Australian Broker Call

Citi rates AFG as Buy (1) -

Despite the headline beat, with reported cash net profit of $25m, up around 11% ahead of Citi ($22.4m), the broker expects Australian Finance Group's result to be worrisome to investors, especially given how sensitive profit is to the success of the AFG securities product take-up.

Citi has revised FY21-23 EPS lower by -0-4%. While partially offset by lower costs, a lower mix of AFG securities product near-term, drives Citi’s gross profit forecasts lower by -5-9%.

Buy rating maintained with the target price unchanged at $3.40

Target price is $3.40 Current Price is $2.81 Difference: $0.59
If AFG meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Macquarie rates AFG as Outperform (1) -

Australian Finance Group reported a cash profit 16.5% ahead of the broker, and net interest margin 11 basis points above. Mortgage market activity supports the outlook, the broker notes, with the key earnings driver (AFG Securities) showing signs of increasing growth.

The company continues to benefit from activity levels in the residential mortgage market and favourable margins. The broker believes earnings risk remains to the upside. Outperform retained. Target falls to $3.06 from $3.13 on slight changes to the valuation model.

Target price is $3.06 Current Price is $2.81 Difference: $0.25
If AFG meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Ord Minnett rates ALG as Hold (3) -

First half results were below Ord Minnett's forecasts amid a reported net loss of -$83.6m.

Still, the broker believes the business should be able to capitalise on a likely recovery in domestic travel and forecasts a return to profitability in the theme parks division.

This causes the target to be raised to $0.60 from $0.45. Hold maintained.

Target price is $0.60 Current Price is $0.64 Difference: minus $0.04 (current price is over target).
If ALG meets the Ord Minnett 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 FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Ord Minnett rates AMI as Buy (1) -

The first half result was broadly in-line with quarterly results and Ord Minnet's expectations. The Buy rating and $0.95 target are retained.

Federation's updated resource reaffirms the broker's thesis that it is one of the highest-grade deposits in the country. Ord Minnett reiterates to investors that it is worth more than company’s current market cap.

Target price is $0.95 Current Price is $0.39 Difference: $0.56
If AMI meets the Ord Minnett target it will return approximately 144% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates AMP as Neutral (3) -

Citi estimates that AMP’s proposed joint venture with Ares Capital will add about 15cps to valuation, and on that basis its spot valuation rises to $1.70 from $1.55, with the target price lifting by 15cps to $1.60 from $1.45.

Citi’s changes to EPS forecasts of FY21 -7%, FY22 -5%, and FY23 -2% respectively,  assume that the deal has an effective date of 30 June 2021, AMP buys back $1bn (split between 2H21 and 1H22) of shares from the proceeds, it retains 100% of seed capital income and carry interest on funds in place at the commencement of the JV but shares ongoing management/performance fees etc on a 40/60 basis.

Citi also assumes modest income on the $130bn of equities and fixed income assets under management not part of the deal, and some modest reduction in corporate costs.

While this transaction realises some value and also allows AMP to participate in what should be improved growth of its private markets business, Citi notes the turnaround of the wealth business still looks like a long and arduous road, and has retained its Neutral/High Risk rating.

Target price is $1.60 Current Price is $1.50 Difference: $0.1
If AMP meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.57, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Morgan Stanley rates AMP as No Rating (-1) -

AMP has entered a non-binding agreement with Ares to form a 40:60 joint venture over AMPCI's private markets business. Ares will pay $1.35bn for its 60%.

AMP will receive gross cash of up to $1.55bn and retains the public market business, although is actively exploring sale and/or partnership options. Industry view: In-line. Morgan Stanley is currently restricted and offers no target or rating.

Current Price is $1.50. Target price not assessed.

Current consensus price target is $1.57, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Ord Minnett rates AMP as Hold (3) -

AMP has an agreement with US asset manager Ares for the sale of 60% of its private market business within the Capital Investors division, for $2.25bn.

In light of the JV deal Ord Minnett calculates an implied value for the private markets business of more than $0.33 per share, or more than it values the whole AMPCI.

The broker suspects the reason behind the deal is pressure on the board to crystallise value, given the poor performance of the share price. The broker retains a Hold rating and raises the target to $1.80 from $1.55.

Target price is $1.80 Current Price is $1.50 Difference: $0.3
If AMP meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.57, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Macquarie rates APT as Neutral (3) -

Afterpay's first half revenues grew 89% year on year, but that was sequentially below growth of 97% and 96% in the prior two halves and short of expectation. The broker has taken a knife to earnings forecasts, bearing in mind the company is not yet an earner.

Despite revenue growth missing estimates, other key metrics remained robust, but catalysts to justify material further upside from the current levels are unclear to the broker.

Investors are clearly concerned about increasing competition in BNPL is one of the eye-catching sentences in today's update. Neutral and $140 target retained.

Target price is $140.00 Current Price is $119.52 Difference: $20.48
If APT meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $124.33, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Ord Minnett rates APT as Buy (1) -

Ord Minnett assesses Afterpay continues to deliver, with rapid growth in both the North American and UK markets. The broker is surprised at the statistic from the Afterpay shop directory showing 17% of all active customers initiated one or more transactions in February.

Ord Minnett considers Afterpay Money will further enhance the appeal to young Australian consumers and add another string to the bow for a business that has reached 15% of Australasian adults. Buy retained. Target rises to $150 from $112.

Target price is $150.00 Current Price is $119.52 Difference: $30.48
If APT meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $124.33, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

UBS rates APT as Sell (5) -

Afterpay has announced a $1.25bn capital raising to buy more control of its US business. UBS believes this is a good deal for shareholders, assessing the market is pricing in more for US business.

The broker describes the deal as "somewhat peculiar", given the market is valuing the US business around 40% or more of the Afterpay valuation.

UBS acknowledges that, in the absence of a catalyst, the market is likely to continue to view the valuation through a different lens and sticks with a Sell rating. Target is raised to $36 from $30.

Target price is $36.00 Current Price is $119.52 Difference: minus $83.52 (current price is over target).
If APT meets the UBS target it will return approximately minus 70% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $124.33, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Citi rates ASB as Buy (1) -

Driven by a better than expected earnings (EBIT) margin, Austal's 1H21 net profit of $52 million, was 20% above Citi and 22% above Consensus ($42.9 million).

Citi notes  that investors are paying only around 4x earnings (EBIT) for Austal’s shipbuilding business, (a 56% discount to peers), which in the broker’s view reflects the market’s limited faith in Austal’s ability to replenish its shipbuilding pipeline, despite multiple shipbuilding opportunities in the US, Australia and Philippines.

Citi estimates Austal will have $182 million net cash at the end of FY21, which it could use to A) pursue acquisitions, (and notes that a dry dock facility in San Diego, which the company currently lacks), B) repay $148 million of debt, C) pay dividends, and D) continue investing in its existing facilities.

Citi’s FY21 estimated net profit (NPAT) increases 4% to account for a better than expected 1H21 performance. But, FY22, and FY23 net profit (NPAT) reduces by -18%, and -22% respectively due to lower than expected FY22 revenue guidance and a stronger Australian dollar.

Buy retained and target price reduced to $3.30 from $4.30.

Target price is $3.30 Current Price is $2.37 Difference: $0.93
If ASB meets the Citi target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $2.85, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

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

Austal's first-half revenue was below Credit Suisse's expectations although the result beat the broker's operating income forecast ($70m versus Credit Suisse's estimated $62m). The beat was primarily driven by stronger-than-expected margin expansion in the US business.

Management has downgraded FY21 revenue guidance to $1.65bn from $1.8bn while leaving the operating income guidance unchanged at $125m, hinting at better productivity levels and cost control, in the broker's view.

The broker has reduced its FY21 revenue estimate by -11% to $1.69bn on fx headwinds and lower sustained throughput due to the US Navy’s decision to cease LCS dockings. 

Rating is upgraded to Outperform from Neutral with the target rising to $2.75 from $2.70.

Target price is $2.75 Current Price is $2.37 Difference: $0.38
If ASB meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.85, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Macquarie rates ASB as Outperform (1) -

Austal's result beat the broker at the bottom line and Macquarie points out revenue was down across most segments but shipbuilding margins proved strong. FY21 guidance has remained intact, despite FX headwinds, the analysts note.

The broker thinks management has plenty of contract opportunities at hand, and winning these contracts will drive a re-rate for the share price.

Earnings estimates have been scaled back on increased uncertainty about the post-LCS program future and FX headwinds. Lower market multiples are co-responsible for the pull back in price target; to $3 from $4.40.

Outperform rating retained.

Target price is $3.00 Current Price is $2.37 Difference: $0.63
If ASB meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.85, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Ord Minnett rates ASB as Hold (3) -

First half net profit was ahead of Ord Minnett's forecasts. Management has highlighted numerous options as it looks to rebuild its construction work pipeline in the US.

While the stock has de-rated meaningfully over recent months, Ord Minnett is cautious about the outlook, given the transitioning in the business model. Hold retained. Target raised to $2.35 from $2.30.

Target price is $2.35 Current Price is $2.37 Difference: minus $0.02 (current price is over target).
If ASB meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.85, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Ord Minnett rates AUB as Buy (1) -

First half net profit was ahead of Ord Minnett's forecasts and led by the outperformance of the Australian broking division.

FY21 guidance has been upgraded to take into account first half trends, amid some uncertainty regarding the second half as government stimulus tapers off.

Ord Minnett suspects the upgrade is conservative and retains a Buy rating. Target is raised to $21.98 from $20.75.

Target price is $21.98 Current Price is $19.04 Difference: $2.94
If AUB meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $20.79, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Ord Minnett rates BTH as Buy (1) -

There were no major surprises in the first half result for Ord Minnett. Guidance for annual recurring revenue is at the "top end" of $49-53m.

Ord Minnett suggests the growth runway should stretch for many years in a large addressable market. The broker has taken over research coverage from Baillieu. Buy rating and $1.08 target.

Target price is $1.08 Current Price is $0.92 Difference: $0.16
If BTH meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates BWX as Outperform (1) -

BWX reported in line with the broker. Management reaffirmed full year guidance of at least 10% earnings growth.

The company has announced a five-year partnership with Chemist Warehouse to be a platinum supplier in exchange for a small percentage of shares, growing over 33 months to 2.4% of capital.

A partnership with Woolworths ((WOW)) was also announced, which will see the Sukin brand now on Woolies shelves when previously it was exclusive to Coles ((COL)). Outperform retained, target rises to $5.30 from $4.65.

Target price is $5.30 Current Price is $4.48 Difference: $0.82
If BWX meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates CRN as Outperform (1) -

Coronado Global Resources' 2020 net loss of -US$227m was a slight miss to Credit Suisse's -US$202m estimate due to higher-than-expected interest costs. 2021 production guidance of 18-19mt is in-line with the broker's expected 18.9mt with higher unit costs driven by fx.

Management's focus continues to be the company's balance sheet strength. In the broker's view, Coronado should keep deleveraging to be able to grow when the backdrop allows.

While not doubling overnight, for those with a constructive view for met coal over the medium term, Credit Suisse believes Coronado Global is a good option that needs patience.

Outperform rating and $1.60 target maintained.

Target price is $1.60 Current Price is $1.09 Difference: $0.51
If CRN meets the Credit Suisse target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $1.39, suggesting upside of 35.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 CRN as Outperform (1) -

A mixed result from Coronado Global Resources saw underlying earnings exceeding expectations on lower costs, but still down -92% year on year on lower coal prices. Free cash flow was -84% below the broker's forecast.

The broker forecasts a full year result at the bottom of the production guidance range and the top of the cost guidance range. The broker remains positive on the outlook for metallurgical coal but notes downside risk at current prices.

Outperform retained, target falls to $1.30 from $1.50.

Target price is $1.30 Current Price is $1.09 Difference: $0.21
If CRN meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.39, suggesting upside of 35.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 CRN as Upgrade to Add from Hold (1) -

Morgans believes the around -15% discount to fair value looks overdone and upgrades the rating to Add from Hold. The target decreases to $1.27 from $1.35.

The 2020 result was well flagged by quarterly reports. The broker describes guidance as mixed with higher-than-expected costs driving a downgrade to forecasts.

The analyst says the company will benefit in the second half from fleet sale-and-leaseback and the potential for both property sales and the sale of Greenbriar.

Target price is $1.27 Current Price is $1.09 Difference: $0.18
If CRN meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.39, suggesting upside of 35.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 CRN as Buy (1) -

2020 revenue and costs were pre-reported. 2021 guidance has been provided for the first time with saleable production of 18-19mt, slightly ahead of expectations. Cost guidance is US$57-59/t, above 2020 and reflecting higher Australian dollar assumptions.

No allowance for an expansion at Curragh has been included in capital expenditure guidance of -US$135-155m. UBS forecasts Coronado Global to be positive on free cash flow in 2021. Buy rating retained. Target is reduced to $1.40 from $1.50.

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

Current consensus price target is $1.39, suggesting upside of 35.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 CVN as Neutral (3) -

Carnarvon Petroleum's result met the broker. The broker now factors in drilling at Apus and Pavo and front-end design & engineering (FEED) costs for Dorado, for which the company is funded.

Dorado and near-field exploration upside are the "main prize", the broker suggests, but the availability of finance to move Dorado to a final investment decision (FID) will be key.

Neutral retained, target falls to 30c from 31c.

Target price is $0.30 Current Price is $0.28 Difference: $0.02
If CVN meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Citi rates DBI as No Rating (-1) -

Despite limited details, Citi was pleased with Dalrymple Bay Infrastructure FY20 earnings (EBIT) of $146m, noting that capital management initiatives demonstrate pro-active management, which the broker expects to appeal to its yield conscious investor base.

Citi thinks Dalrymple will likely struggle to fund a future buyback (following its move to pay quarterly dividends), proceed with the 8x expansion and maintain its dividend/investment grade rating, and views the buyback as more aspirational than definite.

The 8x expansion project appears to be underpinned by adequate demand, and assuming it proceeds, Citi estimates capex per annum of $150 - $283 million between FY23 and FY28.

As a result, Citi estimates that without light handed approval or reducing the dividend, Dalrymple’s balance sheet might become stretched potentially forcing a credit ratings downgrade.

Buy retained and target price increases to $2.51 from $2.42.

Target price is $2.51 Current Price is $2.10 Difference: $0.41
If DBI meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Credit Suisse rates DBI as Outperform (1) -

Dalrymple Bay Infrastructure reported results for 2020 that cover a three week period from December 8 to 31 since the entity was created at the start of this period. The key net debt metric of $1.79bn was in line with Credit Suisse's forecast of $1.80bn. 

Dalrymple expects Queensland Competition Authority to give an early final decision regarding having a light-touch regulatory structure for the company. Dividend guidance of circa 4.5c for the first half has been reaffirmed.

Outperform rating and a target price of $2.50.

Target price is $2.50 Current Price is $2.10 Difference: $0.4
If DBI meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Morgans rates DBI as Add (1) -

Morgans considers the historical FY20 result as somewhat irrelevant, given the short trading period since the company was established. However, climbing bond yields are expected to bode well for net cash flows given a revenue reset phase is looming.

The broker materially upgrades earnings (EBITDA) and downgrades interest forecasts, resulting in a net uplift to funds from operations (FFO) of 5%. The Add rating is retained and the target rises to $2.55 from $2.50. Management made no change to prospectus forecasts.

Target price is $2.55 Current Price is $2.10 Difference: $0.45
If DBI meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 22.0% (ex-dividends)

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Macquarie rates DCN as Underperform (5) -

Dacian Gold's headline profit beat the broker by 68% on lower D&A but underlying earnings and cash were in line with forecast. Operating expense was lower but due to lower exploration.

It was a positive half, the broker suggests, with cash generation solid despite processing interruptions, but as the broker has a muted outlook for the gold price, and given Dacian's high leverage to the gold price, Underperform and 34c target retained.

Target price is $0.34 Current Price is $0.38 Difference: minus $0.04 (current price is over target).
If DCN 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 FY21:

Forecast for FY22:

Market Sentiment: -1.0

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

Citi rates DMP as Sell (5) -

Based on its forecasted FY21 earnings (EBIT) of $280 million, $12m foreign exchange headwind, plus $10m higher overheads being the drag in 2H21, Citi remains cautious on Domino's Pizza Enterprises with a target price increasing to $72.40 from $67.40.

Citi notes that while Japan will be the swing market, lapping 31% same store sales (SSS) growth, overall it is forecasting -8% SSS growth in 2H21, with a flat sales result adding $5-6 million to its 2H21 EBIT.

While Domino’s has a great runway for growth and has handled Covid well, Citi notes that the share price is stretched, and in its view is susceptible to downside if growth stocks sell off.

The Sell rating is retained.

Target price is $72.40 Current Price is $89.95 Difference: minus $17.55 (current price is over target).
If DMP meets the Citi target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $93.67, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Morgan Stanley rates DTC as Overweight (1) -

Morgan Stanley notes FY21 guidance was not reiterated at the first half results. Operating earnings (EBITDA) of $2.5m beat estimates. Management has signalled $1.9m in pandemic-related revenue headwinds.

Hardware sales increased 27% and the broker seeks to understand whether this is a leading indicator. Regardless, the results imply a meaningful organic skew to the second half in order to reach prior guidance and expectations.

Overweight rating. Target is $2. Industry view: In-line.

Target price is $2.00 Current Price is $1.19 Difference: $0.81
If DTC meets the Morgan Stanley target it will return approximately 68% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgans rates GDG as Add (1) -

The first half result revealed the group’s underlying Investment Bond profit (NPAT) was around 11% above Morgans estimates. Also, Lonsec earnings broadly offset annuity development costs, explains the broker.

Funds under management in the Listed Investments Solutions business (considered the exciting growth component of Lonsec by Morgans) broadly doubled in the six months between June and December 2020.

The analyst lifts FY21 group profit forecasts by 25% (off a low base), on the slightly higher Investment Bond and Lonsec earnings forecasts. The target is increased to $0.90 from $0.871 and the Add rating is unchanged.

Target price is $0.90 Current Price is $0.69 Difference: $0.21
If GDG meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgans rates GNX as Add (1) -

Despite in-line first half revenue, significant operating expenses from early works at Kidston Hydro (K2-H) caused an earnings miss versus Morgans of -$4.3m.

During February the Jemalong plant has been exporting electricity to the grid. The broker expects output to continue to ramp up and by around early April the plant will be ready for commercial production.

The Speculative Buy is retained and rising long term bond yields lower Morgans' price target to $0.33 from $0.36.

Target price is $0.33 Current Price is $0.26 Difference: $0.07
If GNX meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates GXY as Neutral (3) -

Galaxy Resources' 2020 operating loss at -US$6m was higher than Citi expected at US$5.9m due to a lower spodumene price. The broker highlights Galaxy's balance sheet remains strong with cash of US$215m.

While the average gross margin for the Mt Cattlin operations was negative in 2020, Citi expects a return to positive in 2021 driven by higher prices and lower unit costs.

With spodumene inventory normalising, Citi expects the first quarter pricing outlook to be better versus 2020. Neutral rating is retained with a target of $3.

Target price is $3.00 Current Price is $2.61 Difference: $0.39
If GXY meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.40, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 GXY as Underweight (5) -

2020 results were slightly below Morgan Stanley's estimates. The broker retains an Underweight rating based on the short mine life at Mount Cattlin along with commissioning and construction risks at Sal de Vida.

The achieved price of US$352/t over the year was lower than Morgan Stanley expected. The broker suspects this could be reflective of grade and product quality, and will require further investigation. Target is raised to $1.50 from $1.45. Industry view: Attractive.

Target price is $1.50 Current Price is $2.61 Difference: minus $1.11 (current price is over target).
If GXY meets the Morgan Stanley target it will return approximately minus 43% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.40, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 HLS as Equal-weight (3) -

Morgan Stanley assesses the valuation and earnings expectations are in the balance, and the sustainable improvement program needs to show progress.

Earnings in the first half were marginally below estimates and, removing the estimated test benefits from the pandemic, the broker calculates the core pathology margin is 12.7% compared with the FY23 target of around 14%.

Equal-weight retained. Target is reduced to $3.95 from $4.05. Industry view: In-line.

Target price is $3.95 Current Price is $4.01 Difference: minus $0.06 (current price is over target).
If HLS meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.26, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Ord Minnett rates HMC as Hold (3) -

Home Consortium's first half funds from operations of $18.7m were ahead of Ord Minnett's estimates. The broker notes the business is successfully executing on its strategy to become a capital-light fund manager.

Gearing is now low and debt can be used to fund growth across the platform. Target is reduced to $3.70 from $3.80 and a Hold rating is maintained.

Target price is $3.70 Current Price is $3.70 Difference: $0
If HMC meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Ord Minnett rates HSN as Buy (1) -

First half operating earnings were ahead of forecasts. FY21 guidance is unchanged and the revenue target of $500m for FY25 implies 14% annual growth over four years. This brings the focus to the M&A agenda, Ord Minnett suggests.

Moreover, the balance sheet has ample capacity and the broker remains positive on the outlook. Buy retained. Target price rises to $5.50 from $5.40.

Target price is $5.50 Current Price is $4.10 Difference: $1.4
If HSN meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

UBS rates HT1 as Buy (1) -

UBS considers the main drivers of the business in 2021 will be the Australian Radio Network and the 25% stake in Soprano.

Momentum in ARN continues to improve, the broker notes, and Soprano delivered 11% revenue and 45% operating earnings growth in 2020.

The main headwind is the ATO dispute, which the broker incorporates into its valuation. Buy rating retained. Target is raised to $2.10 from $2.00.

Target price is $2.10 Current Price is $1.87 Difference: $0.23
If HT1 meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.71, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Citi rates HVN as Buy (1) -

Harvey Norman had a stellar first half, observes Citi, with a 114% rise in profit before tax. While strong, the result is in line with consensus expectations. Citi expects the second half to remain positive despite cycling covid.

The broker highlights Harvey Norman’s franchisor structure has led to very high operating leverage with the incremental margin at 32% much higher than JB Hi-Fi's ((JBH)). 

Profit before tax in the second half is expected to grow by 7%, underpinned by Australian Franchisees and ongoing cost benefits. The broker upgrades its FY21 earnings forecast by 9%.

Buy rating is retained with a target of $6.

Target price is $6.00 Current Price is $5.24 Difference: $0.76
If HVN meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.79, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Credit Suisse rates HVN as Neutral (3) -

According to Credit Suisse, Harvey Norman Holdings' result was one "for the record books" with profit before tax rising 116% year on year and a near tripling of operating income in the Australian franchise segment. A low dividend payout ratio was the only disappointment for the broker.

With the business doing well, the broker considers it a matter of time before some form of capital management is undertaken. Also, a strong housing market along with a high level of work from home continue to provide a supportive outlook.

Neutral rating with the target rising to $5.65 from $5.36.

Target price is $5.65 Current Price is $5.24 Difference: $0.41
If HVN meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.79, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Macquarie rates HVN as Outperform (1) -

Harvey Norman's 114% year on year jump in group profit well exceeded expectations. Australian franchisees grew by 210% and are now 60% of the business. New Zealand also surprised with 55% growth.

Performances in other countries were uncertain, the broker suggests, given a mix of ongoing lockdowns and retail restrictions.

Harvey Norman remains exposed to the strong housing cycle expected through 2021, but there is some risk the end of government support will result in a fall-off in demand for home furnishings and appliances, the broker notes. Outperform and $6.00 target retained.

Target price is $6.00 Current Price is $5.24 Difference: $0.76
If HVN meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.79, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Morgan Stanley rates HVN as Overweight (1) -

First half profit was below Morgan Stanley's estimates yet the trading update was strong and Australian franchisee sales growth appears to have accelerated in recent weeks.

Harvey Norman noted around 65% of franchise complexes in Australia are in regions that were negatively affected by severe drought, bushfires and flood in the prior corresponding half.

Going forward, Morgan Stanley envisages Harvey Norman well-placed to capitalise on strong housing market conditions with the balance sheet providing scope for capital management.

Overweight rating and $6 target retained. Industry view is Attractive.

Target price is $6.00 Current Price is $5.24 Difference: $0.76
If HVN meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.79, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

UBS rates HVN as Buy (1) -

First half results were ahead of expectations. UBS continues to envisage capital management as a catalyst on a 6-12 month view.

Harvey Norman has flagged tailwinds outside of pandemic-inspired demand, in particular a build up in household savings as well as the housing cycle and the shift to regional or suburban locations.

Given the backdrop, UBS retains a Buy rating. Target is reduced to $5.60 from $5.80.

Target price is $5.60 Current Price is $5.24 Difference: $0.36
If HVN meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.79, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Morgans rates IME as Add (1) -

The FY20 result was a strong beat versus Morgans estimates across the board due to contract growth and cost controls. Momentum is expected to continue for the Aquila in the Cloud product and from a push into new geographies.

The broker highlights trading in 2021 remains strong and guidance remains on track for earnings (EBITDA) breakeven on a run-rate basis by December 2021. The Speculative Buy is maintained and the target increased to $3.13 from $2.73.

Target price is $3.13 Current Price is $2.00 Difference: $1.13
If IME meets the Morgans target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgans rates ISD as Hold (3) -

Covid and a significant cybersecurity incident impacted 1H21. Management noted a 4-6 month delay on strategic transformation projects, which will delay retention benefits and a planned revenue recovery.

The analyst highlights annualised new billing grew in 1H21, with a healthy recovery in Q121 before slowing around the Cybersecurity incident.

The broker pushes out the trajectory for a return to revenue growth to 2H22. This lowers revenue and earnings forecasts materially. Hold rating is retained and the target is decreased to $0.119 from $0.15.

Target price is $0.12 Current Price is $0.11 Difference: $0.009
If ISD meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Ord Minnett rates JHX as Accumulate (2) -

Ord Minnett has updated the financial model for the company to reflect the view that working capital benefits captured so far in FY21 are retained. This results in the net debt forecast moving lower by circa -$150m and the interest expense forecasts have been lowered slightly. 

Overall, changes to EPS forecasts are immaterial and the analyst retains the Accumulate rating with a target price of $45.

Target price is $45.00 Current Price is $36.51 Difference: $8.49
If JHX meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $43.60, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

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 KGN as Outperform (1) -

Kogan.com's result was ahead of the guidance given in January. Credit Suisse remains positive on the company's medium-term growth prospects and expects permanent changes to spending to continue to be supportive.

The broker is pleased with 115% growth in private label revenue in the first half that drove gross profit growth of 175%. Kogan's private label offering is considered to be an important component of the business’ value proposition.

The target price drops to $20.85 from $21.08. Outperform rating.

Target price is $20.85 Current Price is $13.98 Difference: $6.87
If KGN meets the Credit Suisse target it will return approximately 49% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

UBS rates KGN as Neutral (3) -

First half results were in line with expectations. For UBS the results have reaffirmed a more cautious view on the 12-month outlook as trading has slowed.

The key risk is the accelerated investment in online by both bricks & mortar and pure online retailers.

The valuation is assessed in line with peers and UBS retains a Neutral rating. Target is reduced to $15.10 from $17.90.

Target price is $15.10 Current Price is $13.98 Difference: $1.12
If KGN meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Macquarie rates LME as Outperform (1) -

2020 earnings were slightly ahead of Macquarie's forecasts. Revenue guidance for 2021 of US$50-53m is slightly below expectations. The broker believes new contracts and reduced churn will be required to drive outperformance.

Churn has been concentrated in the smaller indirect channel clients. The broker retains an Outperform rating and reduces the target to $1.73 from $2.28.

Target price is $1.73 Current Price is $1.50 Difference: $0.23
If LME meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 LNK as No Rating (-1) -

Link Administration Holdings' first-half result is in-line with company guidance with operating net profit of $65m and revenue of $597m. The company expects some headwinds in the second half with Credit Suisse factoring in broadly flat operating income due to higher D&A.

Link also expects earnings growth to resume in FY22 which the broker feels is not a high benchmark, considering the cost out program should deliver circa $20-25m of savings in FY22.

Credit Suisse is restricted on providing a rating and target at present.

Current Price is $4.75. Target price not assessed.

Current consensus price target is $5.27, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgans rates LNK as Hold (3) -

As engagement with PEP/Carlyle regarding the bid continues, there was little to be gleaned from first half figures that had been pre-released, according to Morgans.

The company expects 1H21 headwinds to remain in 2H21 though anticipates growth to recommence in FY22. The broker awaits evidence of earnings improvement before changing the Hold rating and target price of $5.40.

Management said the owners of PEXA will explore an IPO of the business, in addition to continuing to look at a trade sale.

Target price is $5.40 Current Price is $4.75 Difference: $0.65
If LNK meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.27, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgans rates LVH as Add (1) -

Morgans found little to glean from the 1H21 results that had been largely pre-released. The broker makes minor changes to estimates and the Add rating and target price of $0.53 are unchanged.

The analyst summarises the next twelve months will be pivotal as traction in Nth America is expected to accelerate and the domestic SaaS business is well positioned to provide a more stable revenue growth profile.

Target price is $0.53 Current Price is $0.35 Difference: $0.18
If LVH meets the Morgans target it will return approximately 51% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

UBS rates LYC as Sell (5) -

First half results were ahead of UBS forecasts, largely because of FX gains. The main news is there is no change to the operating capacity of the plant, at 75%.

The broker notes the share price has lifted around 150% since the beginning of 2020, amid optimism surrounding an acceleration in electric vehicle demand, but suspects this is already priced into the stock and retains a Sell rating. Target is $4.30.

Target price is $4.30 Current Price is $5.98 Difference: minus $1.68 (current price is over target).
If LYC meets the UBS target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -1.0

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

Morgans rates MGH as Add (1) -

Morgans considers the first half result was solid and Civil Construction & Hire (CC&H) was the standout with earnings (EBITDA) rising 72% and operating cash flow very strong.

Management guidance confirmed strong second half expectations. Additionally, the company intends to utilise a strong balance sheet to pursue further accretive M&A opportunities.

Add rating is maintained. The target is increased to $3.23 from $3.05 and forecasts are largely unchanged.

Target price is $3.23 Current Price is $2.73 Difference: $0.5
If MGH meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

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

Morgan Stanley has decided to discontinue coverage of MMA Offshore. The broker's final rating for the company is Equal-weight with the target dropping to $0.32 from $1.15.

The broker believes MMA Offshore could see demand rebound with higher oil prices and higher offshore activity. Given uncertainties in market conditions, the broker thinks the stock will remain around current levels given the high operating and financial leverage.

Target price is $0.32 Current Price is $0.33 Difference: minus $0.01 (current price is over target).
If MRM meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgans rates MTO as Hold (3) -

The pre-released 1H21 earnings (EBITDA) rise of 168% was driven by strong demand, cost-out and new products and businesses, explains Morgans.  Also, tight inventory and material margin expansion were considered contributors.

Dividends (interim of 10 cents) recommenced according to the 50-70% payout policy and management noted demand strength and inventory constraints have continued into the 2H.

The Hold rating is retained and the target is decreased to $2.70 from $2.86 as FY22 is now included in forecasts. Demand conditions are expected to have normalised by then, explains Morgans.

Target price is $2.70 Current Price is $2.48 Difference: $0.22
If MTO meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Citi rates MYX as Neutral (3) -

Citi reduces Mayne Pharma Group's FY21-23 operating income forecasts by -7-16% to reflect higher than anticipated costs and the difficult operating environment.

The generics and specialty divisions seem to be facing challenges from covid and Citi believes the drivers from here could be the potential approval and launch of Nextstellis in the second half. If approved, Citi believes Nextstellis could represent an upside to the broker's forecasts.

No FY21 guidance was provided.

Neutral rating with the target dropping to $0.32 from $0.36.

Target price is $0.32 Current Price is $0.28 Difference: $0.04
If MYX meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $0.32, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgan Stanley rates NXL as Overweight (1) -

In an initial assessment, it looks like Nuix's first half results missed Morgan Stanley's expectations. As a result,  the broker notes the risk profile around full-year earnings delivery has increased.

Going in the second half, the company considers its new business pipeline strong and reiterates all full-year FY21 prospectus numbers. The broker also remains confident due to an opportunity to expand into new verticals, shift to SaaS and accretive M&A opportunities. 

Overweight rating with a target price of $11.

Target price is $11.00 Current Price is $6.06 Difference: $4.94
If NXL meets the Morgan Stanley target it will return approximately 82% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates OBL as Buy (1) -

Omni Bridgeway’s first-half result was impacted by fewer case completions and non-cash impairments, observes Citi. The company posted a loss of -$70m but most of it was due to the impairment of two legal cases, adds Citi, which should have limited cash impact.

The broker sees the result as a normal reflection of the lumpy nature of litigation funding and retains its positive investment thesis on the stock due to factors including exposure to a growing asset class with high returns and a move towards resilient earnings over the next 3-5 years.

Buy rating with a target price of $5.

Target price is $5.00 Current Price is $3.69 Difference: $1.31
If OBL meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates ORE as Underperform (5) -

Orocobre's net loss of -US$29m was a miss versus Credit Suisse's expected -US$19m. The miss was led by higher D&A and finance charges.

Credit Suisse is of the opinion Orocobre's result bears little resemblance to its future business or earnings/cash generation capability and is thus of little consequence. 

No production volume guidance was provided but the broker notes production is trending towards a richer battery/primary mix targeting circa 40% battery grade over 2021 and 40-60% over 2022-23 with hydroxide sales ramping-up.

Credit Suisse upgrades to Neutral from Underperform with a target of $5.

Target price is $5.00 Current Price is $4.66 Difference: $0.34
If ORE meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.07, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates ORE as Underperform (5) -

The first half loss was larger than Macquarie expected. Improved price realisation remains the key catalyst, although the broker notes second half volume is fully contracted so the spot price momentum needs to persist into FY22.

Further cost improvement is expected from the Olaroz stage 2 expansion. Underperform maintained. Target is lifted to $2.90 from $2.00.

Target price is $2.90 Current Price is $4.66 Difference: minus $1.76 (current price is over target).
If ORE meets the Macquarie target it will return approximately minus 38% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.07, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

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

Orocobre's revenue was mostly in line with Morgan Stanley while operating income was better due to lower costs. The net profit was lower than the broker's estimate as was the cash. 

The company's latest update on stage 2 guidance remains unchanged with a further update in March. The Naraha project is progressing to plan and expected to complete in the second half of 2021.

Equal-weight rating. Industry view: Attractive. Target rises to $4.10 from $4.05.

Target price is $4.10 Current Price is $4.66 Difference: minus $0.56 (current price is over target).
If ORE meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.07, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Ord Minnett rates ORE as Hold (3) -

First half net loss was greater than Ord Minnett expected largely because of a higher net interest charge.

The broker reduces second half realised carbonate price estimates and slows assumptions for the ramp-up at the Olaroz battery grade operation.

Hold maintained. Target is reduced to $5.40 from $5.50.

Target price is $5.40 Current Price is $4.66 Difference: $0.74
If ORE meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.07, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

UBS rates ORE as Buy (1) -

Operating earnings in the first half were weaker than UBS estimated. Orocobre has guided to an average sales price of US$5500/t for the second half and expects the proportion of battery grade product from Olaroz to rise to 40%. UBS expects margins will lift as a result.

The company continues to move its sales volumes away from the spot market while all 2021 volumes have been contracted. Buy rating retained. Target is reduced to $6.20 from $6.50.

Target price is $6.20 Current Price is $4.66 Difference: $1.54
If ORE meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $5.07, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

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

Credit Suisse thinks Orica's earnings downgrade stems from a mix of external factors likely to normalise in time plus some fundamental factors.

The broker highlights the progression of downgrades over the years indicates rising cost pressures, surplus industry capacity and operational delays with key assets.

On the bright side, the broker finds the market structure attractive and expects technology to drive further consolidation. In the broker's view, the reduction in Orica's share price is an opportunity for investors to get exposure to the leader in a market likely to remain attractive.

Credit Suisse upgrades to Outperform from Neutral with the target dropping to $16.84 from $16.99.

Target price is $16.84 Current Price is $12.56 Difference: $4.28
If ORI meets the Credit Suisse target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $16.14, suggesting upside of 27.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Macquarie rates ORI as Downgrade to Neutral from Outperform (3) -

Macquarie downgrades to Neutral from Outperform, given the lack of visibility on earnings as well as the CEO transition and tighter balance sheet metrics.

The company has made a significant downgrade in its update, with first half earnings affected to the tune of -$105-125m and only partially affected by the pandemic. Macquarie highlights the impact of lower mining demand, while FX and Burrup costs also contribute.

The broker's first half estimate for operating earnings (EBITDA) is reduced by -22%. Target is reduced to $13.65 from $18.46.

Target price is $13.65 Current Price is $12.56 Difference: $1.09
If ORI meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $16.14, suggesting upside of 27.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

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

Morgan Stanley is disappointed by Orica's update which shows a meaningful hit to the profit in the first half led by a mix of temporary and structural issues. The impact to operating income was -$105- 125m, 40% of the broker's first-half operating income forecast of $288m.

While liking Orica's industry position, the broker notes the company has not capitalised on this for a number of years. Morgan Stanley expects a slower recovery in Australian thermal coal volumes and has reduced its FY21 operating income forecast by -26% to $448m.

Equal-weight with the target dropping to $14 from $16.50. Industry view is Cautious.

Target price is $14.00 Current Price is $12.56 Difference: $1.44
If ORI meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $16.14, suggesting upside of 27.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

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

Orica’s first half update was materially weaker than Morgans had expected due to covid impacts and China’s ban on Australian thermal coal imports. Also, FX headwinds and issues with transitioning to a new SAP system were considered to play a part in the weak result.

Though operating conditions have improved, the broker believes some first half issues will continue to impact the second half. Thus, Morgans downgrades FY21-23 profit (NPAT) forecasts by -33.9%, -16.8% and -16.4%, respectively.

The rating is moved to Hold from Add and the target falls to $13.97 from $18.95. Morgans forecasts growth will resume in FY22 reflecting a recovery from covid and the implementation of five strategic growth initiatives.

Target price is $13.97 Current Price is $12.56 Difference: $1.41
If ORI meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $16.14, suggesting upside of 27.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Ord Minnett rates ORI as Hold (3) -

Given that the earnings downgrade for the first half of FY21, of -$105-125m, stems around 90% from external factors, Ord Minnett maintains a Hold rating and $16.50 target.

The broker notes the message management delivered was that, despite softer demand, there have been no material pricing or market share issues.

Target price is $16.50 Current Price is $12.56 Difference: $3.94
If ORI meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $16.14, suggesting upside of 27.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Morgans rates PPE as Add (1) -

After accounting for JobKeeper and accounting standards, the 1H21 result was 2% ahead of Morgans estimates. FY21 earnings guidance is considered conservative as business conditions should continue to improve, particularly in Victoria.

Total billed hours are trending higher in the 2H, up circa 70% from April 2020 lows, with Healthcare and Technology lagging, explains the broker. The former considered due to border closures and the latter from a -40% slide in permanent placements.

Add rating and target is increased to $4.11 from $4.05.

Target price is $4.11 Current Price is $3.15 Difference: $0.96
If PPE meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Ord Minnett rates PPE as Buy (1) -

First half underlying operating earnings were well ahead of Ord Minnett's forecasts. Both divisions experienced billable hours rising 20% and the broker notes solid momentum continues in the second half.

Ord Minnett assumes growth in underlying FY22 operating earnings of more than 15%, before acquisitions. Buy retained. Target rises to $5.03 from $4.48.

Target price is $5.03 Current Price is $3.15 Difference: $1.88
If PPE meets the Ord Minnett target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates REG as Neutral (3) -

First half revenue and earnings were ahead of forecasts, supported by higher government revenue and lower staff costs. Overall occupancy was also higher than the prior corresponding half.

Macquarie considers improving occupancy trends and a more favourable balance sheet are positives, although there are potential risks to cash flow in the event of further deterioration in the flow from residential accommodation deposits (RAD) and/or declines in occupancy.

Neutral retained. Target is raised to $2.10 from $2.00.

Target price is $2.10 Current Price is $1.97 Difference: $0.13
If REG meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.87, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Citi rates REH as Sell (5) -

Reece delivered a solid first half, observes Citi, reflecting the strong rebound in macroeconomic conditions and strong execution. Citi expects these trends to persist into the second half with sales forecast to grow by 7.4% before moderating to around 6% in FY22.

The broker upgrades its FY21-22 operating income forecasts by circa 3% factoring in a boost from the current disruption in Texas. Also, Citi finds the improvement in the US operating income margins encouraging. 

Balance sheet optionality remains for M&A in the US, adds the broker, which may lead to further consolidation in a fragmented market. 

Citi sticks with its Sell rating on valuation grounds with the target rising to $13.50 from $12.30.

Target price is $13.50 Current Price is $16.20 Difference: minus $2.7 (current price is over target).
If REH meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.33, suggesting downside of -17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.7

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

Morgans rates REH as Reduce (5) -

The first half result for Reece was comfortably above Morgans estimates. Constant currency sales growth (7% for both ANZ and the US) and good cost control led to earnings (EBITDA) margin expansion, explains the broker.

The 1H21 DPS of 6.0cps was above the 5.1cps forecast of the analyst who notes additional capacity for further investments and/or bolt-on acquisitions, especially in the highly fragmented US market.

The Reduce rating is maintained due to a high valuation and low dividend yield. The target price is increased to $13.50 from $11.45.

Target price is $13.50 Current Price is $16.20 Difference: minus $2.7 (current price is over target).
If REH meets the Morgans target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.33, suggesting downside of -17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.7

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

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

Ord Minnett upgrades to Hold from Lighten and raises the target price to $16 from $13.50 after first half earnings (EBITDA) exceeded forecasts by 2.4%, while earnings margins increased 41 basis pointss to 11.4%.

Financing costs of -$66.6m were significantly higher than the broker's -$44 forecast due to a foreign currency loss on derivative instruments.

The broker feels housing activity in both ANZ and the US looks supportive for earnings growth for the remainder of the calendar year. It's considered there will be a rebound in capital expenditure, particularly in the US, where further opportunities for expansion exist.

Target price is $16.00 Current Price is $16.20 Difference: minus $0.2 (current price is over target).
If REH meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.33, suggesting downside of -17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.7

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

Morgan Stanley rates RRL as Overweight (1) -

Regis Resources expects a decision from the NSW Department of Planning, Industry and Environment in this quarter which Morgan Stanley believes will clear the way for a final decision from the Independent Planning Commission (IPC).

With circa 190kozpa of production over McPhillamys' life, Morgan Stanley believes the project would lift Regis Resources to 507koz in FY25, a 38% increase over FY21.

This, highlights the broker, will be the highest production growth of any gold stock under the broker's coverage and gives Regis Resources a direct valuation uplift.

Overweight maintained with a target price of $5.05. Industry view: Attractive.

Target price is $5.05 Current Price is $3.13 Difference: $1.92
If RRL meets the Morgan Stanley target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $4.40, suggesting upside of 39.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Ord Minnett rates RRL as Buy (1) -

First half net profit was below Ord Minnett's forecasts amid larger depreciation charges.

The broker adjusts its D&A profile and makes minor adjustments for capital expenditure guidance. Buy rating and $4.30 target retained.

Target price is $4.30 Current Price is $3.13 Difference: $1.17
If RRL meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $4.40, suggesting upside of 39.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Ord Minnett rates SDF as Accumulate (2) -

First half results were ahead of estimates amid strong growth in broking along with margin expansion. Ord Minnett finds it unclear as to the extent of the benefits from reduced expenses in coronavirus-affected world.

The broker retains an Accumulate rating and raises the target to $4.66 from $4.39. Upgrades to estimates are made to the tune of 3-6% in the outer years.

Target price is $4.66 Current Price is $3.99 Difference: $0.67
If SDF meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

Macquarie rates SLK as Neutral (3) -

First half results were well ahead of Macquarie's estimates. The company performed strongly in marine & tourism and margins were up 10% while cost control measures were in place.

Nevertheless, Macquarie suspects the business will be unable to sustain first half margins and international bus concessions as the job support scheme in Singapore rolls off. Neutral retained. Target is raised to $8.70 from $6.70.

Target price is $8.70 Current Price is $8.55 Difference: $0.15
If SLK meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgans rates SRJ as No Rating (-1) -

Revenue for FY20 beat Morgans expectations by 3% though non-recurring expenses made the loss greater than forecast.

Despite management pointing to a number of initiatives to help break into the market, the broker notes there are significant risks to investing in the company. The time to reach cashflow breakeven is considered uncertain and net tangible asset per share is only 3.4cps.

Speculative Buy rating and the target price is increased to $0.67 from $0.66.

Target price is $0.67 Current Price is $0.33 Difference: $0.34
If SRJ meets the Morgans target it will return approximately 103% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

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

Macquarie rates SXY as Outperform (1) -

First half operating earnings (EBITDA) were ahead of Macquarie's forecasts because of significantly lower costs. Senex Energy will conduct a share consolidation at 8:1 in order to provide more flexibility in adjusting future dividends.

Macquarie believes both the delivery on the Surat CSG field development (so far) and the accretive divestment of the Cooper Basin business have been soundly executed.

The main risks centre around lower oil prices for disappointing well performance and/or declines in the field. Outperform retained. Target is raised to $0.47 from $0.45.

Target price is $0.47 Current Price is $0.37 Difference: $0.1
If SXY meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $0.46, suggesting upside of 24.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Ord Minnett rates SZL as Buy (1) -

2020 results beat estimates and Ord Minnett finds the business has all the attributes required, including a focus on product with the highest market fit in the largest e-commerce market (North America) and the sector with low penetration thus far.

Ord Minnett upgrades 2021 and 2022 revenue forecasts by 10% and 12%, respectively. Buy retained. Target rises to $11.50 from $11.00.

Target price is $11.50 Current Price is $9.70 Difference: $1.8
If SZL meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 WHC as Buy (1) -

While first half earnings were weak, UBS notes market sentiment remains optimistic, with the stock up 25% over the last six months. The company received an average realised coal price of US$80/t and cash burn over the half year of $50m.

Given current covenant requirements, UBS does not expect a dividend in the second half and a return to generating free cash flow is considered the first step in bringing back dividends. Buy rating and $2.30 target retained.

Target price is $2.30 Current Price is $1.52 Difference: $0.78
If WHC meets the UBS target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $2.07, suggesting upside of 32.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgan Stanley rates WPR as Underweight (5) -

Waypoint REIT's 2020 earnings are in line with Morgan Stanley's 15.13c estimate. The REIT has guided to earnings of 15.72c in FY21  assuming -$20-30m of divestments and no new assets.

While the broker's Underweight rating is led by longer-term concerns about fuel usage and potential negative leasing spreads, there were some positives from Waypoint's results like a lower gearing target and recognising electric vehicles as a mega-trend.

Underweight rating with a target of $2.50. Industry view is In-Line.

Target price is $2.50 Current Price is $2.39 Difference: $0.11
If WPR meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.80, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Morgans rates WPR as Add (1) -

Waypoint REIT's FY20 result revealed 99.9% of rent was collected during the period, highlighting to Morgans the resilience of the portfolio. Distributable EPS was at the top end of prior guidance at 15.15c, while 2021 guidance is for 15.72c (including a $20-30m sale of non-core assets).

The Add rating is unchanged and the target price is increased to $2.94 from $2.88. Though remaining one of Morgan's preferred yield plays the security price is likely to be beholden to the direction of bond rates. 

Target price is $2.94 Current Price is $2.39 Difference: $0.55
If WPR meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.80, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Ord Minnett rates WPR as Buy (1) -

2020 results were in line with forecasts. 2021 distributable earnings guidance of 15.72c is below expectations, although Ord Minnett still believes this represents strong growth.

Asset sales of -$20-30m are targeted for 2021. Ord Minnett maintains a Buy rating, highlighting an attractive distribution yield. Target is $2.95.

Target price is $2.95 Current Price is $2.39 Difference: $0.56
If WPR meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.80, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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