Australian Broker Call

Credit Suisse rates ALD as Neutral (3) -

Credit Suisse found the trading update positive, noting shop sales increased despite a reduction in retail fuel volumes. Refiner margins have continued to strengthen.

The broker upgrades its assumptions for Lytton for the first half, which impacts on earnings estimates for FY22.

Higher refining margins have been supported by elevated diesel and jet fuel pricing resulting from lower China exports, Russian sanctions and a recovery in jet fuel demand. The broker retains a Neutral rating and reduces the target to $29.90 from $30.43.

Target price is $29.90 Current Price is $32.30 Difference: minus $2.4 (current price is over target).
If ALD meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.31, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgan Stanley rates ALD as Overweight (1) -

Refining in the March quarter was slightly below Morgan Stanley's expectations, although momentum bodes well for the remainder of the year.

The broker has refining margin assumptions at just over US$10/bbl. Stabilising oil prices should also assist the convenience business.

The Overweight rating and $35 target price are retained. Industry view is Attractive.

Target price is $35.00 Current Price is $32.30 Difference: $2.7
If ALD meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $34.31, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates ALD as Buy (1) -

UBS assesses a largely positive March quarter update from Ampol, with earnings (EBIT) rising 44% year-on-year, due mostly to
higher refining margins.

Despite lower retail volumes, earnings for Convenience Retail were stable year-on-year. Initiatives to improve product mix and reduce wastage at Ampol retail stores saw shop income lift by 6% year-on-year, explains the analyst.

The broker's target price rises to $35.65 from $34.50. Buy.

Target price is $35.65 Current Price is $32.30 Difference: $3.35
If ALD meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $34.31, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates ALL as Buy (1) -

Despite signs of weakness in social gaming, UBS notes data for social casino remains positive with Aristocrat Leisure's revenue share edging upwards on a year-on-year view.

Should the trend for higher-margin social casino continue, the analyst feels this will provide an important buffer to Pixel earnings. The Buy rating and $49 target price are retained.

Target price is $49.00 Current Price is $32.35 Difference: $16.65
If ALL meets the UBS target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $46.58, suggesting upside of 45.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Morgans rates AND as Hold (3) -

While 3Q revenue for Ansarada Group was slightly below Morgans forecast (due to higher seasonal weakness), the exit rate from the 3Q was considered incredibly strong, as suggested by some lead indicators.

The broker highlights record customer adds, a record level of deferred revenue and a buoyant outlook, though the macro backdrop is expected to remain a challenge.

A strong freemium uptake, which has driven the increase in customers, suggests to management its strategy is sound. The Hold rating is maintained, while the target rises to $2.03 from $1.93.

Target price is $2.03 Current Price is $2.15 Difference: minus $0.12 (current price is over target).
If AND meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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 Buy (1) -

Citi notes GPC's (a competitor to Bapcor and an ARB Corporation customer) March-quarter result could provide a read-through to Bapcorp((BAP)), G.U.D. Holdings ((GUD)), and ARB Corporation.

GPC continued to enjoy tailwinds in the automotive aftermarket as commuters returned to offices, new-car inventory remained restrained and people opted for car travel over expensive air fares. Management upgraded guidance, spying room for margin improvement.

Management also perceived inflation as a plus, expecting customers would turn to retail stores for DIY car-care products.

Notably, GPC's Asia-Pacific sales (Repco and NAPA in Australia) rose 20%. While market share gains were unclear, overall, the vibe is positive. Buy rating and $48.15 target price retained.

Target price is $48.15 Current Price is $40.35 Difference: $7.8
If ARB meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $48.99, suggesting upside of 24.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgans rates ART as Add (1) -

Following a 3Q update from Airtasker, Morgans makes only slight adjustments to revenue estimates and retains its Add rating.

Gross marketplace volume (GMV) grew 25% on the previous corresponding period, highlighting to the analyst underlying momentum in the face of macro headwinds and domestic weather impacts.

There was a 90% quarter-on-quarter increase in posted tasks for the US platform, while the broker feels the UK operation is gaining traction. The target slips to $1.15 from $1.25.

Target price is $1.15 Current Price is $0.55 Difference: $0.6
If ART meets the Morgans target it will return approximately 109% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates AZJ as No Rating (-1) -

Macquarie expects a tough March quarter for coal volumes amid wet weather and labour constraints. Bulk volumes are positive for grain but likely to be down for iron ore, with the latter more significant for earnings.

The main positive is a strong outlook for WA grain. The broker now includes the deferral of the OneRail bulk business in estimates.

Macquarie is unable to provide a rating or target at present as it is under research restriction.

Current Price is $3.92. Target price not assessed.

Current consensus price target is $3.64, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Citi rates BAP as Buy (1) -

Citi says GPC's (a competitor to Bapcor and an ARB Corporation customer) March-quarter result could provide a read-through to Bapcorp, G.U.D. Holdings ((GUD)), and ARB Corporation ((ARB)).

GPC continued to enjoy tailwinds in the automotive aftermarket as commuters returned to offices, new-car inventories remained restrained and people opted for car travel over expensive air fares. Management upgraded guidance, spying room for margin improvement.

Management also perceived inflation as a plus, expecting customers would turn to retail stores for DIY car-care products.

Notably, GPC's Asia-Pacific sales (Repco and NAPA in Australia) rose 20%. While market share gains were unclear (which could affect Bapcorp), overall, the vibe is positive. Buy rating and $8.43 target price retained.

Target price is $8.43 Current Price is $6.71 Difference: $1.72
If BAP meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $8.09, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Macquarie rates BOE as No Rating (-1) -

Boss Energy has highlighted its ongoing capital raising and the progress on the Honeymoon uranium project in the March quarter report.

A placement of $120m at $2.15 a share has been announced to advance Honeymoon and the share purchase plan for an additional $5m has now closed.

Due to research restrictions Macquarie cannot advise its valuation at present.

Current Price is $2.67. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Macquarie rates BPT as Underperform (5) -

March quarter production was largely in line with Macquarie's expectations. Guidance has been maintained yet the broker highlights FY23 guidance is yet to be issued, and currently models 1% growth. The first of six development wells at Waitsia has now commenced.

Quarterly oil revenue at the Western Flank was higher than the prior corresponding quarter, largely because of higher oil prices as production rates were approximately half.

Underperform maintained, with the broker awaiting the CEO appointment as it is now six months since the prior CEO's departure. Target is raised to $1.58 from $1.55.

Target price is $1.58 Current Price is $1.59 Difference: minus $0.01 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.79, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Morgan Stanley rates BPT as Downgrade to Underweight from Equal-weight (5) -

March quarter production was weaker than Morgan Stanley expected. The broker notes the conservative balance sheet provides for the ability to increase shareholder returns over time, yet the annual dividend is very small and this is not helped by the projected heavy investment phase.

The broker believes Beach Energy could consider using its balance sheet to increase shareholder returns via on-market buybacks or a larger dividend but acknowledges this may be too early to consider given the large capital investment phase.

Relative to other energy stocks, the broker downgrades to Underweight from Equal-weight. Target is reduced to $1.70 from $1.80. Industry view is Attractive.

Target price is $1.70 Current Price is $1.59 Difference: $0.11
If BPT meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.79, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Ord Minnett rates BPT as Buy (1) -

Higher-than-expected oil prices were the key to Beach Energy's strong 3Q production report, according to Ord Minnett. Quarterly revenue was 16% above the analyst's estimate.

Production and sales were weaker than the broker forecast. It's estimated 4.8-6.8mmboe in the final quarter will be needed to meet unchanged full-year guidance. The target price rises to $1.90 from $1.85. Buy.

Target price is $1.90 Current Price is $1.59 Difference: $0.31
If BPT meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.79, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Citi rates BUB as Buy (1) -

Bubs Australia's March-quarter result fell well short of Citi's gross sales and cash forecasts. Consensus forecasts had pegged sales growth of 92%, compared with actual growth of 49%.

The broker notes China's lockdowns could hurt Bubs' June-quarter sales but believes the company's primary corporate daigou partnership should cushion its fall somewhat.

Citi says the company boosted working capital expenditure to build the new Bub's Supreme, resulting in -$6m negative cash flow.

The broker lowers forecasts across the board. Buy rating retained. Target price falls -19% to 59c from 73c.

Target price is $0.59 Current Price is $0.45 Difference: $0.14
If BUB meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates CCP as Outperform (1) -

Credit Corp has increased PDL acquisition guidance by 7.7% to $345-355m and net lending volumes by around 45% to $70-75m for FY22. Macquarie notes the company has been able to increase its market share in US debt buying with existing and new relationships.

Increased advertising and credit setting at pre-pandemic levels have supported growth in Australasian consumer lending. Outperform retained. Target is reduced to $37.80 from $38.30.

Target price is $37.80 Current Price is $29.58 Difference: $8.22
If CCP meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $35.72, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgans rates CCP as Add (1) -

While Credit Corp reaffirmed guidance for FY22 earnings, guidance was raised for both net lending investment and purchased debt ledger (PDL) investment.

Morgans expects solid growth in FY23 and for the medium term from a profit recovery in Lending and a ramp-up of US capacity. The Add rating is maintained due to solid visibility of the growth profile and a strong balance sheet.

The analyst downgrades FY22-24 EPS estimates by around -2-3.5%, driven by higher lending volumes in the near term and lower expected US collections over the medium-term. The target falls to $33.35 from $36.80.

Target price is $33.35 Current Price is $29.58 Difference: $3.77
If CCP meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $35.72, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Ord Minnett rates CCP as Accumulate (2) -

In the wake of a trading update from Credit Corp, Ord Minnett notes overall operating trends are in-line with forecasts, while increased second half investment is expected to underwrite earnings into FY23.

Management lifted FY22 guidance for purchased debt ledger (PDL) acquisition and net lending. The company expects its consumer loan book and run-rate revenue to return to all-time highs by June.

The Accumulate rating is maintained, while the target price eases to $36 from $37.

Target price is $36.00 Current Price is $29.58 Difference: $6.42
If CCP meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $35.72, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates CHN as Outperform (1) -

Macquarie updates estimates for Chalice Mining after incorporating the March quarter report. Step-out drilling has continued to unveil the potential of the Gonneville resource.

The company expects to shortly receive final permits to enable clearing within the Julimar state forest. The broker suspects the share price has been languishing amid delays in securing clearing permits. Outperform rating and $10 target maintained.

Target price is $10.00 Current Price is $6.50 Difference: $3.5
If CHN meets the Macquarie target it will return approximately 54% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates CMM as Underperform (5) -

Macquarie considers the March quarter result "solid", as production at Karlawinda was ahead of estimates and costs were also better than expected. Production is now expected at the top end of the guidance range for FY22.

The recent share price performance leads Macquarie to believe Mount Gibson is being fully valued, despite the work still to be done on the project. Underperform maintained. Target is raised to $3.80 from $3.70.

Target price is $3.80 Current Price is $4.28 Difference: minus $0.48 (current price is over target).
If CMM meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -1.0

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

UBS rates DGL as Initiation of coverage with Neutral (3) -

UBS initiates coverage of founder-led DGL Group with a Neutral rating (following a strong recent share price) and $4.20 target price.

The vertically integrated chemical manufacturing, warehousing and logistics, and waste business offers end-to-end supply chain solutions across A&NZ.

The analyst believes the company is well placed to gain share both organically and via acquisition. It's though management has executed very well in light of recent supply chain disruptions.

Another plus is that key end markets such as agriculture and auto are performing strongly, although the broker cautions the company is exposed to cyclical end markets and pricing.

Target price is $4.20 Current Price is $4.06 Difference: $0.14
If DGL meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates EML as Outperform (1) -

Revised FY22 EBITDA guidance of $52-55m is below forecasts amid weaker volumes, lower establishment fees and delays to bond investments.

Macquarie highlights trust and credibility concerns in the business but suspects rising interest rates will provide a tailwind heading into FY23. This should more than offset the risks around execution, and there should be further upside should the problems be resolved.

Outperform retained. Target is reduced to $3.45 and $3.95.

Target price is $3.45 Current Price is $1.67 Difference: $1.78
If EML meets the Macquarie target it will return approximately 107% (excluding dividends, fees and charges).

Current consensus price target is $4.01, suggesting upside of 153.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates GUD as Buy (1) -

Citi notes GPC's (a competitor to Bapcor and an ARB Corporation customer) March-quarter result could provide a read-through to Bapcorp((BAP)), G.U.D. Holdings, and ARB Corporation ((ARB)).

GPC continued to enjoy tailwinds in the automotive aftermarket as commuters returned to offices, new-car inventory remained restrained and people opted for car travel over expensive air fares. Management upgraded guidance, spying room for margin improvement. 

Management also perceived inflation as a plus, expecting customers would turn to retail stores for DIY car-care products.

Notably, GPC's Asia-Pacific sales (Repco and NAPA in Australia) rose 20%. While market share gains were unclear, overall, the vibe is positive. Buy rating and $15.60 target price retained.

Target price is $15.60 Current Price is $12.80 Difference: $2.8
If GUD meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $15.67, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates IFL as Buy (1) -

Insignia Financial's March-quarter update broadly met Citi's forecasts, with flows proving the highlight and margins on the weak side.

Citi notes advisor departures were on the high side but Citi says in total, it all points to the integration proceeding to plan and synergies appear to be tracking in line with expectations.

The broker lowers its funds-under-management forecast and cuts EPS forecasts -3% for FY23 and -5% for FY24.

Citi considers the company to be inexpensive and retains a Buy rating. Target price falls to $4.55 from $4.85.

Target price is $4.55 Current Price is $3.42 Difference: $1.13
If IFL meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting upside of 53.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates IFL as Outperform (1) -

Funds under management declined -2.7% in the March quarter amid negative market movements and a small outflow. Credit Suisse notes Insignia Financial continues to lose advisers, although the revenue impact is minimal as a majority were in lower margin areas.

The broker also notes the company is actively intent on improving advice profitability. Outperform rating reiterated. Target is reduced to $5.30 from $5.40.

Target price is $5.30 Current Price is $3.42 Difference: $1.88
If IFL meets the Credit Suisse target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting upside of 53.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgan Stanley rates IFL as Overweight (1) -

While March quarter net outflows were -$680m the outcome was still better than Morgan Stanley anticipated. The broker considers the stock cheap and a recovery to inflows plus more cost efficiencies should provide potential catalysts.

Overweight rating and $5.60 target maintained. Industry view: Attractive.

Target price is $5.60 Current Price is $3.42 Difference: $2.18
If IFL meets the Morgan Stanley target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting upside of 53.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates IFL as Buy (1) -

Following a 3Q update by Insignia Financial, Ord Minnett increases its earnings forecasts by 6-7% over the FY23–24 period, although retains the $5.10 target price.

Platform funds under administration (FUA) exceeded the broker's forecast and flows were better than forecast, with a more favourable skew toward higher-margin personal products.

The Buy rating is maintained.

Target price is $5.10 Current Price is $3.42 Difference: $1.68
If IFL meets the Ord Minnett target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting upside of 53.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates JHX as Neutral (3) -

Credit Suisse observes demand in North America did not abate during the March quarter and there is little earnings risk in the fourth quarter. The broker allows for a -5% decline in market volume in 2023 but still expects volume growth for James Hardie Industries.

Increased costs such as pulp and natural gas are offset by a modest decline in freight costs in the broker's estimates, which is considered manageable and within the guidance range for FY23 earnings. Neutral maintained. Target is reduced to $42.40 from $51.20.

Target price is $42.40 Current Price is $41.44 Difference: $0.96
If JHX meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $54.74, suggesting upside of 36.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.6

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

Ord Minnett rates LNK as Hold (3) -

A successful $5.50 takeover bid by Dye and Durham for Link Administration would imply upside of around 12% (from a discounted share price) within three months, estimates Ord Minnett. The Hold rating is maintained, while the target eases to $5.40 from $5.50.

The broker reiterates there may be some floor support for the company should the takeover not proceed due to a non-binding bid for the Retirement and Superannuation Solutions Retirement division from global investor FNZ Group.

Target price is $5.40 Current Price is $5.06 Difference: $0.34
If LNK meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.53, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Citi rates MGX as Buy (1) -

Mt Gibson Iron's March-quarter production results broadly met Citi's forecasts and management guided to cost reductions.

Combine that with Citi's upgraded iron-ore price deck and March-quarter shipment figures, and the broker raises EPS forecasts.

Earnings (EBITDA) forecasts are downgraded -17% in FY22; and are raised 69% in FY23 and 26% in FY24.

Buy rating retained. Target price rises to 95c from 80c.

Target price is $0.95 Current Price is $0.57 Difference: $0.38
If MGX meets the Citi target it will return approximately 67% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates MGX as Outperform (1) -

March quarter production was soft as advance stripping continued at Koolan Island. Improved sales and grade are expected in the fourth quarter and into FY23. Macquarie expects strong cash flow over the remaining four years for mine life.

The broker currently forecasts total sales of 15mt over the remaining four years. Outperform maintained. Target is steady at $0.75.

Target price is $0.75 Current Price is $0.57 Difference: $0.18
If MGX meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgan Stanley rates MIN as Overweight (1) -

First quarter production was in line although iron ore shipments were a little behind. As average realised prices were better than Morgan Stanley expected this is likely to offset the weakness in shipment volumes.

Mining services remain on track with guidance. At Mount Marion the proportion of high-grade production is expected to rise in the next quarter.

The broker retains an Overweight rating and raises the target to $63.30 from $56.00, updating estimates and incorporating the inclusion of the company shareholding in Norwest Energy ((NWE)). Industry view: Attractive.

Target price is $63.30 Current Price is $54.67 Difference: $8.63
If MIN meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $68.94, suggesting upside of 24.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates MME as Buy (1) -

Ord Minnett upgrades its profit forecasts for MoneyMe into FY23 and beyond, following bullish 3Q results that revealed greater-than-expected balance sheet expansion. Compared to the prior quarter, revenues grew by 30% organically.

The analyst estimates nearly 50% of all originations during the quarter pertained to secured loans and asset finance transactions. The combined loan book grew to $1.16bn, including a $356m loan balance from the recently-acquired Society One.

Ord Minnett retains its Buy rating and $2.21 target price.

Target price is $2.21 Current Price is $1.42 Difference: $0.79
If MME meets the Ord Minnett target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates NUF as Neutral (3) -

Guidance for the first half is above expectations amid favourable volumes and pricing for crop protection product. Credit Suisse finds the outlook is supported by a more sustainable cost base. All regions appear to being affected by favourable conditions.

The pulling forward of volumes is expected to result in a greater than usual skew in profit to the first half. Credit Suisse forecasts 70% of FY22 EBITDA should be generated in the first half.

The company is also raising a $30-40m provision in relation to receivables and inventory exposure to Russia and the Ukraine. Neutral maintained. Target is raised to $7.07 from $6.14.

Target price is $7.07 Current Price is $6.89 Difference: $0.18
If NUF meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.61, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates NUF as Outperform (1) -

Macquarie believes the upgrade to first half guidance is consistent with the positive outlook highlighted at the briefing in February and reflects robust pricing that is more than offsetting higher costs.

Strong demand and increased revenue for crop protection and seed products has been experienced. The broker assesses this as a result of favourable trading conditions in all regions in which Nufarm operates as well as its strategic initiatives and investments.

Outperform maintained. Target is raised to $7.40 from $6.29.

Target price is $7.40 Current Price is $6.89 Difference: $0.51
If NUF meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.61, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

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

Seasonal conditions and commodity tightness have aligned, Morgan Stanley asserts, providing for a strong upgrade to first half guidance. The broker warns that, while trends remain accommodative, they should not be capitalised.

Management has signalled that part of the reason for increased first half earnings is a rise in forward sales, amid supply chain uncertainty. The broker incorporates the higher earnings forecasts, with the bulk being in the Asia-Pacific segment.

Target is raised to $6.40 from $5.40. Equal-weight retained. Industry view: In-Line.

Target price is $6.40 Current Price is $6.89 Difference: minus $0.49 (current price is over target).
If NUF 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 $6.61, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Citi rates ORA as Buy (1) -

Orora's March-quarter result impressed Citi, following as it did on a strong first-half beat, thanks to strong US price rises.

Citi was already sitting above consensus and again increases forecasts by 2% to 3%, which it considers conservative.

Price target rises to $4.26 from $4.07. Buy rating retained.

Target price is $4.26 Current Price is $3.79 Difference: $0.47
If ORA meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.87, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates ORA as Neutral (3) -

Credit Suisse suspects that, with the investor briefing scheduled for April 28, investors may challenge the company's ambition to acquire packaging distribution assets in the current market.

The broker believes management should be prepared to demonstrate value for shareholders through continued ownership of its US packaging distribution business beyond the current, rich valuation.

The company has signalled a seasonally lower profit is expected in the Americas in the June half. Neutral maintained. Target is $3.75.

Target price is $3.75 Current Price is $3.79 Difference: minus $0.04 (current price is over target).
If ORA meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.87, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates PLY as Initiation of coverage with Buy (1) -

Ord Minnett initiates coverage on video game developer Playside Studios with a Speculative Buy rating and $0.95 target price.

The analyst sees a tactical opportunity to gain exposure to the early stages of the gaming-related non-fungible token (NFT) market and the build-out of the metaverse.

The company has an extensive list of titles and growing daily average users (DAU), according to the broker, and revenue per title increases as the game portfolio expands.

The current environment of rising interest rates is not ideal though Ord Minnett points to an undemanding valuation at the present time.

Target price is $0.95 Current Price is $0.80 Difference: $0.15
If PLY meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates PRU as Neutral (3) -

Perseus Mining's March-quarter group production and costs outpaced Citi's forecasts thanks to the contribution from the recently commissioned Yaoure.

Management reiterated guidance.

The company's free cash flow of in excess of 16% is the highest in Citi's gold coverage. The broker notes the company continues to build cash and views its introduction of a series of sustainability metrics as a plus.

But the broker's gold forecasts tip to the bearish side. Neutral rating retained. Target price rises to $2.10 from $2.

Target price is $2.10 Current Price is $1.88 Difference: $0.22
If PRU meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.10, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Credit Suisse rates PRU as Outperform (1) -

March quarter production was ahead of Credit Suisse estimates. This was driven by higher throughput at Yaoure. While throughput was also higher at Sissingue this was offset by lower grade. There is no change to second half guidance.

The main focus in the June quarter will be the major mill maintenance at Edikan. Perseus Mining remains the broker's preferred intermediate gold stock on valuation and there is no change to the Outperform rating or $2.20 target.

Target price is $2.20 Current Price is $1.88 Difference: $0.32
If PRU meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.10, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

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

Macquarie upgrades to Outperform from Neutral on recent weakness in the share price. The March quarter was better than anticipated with strength at Yaoure outweighing a soft performance at Edikan.

The broker also expects the successful completion of the Orca Gold acquisition, which is not yet in its base case, has potential to affect the longer-term growth outlook. Target is $2.

Target price is $2.00 Current Price is $1.88 Difference: $0.12
If PRU meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.10, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgan Stanley rates QBE as Overweight (1) -

Morgan Stanley upgrades for higher investment yields, raising its earnings estimates for FY23 to be 5% ahead of consensus. The broker remains mindful of inflation risks and tighter reinsurance access along with the need to raise catastrophe budgets.

Morgan Stanley prefers QBE Insurance in the sector and the AGM on May 5 is expected to provide an update on pricing trends and yields.

Overweight maintained. Target rises to $15.00 from $14.50. Industry View: Attractive.

Target price is $15.00 Current Price is $11.93 Difference: $3.07
If QBE meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $14.54, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Credit Suisse rates RWC as Outperform (1) -

Credit Suisse expects volumes to be consistent but there may be a delay in the margin catch-up to the fourth quarter. The broker's analysts believe higher mortgage rates will not end the current cycle amid pent-up demand, low established house inventory and record backlogs in the US.

Similarly, the UK indicators remain strong. Nevertheless, given the uncertainty, Credit Suisse allows for a -5% decline in market volumes from 2023. Outperform retained. Target is reduced to $5.40 from $6.50.

Target price is $5.40 Current Price is $3.99 Difference: $1.41
If RWC meets the Credit Suisse target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $5.47, suggesting upside of 39.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Citi rates S32 as Buy (1) -

South32's March-quarter result fell shy of Citi's forecasts and management increased cost guidance while shaving earnings forecasts.

FY22 earnings (EBITDA) forecasts fall -4% to reflect rising costs, but FY23 forecasts rise 4% and FY24 rise 8%.

Citi's higher commodity price assumptions saved the day and a Buy rating and $5.50 target price are retained.

Target price is $5.50 Current Price is $4.46 Difference: $1.04
If S32 meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $6.05, suggesting upside of 31.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Credit Suisse rates S32 as Outperform (1) -

Overall production was better than Credit Suisse expected in the March quarter. Capital expenditure guidance has been reduced or deferred on the back of labour market tightness.

Working capital is elevated because of lower sales and the result of weather and shipment delays but some of this should unwind in the June quarter. Credit Suisse increases FY22 and FY23 net profit estimates by 2% and1%, respectively.

Outperform rating and $6 target unchanged.

Target price is $6.00 Current Price is $4.46 Difference: $1.54
If S32 meets the Credit Suisse target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $6.05, suggesting upside of 31.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Macquarie rates S32 as Outperform (1) -

March quarter results were mixed, in Macquarie's view, as strength in manganese and silver was offset by weaker volumes in nickel and metallurgical coal.

Still, buoyant commodity prices should underpin earnings upgrade momentum as a spot price scenario generates 42% and 100% upgrades for FY23 and FY24, respectively. The broker retains an Outperform rating with a $6.90 target, reduced from $7.00.

Target price is $6.90 Current Price is $4.46 Difference: $2.44
If S32 meets the Macquarie target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $6.05, suggesting upside of 31.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Morgan Stanley rates S32 as Overweight (1) -

March quarter production was in line with expectations. Worsley costs are 2% higher at US$260/t yet this is below Morgan Stanley's forecast of US$270/t as the asset continues to perform ahead of guidance.

Cost guidance has also increased for Hillside, Mozal and Illawarra, yet the broker considers the changes mild which should alleviate some investor concerns regarding higher costs. Overweight maintained. Target is $6.05. Industry view: Attractive.

Target price is $6.05 Current Price is $4.46 Difference: $1.59
If S32 meets the Morgan Stanley target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $6.05, suggesting upside of 31.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Morgans rates S32 as Add (1) -

Following a mixed 3Q for South32, Morgans maintains its Add rating and increases its target price to $6.10 from $5.70 on higher price forecasts for metallurgical coal and nickel.

The analyst highlights broad cost pressures were contained during the quarter, while the production performance was seen as reasonable.

Target price is $6.10 Current Price is $4.46 Difference: $1.64
If S32 meets the Morgans target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $6.05, suggesting upside of 31.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Ord Minnett rates S32 as Buy (1) -

While South32's 3Q output was broadly in-line with Ord Minnett's forecast, and production guidance was maintained, FY22 cost guidance increased by -5-10% across key assets.

Costs for energy and raw inputs increased, while higher price-linked royalties and unfavourable currency moves impacted, explains the analyst.

These higher costs and lower alumina price estimates contributed to falls in the broker's net profit forecasts of -11% in FY22 and -7% in FY23. The target price falls to $5.80 from $6.30. Buy.

Target price is $5.80 Current Price is $4.46 Difference: $1.34
If S32 meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $6.05, suggesting upside of 31.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

UBS rates S32 as Buy (1) -

UBS assesses a mixed March quarter production report from South32 with a beat versus expectations for lead, silver and manganese, while met coal and thermal coal were a miss.

Management maintained production guidance though increased cost guidance due to adverse exchange rate movements and higher prices for raw materials. As a result, the broker lowers its target price to $6.00 from $6.30.

Nonetheless, high commodity prices are driving exceptional cash flows, notes the analyst.

Target price is $6.00 Current Price is $4.46 Difference: $1.54
If S32 meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $6.05, suggesting upside of 31.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Credit Suisse rates SQ2 as Outperform (1) -

Credit Suisse updates its analysis of Block, noting recent commentary on trends suggests an ability to continue growing gross profit despite the stimulus that benefitted the first half.

The broker retains an Outperform rating and reduces the target to US$180 from US$190.

Current Price is $148.86. Target price not assessed.

Current consensus price target is $210.00, suggesting upside of 50.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.8

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

Morgan Stanley rates TWE as Reinstate Coverage with Overweight (1) -

Morgan Stanley reinstates coverage of Treasury Wine Estates with an Overweight rating and $13.80 target. Industry view is In-Line. The broker considers the stock a quality offshore earner with earnings now at an inflection point.

The company has navigated a period of demand destruction, price pressures and elevated grape costs. Nevertheless, the business has responded by restructuring and delivering premiumisation of the portfolio and a renewed focus on distribution.

The broker envisages group EBITS margins reaching 25% in FY25 and a return to growth should support a PE multiple re-rating.

Target price is $13.80 Current Price is $11.08 Difference: $2.72
If TWE meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $13.41, suggesting upside of 21.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Credit Suisse rates UMG as Upgrade to Outperform from Neutral (1) -

The FY22 update disappointed Credit Suisse yet now is considered time to take an overweight exposure to United Malt as the industry enters a period of tight supply and increasing malt prices.

Tight supply also implies margin expansion. The broker is aware that an increase in software implementation costs and the deferral of transformation benefits may signal the project is not progressing as expected.

The broker downgrades estimates to reflect costs that were disclosed in the trading update while FY23 estimates are largely unchanged and FY24 is upgraded.

Rating is upgraded to Outperform from Neutral and the target is raised to $4.62 from $4.52.

Target price is $4.62 Current Price is $4.00 Difference: $0.62
If UMG meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.61, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates UMG as Outperform (1) -

The impact on costs and supply chain of current market conditions has pushed out the recovery in the company's business. Macquarie expects FY23 EBITDA of $172m to reflect a non-recurrence of the one-impacts on FY22.

Still, the broker expects the share price will be supported by the company's confidence in the outlook as well as potential corporate interest.  Outperform rating maintained. Target is raised to $4.49 from $4.29.

Target price is $4.49 Current Price is $4.00 Difference: $0.49
If UMG meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.61, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

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

Following United Malt's materially weaker than expected 1H guidance, Morgans lowers its FY22 earnings (EBITDA) forecast by -27.1%.

Meanwhile, the broker's FY23 earnings forecast is lowered by -9% due to inflationary pressures, a lower contribution from the new Scottish plants and lower transformation benefits. The rating is reduced to Hold from Add.

The target price falls to $4.27 from $4.97 after Morgans allows for earnings downgrades and applies a -10% discount given the potential for earnings downside and execution risks.

Target price is $4.27 Current Price is $4.00 Difference: $0.27
If UMG meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.61, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates UMG as Buy (1) -

A significant impact on United Malt from lower barley quality and delayed shipments was not expected by the market, according to UBS. While guidance downgrades to FY22 forecasts were expected, the composition of cost headwinds surprised.

While higher energy/freight costs were largely passed-through, there was a lag, explains the analyst. In addition, there were lower-than-expected benefits from the transformation program.

The broker lowers its target price by -8% to $4.65. Buy.

Target price is $4.65 Current Price is $4.00 Difference: $0.65
If UMG meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.61, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Credit Suisse rates VSL as Neutral (3) -

The company has issued its third upgrade in succession with net profit guidance for FY22 increased by 25% and now 86% above the prospectus.

Credit Suisse suspects price explains up to 60% of the upgrade and increases its estimates for FY23 net profit by 12% to carry forward stronger pricing plus business improvement, albeit incorporating competitive margin decline.

Amid geopolitical uncertainty and the lockdowns in China, the supply chain normalisation has not occurred and this aspect is also added to FY23 estimates. Neutral retained. Target is raised to $10.20 from $9.80.

Target price is $10.20 Current Price is $9.50 Difference: $0.7
If VSL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

UBS rates VSL as Buy (1) -

UBS believes increased steel prices (particularly stainless) from European uncertainty and global supply chain issues contributed to Vulcan Steel raising FY22 profit guidance by 25%.

Benefits from market stock-outs across some steel products and ongoing strength in Australia were also factors in the guidance upgrade, according to the analyst.

Any negative inventory impact should be partially offset by internal management initiatives, which should provide ongoing tailwinds. The target price rises to $10.40 from $10.20. Buy.

Target price is $10.40 Current Price is $9.50 Difference: $0.9
If VSL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates WAF as Outperform (1) -

First quarter production and costs were slightly better than Macquarie expected. The broker lifts 2022 estimates by 3%.

Key to the outlook are gold and FX as well as the operating performance.

The broker notes the upcoming feasibility study on Kiaka has potential to affect the current estimates for the asset. Outperform retained along with the $1.50 target.

Target price is $1.50 Current Price is $1.30 Difference: $0.2
If WAF meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates WPL as Neutral (3) -

First quarter operations were slightly weaker than Macquarie expected although revenue was ahead of forecasts. Pricing on spot LNG was key to the result.

Over the short term, Macquarie suggests Woodside Petroleum will be under geared and there is clear potential for capital management. This is likely to give appeal to the stock, although the broker prefers Santos ((STO)) from a value perspective.

Neutral maintained. Target is raised to $30.00 from $29.50.

Target price is $30.00 Current Price is $30.60 Difference: minus $0.6 (current price is over target).
If WPL 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 $31.13, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Morgans rates WPL as Add (1) -

Morgans assesses a weaker-than-expected 1Q result for Woodside Petroleum, with lower liquids and trading volumes, while equity LNG production was steady.

Group production was a -1% miss versus the analyst's expectation as a result of lower condensate and oil production. First quarter sales revenue of US$2,395m missed the consensus estimate of US$2,867m and Morgans forecast of US$2,529m.

The broker maintains its Add rating and increases its target price to $33.60 from $33.10 after allowing for forecast earnings changes and rolling forward the financial model.

Target price is $33.60 Current Price is $30.60 Difference: $3
If WPL meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $31.13, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Ord Minnett rates WPL as No Rating (-1) -

Woodside Petroleum's production, sales volumes and revenue for the 1Q were all below Ord Minnett’s estimates. Nonetheless, LNG output and pricing were strong although somewhat offset by weaker sales volumes for all other products, explains the analyst.

The broker considers the commencement of the Pluto-KGP Interconnector was the highlight for the quarter.

Ord Minnett is currently research restricted on Woodside Petroleum and is unable to provide a recommendation or target price.

Current Price is $30.60. Target price not assessed.

Current consensus price target is $31.13, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

UBS rates WPL as Neutral (3) -

First quarter sales revenue for Woodside Petroleum was a -14% miss versus the forecast of UBS and -17% adrift of the consensus estimate, due largely to soft realised LNG pricing.

The broker lowers 2023 and 2024 EPS estimates due to lower expected production from Pluto and Wheatstone. The price target falls to $32.20 from $32.90. Neutral.

Target price is $32.20 Current Price is $30.60 Difference: $1.6
If WPL meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $31.13, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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