and slower margin expansion.

The broker still expects an 86% rise in net profit by FY26, because of strong infant formula share gains across both China label and English label.

UBS believes the majority of net profit growth is not priced in and retains a Buy rating, although acknowledges investor sentiment is heavily affected by China's infant formula market conditions, which are unlikely to improve until 2024.

Target is reduced to NZ$7.30 from NZ$8.90.

Current Price is $4.27. Target price not assessed.

Current consensus price target is $5.32, suggesting upside of 17.7% (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

Macquarie rates AD8 as Outperform (1) -

In the wake of its result, Macquarie notes Audinate Group currently has 40 weeks backlog, predominately in the Ultimo & Brooklyn III products. This visibility partly underwrites FY24 revenue growth.

Guidance for the Video ecosystem endpoints to triple in FY24 is a reflection and subsequent extension of the achievements of FY23. Gross margins expended in the second half from the first and should expand further as Brooklyn III temporary costs roll off.

FY24 headcount growth (15%) is focused in the Philippines. Coupled with efficiency initiatives, there is strong scope for operating leverage in FY24, Macquarie suggests. A transfer of analyst leads to FY24-25 forecast earnings upgrades of 69% and 29%.

Target rises to $13.50 from $10.60, Outperform retained.

Target price is $13.50 Current Price is $11.40 Difference: $2.1
If AD8 meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $13.03, suggesting upside of 4.5% (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

Morgan Stanley rates AD8 as Overweight (1) -

The FY23 result for Audinate Group beat expectations, with revenue of US$46.7m exceeding the US$43.3m expected by consensus. The 2H gross margin rebounded with scope for further normalisation, according to Morgan Stanley.

The broker highlights the company should now be self-funding with $2.5m free cash flow in the 2H and with $40m cash at bank. It's thought guidance for "Growth in US gross profit dollars consistent with historical performance" will be well received by the market.

Industry data continues to be supportive and Audinate's backlog remains at near record levels, observe the analysts.

Overweight rating. The target rises to $13.30 from $11. Industry view is In-Line. Morgan Stanley notes the company is now winning in video that previously occurred in audio. Management expects video endpoint sales to double.

Target price is $13.30 Current Price is $11.40 Difference: $1.9
If AD8 meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $13.03, suggesting upside of 4.5% (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 AD8 as Buy (1) -

The FY23 result from Audinate Group beat expectations. UBS notes supply chain impacts have largely been resolved through a combination of easing chip supply and redesigns, removing a constraint on already-high revenue growth.

Sales backlog remains close to record levels and provides good visibility for the first half. UBS remains positive on the structural story and video and maintains a Buy rating. Target rises to $13.55 from $10.35.

Target price is $13.55 Current Price is $11.40 Difference: $2.15
If AD8 meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $13.03, suggesting upside of 4.5% (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 ADH as Hold (3) -

Morgans makes negative earnings revisions for Adairs following FY23 results and suggests operating conditions will remain challenging for the next few months at least.

Pre-AASB 16 earnings (EBIT) were down -16% though still 2% above the broker's forecast in a tough FY23 due to increased promotional activIty and operational difficulties at the new national distribution centre.

The board elected to not declare a final dividend (cue share price fall) in light of the one-off cash outflows required to take back control of its national distribution centre (NDC) from DHL Supply Chain, explain the analysts.

The target falls to $1.40 from $1.60 on lower earnings forecasts and an increased risk discount to valuation. The Hold rating is unchanged.

Target price is $1.40 Current Price is $1.42 Difference: minus $0.015 (current price is over target).
If ADH 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 $1.58, suggesting upside of 6.3% (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

Ord Minnett rates ADH as Hold (3) -

The FY23 result from Adairs was in line with guidance provided in June and slightly ahead of Ord Minnett's expectations. The decision to not pay a final dividend was unexpected and the lack of any guidance for FY24 signals an uncertain outlook, the broker adds.

Trading conditions are expected to remain difficult in the near term and a Hold rating is reiterated. Target is $1.70.

Target price is $1.70 Current Price is $1.42 Difference: $0.285
If ADH meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.58, suggesting upside of 6.3% (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

UBS rates ADH as Neutral (3) -

Adairs delivered FY23 sales and EBIT in line with recent guidance. UBS notes the lack of a final dividend appeared to surprise the market, given the company's track record, but considering the concerns regarding leverage believes the decision was the right one.

The trading update for the first half of FY24 was soft, as expected. The broker recognises the stock appears "somewhat cheap" but retains a Neutral rating on the basis of challenging earnings visibility and operational risk, as the company takes control of its national distribution centre from September. Target is reduced to $1.65 from $1.80.

Target price is $1.65 Current Price is $1.42 Difference: $0.235
If ADH meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.58, suggesting upside of 6.3% (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 ALD as Outperform (1) -

Ampol's first half earnings were pre-reported but Macquarie saw a solid and well-rounded result. Refining margins faded year on year
due to outage but Fuels & Infrastructure performed well and Z Energy gained market share in NZ.

Earnings were down -17% year on year on weaker refining margins but Ampol's business mix continues to improve, the broker finds, with less reliance on the refinery to drive profitability. Shop margins, basket size and sales all continued to expand, the broker notes.

Macquarie expects Ampol's gearing ratio to decrease to 1.7x by year-end, providing capacity for another 50cps special dividend as well as a 70% base payout. Target rises to $37.15 from $36.50, Outperform retained.

Target price is $37.15 Current Price is $33.79 Difference: $3.36
If ALD meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $34.79, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

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

While Ampol's 1H replacement cost operating profit (RCOP) was a -2% miss versus the consensus forecast, management is pointing to a "strong start" to the 2H, notes Morgan Stanley.

Continued strong shop performance was also noted by management in the "current economic context".

An interim dividend of 95cps was declared.

Target $34.19. Equal-weight. Industry view is Attractive.

Target price is $34.19 Current Price is $33.79 Difference: $0.4
If ALD meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $34.79, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in December.

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 ALD as Hold (3) -

Ampol reported first half underlying net profit of $305m, down -32% and below Ord Minnett's expectations. The broker does not read any long-term implications and assesses the market was "satisfied" with the result.

The company continues to look at investments to support the energy transition but remains at an early stage and has not moved materially on any particular project, while the broker is encouraged it will only make disciplined investments towards commercially viable technologies.

Hold rating and $34.50 target.

Target price is $34.50 Current Price is $33.79 Difference: $0.71
If ALD meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $34.79, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in December.

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 ALU as Neutral (3) -

At first glance, Altium's FY23 earnings (EBITDA) met consensus and fell a touch shy of Citi's forecasts; but proved a miss at the net profit after tax line.

Citi says stronger than expected designer software revenue growth was met by higher costs and weaker margins.

The broker says stronger-than-forecast revenue guidance could lead to near-term outperformance.

For now, Neutral rating and $39.30 target price are retained.

Target price is $39.30 Current Price is $36.88 Difference: $2.42
If ALU meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $40.86, suggesting downside of -11.6% (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: 0.0

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

Morgan Stanley rates ALU as Overweight (1) -

FY23 results and the outlook for Altium were ahead of expectations and Morgan Stanley raises its target to $50 from $43.50. The risk/return equation is considered compelling and the current valuation looks attractive relative to peers.

There is strong momentum in the Enterprise market with subscription for both Pro and Enterprise outpacing the broker's forecasts. Also the company is building an integrated platform with future monetisation of Altium 365 expected.

FY24 revenue guidance implies 20-23% revenue growth, observe the analysts, ahead of the consensus expectations for around 16%.

Overweight retained. Industry view: Attractive.

Target price is $50.00 Current Price is $36.88 Difference: $13.12
If ALU meets the Morgan Stanley target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $40.86, suggesting downside of -11.6% (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: 0.0

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

Citi rates ARB as Sell (5) -

Upon initial assessment, ARB Corp's FY23 release revealed a 'miss' of -9% and -10% against market consensus and Citi's net profit forecast.

The Australian aftermarket seems to be the key responsible for the disappointing outcome. The final dividend of 30c was also below the 33c consensus was expecting.

Offsetting all of the above is that management remains confident in the growth trajectory and opportunities in the USA.

Sell. Target $24.

Target price is $24.00 Current Price is $33.54 Difference: minus $9.54 (current price is over target).
If ARB meets the Citi target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.75, suggesting downside of -10.3% (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 AUB as Buy (1) -

After no less than four profit upgrades in FY23, it appears upon initial assessment the actual release of FY23 financials still managed to beat market estimates.

But UBS analysts also point out the declared dividend is a miss and so is guidance for the year ahead. They do believe FY24 guidance might simply be conservative.

The broker is keeping a positive undertone, highlighting Tysers' performance was strong and the longer term margin expansion thesis has arguably become stronger.

Buy. Target $32.99.

Target price is $32.99 Current Price is $29.01 Difference: $3.98
If AUB meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $32.82, suggesting upside of 13.9% (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

Shaw and Partners rates BC8 as Buy (1) -

Black Cat Syndicate has published more drill results from its Paulsens Gold Project in WA showing high-grade gold mineralisation inside and outside the current mine design.

Shaw and Partners says it now seems probable that Paulsens will boast a mine-life of greater than five years following another Resource upgrade.

Buy recommendation and 83c target price retained.

Target price is $0.83 Current Price is $0.28 Difference: $0.55
If BC8 meets the Shaw and Partners target it will return approximately 196% (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 BHP as Hold (3) -

Judging from Ord Minnett's initial response, BHP Group's FY23 report stands out with minor misses to forecasts, including the US265c in normalised EPS and the US170c in dividend (US80c declared today).

The underlying EBITDA for iron ore operations in WA decreased by -24% on lower average realised prices and increased unit costs.

In terms of overall guidance for the year ahead, management expects the lag effect of the inflation peaks observed in FY23 and continued labour market tightness will continue to impact the company's cost base throughout FY24.

Hold. Target $39.50.

Target price is $39.50 Current Price is $43.52 Difference: minus $4.02 (current price is over target).
If BHP meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $44.08, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.2

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

Macquarie rates BRG as Neutral (3) -

Breville Group's FY23 earnings came in at the top end of guidance and 2% ahead of Macquarie, delivered by revenue growth, an improved gross margin and cost control.

Inflationary costs were recovered, the broker notes, promotions were controlled and prices increased. Marketing and investment spend, net capitalisation, provision coverage and warranty costs also benefited earnings year on year.

Breville expects an FY24 largely similar to FY23 with “macro headwinds playing against company-specific tailwinds, including new product development, maturing new geographies, solution plays and cost improvements”.

The broker notes the “expense budget is again set with flexibility to deliver earnings growth". Macquarie raises its target to $25.30 from $23.30, Neutral retained.

Target price is $25.30 Current Price is $25.23 Difference: $0.07
If BRG meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $26.40, suggesting upside of 8.2% (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 BRG as Overweight (1) -

Following FY23 results for Breville Group, Morgan Stanley believes attention will return to the long-term story of global expansion, share gains and product innovation. Earnings (EBIT) expectation for consensus were exceeded by 1%.

Shorter-term issues including soft demand, excess inventory and margin risk (on higher promotions) have been mostly resolved as a consequence of details within FY23 results, in the broker's view.

Morgan Stanley's target rises to $29 from $25 on increased sales/earnings forecasts over FY24 and FY25 though EPS forecasts drop on a higher than expected interest expense.

Overweight. Industry view: In-Line.

Target price is $29.00 Current Price is $25.23 Difference: $3.77
If BRG meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $26.40, suggesting upside of 8.2% (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

Morgans rates BRG as Hold (3) -

FY23 earnings (EBIT) for Breville Group came in at the top end of guidance and were a 2% beat against Morgans forecast thanks largely to greater operational cost control.

There was 7% constant currency revenue growth in the Americas, offset by a softer result in the EMEA region (-3.1%) and a weaker performance in the Distribution segment where revenues fell by -16.9%.

The earnings margin improved by 60bps to 11.6% in FY23 from 11% in FY22, which was supported by gross margin improvement  and success in aligning operating expenses to sales, explain the analysts.

The full year dividend of 30.5cps was 0.5cps in advance of FY22. The broker expects positive growth in sales in FY24 as a result of new product launches and favourable currency movements.

The target rises to $25 from $22. Hold.

Target price is $25.00 Current Price is $25.23 Difference: minus $0.23 (current price is over target).
If BRG 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 $26.40, suggesting upside of 8.2% (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

Ord Minnett rates BRG as Buy (1) -

FY23 EBIT from Breville Group was at the upper end of guidance with the company retaining an upbeat view for FY24 and beyond. Ord Minnett was impressed with the profit growth, with net profit up 4.2% and in line with its forecast.

Inventory remains elevated and only down modestly from FY22. Given a solid long-term growth profile, Ord Minnett retains a Buy rating and raises the target to $27.00 from $23.50.

Target price is $27.00 Current Price is $25.23 Difference: $1.77
If BRG meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $26.40, suggesting upside of 8.2% (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 BRG as Buy (1) -

UBS observes Breville Group is well positioned for growth in FY24 despite the challenging macro environment. Tailwinds include new product launches, a strong US Prime Day in July and traction in new markets.

The broker lifts EBIT estimates by 4% for FY24 and 2% for FY25. Sales growth in Asia-Pacific accelerated from flat in the first half of FY23 to 10% in the second half, driven by share gains in Australasia, a new coffee distributor in China and the ramp up in South Korea.

Buy rating retained. Target rises to $28.60 from $24.00.

Target price is $28.60 Current Price is $25.23 Difference: $3.37
If BRG meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $26.40, suggesting upside of 8.2% (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 BSL as Neutral (3) -

BlueScope Steel's FY23 result met consensus and nosed out Citi's forecasts, and included a -$45m provision for ACCC action over alleged contravention of competition law cartel provisions.

Australia outpaced forecasts but the Americas proved a miss, North Star was weaker on lower HRC pricing and lower spreads which were offset by strong performance across buildings and coated products. A return to profitability in the ASEAN business occurred in the second half of FY23.

The Port Kembla reline and upgrade of No.6 blast furnace has been approved at an estimated cost of -US$1.15bn - up 15%.

Commissioning is scheduled for mid to late 2026. The company is also finalising the Master Plan for roughly 200ha of land adjacent to the Port Kembla works.

Given this result represents first-time guidance for the new divisional structure, Citi expects material changes across the market. Citi's earnings (EBIT) forecasts rise 25% in FY24 and 10% in FY25.

The broker increases its FY24 buyback forecast to $400m and observes the balance sheet remains in a net cash position, albeit lower than expected.

Neutral rating and $23.50 target price retained.

Target price is $23.50 Current Price is $21.27 Difference: $2.23
If BSL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $21.42, suggesting upside of 1.9% (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 BSL as Neutral (3) -

BlueScope Steel reported FY23 results ahead of Macquarie's expectations. First half FY24 guidance is considered "solid" at $700-770m, with the broker on $701m.

Australian Steel Products beat expectations, mainly driven by a strong 17% recovery in painted product sales. Management remains reasonably constructive on residential demand in the first half, but visibility beyond this period remains low.

North Star's result was weaker than expected, with ramp-up lagging plans by about a quarter. A US autoworkers strike could have an impact on automotive volumes, Macquarie warns.

The broker has reduced forecasts and cut its target to $20.80 from $21.85, Neutral retained.

Target price is $20.80 Current Price is $21.27 Difference: minus $0.47 (current price is over target).
If BSL 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 $21.42, suggesting upside of 1.9% (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

Morgan Stanley rates BSL as Overweight (1) -

BlueScope Steel's FY23 result was in line with Morgan Stanley's forecasts while 1H FY24 earnings (EBIT) guidance was 4% ahead of the  consensus forecast.

FY23 adjusted earnings, which fell by -58% on the previous corresponding period, were impacted by weaker spreads that weighed on Australian and US earnings.

The broker highlights a robust balance sheet with $703m of net cash.

Overweight. Target $26. Industry View: In-Line.

Target price is $26.00 Current Price is $21.27 Difference: $4.73
If BSL meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $21.42, suggesting upside of 1.9% (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 CHC as Buy (1) -

Charter Hall's FY24 guidance proved a slight miss on consensus and Citi says a change in language suggests the company is adopting a less conservative stance on guidance.

Management advises the main earnings impetus in FY24 will come from valuation movements across the platform. Citi expects values to fall over FY24, led by office, down -8%, which derives an EPS only a touch above guidance.

Citi observes the office portfolio outperformed peers in FY23, equity flows eased and gearing rose, but it considers the stock to be cheap given the company's record and that it is well positioned to benefit from a calming in the rate environment and funds under management growth.

Buy rating retained. Target price rises to $14 from $13.50.

Target price is $14.00 Current Price is $10.77 Difference: $3.23
If CHC meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $13.91, suggesting upside of 28.2% (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

Macquarie rates CHC as Outperform (1) -

Charter Hall's FY23 operating earnings were 2% ahead of Macquarie, driven by better than expected transaction and performance fees, along with lower opex. FY24 guidance is a little below consensus, likely guiding conservatively given the current environment, the broker suggests.

Charter Hall has a track record of conservative guidance, with upgrades averaging 20%pa between FY17-23. Macquarie suspects this is the case again in FY24 as the macro warrants some conservativeness.

Operational conditions are relatively challenging, however the group is trading at a discount to long term average PE. The broker also believes operational metrics may be approaching cyclical lows.

Target falls to $13.12 from $13.21 on higher debt, Outperform retained.

Target price is $13.12 Current Price is $10.77 Difference: $2.35
If CHC meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $13.91, suggesting upside of 28.2% (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

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

Charter Hall's FY23 EPS of 93.3cps was a 3% beat compared to Morgan Stanley's forecast due to higher Transaction and Performance fees.

FY24 EPS guidance is for EPS of "approximately" 75cps compared to the 78cps forecast by the analysts and consensus.

The broker observes net equity inflows were just $1.5bn in FY23, the lowest since FY18. The Direct platform slowed to around $41m/month in the 2H.

Target $13.95. Equal-weight. Industry view: In Line.

Target price is $13.95 Current Price is $10.77 Difference: $3.18
If CHC meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $13.91, suggesting upside of 28.2% (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

Macquarie rates CNU as Neutral (3) -

Chorus delivered adjusted earnings in line with guidance and the dividend was also in line with guidance. Fibre penetration continues to lift, Macquarie notes, with Chorus targetting an 80% penetration level. Strong fibre ARPU growth is expected in FY24.

Macquarie downgrades its FY24 earnings forecast by -22% reflecting higher opex, but notes the numbers are small so the downgrade looks big.

Neutral and NZ$8.95 target retained.

Current Price is $7.52. Target price not assessed.

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: 0.0

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

Ord Minnett rates CNU as Hold (3) -

Chorus delivered a 3% increase in FY23 normalised EBITDA, slightly shy of Ord Minnett's expectations. The miss stemmed from higher-than-expected labour and network costs. Revenue was in line with forecasts.

The broker reduces EBITDA forecasts for the next three years by -2% while longer term expectations are unchanged.

With over 80% of the connection base now on fibre and the appetite for data still growing, a low-mid single-digit revenue growth profile appears secure. Ord Minnett retains a Hold rating with a $7.20 target.

Target price is $7.20 Current Price is $7.52 Difference: minus $0.32 (current price is over target).
If CNU meets the Ord Minnett target it will return approximately minus 4% (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:

This company reports in NZD. 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 COL as Neutral (3) -

UBS had already reduced forecasts ahead of Coles Group's FY23 release but today's market update still disappointed. Looks like supermarkets are seeing more theft and rising costs through labour and other factors (Witron & Ocado).

FY23 metrics missed market expectations with EBIT for supermarkets disappointing in H2 by some -9% against consensus, the broker highlights.

Neutral. Target $18.50.

Target price is $18.50 Current Price is $17.23 Difference: $1.27
If COL meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $17.88, suggesting upside of 11.2% (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

Bell Potter rates ELD as Buy (1) -

Elders has downgraded FY23 EBIT guidance to $165-175m, reflecting ongoing weakness in livestock markets as well as some margin pressure in the agricultural chemical segment.

The company expects cash conversion to be around 90% of net profit, which is materially better than Bell Potter had assumed.

The broker is not surprised by the downgrade to guidance as it was always reliant on a recovery in livestock markets, which has not eventuated. Buy rating retained. Target is raised to $7.40 from $7.25, largely to reflect a better net debt outcome.

Target price is $7.40 Current Price is $6.35 Difference: $1.05
If ELD meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $7.73, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in September.

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

Citi rates ELD as Sell (5) -

Elders has downgraded FY23 guidance -10.5% at the midpoint and, while expected, the quantum exceeded Citi's forecast.

Weak rural returns and falls in livestock prices drove the downgrade.

The broker now wonders if more downgrades are in the wings, given dry weather conditions are beyond the company's control, and based on reports, forecasts a double-digit slide in livestock prices over the next nine months.

Sell rating retained. Target price falls to $6 from $6.85.

Target price is $6.00 Current Price is $6.35 Difference: minus $0.35 (current price is over target).
If ELD meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.73, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Macquarie rates ELD as Neutral (3) -

Elders has downgraded underlying FY23 EBIT guidance by -11% at the mid point and Macquarie factors in $166m. The company has cited cautious customer sentiment because of the anticipated dry conditions and the spectre of El Nino.

The caution manifests in lower demand and a continuation of the "just-in-time" buying pattern, the broker observes. This has impacted rural product sales in July and August. The broker retains a Neutral rating and lowers the target to $6.90 from $7.77.

Target price is $6.90 Current Price is $6.35 Difference: $0.55
If ELD meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.73, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in September.

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

Shaw and Partners rates ELD as Buy (1) -

Elders has downgraded earnings (EBIT) guidance by -11% to $165m-$175m, well below consensus of $183m, and Shaw and Partners' forecast of $182m.

The downgrade reflects greater than forecast pressure on rural product gross margin, and recent lower than expected rural products sales. Add to that the weakness in cattle and sheep prices and cautious customer sentiment given forecasts of warmer and drier than average weather conditions.

The company expects cash conversion will remain above 90% (the broker expects 99%), along with underlying net profit after tax.

EPS forecasts fall -9% in FY23; -6% in FY24; and -3% in FY25

Buy rating retained, given the company is trading at a discount and well below the broker's price target. Risk rating rises to Medium from low. Target price falls to $9 from $12.

Target price is $9.00 Current Price is $6.35 Difference: $2.65
If ELD meets the Shaw and Partners target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $7.73, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Morgans rates HPI as Add (1) -

Solid rental growth helped offset higher interest costs for Hotel Property Investments in FY23, and while around 68% of debt is hedged, higher interest costs remain a key factor, cautions Morgans.

FY23 rental income rose by 6.8% on the previous corresponding period due to acquisitions, annual rent increases (averaging 3.6%) and rentalised capex which offset higher interest costs, explains the analyst.

The FY23 dividend of 18.6cps was in line with guidance while FY24 dividend guidance is for 19cps compared to the broker's 19.2cps forecast.

Morgans notes Hotel Property Investments has minimal near-term leasing risk with a long weighted average lease expiry (WALE) profile and offers an attractive distribution yield. Add. The target falls to $3.67 from $3.75.

Target price is $3.67 Current Price is $3.02 Difference: $0.65
If HPI meets the Morgans target it will return approximately 22% (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 HUB as Neutral (3) -

Upon first glance, it seems Hub24's FY23 has beaten forecasts in double digit percentage, though the underlying EBITDA is only 3% better, point out Citi analysts.

A lower tax rate made the big difference while capex proved higher than estimated.

The analysts highlight a weaker-than-expected revenue margin and notable increase in one-off costs. According to management's commentary, FY24 has started on a strong footing, and guidance for both FY24 and FY25 is in line with expectations.

Target $30.20. Neutral.

Target price is $30.20 Current Price is $28.03 Difference: $2.17
If HUB meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $32.02, suggesting upside of 2.6% (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 HUB as Buy (1) -

It is UBS's early assessment Hub24 delivered an overall positive FY23 result, even though both revenues and earnings missed the broker's forecasts.

The broker specifies most metrics are better than what market consensus was positioned for. The company also announced a modest share buyback. Plus management issued new guidance for funds under administration.

New guidance for $92bn-100bn by FY25 replaces the prior target of $80bn-89bn, the broker highlights.

Buy, target $30.

Target price is $30.00 Current Price is $28.03 Difference: $1.97
If HUB meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $32.02, suggesting upside of 2.6% (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 IAG as Buy (1) -

On second take, even though Insurance Australia Group's FY23 cash earnings were lower than Citi's estimates, the broker says growth prospects remains strong.

Citi spies room for strong premium growth and margin expansion (the broker currently forecasts a FY24 margin of 14.6%, around the midpoint of guidance).

FY24 catastrophe allowance rose by less than previously expected, up 26% to $1.147bn, but remains a headwind; along with higher reinsurance costs (combined the broker estimates a -4% impact).

EPS forecasts fall -2% in FY24.

Buy rating retained. Target price rises to $6.50.

Target price is $6.50 Current Price is $5.79 Difference: $0.71
If IAG meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.82, suggesting upside of 1.5% (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 IAG as Outperform (1) -

Macquarie notes, while gross written premium growth was strong in FY23, profitability was weak. Insurance Australia Group's margin guidance range for FY24 is also below expectations.

Despite an additional provision release, the broker notes no change to the buyback as the balance sheet is bolstered ahead of reinsurance renewals.

Macquarie retains an Outperform rating, believing the stock is cheap, and raises the target to $6.30 from $5.80.

Target price is $6.30 Current Price is $5.79 Difference: $0.51
If IAG meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.82, suggesting upside of 1.5% (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 IAG as Equal-weight (3) -

In the wake of FY23 results, Morgan Stanley expects Insurance Australia Group will deliver on the majority of its margin recovery in FY24, with cyclical upside risks from El Nino. A further step-up to peak margins is expected in FY25.

FY23 Cash profit and underwriting profit missed consensus forecasts by -12 and -13%, respectively.

FY24 margin guidance of 13.5-15.5% doesn't appear difficult to achieve, in the broker's view, given double digit price increases and the 14.6% 2H FY23 underlying margin. Margin guidance was around -3% short of the consensus forecast.

Morgan Stanley raises its target to $5.45 from $5.25. Equal-weight. Industry View: In-Line.

Target price is $5.45 Current Price is $5.79 Difference: minus $0.34 (current price is over target).
If IAG meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.82, suggesting upside of 1.5% (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

Ord Minnett rates IAG as Hold (3) -

Ord Minnett highlights the material turnaround in FY23 net profit, at $832m compared with $347m previously, albeit largely in line with expectations. Gross written premium growth of 10.6% was better than expected.

Management has guided to an insurance margin between 13.5% and 15.5% in FY24 with the broker assessing the largest threat to achieving the top end of guidance will be the unpredictable natural peril events.

While retaining its forecast at the lower end of the range, Ord Minnett does believe 15% margins are achievable. Hold rating maintained. Target is $5.50.

Target price is $5.50 Current Price is $5.79 Difference: minus $0.29 (current price is over target).
If IAG meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.82, suggesting upside of 1.5% (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

UBS rates IAG as Sell (5) -

The FY23 result from Insurance Australia Group was ahead of forecasts although margin guidance of 13.5-15.5% was below expectations. UBS observes repricing continues to track ahead of claims inflation in most segments, setting the business up well for FY25.

This is now well anticipated by the market and the broker considers there is potential for disappointment if the first half does not improve materially. Sell rating retained. Target rises to $5.10 from $4.80.

Target price is $5.10 Current Price is $5.79 Difference: minus $0.69 (current price is over target).
If IAG meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.82, suggesting upside of 1.5% (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 IRE as Neutral (3) -

Iress has provided its fourth material earnings downgrade in a year, Macquarie observes, because of cost pressures and a weaker revenue environment.

First half underlying earnings were materially below expectations and EBITDA guidance has been lowered to $119m, from $144-149m.

The broker points out attention will be on the FY24 exit rate. Management expects underlying earnings growth of 5-10% as residual gross cost savings of $28m are realised.

Macquarie reduces the target to $6.85 from $10.10, because of underlying cost pressures, reduced pricing power and the balance sheet position. Neutral retained.

Target price is $6.85 Current Price is $6.44 Difference: $0.41
If IRE meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.96, suggesting upside of 28.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Morgans rates IRE as Upgrade to Add from Hold (1) -

First half revenue for Iress was slightly ahead of Morgans forecast but earnings (EBITDA) were an around -8% miss on meaningful cost growth. Given the gearing level, the non dividend payment was not unexpected.

Management anticipates a flat 2H earnings result and 5-10% growth in FY24 and believes the company will exit FY24 with a 20-30% run-rate.

The analyst anticipates gearing levels will improve via not paying a dividend, cost-out measures and the announced sale of the managed funds administration (MFA) business for $52m.

Morgans makes material downgrades to its earnings forecasts and lowers its target to $8.10 from $10.30. The rating is upgraded to Add from Hold on confidence in degearing the balance sheet and in a greater focus on core products.

Target price is $8.10 Current Price is $6.44 Difference: $1.66
If IRE meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $7.96, suggesting upside of 28.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Ord Minnett rates IRE as Accumulate (2) -

Ord Minnett was disappointed with the first half results from Iress. Underlying EBITDA was -17% below the prior half and the broker's forecasts.

This is not expected to be a permanent earnings decline for the core Australian business with the broker noting new management is still in the early stages of restructuring and cyclical challenges have dampened revenue across the wealth management sector.

Robust growth in the superannuation business is expected to outpace mature growth in trading and wealth operations and Ord Minnett retains an Accumulate rating, lowering the target to $9.20 from $10.00.

Target price is $9.20 Current Price is $6.44 Difference: $2.76
If IRE meets the Ord Minnett target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $7.96, suggesting upside of 28.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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 IRE as Hold (3) -

Iress's June-half result missed Shaw and Partners forecasts due to slowing revenue growth and higher than forecast costs. Management guided to a broadly flat December-half. No interim dividend was declared.

Shaw and Partners observes the main transformation benefits are unlikely to materialise until FY25, and in the meantime, costs will continue to weigh.

Management advised that a deal has been struck for the sale of its managed funds administration (MFA) business for $52m as part of the company's rationalisation and the broker expects settlement in October is most likely.

Hold rating retained. Target price falls to $7.70 from $9.90.

Target price is $7.70 Current Price is $6.44 Difference: $1.26
If IRE meets the Shaw and Partners target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $7.96, suggesting upside of 28.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Bell Potter rates JAN as Buy (1) -

Janison Education's official FY23 results were in line with the trading update earlier in the month. Net profit was slightly below Bell Potter's forecasts, largely because of the deferred tax asset write-off.

There was no formal outlook statement although management has indicated it expects to be positive on net profit in FY27 and achieve its previously stated 20% revenue growth target over the next 3-5 years.

Bell Potter maintains a Buy rating and reduces the target to $0.65 from $0.70.

Target price is $0.65 Current Price is $0.48 Difference: $0.17
If JAN meets the Bell Potter 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

Shaw and Partners rates JAN as Buy (1) -

Janison Education's largely pre-released FY23 result met forecasts and Shaw and Partners observes additional guidance points to 20% revenue growth in FY24, with cost growth contained to low single digits - pointing to continued cash-flow growth and leverage, observes the broker.

Services was responsible for the bulk of revenue growth in FY23 which triggerred a dip in recurring revenues. The broker sheets this back to the onboarding of large enterprise customers and expects Platform revenue growth will outpace Services growth in FY24 by double digits.

Buy rating and 80c target price retained.

Target price is $0.80 Current Price is $0.48 Difference: $0.32
If JAN meets the Shaw and Partners target it will return approximately 67% (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 LTR as Outperform (1) -

Liontown Resources has awarded the Kathleen Valley underground mining contract to Byrnecut, valued at $1bn over a four-year period. This is an important announcement, Macquarie asserts, in that it provides certainty for the development of Kathleen Valley.

The recent decision to proceed with DSO shipments is also a key positive, allowing early access to revenue, and the broker retains an Outperform rating with a $3.10 target.

Target price is $3.10 Current Price is $2.63 Difference: $0.47
If LTR meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 7.4% (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

Bell Potter rates MAP as Speculative Buy (1) -

Microba Life Sciences is expanding its range of microbiome testing products, through the roll-out of MetaXplore and MetaPanel, designed for use in specific clinical settings.

The company's leading therapeutic candidate for the treatment of ulcerative colitis is expected to establish headline phase 1 data in December.

Bell Potter believes the stock provides an attractive medium to longer term opportunity to capitalise on the emerging focus on gut health. The broker transfers coverage to another analyst and has a Speculative Buy rating and $0.55 target.

Target price is $0.55 Current Price is $0.37 Difference: $0.185
If MAP meets the Bell Potter target it will return approximately 51% (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 MGR as Accumulate (2) -

FY23 results from Mirvac Group missed Ord Minnett's forecasts albeit largely because of timing, as residential settlements were delayed by bad weather and labour shortages. Guidance for FY24 is also below estimates, although the broker envisages numerous reasons for an improving long-term outlook.

There are risks relating to government policy detail and implementation, yet Ord Minnett believes the business is well-placed for most outcomes given its expertise spans build-to-sell homes and apartments, build-to-rent apartments and fledgling land lease opportunities.

The results were also reassuring for the broker in terms of other businesses, notably office, which makes up about half of earnings. Accumulate rating and $3.10 target.

Target price is $3.10 Current Price is $2.29 Difference: $0.81
If MGR meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $2.67, suggesting upside of 14.2% (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

Morgans rates MSV as Speculative Buy (1) -

As part of FY23 results, Mitchell Services delivered a final dividend of around 2cps, positively surprising Morgans, which had expected 1cps.  It's thought dividends are sustainable and 5cps payments via half-yearly dividends are expected in the coming 13 months.

In late FY23, the analyst assesses a "breakout" operational and financial performance free of hindrance from covid, unplanned re-mobilisations, wet weather or contract variations.

The Speculative Buy rating is retained given the stock looks cheap on several measures, according to the broker. The 56c target is unchanged.

Target price is $0.56 Current Price is $0.40 Difference: $0.16
If MSV meets the Morgans 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

Macquarie rates NHC as Underperform (5) -

Production and sales at New Hope's Bengalla were weaker than Macquarie expected, driving lower volumes compared with guidance and a miss on EBITDA.

The company has indicated the restart of New Acland stage 3 is underway although legal action still poses a risk to the timing.

FY23 costs of $78/t are guided, 5% above the broker's forecasts. Macquarie maintains an Underperform rating and reduces the target to $4.40 from $4.50.

Target price is $4.40 Current Price is $5.70 Difference: minus $1.3 (current price is over target).
If NHC meets the Macquarie target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.95, suggesting downside of -13.9% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.4

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

Citi rates NHF as Neutral (3) -

nib Holdings's FY23 result appears to have pleased Citi and the broker expects momentum to continue into FY24, thanks to strong Australian residential health insurance premiums.

While the broker expects these to slowly normalise, it says the timing is hard to determine. For now, claims inflation remains benign says the broker, which could yield efficiency gains if they beat nib's forecasts, yielding stronger margins.

Citi spies a rebound in international inbound health insurance with margins recovering; and strength in nib NZ.

While strength prevails, the broker believes it is pretty much priced in.

Neutral rating retained. Target price rises to $8.55 from $8.15.

Target price is $8.55 Current Price is $8.36 Difference: $0.19
If NHF meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $8.47, suggesting upside of 9.1% (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 NHF as Neutral (3) -

FY23 results were firm, supported by the write-off of the deferred claims liability from the pandemic and Macquarie highlights Australian resident health insurance policyholder growth of 3-4% is guided for FY24, ahead of peers.

As claims begin to rebound the broker remains cautious on the outlook, although expects international and travel will provide earnings support. Neutral retained. Target is raised to $8.65 from $8.25.

Target price is $8.65 Current Price is $8.36 Difference: $0.29
If NHF meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $8.47, suggesting upside of 9.1% (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

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

nib Holdings' FY23 result outpaced consensus by 2% and Morgan Stanley's forecasts thanks largely to strong policy growth in Australian residential health insurance (ARHI) premiums and a big beat in underlying profit and EPS (7%). Group claims were in line.

FY24 guidance for ARHI net policyholder growth outpaced but ARHI claims estimates disappointed.

The broker believes positive margin jaws remain for now and is waiting on the September to December APRA industry data to gain a better idea of the industry's sustainability.

Equal Weight rating retained. Industry view: In Line. Target price falls to $8.15 fro $8.50.

Target price is $8.15 Current Price is $8.36 Difference: minus $0.21 (current price is over target).
If NHF meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.47, suggesting upside of 9.1% (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

Morgans rates NHF as Hold (3) -

Morgans assesses a solid result after FY23 underlying profit beat the consensus estimate by 4% due a better performance than expected across all key divisions apart from Travel, which was in line with forecast.

The broker highlights strong year-on-year profit recoveries in previously covid-affected nib Holdings' businesses such as International Inbound Health Insurance and Travel.

Australian Residents Health Insurance held up better than the analyst expected though was assisted by a provision release.

The target rises to $8.77 from $8.27 while the Hold rating is kept due to a high valuation multiple and arguably cyclically-high earnings.

Target price is $8.77 Current Price is $8.36 Difference: $0.41
If NHF meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.47, suggesting upside of 9.1% (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

UBS rates NHF as Buy (1) -

UBS notes FY23 has marked the end of the covid era reserving for nib Holdings as all deferred claims liabilities were fully released. The broker believes top-line and claims benefits can persist into FY24 because of recent "givebacks" and claims inflation that is below the CPI.

The company has also enjoyed a strong recovery in international and travel segments.  FY23 results were slightly ahead of UBS estimates at the underlying operating profit line. Buy rating maintained. Target is $9.70.

Target price is $9.70 Current Price is $8.36 Difference: $1.34
If NHF meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $8.47, suggesting upside of 9.1% (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

UBS rates OCL as Neutral (3) -

Annual recurring revenue for FY23 was slightly below expectations. Objective Corp explained the miss as largely the result of a timing delay for a large contract in New Zealand.

The target for FY24 annual recurring revenue growth of 15% is broadly in line with UBS estimates. The broker is attracted to the substantial operating leverage. Neutral maintained. Target is reduced to $14.10 from $15.00.

Target price is $14.10 Current Price is $12.45 Difference: $1.65
If OCL meets the UBS 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: 0.5

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

Macquarie rates OML as Outperform (1) -

First half earnings were ahead of Macquarie's forecasts, driven by a strong road performance and cost reductions. Gross margins were affected by a shift in mix to direct advertisers while the impact from contract renewals is still unknown.

The broker observes oOh!media and the industry as a whole continue to monetise assets, particular as other traditional formats face a declining audience.

The broker finds the valuation attractive relative to global peers and retains an Outperform rating. Target is raised to $2.17 from $1.86.

Target price is $2.17 Current Price is $1.45 Difference: $0.72
If OML meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $1.76, suggesting upside of 19.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Ord Minnett rates OML as Hold (3) -

First half EBITDA from oOh!media was slightly softer than expected offset by the quality of the revenue result. Three new contracts were won with annualised revenue totalling $30m from mid 2024.

Ord Minnett observes these contracts not only deliver half of management's previously flagged $30-60m in new opportunities but are likely to be accretive to EBITDA margins for the group. Hold rating and $1.60 target.

Target price is $1.60 Current Price is $1.45 Difference: $0.15
If OML meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.76, suggesting upside of 19.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates PLL as Outperform (1) -

Piedmont Lithium has exercised its option to acquire a 22.5% interest in Ewoyaa after completing the funding of a regional exploration and definitive feasibility study.

The company has also indicated a commitment to stage 3 funding, which would provide an initial US$70m in capital and contribute to 50% of additional project development expenditure.

As production at North American lithium ramps up, Macquarie expects the company will start generating strong cash flow from the offtake. Outperform rating and $1.80 target maintained.

Target price is $1.80 Current Price is $0.71 Difference: $1.09
If PLL meets the Macquarie target it will return approximately 154% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates PMV as Neutral (3) -

Despite a weak macro environment and a softer consumer over winter, Premier Investments has flagged a FY23 Retail EBIT that is ahead of Macquarie's estimates. Sales were up 9.7% during the year and Retail EBIT up 6.3%.

The company has also announced a strategic review focused on three key units in Premier Retail: Peter Alexander, Smiggle and core brands. Macquarie envisages scope to spin off the former two, given higher margins and growth prospects.

The review will also examine capital requirements. CEO Richard Murray has resigned from Premier Retail with the CFO John Bryce now also interim CEO until a new appointment. Macquarie retains a Neutral rating and raises the target to $23 from $21.

Target price is $23.00 Current Price is $24.41 Difference: minus $1.41 (current price is over target).
If PMV meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.61, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in July.

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 PMV as Overweight (1) -

At first glance, Premier Investments' FY23 earnings (EBIT) outpaced consensus forecasts by 5%.

Morgan Stanley considers the result a strong performance in the face of rising inflation and tough retail fundamentals.

CEO Richard Murray has resigned, effective September 15 and will be replaced by CFO John Bryce, and the broker believes this will be a relatively low risk transition given Solomon Lew remains as chairman.

The company also announced a strategic review with a view to a potential demerger of Peter Alexander and Smiggle, which Morgan Stanley believes could yield value to shareholders.

Overweight rating retained. Industry view: In line. Target price steady at $31.

Target price is $31.00 Current Price is $24.41 Difference: $6.59
If PMV meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $24.61, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Ord Minnett rates PMV as Lighten (4) -

Despite beating expectations, Ord Minnett observes sales momentum for Premier Investments weakened significantly in the second half of FY23. Group sales were "virtually flat" versus the prior corresponding period and compared with 18% sales growth in the first half.

The broker remains bearish on the medium-term earnings outlook, expecting Australian consumers will cut back even more on shopping at fashion and department stores.

While the strategic review will consider a range of restructuring options, Ord Minnett is surprised management is contemplating a demerger and will be curious to learn more about the review. Lighten rating. Target increases to $19.50 from $19.00.

Target price is $19.50 Current Price is $24.41 Difference: minus $4.91 (current price is over target).
If PMV meets the Ord Minnett target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.61, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in July.

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

UBS rates PMV as Sell (5) -

Sales in the second half for Premier Investments were broadly in line with UBS estimates although growth appears to have slowed. The company had announced FY23 sales and EBIT expectations for Premier Retail of $1.6bn and $355-3 57m, respectively.

After a short tenure, the company has also announced Premier Retail CEO, Richard Murray, has also resigned, effective September 15.

UBS is surprised, despite the strong trading update, that the company has commenced a formal review to assess its corporate, operating and capital structure. The broker retains a Sell rating and raises the target to $23 from $20.

Target price is $23.00 Current Price is $24.41 Difference: minus $1.41 (current price is over target).
If PMV meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.61, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in July.

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 RRL as Buy (1) -

Regis Resources has updated on its medium-term outlook. The update included extensions to underground resources and reserves at Duketon and Tropicana and also reductions in open pit resources, particularly in the case of Duketon.

Following completion of open pit mining, feed is to be sourced from lower grade stockpiles and the viability of more marginal open pits is under evaluation.

Despite the negatives, Bell Potter remains attractive to the all-Australian asset portfolio and also envisages opportunities in the medium term that may make the business an appealing corporate target. Buy rating maintained. Target is reduced to $2.26 from $2.77.

Target price is $2.26 Current Price is $1.52 Difference: $0.74
If RRL meets the Bell Potter target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $1.99, suggesting upside of 29.1% (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

Citi rates RWC as Neutral (3) -

On second take, Citi maintains its view that Reliance Worldwide's FY23 numbers were in line with its forecasts and that conditions were challenging with America and Asia-Pacific, and soft for EMEA.

Implied guidance is a -4-6% miss to prior expectations and the broker observes the outlook appears to be getting worse before it gets better. It appears from Big Box results that destocking is just beginning as the numbers imply US fourth-quarter sales were already -2% lower.

Guidance appears to rely on a material weighting to the second half.

Neutral rating retained. Target price eases to $3.90 from $4.05,

Target price is $3.90 Current Price is $3.89 Difference: $0.01
If RWC meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.13, suggesting upside of 7.9% (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

Macquarie rates RWC as Outperform (1) -

The operating results from Reliance Worldwide in FY23 were broadly in line with expectations. Macquarie was impressed that profitability improved markedly on the back of previous price action combined with cost reductions.

The result was particularly strong in the Americas. The company is cautious regarding many key markets, particularly EMEA, and envisages Australian new construction activity will weaken.

While the market environment is uncertain, the broker believes the company is managing what it can control very well and a "fitter business" will emerge. Outperform retained. Target is reduced to $4.55 from $4.60.

Target price is $4.55 Current Price is $3.89 Difference: $0.66
If RWC meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.13, suggesting upside of 7.9% (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

Morgan Stanley rates RWC as Overweight (1) -

At first glance, Reliance Worldwide's posted a strong result, which was either in line or a beat on most metrics.

But Morgan Stanley expects FY24 guidance could disappoint. No quantitative guidance was provided at the release but management forecast low single digit revenue falls and steady operating margins (despite -US$16m of forecast cost-outs).

For now, Overweight rating retained. Industry view: In line. Target price steady at $4.

Target price is $4.00 Current Price is $3.89 Difference: $0.11
If RWC meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.13, suggesting upside of 7.9% (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

Morgans rates RWC as Hold (3) -

Reliance Worldwide's FY23 result was largely in line with consensus expectations and was slighly above Morgans forecasts, though FY24 guidance disappointed. Management expects global macroeconomic conditions will remain challenging in the current financial year.

FY23 underlying profit was a 10% beat against the consensus forecast but was due to a lower effective tax rate, explains the analyst.

A key positive, according to Morgans, was an earnings margin rise of 100bps to 17.9% in the Americas.

Lower earnings forecasts are partially offset by favourable currency movements and the broker's target price slips to $3.75 from $3.79. The Hold rating is retained on an uncertain demand outlook.

Target price is $3.75 Current Price is $3.89 Difference: minus $0.14 (current price is over target).
If RWC meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.13, suggesting upside of 7.9% (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

Ord Minnett rates RWC as Hold (3) -

The FY23 result from Reliance Worldwide was ahead of Ord Minnett's forecast, benefiting from a lower-than-expected adjusted effective tax rate.

In the Americas, adjusted EBITDA increased 19% although growth slowed in the second half. Asia-Pacific and AMEA earnings declined in the second half.

The company expects global economic conditions will remain challenging yet earnings should be supported by cost reductions. Ord Minnett remains cautious and retains a Hold rating, raising the target to $4.10 from $3.90.

Target price is $4.10 Current Price is $3.89 Difference: $0.21
If RWC meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.13, suggesting upside of 7.9% (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

UBS rates RWC as Buy (1) -

UBS found the FY23 results from Reliance Worldwide solid, although was not surprised at the soft sales outlook for EMEA. Given the outlook for end markets, the broker considers margins will be more about cost than pricing.

UBS believes the volume outlook shows the company is more leveraged to discretionary projects than the management had previously assumed. Buy rating maintained. Target is reduced to $4.50 from $4.70.

Target price is $4.50 Current Price is $3.89 Difference: $0.61
If RWC meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.13, suggesting upside of 7.9% (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

Shaw and Partners rates STA as Buy (1) -

Strandline Resources has shipped its first ilmenite cargo (6,000t) to US offtake partner Chemours (revenue undisclosed). Shaw and Partners estimates the shipment to be worth $2.6m based on pricing of US$280/t.

The broker says the shipment augurs well for the commissioning of the Mineral Separation Plant, and management can now focus on producing premium rutile and zircon in the plant.

Shaw and Partners says the shift to final products is less about revenue and more about diversification of the customer base away from China, where demand appears to be weakening.

Buy rating and 65c target price retained.

Target price is $0.65 Current Price is $0.18 Difference: $0.47
If STA meets the Shaw and Partners target it will return approximately 261% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates SWM as Underweight (5) -

Seven West Media's FY23 result missed consensus forecasts and management observed a continued deterioration in the advertising market for both print and TV in the first weeks of FY24 trading.

Morgan Stanley doubts BVOD advertising (weaker than forecast) can grow fast enough organicallly to offset structural falls and cyclical weakness in the core TV business.

The broker also observes Netflix, Binge and Disney+ are competing for advertising revenue.

EPS forecasts are cut -7% to -13% across the forecast period.

Underweight rating retained. Industry view: Attractive. Target price falls to 30c from 40c.

Target price is $0.30 Current Price is $0.32 Difference: minus $0.02 (current price is over target).
If SWM meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.40, suggesting upside of 25.8% (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

Morgan Stanley rates SXL as Underweight (5) -

Southern Cross Media's FY23 earnings missed forecasts due to a miss on both TV and radio. Digital streaming and podcast revenue (LiSTNER) grew 37%, cushioning the fall.

Morgan Stanley observes the company remains in a sticky situation as it is forced to cannibalise its existing business to build its digital business.

The broker says the company now faces a tough decision on how aggressively it should invest in LiSTNER.

Management advises it expects the business to hit earnings (EBITDA) breakeven by the June quarter of FY24 (there are 1.5m registered users, representing a compound annual growth rate of 100%, says the broker) and the broker upgrades earnings forecasts accordingly.

The broker remains negative on Southern Cross Media's broader fundamentals and broader EPS forecasts fall. Underweight rating retained. Industry view: Attractive. Price target falls to 75c from 95c.

Target price is $0.75 Current Price is $0.78 Difference: minus $0.03 (current price is over target).
If SXL meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.00, suggesting upside of 29.9% (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

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

UBS has downgraded Southern Cross Media to Neutral from Buy with a sharply reduced price target of 74c versus $1.70 previously.

Continued softness in metro and regional ad markets, combined with a flattish growth outlook into FY24 have triggered large reductions to forecasts for FY24/26.

On current forecasts, FY25 should herald the next cyclical recovery. UBS is notable cautious about the outlook for the TV operations.

More optimistic are the forecasts for Digital where EBITDA break-even is expected in FY25 with an 10% EBITDA margin forecast to steadily grow to 20% longer term.

Target price is $0.74 Current Price is $0.78 Difference: minus $0.04 (current price is over target).
If SXL meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.00, suggesting upside of 29.9% (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 WBC as Neutral (3) -

Macquarie has lowered earnings forecasts by -2-3%, primarily as a result of higher expenses due to weak cost performance in Westpac's June quarter update.

Underlying "core net interest margin" fell -4bps from the first half as ongoing mortgage competition impacts were partly offset by replicating portfolio benefits, while Treasury and Markets income was up 2bps.

Target falls to $21.00 from $21.50, Neutral retained.

Target price is $21.00 Current Price is $20.62 Difference: $0.38
If WBC meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $22.85, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

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

Westpac's June-quarter trading update missed consensus but met Morgan Stanley's forecast.

The broker describes the update as disappointing, due to rising cost trends, and expects negative jaws to dominate in FY24.

Margins fell less than Morgan Stanley expected but the broker expects rising deposit competition will take its toll in FY24 and that rising costs are likely to remain intractable.

The broker now expects a flat final dividend, implying a payout ratio of 68%, not including notables.

Equal-weight rating retained. Industry view: In line. Target price falls to $20.60 from $21.00.

Target price is $20.60 Current Price is $20.62 Difference: minus $0.02 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.85, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgans rates WBC as Add (1) -

Morgans reduces its forecasts materially and lowers its target for Westpac to $23.02 from $24.22 due to unexpectedly high cost growth revealed in 3Q results. The broker reduces its net interest margin (NIM) forecast by -1-2 bps across FY23-25.

Costs ex notable items for the 2H to-date are around 5% more than for H1 compared to the consensus expectation of around 1% growth. While management has recently reduced the head count there are no indications of what cost-out this may deliver, notes the analyst.

Despite this cost surprise, Morgans retains its Add rating in the expectation the bank can materially improve its business performance.

Target price is $23.02 Current Price is $20.62 Difference: $2.4
If WBC meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $22.85, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Ord Minnett rates WBC as Accumulate (2) -

The third quarter update from Westpac was a little better than Ord Minnett expected, with the 10 basis points increase in net interest margins to 2.06% welcome, albeit masking a still downward trend that reflects competitive pressures.

The broker still expects margins will soften further in FY24 because of funding cost pressures.

Ord Minnett considers the stock undervalued, noting investors remain unconvinced the bank can grow revenue in line with peers and simultaneously achieve operating cost savings. Accumulate retained. Target is $28.

Target price is $28.00 Current Price is $20.62 Difference: $7.38
If WBC meets the Ord Minnett target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $22.85, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in September.

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 WBC as Neutral (3) -

On first read, UBS found Westpac's quarterly update a little soft. Unaudited cash earnings of $1.8bn implies the bank will need to run another $1.8bn to reach FY23 consensus expectations.

Overall, the broker assesses the operating trends are in line with the other banks although core net interest margins are down -4 basis points compared with the first half, slightly worse than peers. Neutral rating and $22 target.

Target price is $22.00 Current Price is $20.62 Difference: $1.38
If WBC meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $22.85, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in September.

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