Australian Broker Call

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

3P Learning's FY24 earnings were below Morgan Stanley and guidance. Unusually, the company did not provide FY25 earnings guidance, but does expect growth in revenue and earnings in FY25.

The broker expects consensus downgrades to reflect both the rebasing from the FY24 guidance miss and the reducing certainty from a
lack of guidance.

3P Learning's customer count was 5.0m versus 5.5m a year ago and 5.4m in the first half.

Equal-weight and $1.20 target retained. Industry view: In Line.

Target price is $1.20 Current Price is $1.05 Difference: $0.15
If 3PL meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Market Sentiment: 0.0

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

Citi rates A2M as Buy (1) -

On first take, a2 Milk Co delivered weaker than expected FY24 earnings, some -3% lower than consensus, Citi highlights.

The broker points to higher depreciation on a coal fired burner for the additional -$10m cost on operational results, which were broadly in line.

Market share movements were mixed; net cash came in higher than forecast, and losses in the US business continued to decline.

Management guided to mid-single-digit revenue growth for FY25, lower than the 9% consensus forecast with supply constraints posing problems.

Neutral rated. Target price $7.85.

Target price is $7.85 Current Price is $7.01 Difference: $0.84
If A2M meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.81, suggesting upside of 19.5% (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) -

Upon initial read, UBS comments today's FY24 release by a2 Milk Co looks in line but FY25 guidance is poised to disappoint with infant formula supply constraints impacting 1H25 sales and margins.

2H24 EBITDA proved below the UBS estimate, with lower gross margin and higher marketing costs. 2H24 IF sales were in line with UBS with solid outcomes in both China-label performance and English-label, the broker suggests.

Management's FY25 outlook comments are probably conservative, says UBS; guidance points to single-digit EBITDA growth, below market consensus.

The broker states supply constraints are the key culprit. No buyback or dividend should be expected until supply chain transformation is further developed. Buy.

Current Price is $7.01. Target price not assessed.

Current consensus price target is $6.81, suggesting upside of 19.5% (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 AD8 as Buy (1) -

Audinate Group had pre-released its disappointing outlook for FY25 and has earlier today officially released FY24 financials. UBS, in an initial appraisal, comments the year ahead looks challenging, but incremental insight suggests good ongoing momentum in video.

The broker spotted a strong FY24 performance, though partially from a pull forward of FY25 sales. This, combined with other headwinds, creates a challenging year ahead, states the broker.

The broker maintains  Audinate remains an attractive story longer term. Short term, the lack of growth will understandably hold some investors back, says the broker.

Target price is $10.90 Current Price is $9.45 Difference: $1.45
If AD8 meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $10.18, suggesting downside of -10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Macquarie rates ALD as Outperform (1) -

In an initial response, Macquarie observes the first half result from Ampol was "a little soft" because of higher interest expense while convenience retail performed in line with expectations, as has Lytton refining.

Commentary signals the consumer weakness is persisting in the third quarter and Lytton will not return to normal conditions until the fourth quarter. Outperform. Target is $36.50.

Target price is $36.50 Current Price is $32.09 Difference: $4.41
If ALD meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $35.25, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates AMC as Outperform (1) -

Following FY24 results, Macquarie believes Amcor is back on a positive growth path. FY24 EPS was in line with forecasts by the broker and consensus, while the analyst's EPS forecasts rise for the outer years.

These higher EPS forecasts reflect stronger Flexibles sales and margins on leverage to improving volumes and a healthcare recovery, explains Macquarie. FY25 EPS guidance would have been greater but for a -4% headwind from incentive payments, highlights the broker.

Outperform.The target price is increased to $16.50 from $15.40.

Target price is $16.50 Current Price is $15.69 Difference: $0.81
If AMC meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $15.62, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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 AMC as Equal-weight (3) -

Amcor posted a solid result, Morgan Stanley suggests, despite a softer top-line performance. A return to volume growth and continuation of strong cost management supports underlying earnings growth in FY25 despite continued weakness in the high value healthcare category.

Maiden FY25 guidance is broadly in line with estimates. No further buyback with announced given a "good" M&A pipeline. The broker believes any acquisitions would be small bolt-ons.

While an improvement in volume trends and improved margin performance is positive, Morgan Stanley thinks this growth is likely to remain modest. Target rises to $15.00 from $14.50, Equal-weight retained. Industry view: In Line.

Target price is $15.00 Current Price is $15.69 Difference: minus $0.69 (current price is over target).
If AMC 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 $15.62, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

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

Amcor reported FY24 earnings which met Morgans' forecasts and management guidance.

Cost out programs alongside restructuring boosted margins for Flexibles and Rigid packaging, as well as an improvement in volumes and higher than guided cash flow generation.

Gearing remains an issue the analyst notes, although it is expected to reduce over FY25.

Management pointed to circa 3%-8% constant currency growth in EPS for FY25 including payment incentives of around a -4% cost.

Morgans makes small changes to earnings forecasts. The current valuation is believed to be reasonable.

The stock is downgraded to Hold from Buy. Unchanged target price $15.95.

Target price is $15.95 Current Price is $15.69 Difference: $0.26
If AMC meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $15.62, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

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

Amcor reported growth in volumes for the 4Q24, the first time since 4Q22, Ord Minnett observes on FY24 EPS which met expectations.

Destocking in the healthcare division weighed on EBITDA as these products typically have higher margins, and the EBITDA result was -4% below consensus forecasts.

In FY25, management anticipates single-to-mid digit revenue growth. Some -$440m in costs were saved over FY24, with labour costs around 20% of the company's cost-of-goods sold, as inflation has remained stubborn, Ord Minnett notes.

Target price falls to $14.10 from $14.30. Rating downgraded to Lighten from Hold due to share price strength.

Target price is $14.10 Current Price is $15.69 Difference: minus $1.59 (current price is over target).
If AMC meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.62, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.0

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

UBS rates AMC as Neutral (3) -

In further analysis of the in-line FY24 result from Amcor, UBS now forecasts FY25 and FY26 growth in earnings per share of 5% and 6%, respectively.

The company has highlighted trading conditions in flexibles have been supported by the HPC and protein categories, although healthcare destocking is ongoing. Rigid volumes continue to be affected by weak consumer activity in North America.

UBS awaits detail on the announcement of the next CEO and any potential shift in strategy. Neutral retained. Target is raised to $16.65 from $15.85.

Target price is $16.65 Current Price is $15.69 Difference: $0.96
If AMC meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $15.62, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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 ASX as Neutral (3) -

While slightly soft, Citi believes the ASX FY24 result is unlikely to change the market's view. The broker anticipates growth in the near term, with a derivatives recovery amid company confidence in improving IPO sentiment.

The ASIC case is expected to overhang the stock for some time but it is still expected to hold defensive appeal in a falling market.

Carbon futures have been launched and ASX is about to launch gas futures, with debt market data products in the first half of FY25. In Citi's view, none of these are likely to be material contributors to revenue over the near term.

Target is raised to $62.30 from $61.90 and a Neutral rating is maintained.

Target price is $62.30 Current Price is $64.06 Difference: minus $1.76 (current price is over target).
If ASX meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $60.12, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Macquarie rates ASX as Neutral (3) -

The ASX's FY24 result revealed only minor revenue and profit misses against the consensus forecast and FY25 guidance was unchanged, highlights Macquarie.

For FY25, management noted an increasing interest for listings and a more stable macroeconomic environment which should be supportive of capital market activity.

The broker's target rises to $61 from $60.50. Neutral.

Target price is $61.00 Current Price is $64.06 Difference: minus $3.06 (current price is over target).
If ASX meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $60.12, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

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

ASX's underlying profit was -2% below Morgan Stanley on softer revenues. The dividend was also -2% below. ASX re-iterated FY25 total cost growth and capex guidance.

At first glance, there is little in this result to change the broker's view that downside risk on costs has played out and ASX's potential operating leverage is strong, but the stock is expensive and Morgan Stanley has no earnings growth into FY27 as a base case.

Target rises to $58.00 from $54.65 on better earnings and more medium-term certainty. Equal-weight retained. Industry view: In Line.

Target price is $58.00 Current Price is $64.06 Difference: minus $6.06 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $60.12, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Morgans rates ASX as Hold (3) -

The FY24 ASX result met expectations for both consensus and Morgans, with no updates to the FY25 guidance which management offered at the June Investor Day update.

Expenses are forecast to advance 6%-9% in FY25 from technology investments, while staff costs savings of -$11m are expected to offset higher operating expsenses.

The broker notes listing revenues fell -5%; markets revenues grew 8% from futures and OTC, with information services helping Technology and Data revenues lift 6% on the previous corresponding period.

Morgans tweaks the earnings forecast. Hold rating unchanged. Target price revised to $62.90 from $61 on valuation adjustments.

Target price is $62.90 Current Price is $64.06 Difference: minus $1.16 (current price is over target).
If ASX meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $60.12, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Ord Minnett rates ASX as Lighten (4) -

The FY24 ASX result showed the strength of the company's earnings mix according to Ord Minnett on the back a -3% fall in profits for the year, slightly lower than consensus.

The $1.068 dividend reflected a -5% decline in FY23 and was below forecasts.

Ord Minnett envisages potential earnings risks from the multiplicity of IT projects and a possible financial charge from ASIC.

No change to Lighten rating, the stock is seen trading at a 50% valuation premium to the ASX200. Target price unchanged at $59.50.

Target price is $59.50 Current Price is $64.06 Difference: minus $4.56 (current price is over target).
If ASX meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $60.12, suggesting downside of -5.9% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

UBS rates ASX as Sell (5) -

On further analysis UBS believes the FY24 result from ASX does not materially change the investment case in the short term. Revenue missed expectations while the bright spots were derivatives and tech & data.

Over the next four years, the broker estimates the step up in capital expenditure implies -$650-750m in total, which is likely to be a "heavy strain" on internal financial resources and free cash flow.

There is potential downside risk too, as current guidance does not appear to capture expenses associated with the recent ASIC proceedings. Sell retained. Target is raised to $57 and $55.

Target price is $57.00 Current Price is $64.06 Difference: minus $7.06 (current price is over target).
If ASX meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $60.12, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Citi rates BSL as Buy (1) -

BlueScope Steel posted FY24 underlying EBIT that was in line with Citi's estimates while the dividend beat expectations at $0.55.

In an initial response, the broker notes first half FY25 guidance is weaker than expected with EBIT at $350-420m, and market expectations will need to be lowered.

The company is expecting to focus on cost performance and the timing of capital expenditure, given market conditions. A minimum dividend of $0.60 per annum has been targeted, while the share buyback program is extended.

Buy rating and $23.70 target.

Target price is $23.70 Current Price is $20.52 Difference: $3.18
If BSL meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $22.26, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Citi rates BSL as Buy (1) -

In an initial review of today's FY24 result for BlueScope Steel, Citi notes in-line earnings (EBIT) and a positive dividend surprise.

However, the broker anticipates a negative share price reaction given lower-than-expected 1H FY25 guidance for EBIT of between $350-$420m.

After a final dividend of 30c, management is targeting a minimum of 60cps per annum going forward, and has extended the share buy-back to allow the remaining amount of up to $270m to be bought over the next year.

The company will focus on cost performance and timing of capex given subdued market conditions, highlight the analysts.

Buy rating. Target $23.70.

Target price is $23.70 Current Price is $20.52 Difference: $3.18
If BSL meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $22.26, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

UBS rates BSL as Buy (1) -

BlueScope Steel released FY24 financials earlier today and UBS, in an initial response, highlights the outlook for the USA business is one key disappointment with volumes in Australia showing resilience.

2H24 EBIT is -5% below the broker's estimate, though still at the bottom end of the guidance range. But 1HFY25 guidance is -24% below consensus and -31% below UBS at the midpoint. Buy.

Target price is $25.00 Current Price is $20.52 Difference: $4.48
If BSL meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $22.26, suggesting upside of 11.9% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

UBS rates BXB as Buy (1) -

Ahead of the results due on August 21, Brambles remains a preferred transport exposure. UBS notes US retailers' stock intensity has gradually declined since peaking in the December 2022 quarter.

The stock is trading -21% below ASX Industrials which, the broker believes, suggests the market does not believe in the sustainability of earnings and free cash flow.

In its analysis, the broker believes the market is currently too intent on the top line and cyclical momentum, and should place more attention on margins and cash flow. Target of $17.40 and Buy rating are unchanged.

Target price is $17.40 Current Price is $15.70 Difference: $1.7
If BXB meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $16.44, suggesting upside of 4.7% (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: 0.4

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

Ord Minnett - Cessation of coverage

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

Bell Potter rates COF as Hold (3) -

Centuria Office REIT's FY24 funds from operations (FFO) aligned with forecasts by Bell Potter and consensus.

While new FY25 guidance for FFO of 11.8cpu and a dividend of 10.1cpu missed consensus by -12%, the analyst believes these numbers are predicated on conservative assumptions.

As gearing of 41.3% still sits above management's targeted range of 25-35%, the broker suggests ongoing divestment of assets will be required in FY25.

The Hold rating is retained, and the target slips to $1.25 from $1.30.

Target price is $1.25 Current Price is $1.20 Difference: $0.05
If COF meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.36, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Ord Minnett rates COH as Upgrade to Hold from Lighten (3) -

Cochlear reported lower than expected FY24 results, Ord Minnett observes because of higher costs and weaker revenues from upgrades to the Nuclear8 product.

Management's FY25 guidance came in -7% below consensus forecasts from cloud-computing investment spending.

Ex those costs, net profits are expected to advance 18% in FY25, the broker highlights, on implied revenue growth of 9%.

Ord Minnett revises EPS forecasts by -5% for FY25 and -3% for FY26.

Target price moves to $308 from $298.50. Rating upgraded to Hold from Lighten due to the share price fall post earnings.

Target price is $308.00 Current Price is $305.56 Difference: $2.44
If COH meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $278.67, suggesting downside of -9.4% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

Macquarie rates CQR as Neutral (3) -

Progress on capital recycling continues to improve portfolio quality at Charter Hall Retail REIT, highlights Macquarie, after reviewing FY24 results.

While resilient income is attractive, the broker suggests this positive is offset by interest expense headwinds over the coming three years.

First-time FY25 operating EPS guidance was an -8% miss against forecasts by consensus and Macquarie as management has executed on a zero-cost hedge restructure. This has reduced total hedging in FY25 but increased hedging in FY26, notes the broker.

The target rises to $3.42 from $3.40. Neutral.

Target price is $3.42 Current Price is $3.59 Difference: minus $0.17 (current price is over target).
If CQR meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.77, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

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

Charter Hall Retail REIT reported FY24 earnings in line with estimates but FY25 guidance is a miss. The reason for the guidance miss is because the company has executed a swap restructure, whereby it increased its cost of hedged debt in FY25 to benefit FY26, Morgan Stanley notes.

This strategy means FY25 will be a poor earnings year, but also means that it is likely to be the trough, assuming macro factors remain the same. Operations-wise, things look fine, the broker suggests.

Equal-weight and $3.93 target retained. Industry view: In Line.

Target price is $3.93 Current Price is $3.59 Difference: $0.34
If CQR meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates CQR as Accumulate (2) -

Ord Minnett observes the positive market reaction to the FY25 dividend guidance; good leasing spreads and occupancy rates for Charter Hall Retail REIT on the back of FY24 which came in below expectations.

The REIT's tenants reported growth in turnover for supermarkets of 4.3% and 2.3% for specialty tenants, with 82% retention rates and 98.8% occupancy, the analyst highlights.

Gearings stands at 32.9% compared to 31% at December, with a zero-cost hedge structure and capacity to expand with over $400m in financing capacity available.

Accumulate rating unchanged with the broker's target price revised 6% to $3.81.

Target price is $3.81 Current Price is $3.59 Difference: $0.22
If CQR meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates DHG as Buy (1) -

Domain Holdings Australia revealed operating earnings (EBITDA) of $137m, and a 35% margin slightly ahead of Bell Potter's 34.3% forecast.

The broker remains positive given management noted July listings grew by 4%, while the company also passed through an 8% average price increase across depth products. A stable EBITDA margin is targeted for FY25 on top of high-single to low-double digit growth in opex.

Buy. The target falls to $3.50 from $3.75. Bell Potter sees further depth penetration/growth potential in underpenetrated regions from the company's Audience Boost extension which generated a 30% average increase in views per listing in July.

Target price is $3.50 Current Price is $3.01 Difference: $0.49
If DHG meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates DHG as Neutral (3) -

FY24 earnings (EBITDA) of $137m for Domain Holdings Australia were in line with forecasts by Macquarie and consensus. Flat margin guidance is considered a positive, reflecting optimism for depth revenues.

While opex guidance was higher-than-expected by consensus, this reflects an element of reinvestment across the platform and marketing, points out the analyst.

The broker's target falls to $3.20 from $3.30 reflecting a lower earnings forecast in FY25, partly offset by higher earnings in FY26. Neutral.

Target price is $3.20 Current Price is $3.01 Difference: $0.19
If DHG meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgan Stanley rates DHG as Underweight (5) -

At first look, Domain Holdings Australia's results were a small miss against Morgan Stanley's forecasts. The broker views Domain
as a high quality and profitable digital business, but retains a cautious view.

Morgan Stanley expects Domain will continue to leak revenue share to market leader REA Group ((REA)). Geographical mix presents a larger risk to Domain than REA in FY25, given its higher reliance on Sydney and Melbourne.

The consensus view of Domain lifting earnings margins over time will prove optimistic, Morgan Stanley believes. Underweight and $2.80 target retained. Industry view: Attractive.

Target price is $2.80 Current Price is $3.01 Difference: minus $0.21 (current price is over target).
If DHG meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.15, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates DHG as Neutral (3) -

UBS reiterates a Neutral rating for Domain Holdings Australia, continuing to envisage downside risk into FY25 as vendor paid marketing budgets remain tight, yet some downside valuation support is envisaged.

While the company has aspirations to grow controllable yield through the cycle at 12%, UBS assumes a more sustainable rate of growth of 10%. Around 2% volume growth is factored into FY25, assuming most of the volume growth is through paid listings. Target is lowered to $3.40 from $3.60.

Target price is $3.40 Current Price is $3.01 Difference: $0.39
If DHG meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Ord Minnett rates GMG as Upgrade to Hold from Lighten (3) -

Ord Minnett highlights Goodman Group's FY24 earnings advanced 14% year-on-year which met expectations.

Management profits advanced 61% with lower interest expenses and admin costs, the broker notes.

Regarding the outlook for data centres, Ord Minnett believes this is the most interesting part of the update with Goodman Group well positioned to adapt 12% of industrial sites to data centre use.

The broker estimates a valuation for data centres of $75bn-$165bn and forecasts EPS to grow 12% in FY25.

The target price is revised to $34 from $32, and the rating upgraded to Hold from Lighten, due to the share price decline post results.

Target price is $34.00 Current Price is $34.33 Difference: minus $0.33 (current price is over target).
If GMG meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.19, suggesting upside of 6.8% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates GPT as Buy (1) -

Within today's 1H results for GPT Group, funds from operations (FFO) of 16.14cpu exceeded forecasts by Citi and consensus for 15.3cpu and 15.6cpu, respectively. Management retains FY24 FFO guidance.

In an initial research note, the broker expects a positive market response and highlights ongoing momentum for the retail and logistics portfolios, along with better-than-expected outcomes for office occupancy. 

Target $4.90. Buy.

Target price is $4.90 Current Price is $4.68 Difference: $0.22
If GPT meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.75, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Macquarie rates GQG as Outperform (1) -

While GQG Partners' 1H result beat the consensus estimate by around 2%, Macquarie highlights revenue was of a lower quality largely driven by performance fees and a small management fee beat.

Given management had previously stated the bulk of scaling-up was complete, the analyst was disappointed by another period of significant cost growth in the business.

More positively, the broker points out this cost growth is the result of either strong performance or in advance or revenue generation.

The target rises to $3.20 from $3.05. Outperform.

Target price is $3.20 Current Price is $2.77 Difference: $0.43
If GQG meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 23.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Morgan Stanley rates GQG as Overweight (1) -

GQG Partners' first half profit beat Morgan Stanley by 4% and the broker sees momentum building across the business. Drivers include the headcount increasing by 25% to 213 employees and greater third party distribution fees to US intermediaries.

Net inflows accelerated in the half, and Private Capital Solutions is now established and consolidated. PCS was established to take minority stakes in previously announced boutiques from Pacific Current Group ((PAC)), the broker notes.

Overweight and $3.75 target retained. Industry view: In Line.

Target price is $3.75 Current Price is $2.77 Difference: $0.98
If GQG meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 23.4% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Morgans rates GQG as Add (1) -

GQG Partners reported a "strong" 1H24 earnings report, according to Morgans, including 53% growth in net profit with outstanding net inflows for the first six months. Management fees rose 49%, year-on-year and management margins advanced slightly.

Funds under management grew $35bn to US$155.6bn, with some caution from management on assuming the trend will be maintained due to lumpy institutional flows.

The Private Capital Solutions business was started, although earnings contribution is not forecast to be notable in the medium term

Morgans revises net profit forecasts by -2.8% and -2% for FY24 and FY25, respectively, on the back of higher costs.

Add rating retained. Target price revised to $3.10 from $3.15.

Target price is $3.10 Current Price is $2.77 Difference: $0.33
If GQG meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 23.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Ord Minnett rates GQG as Upgrade to Buy from Accumulate (1) -

Ord Minnett observes better than forecast 1H24 earnings from GQG Partners, although investment in private capital and Middle East dampened the results.

Performance fees came in higher than forecast, but are a small contributor to overall results; operating costs advanced 48% with management fees up 49.4%.

The fall in the share prices is believed to be an opportunity. The rating is upgraded to Buy from Accumulate.

Target price lifts to $3.30 from $3.29 on a 3%-4% rise in EPS forecasts for FY24-FY26.

Target price is $3.30 Current Price is $2.77 Difference: $0.53
If GQG meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 23.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

UBS rates GQG as Buy (1) -

Distributable earnings in the first half from GQG Partners were ahead of consensus. Yet, on further analysis UBS believes this was "lower quality" as stronger revenue offset higher-than-expected operating expenditure.

The company has indicated investment in infrastructure is now waning and the broker is "hopeful" the peak in personnel growth is in the past. This should pave the way for improved operating leverage.

Estimates for FY24 and FY25 are reduced by -1% and the target of $3.25 is unchanged. Buy.

Target price is $3.25 Current Price is $2.77 Difference: $0.48
If GQG meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 23.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Citi rates LLC as Buy (1) -

In a first look by Citi at today's FY24 result by Lendlease Group, the broker notes slight misses for profit and the mid-point of FY25 guidance. Operating profit of $263m missed forecasts by consensus and the broker by -4% and -2%, respectively.

Management is guiding to FY25 core operating EPS of between 54-62cps compared to Cit's 68c estimate (consensus at 59.8c), but the analyst highlights more than 80% of this guidance has been attained already.

Overall, Citi expects a positive market reaction to this update on greater faith in management execution, noting $1.9bn of asset sales were announced and the 21% gearing as at June 30 will subsequently fall upon receipt of proceeds.

The announced on-market share buyback should lend additional share price support, highlights the broker.

Buy. Target $7.10.

Target price is $7.10 Current Price is $6.35 Difference: $0.75
If LLC meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.36, suggesting upside of 1.0% (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 NAB as Underperform (5) -

Excluding markets income, Macquarie comments National Australia Bank's pre-provision result was largely in line as a better-than-expected margin offset weaker volume growth. The Underperform rating and $32.50 target are retained.

The margin was stable in Q3, and the broker anticipates an ongoing stable margin until the advent of interest rate cuts, when margin pressures will re-emerge, but to a lesser extent for NAB than for peers.

Target price is $32.50 Current Price is $36.48 Difference: minus $3.98 (current price is over target).
If NAB meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.80, suggesting downside of -13.8% (ex-dividends)

The company's fiscal year ends in September.

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 NAB as Equal-weight (3) -

National Australia Bank's third quarter operating performance was broadly in line with Morgan Stanley. Profit was slightly below but revenue and margin trends were in line with expectations.

As anticipated, there was some credit quality deterioration, but the capital ratio was better than expected. The net interest margin was "stable" versus the first half margin of 1.72% and compared with the broker's forecast of a -1bp fall to 1.71%.

Management noted that there were "small reductions from lending competition and deposit mix, offset by benefits of a higher interest rate environment", consistent with CommBank's ((CBA)) earlier comments.

Equal-weight and $34.20 target retained. Industry view: In Line.

Target price is $34.20 Current Price is $36.48 Difference: minus $2.28 (current price is over target).
If NAB 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 $31.80, suggesting downside of -13.8% (ex-dividends)

The company's fiscal year ends in September.

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 NAB as Hold (3) -

Morgans observes the 3Q24 trading update from National Australia Bank declined -1% from Market & Treasury volatility. 

The broker points to a stable net interest margin and 1% increase in costs from higher salaries with management focused on ongoing cost growth declines from FY23.

Credit impairment charge rates fell below the 1H24 level, although the bank noted a decline in asset quality, notably in the business lending portfolio.

The analyst tweaks FY24 EPS forecast by less than -1% and upgrades FY25 by 3%, including a lift in FY25 dividend estimate of 3%.

Hold rating unchanged. Target price revised to $32.61 from $29.94.

Target price is $32.61 Current Price is $36.48 Difference: minus $3.87 (current price is over target).
If NAB meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.80, suggesting downside of -13.8% (ex-dividends)

The company's fiscal year ends in September.

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 NAB as Lighten (4) -

National Australia Bank reported its 3Q24 trading update, which was broadly in line with expectations, Ord Minnett observes including a stable net interest margin.

Disappointingly, Ord Minnett comments, the quality of assets continued to deteriorate with weakness in Business and Private Banking, alongside growing mortgage arrears. On balance, the impairment charges remain low, the broker highlights.

EPS forecasts are raised 2% for FY24/FY25 with an unchanged target price of $33. Lighten rating maintained.

Target price is $33.00 Current Price is $36.48 Difference: minus $3.48 (current price is over target).
If NAB meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.80, suggesting downside of -13.8% (ex-dividends)

The company's fiscal year ends in September.

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 NAB as Sell (5) -

Further to the initial analysis, UBS assesses the third quarter update from National Australia Bank was in line from a cash earnings perspective, although of lower quality.

The shape of earnings suggests revenue growth will need to accelerate by 4.2% in the fourth quarter to meet consensus, highlights the analyst.

While quarterly revenue benefited from stable net interest margins, non-net interest income was weaker than expected. UBS would have liked more detail in this area. Sell. Target is $32.

Target price is $32.00 Current Price is $36.48 Difference: minus $4.48 (current price is over target).
If NAB 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 $31.80, suggesting downside of -13.8% (ex-dividends)

The company's fiscal year ends in September.

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 NUF as Hold (3) -

Nufarm offered an "unsurprising" trading update according to Morgans, on the back of soft results from peers.

Management downgraded FY24 earnings guidance by -14.3% to -15.4% including lower prices on reasonable volumes, the analyst notes.

Lowere European sales to Chinese green roofs are not unexpected with the decline in commercial building; Omega-3 revenue guidance was also decreased.

Accordingly, the broker lowers EPS forecasts by -14.9% for FY25 and -14.5% for FY25. Target price falls to $4.23 from $5.22. Hold rating unchanged.

Target price is $4.23 Current Price is $4.02 Difference: $0.21
If NUF meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.75, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

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

UBS observes a recent update from Nufarm has signalled the market conditions have stepped back from both the pricing and competition/discounting perspective.

Given limited visibility into when heightened competitive discounting will end, the broker is no longer confident in the realisation of a $90m-plus earnings recovery in crop protection in FY25.

Despite a stretched leverage ratio, UBS does not believe the company needs to raise equity. FY24 EBITDA is now forecast at $307m, which compares with guidance of $300-330m. Rating is downgraded to Neutral from Buy. Target is lowered to $4.50 from $6.90.

Target price is $4.50 Current Price is $4.02 Difference: $0.48
If NUF meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.75, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Ord Minnett rates ORG as Upgrade to Buy from Hold (1) -

Origin Energy's FY24 reported net profits came in -19% below Ord Minnett's forecasts because of a lower gas contribution.

The final 27.5c dividend was also below estimates, and FY25 guidance was a "disappointment" , the analyst states, with energy below the FY24 result.

Higher coal costs, with slimmer gas margins are expected to bite in FY25, while Octopus in the UK is experiencing lags from conversion of new users to Kraken, its platform.

Ord Minnett revises EPS forecasts by -4% and -7% for FY25/FY26, respectively.

Over the medium term, the broker continues to like Origin Energy's outlook. The rating is upgraded to Buy from Hold with an $11.60 target price.

Target price is $11.60 Current Price is $9.66 Difference: $1.94
If ORG meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $10.66, suggesting upside of 7.6% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgan Stanley - Cessation of coverage

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

Bell Potter rates PWH as Hold (3) -

FY24 earnings (EBITDA) and profit for PWR Holdings missed Bell Potter's forecasts by -4% and -7%, respectively, on lower-than-expected margins due to greater labour costs and a higher effective tax rate.

The final fully franked dividend of 9.2c also missed the analysts' 10.4c forecast.

Management expects FY25 NPAT -before the one-off costs associated with the move to a new factory- will be close to flat relative to FY24.

The Hold rating is retained, and the target price falls by -$2.00 to $10.50.

Bell Potter's earnings downgrades are driven by the new factory costs and an intentional investment in staff to “get ahead of the curve” in anticipation of a material uplift in Automotive & Defence (A&D) contracts.

Target price is $10.50 Current Price is $9.90 Difference: $0.6
If PWH meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.64, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates PWH as Neutral (3) -

Following last week's FY24 results for PWR Holdings, Citi lowers its FY25-27 profit forecasts by between -12%-23%. This change reflects the broker's more cautious outlook on Motorsports revenue growth, falling AutoOEM revenue, and a reduction in profit margins. 

The broker was disappointed by guidance for flat earnings in FY25 and a substantial capex bill of -$42.3m. Profit margins are not expected to return to circa 20% until FY27 due to a ramp-up period to optimise a new factory and utilisation of staff/equipment.

However, with a 44% increase in Automotive and Defence (A&D) programs over the next two years Citi increases its revenue forecasts by 8% and 11% for FY25 and FY26.

The Neutral, High risk rating is improved to Neutral. The target falls by -17% to $10.85.

Target price is $10.85 Current Price is $9.90 Difference: $0.95
If PWH meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $10.64, suggesting upside of 13.5% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgans rates PWH as Add (1) -

Morgans assesses the FY24 earnings from PWR Holdings as below forecasts due to higher employee costs, with earnings before interest and tax some -6% below the broker's expectations, against a better than forecast net profit.

Margins declined 60 basis points from increased staff costs and head count.

Motorsports boosted the 58% revenue growth for emerging technologies; Aerospace & Defence advanced 100% from increased supply contracts.

FY25 was highlighted by management as a year of transition including the move to a new domestic factory with 84% greater floor space.

Morgans revises FY25-FY27 earnings by -17% to -34% from increased investment costs (depreciation/amortisation, net interest and lease expenses).

Unchanged Add rating. Target price falls to $11 from $14.25.

Target price is $11.00 Current Price is $9.90 Difference: $1.1
If PWH meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $10.64, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

UBS rates PWH as Neutral (3) -

FY24 results missed slightly on the revenue line. UBS notes the outlook for minimal net profit growth and lower margins from PWR Holdings in FY25, along with higher-than-expected capital expenditure and depreciation, has dragged on the share price.

This comes despite the "pleasing" aero and defence revenue. The broker believes FY25 is shaping up as another "transition" year and the  market will require more confidence that there will be a "bounce back" in FY26. UBS retains a Neutral rating. Target is reduced to $10.20 from $12.00.

Target price is $10.20 Current Price is $9.90 Difference: $0.3
If PWH meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.64, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates REH as Neutral (3) -

At first glance, the Reece FY24 earnings results are in line with expectations by Citi.

Higher costs offset slightly stronger sales and gross profit with the US better against a weaker A&NZ, the analyst highlights.

A divergence between the US market versus A&NZ is anticipated to continue into FY25, which Citi believes is a "balanced outlook".

Neutral rated. Target price $26.90.

Target price is $26.90 Current Price is $27.10 Difference: minus $0.2 (current price is over target).
If REH meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.45, suggesting downside of -17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.8

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

Citi rates SUN as Neutral (3) -

In a first glance at today's FY24 result for Suncorp Group, Citi notes only a -2% miss to cash earnings expectations due to lower investment income on insurance funds. This outcome caused the reported margin of 10.5% to miss the broker's 11.3% forecast.

Group reported profit of $1,197m compares to the consensus forecast of $1,262m, but the fully franked final dividend of 44cps came in slightly higher than the 42cps predicted by consensus and the broker.

Overall, the trends, outlook and guidance are largely as expected, assure the analysts.

A worked example by management assumes a $3.7bn final capital return on the sale of Suncorp Bank, just shy of Citi's forecasts.

Neutral. Target $17.50.

Target price is $17.50 Current Price is $17.18 Difference: $0.32
If SUN meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $18.00, suggesting upside of 3.4% (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

UBS rates SUN as Buy (1) -

Suncorp Group released FY24 financials and UBS, upon initial assessment, has spotted an earnings miss with a dividend beat.

The general insurance margin disappoints due to "surprisingly" weak yields, comments the broker. Guidance appears to be at or slightly ahead of consensus.

All 3 GI divisions missed the broker's ITR forecasts. However, UBS finds FY25 guidance is relatively upbeat. Net proceeds from the Bank sale on 31 July have been confirmed at $4.1bn.

Capital return is still targeted for the March quarter next year, but is not quantified at this stage. Buy.

Target price is $19.00 Current Price is $17.18 Difference: $1.82
If SUN meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $18.00, suggesting upside of 3.4% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Morgan Stanley rates TLS as Overweight (1) -

There were no major surprises in Telstra Group's FY24 results, as the company effectively pre-announced back in May. Morgan Stanley views the in-line FY24 results and a raised FY25 outlook as supportive of its positive thesis.

The Mobile and InfraCo units are performing strongly, driving free cash flow growth and underpinning a rising trajectory for absolute dividends, making Telstra the broker's preferred yield stock.

Over the last three years Telstra's cost of debt has risen from 3.7% to 5.0%, which all else equal could otherwise be available for higher dividends. Hence Morgan Stanley sees the company as a beneficiary of rate cuts.

Target rises to $4.40 from $4.20, Overweight retained. Industry view: In Line.

Target price is $4.40 Current Price is $3.96 Difference: $0.44
If TLS meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.18, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Citi rates WBC as Sell (5) -

In an initial take on Westpac's 3Q results, Citi highlights a solid beat and improving core earnings trends. The net profit of $1.8bn beat forecasts by the broker and consensus by 10% and 7%, respectively, aided by a low charge for bad and doubtful debts (BDDs).

BDDs aside, core earnings were an around 1% beat to consensus, points out the broker. Overall, Citi sees a positive differentiation for Westpac when set against peer results last week.

Moderation in financial markets revenues across both net interest income (NII) and other operating income (OOI) was outweighed by better underlying trends including an expanding core net interest margin (NIM), explains Citi. Loan and deposit volume growth also assisted.

Target $24.75. Sell.

Target price is $24.75 Current Price is $29.66 Difference: minus $4.91 (current price is over target).
If WBC meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.42, suggesting downside of -13.1% (ex-dividends)

The company's fiscal year ends in September.

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