Australian Broker Call

UBS rates ABY as Buy (1) -

UBS believes it is too early to turn positive on the online retail sector as unit economics are generally worse now than before the pandemic and there is a tough macro outlook for discretionary expenditure. Moreover, supply chains remain challenging.

The broker cuts revenue estimates for Adore Beauty by -18-21% over FY23-24 yet considers the outlook less challenging compared with peers. The beauty category is expected to be more resilient in an economic downturn, as witnessed in the GFC.

Buy rating maintained. Target is reduced to $2.10 from $3.40.

Target price is $2.10 Current Price is $0.99 Difference: $1.11
If ABY meets the UBS target it will return approximately 112% (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

Ord Minnett rates ALU as Reinstate Coverage with Buy (1) -

Ord Minnett reinstates coverage of Altium  with a Buy rating and $32 target. The company is undergoing a transition to SaaS licensing and, while this is likely to take some time, the broker notes peers, in taking this path, have delivered valuation upside.

Growth is expected to stem from increased recurring revenue and a platform strategy that will increase the total addressable market as well as moving upmarket into the enterprise segment.

Target price is $32.00 Current Price is $25.47 Difference: $6.53
If ALU meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $31.73, suggesting upside of 24.2% (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: 0.3

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

Morgan Stanley rates ASX as Underweight (5) -

Morgan Stanley notes 2022 rate futures indicate just 4% growth on the first 10 trading days, below the 15-18% witnessed in April/May.

Yet, if rate futures volumes continue at around 15% year-on-year this implies around 3% upside risk to the broker's FY23 earnings.

The Underweight rating and target price of $74.00 are retained. Industry view: Attractive.

Target price is $74.00 Current Price is $76.74 Difference: minus $2.74 (current price is over target).
If ASX 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 $81.39, suggesting upside of 4.7% (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 CWY as Upgrade to Buy from Accumulate (1) -

The strategy briefing from Cleanaway Waste Management presented no major surprises to Ord Minnett. As landfill levies rise and resources recovery becomes more economically attractive, the company, as the largest participant in the industry, is considered well-placed.

Industry returns continue to move further downstream where barriers to entry become increasingly higher and returns more "infrastructure-like", in the broker's view

Rating is upgraded to Buy from Accumulate and the target reduced to $3.20 from $3.30.

Target price is $3.20 Current Price is $2.65 Difference: $0.55
If CWY meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.10, suggesting upside of 16.9% (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 HUB as Outperform (1) -

Hub24 has outlined a strategy to develop its platform and extent its leadership, helping advisers increase efficiency. Credit Suisse supports the strategy, which should further entrench the company in the advice business and drive market share gains.

Yet, macro factors are driving the share price at the moment and lead the broker to downgrade estimates. Outperform maintained. Target is reduced to $38 from $40.

Target price is $38.00 Current Price is $20.16 Difference: $17.84
If HUB meets the Credit Suisse target it will return approximately 88% (excluding dividends, fees and charges).

Current consensus price target is $32.18, suggesting upside of 65.8% (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

Macquarie rates HUB as Outperform (1) -

Following Hub24's strategy and business update, Macquarie lowers its estimate for 4Q net flows, to align with (unchanged) funds under administration guidance. 

The broker makes further EPS forecast downgrades beyond FY22 due to weaker markets and lower net flow assumptions. These downgrades are partially offset by higher cash spreads, after management confirmed a shift to a higher cash spread product.

The Outperform rating is unchanged and the target falls to $32.20 from $32.60.

Target price is $32.20 Current Price is $20.16 Difference: $12.04
If HUB meets the Macquarie target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $32.18, suggesting upside of 65.8% (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

Morgans rates HUB as Add (1) -

At its investor day, Hub24 revealed an unchanged FY24 funds under administration (FUA) target of $83-92bn in two years and confidence in the integration of acquisitions. Morgans still expects material and enduring structural growth.

Nonetheless, 4Q net inflows have been impacted by current market volatility and are expected to be flat on the previous corresponding period. This outcome is lower than consensus expectations, and the broker lowers its target price to $25.80 from $32.10. 

The Add rating is unchanged.

Target price is $25.80 Current Price is $20.16 Difference: $5.64
If HUB meets the Morgans target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $32.18, suggesting upside of 65.8% (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

Credit Suisse rates ING as Downgrade to Neutral from Outperform (3) -

Rapid and material rises in input costs, particularly feed, mean Inghams Group needs to pass this through in meaningful price increases. Uncertainty over the timing and extent to which the company can achieve price increases warrants caution, Credit Suisse asserts.

Downside risks stemming from price rises being insufficient to fully offset these costs leads the broker to downgrade to Neutral from Outperform. Target is reduced to $2.90 from $4.05.

Target price is $2.90 Current Price is $2.70 Difference: $0.2
If ING meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.13, suggesting upside of 21.2% (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

Morgan Stanley rates JIN as Overweight (1) -

Jumbo Interactive has highlighted exceptional unit economics in its retail business. As a result, Morgan Stanley assesses upside in co-marketing agreements of low-marginal cost products such as lottery tickets remains under appreciated.

Fast payback periods and cohort expansion signal to the broker that the company could spend harder on customer acquisition. Moreover, the bull case is not reliant on the US opportunity, which appears further into the future.

Target is $25.50. Overweight. Industry view: In-line.

Target price is $25.50 Current Price is $13.68 Difference: $11.82
If JIN meets the Morgan Stanley target it will return approximately 86% (excluding dividends, fees and charges).

Current consensus price target is $20.45, suggesting upside of 47.1% (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

UBS rates KGN as Downgrade to Sell from Neutral (5) -

UBS believes it is too early to turn positive on the online retail sector as unit economics are generally worse now than before the pandemic and there is a tough macro outlook for discretionary expenditure. Moreover, supply chains remain challenging.

Kogan.com could benefit from a "trade-down" effect, the broker suggests, but concerns exist around inventory levels which in turn will weigh on margins. Rating is downgraded to Sell from Neutral and the target reduced to $2.90 from $4.30.

Target price is $2.90 Current Price is $2.94 Difference: minus $0.04 (current price is over target).
If KGN meets the UBS target it will return approximately minus 1% (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

Ord Minnett rates NAB as Accumulate (2) -

Ord Minnett updates its modelling for National Australia Bank after the completion of the acquisition of Citigroup's Australian consumer business.

Cash net profit forecasts have increased by less than 1% for FY22 and 2% for FY23 and FY24. Accumulate rating and $34.50 target unchanged.

Target price is $34.50 Current Price is $26.33 Difference: $8.17
If NAB meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $33.14, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in September.

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

Ord Minnett rates NEC as Buy (1) -

Current tightness in the cost of media is expected to relax a little although Ord Minnett suspects it is unlikely to deflate as substantially as in past periods of weakness such as the GFC or the peak of the pandemic.

Even under the worst-case scenario, the broker still envisages significant valuation support at current levels for Nine Entertainment.

The stock is now observed to be trading below the post Fairfax merger average and, excluding Domain ((DHG)), below the historical Seven/Nine average. Buy rating maintained. Target is reduced to $3.50 from $3.65.

Target price is $3.50 Current Price is $1.85 Difference: $1.65
If NEC meets the Ord Minnett target it will return approximately 89% (excluding dividends, fees and charges).

Current consensus price target is $3.38, suggesting upside of 85.7% (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 NXT as Outperform (1) -

Macquarie's prior read on the potential demand for edge data centres did not factor-in industrial use cases. Hence, an increased total adressable market for NextDC is anticipated due to the build of an ecosystem of edge-based data centres in remote regions of Australia.

The Outperform rating and $13.90 target price are maintained.

Target price is $13.90 Current Price is $9.78 Difference: $4.12
If NXT meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $14.06, suggesting upside of 37.9% (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 ORG as Outperform (1) -

While the Australian Energy Market Operator (AEMO) has suspended the electricity market, Macquarie feels this may allow resumption of a normal market, contingent on coal capacity returning.

The analyst sees downside risk to Origin Energy's FY22 guidance (no management update as yet), given uncertainty in energy markets, and as high coal prices continue to weigh upon generation at the Eraring power station.

The broker upgrades Australia Pacific LNG income estimates to reflect strong oil futures pricing and retains its Outperform rating and $7.08 target price.

Target price is $7.08 Current Price is $5.82 Difference: $1.26
If ORG meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $6.50, suggesting upside of 12.3% (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

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

Macquarie resumes coverage of PSC Insurance with an Outperform rating, up from Neutral, due to the defensive characteristics of Insurance Brokers and upside from potential acquisitions. The $4.75 target price is unchanged.

The broker also sees potential upside from the non-binding Memorandum of Understanding to acquire a 50% stake in Tysers UK retail division.

Should the proposed joint venture be executed in the 1H of 2024, the analyst estimates sufficient capacity to secure the remaining 50%.

Target price is $4.75 Current Price is $4.03 Difference: $0.72
If PSI meets the Macquarie target it will return approximately 18% (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

UBS rates RBL as Neutral (3) -

UBS believes it is too early to turn positive on the online retail sector as unit economics are generally worse now than before the pandemic and there is a tough macro outlook for discretionary expenditure. Moreover, supply chains remain challenging.

Recent base price increases are likely to mean there is some gross margin support for Redbubble but the broker expects that further shipping and fulfil price increases will weigh on the margin outlook into FY23. Neutral rating and $1.45 target maintained.

Target price is $1.45 Current Price is $0.86 Difference: $0.59
If RBL meets the UBS target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $1.60, suggesting upside of 86.0% (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 RIC as Outperform (1) -

Credit Suisse is increasingly convinced that Ridley Corp will generate strong growth for at least another 2-3 years. Growth is expected to be underpinned by market share gains and asset utilisation.

With minimal corporate debt, the broker considers acquisitions and/or capital management a possibility over the medium term. There are multiple earnings drivers such as initiatives to sell ingredients directly to dairy producers, new products in the packaged business and industry growth in aquaculture.

Outperform maintained. Target is raised to $1.95 from $1.70.

Target price is $1.95 Current Price is $1.64 Difference: $0.31
If RIC meets the Credit Suisse 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

Macquarie rates RIO as Outperform (1) -

Macquarie sees the production of first iron ore at the Gudai-Darri mine in WA as an important advancement for Rio Tinto's Pilbara business. Capacity at the mine is expected to largely replace depletion of some of the older Brockman mines.

The broker sees medium-term upgrade momentum from iron ore prices, with a spot price scenario generating 37% higher earnings in 2023 versus Macquarie's base case. The Outperform rating and $135 target price are unchanged.

Target price is $135.00 Current Price is $110.96 Difference: $24.04
If RIO meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $124.36, suggesting upside of 11.4% (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: 0.6

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

Morgan Stanley rates RIO as Overweight (1) -

Rio Tinto has delivered first iron ore from Gudai-Darri in the Pilbara. This is in line with expectations and Morgan Stanley points out the mine is important for the future of the Pilbara Blend production.

Ramp up of the mine is anticipated over the remainder of 2022 with full capacity in 2023. Capital costs are now estimated -US$3.1bn, a 19% increase on prior guidance. Iron ore shipment guidance has been maintained at 3220-335mt.

The Overweight rating and target price of $128.50 are retained. Industry view: Attractive.

Target price is $128.50 Current Price is $110.96 Difference: $17.54
If RIO meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $124.36, suggesting upside of 11.4% (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: 0.6

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

Credit Suisse rates RMD as Outperform (1) -

ResMed is acquiring Medifox Dan for -US$1bn, a German provider of software solutions to out-of-hospital care. This expands the company's SaaS platform outside the US. Accretion is forecast to occur in FY24 and Credit Suisse expects 14% revenue growth.

Few synergies are expected with the sleep business but the broker expects the similarity with MatrixCare provides an opportunity for economies of scale in the design of software solutions and data analytics. Outperform rating and $38.50 target maintained.

Target price is $38.50 Current Price is $29.01 Difference: $9.49
If RMD meets the Credit Suisse target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $35.06, suggesting upside of 21.7% (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: 0.8

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

Macquarie rates RMD as Outperform (1) -

In the absence of greater detail, Macquarie sees only modest EPS accretion from ResMed's acquisition of MediFox Dan for -US$1bn, though there is potential for synergy benefits.

Separately, the broker anticipates robust earnings growth over the medium-longer term and maintains its Outperform rating and $36.50 target price.

Target price is $36.50 Current Price is $29.01 Difference: $7.49
If RMD meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $35.06, suggesting upside of 21.7% (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: 0.8

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

Morgans rates RMD as Add (1) -

Morgans increases its FY23-24 earnings forecast for ResMed by up to 1% on incorporation of the -US$1bn Medifox Dan acquisition, though FY22 forecast earnings decline by -2.7% on ongoing supply chain pressures.

German-based Medifox Dan is an out-of-hospital software provider whose offering complements that of ResMed's, believes the analyst. The acquisition is expected to be EPS accretive and expands the company's footprint into the EU.

The target price falls to $37.95 from $39.23. Add.

Target price is $37.95 Current Price is $29.01 Difference: $8.94
If RMD meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $35.06, suggesting upside of 21.7% (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: 0.8

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

Credit Suisse rates TGR as Outperform (1) -

Tassal Group is benefiting from rising salmon sales prices and improving cash flows. Credit Suisse points out meaningful price increases have already occurred which should be more than enough to offset input price pressures.

The broker makes positive revisions to estimates for earnings per share while slightly reducing volume estimates in anticipation of the company maximising the supply/demand price dynamics. Outperform retained. Target rises to $4.00 from $3.90.

Target price is $4.00 Current Price is $3.45 Difference: $0.55
If TGR meets the Credit Suisse target it will return approximately 16% (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

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

UBS believes it is too early to turn positive on the online retail sector as unit economics are generally worse now than before the pandemic and there is a tough macro outlook for discretionary expenditure. Moreover, supply chains remain challenging.

The broker envisages downside risk to medium-term earnings expectations for Temple & Webster and downgrades to Neutral from Buy. Target is reduced to $4.25 from $8.20.

Target price is $4.25 Current Price is $3.47 Difference: $0.78
If TPW meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $8.14, suggesting upside of 137.9% (ex-dividends)

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

Morgans rates UNI as Add (1) -

A trading update by Universal Store confirmed Morgans expectations though the broker adopts a cautious stance and reduces its FY23 earnings (EBIT) forecast by -13% due to lower sales growth and higher cost assumptions.

While the analyst sees a compelling growth strategy, the company is subject to sliding consumer confidence and ongoing cost pressures, like all discretionary retailers. The multiples-based target price falls to $5.60 from $8.50 and the Add rating is maintained.

Target price is $5.60 Current Price is $3.37 Difference: $2.23
If UNI meets the Morgans target it will return approximately 66% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 50.9% (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

UBS rates UNI as Buy (1) -

The trading update signalled second half sales to date were up 6.9%, with like-for-like down -2.8% and online up 27.3%.

FY22 sales guidance implies growth of 4.2-6.4% in the second half on the back of reduced covid-related restrictions and improved foot traffic.

The significant opportunity, UBS notes, is in the store roll-out, particularly NSW and Victoria. Buy rating retained. Target is reduced to $5.00 from $7.75.

Target price is $5.00 Current Price is $3.37 Difference: $1.63
If UNI meets the UBS target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 50.9% (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 WDS as Resume Coverage with Buy (1) -

Woodside Energy's acquisition of BHP Petroleum assets provides a number of benefits, Ord Minnett observes, including materially increased scale and global relevance.

The broker resumes coverage with a Buy rating and $37 target, incorporating the new assets into its base case. The net result is an 83% increase in net profit estimates for 2022 and 92% for 2023.

The broker also notes Woodside has been the largest beneficiary of higher spot prices among Australian E&P companies, with 20-25% of LNG production sold into index prices.

Target price is $37.00 Current Price is $31.97 Difference: $5.03
If WDS meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $33.49, suggesting upside of 3.9% (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: 0.6

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

Macquarie rates WOW as Neutral (3) -

Macquarie points out supermarkets often struggle to take margin during economic disruption and maintains its Neutral rating and $36.40 price target for Woolworths Group. 

The broker's view is supported by the company's announcement of a freeze on prices on everyday essentials till the end of 2022, and the recent announcement by the Fair Work Commission of a pending 5.2% minimum wage increase.

Target price is $36.40 Current Price is $33.30 Difference: $3.1
If WOW meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $37.82, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

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