Australian Broker Call

UBS rates ABY as Buy (1) -

As expected, Adore Beauty Group's growth slowed in the second quarter as compared to the first given deceleration of lockdown benefits, but the company still delivered a 5% revenue beat to UBS's forecast. The broker retains full year sales expectations of $208m. 

Elevated marketing and customer acquisition costs were also expected. Market concern over the long-term outlook of online retailers post covid benefits drove a -52% stock price decline since November, but UBS guides to a strong medium-term outlook of 19% compound annual growth rate. 

The Buy rating is retained and the target price decreases to $4.70 from $6.00.

Target price is $4.70 Current Price is $2.47 Difference: $2.23
If ABY meets the UBS target it will return approximately 90% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates BHP as Neutral (3) -

BHP Group reported a solid 1H, according to Credit Suisse, with the US$1.50 interim dividend exceeding the consensus expectation for US$1.28.

Given management's lower net debt target, the analyst feels either material capital returns or M&A activity is in prospect. The broker prefers the former and with heightened M&A risks (read potential value destruction) maintains a Neutral rating.

The target price rises to $44 from $43 and the Neutral rating is unchanged.

Target price is $44.00 Current Price is $47.33 Difference: minus $3.33 (current price is over target).
If BHP meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $46.14, suggesting downside of -3.6% (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: 0.2

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

Credit Suisse rates BRG as Neutral (3) -

Both sales and earnings for Breville Group's 1H were ahead of Credit Suisse's estimates and minor changes are made to forecasts. Higher reinvestment in the business was considered to largely offset revenue outperformance.

On a constant currency basis, sales increased by double digits across all businesses. The broker sees material medium-term growth opportunities. The target price eases to $28.38 from $29.86. Neutral. 

Target price is $28.38 Current Price is $29.09 Difference: minus $0.71 (current price is over target).
If BRG meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.03, suggesting upside of 9.7% (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 BRG as Outperform (1) -

Breville posted a 23% increase in earnings in the first half, beating Macquarie by 6%, on 24% revenue growth and well-managed operating expense and gross margins in the face of supply challenges.

Management suggests consensus FY forecasts are on the money, and there is scope for a stock build-up over the second half to support sales performance.

This suggests to the broker organic growth remains intact, supported by internal initiatives, over and above market demand. Outperform retained, target rises to $34.80 from $34.37.

Target price is $34.80 Current Price is $29.09 Difference: $5.71
If BRG meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $33.03, suggesting upside of 9.7% (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

Morgan Stanley rates BRG as Overweight (1) -

Morgan Stanley retains its Overweight rating for Breville Group following a 1H beat for EPS and revenue of 3% and 12%, respectively. Meanwhile, FY22 earnings (EBIT) guidance was in-line with the consensus forecast.

The analyst explains a seasonal peak in receivables and a rebuild in inventory combined to weigh upon cash conversion. This situation is expected to improve in the 2H as receivables are collected, though higher inventory will be an offset.

The Overweight rating and $36 target are retained. Industry: In-line.

Target price is $36.00 Current Price is $29.09 Difference: $6.91
If BRG meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $33.03, suggesting upside of 9.7% (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

Morgans rates BRG as Add (1) -

Breville Group's December-half result outpaced Morgans forecasts, thanks to strong sales and controlled margins.

The broker expects above-category sales growth will continue through FY22 allowing the company to comfortably invest in geographic expansion, marketing and R&D.

EPS estimates rise 1.9% in FY22 and 2% in FY23 and sit slightly above guidance.

Morgans believes the company's trading premium is justified. Add rating retained.

Target price eases to $32 from $34 to reflect lower peer company multiples and higher weighted average cost of capital.

Target price is $32.00 Current Price is $29.09 Difference: $2.91
If BRG meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $33.03, suggesting upside of 9.7% (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

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

Breville Group's December-half result outpaced Ord Minnett by 4%, thanks to double-digit sales growth from three geographies.

While supply constraints hit top-line growth, the sudden growth spurt caused Breville to postpone expansion and product launches and boost its inventory, suggesting further upside ahead, says the broker.

FY21 forecasts rise 4.1%, FY23 forecasts rise 5.6% and FY24 forecasts rise 7.5%.

Target price rises to $33 from $30.50. Rating upgraded to Buy from Hold.

Target price is $33.00 Current Price is $29.09 Difference: $3.91
If BRG meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $33.03, suggesting upside of 9.7% (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

UBS rates BRG as Buy (1) -

Breville Group has delivered a strong first half, all the more impressive considering logistics issues and strong comparables according to UBS. Price rises allowed the company to largely offset cost inflation and retain a 34.1% gross margin. 

The company looks to have a big second half ahead of it, with plans to increase inventory build through the second half to support FY23 demand and de-risk supply chain constraint impact, as well as entering new geographies which could provide share price upside.

Despite Breville Group not looking cheap, UBS finds the stock high quality and with an attractive growth profile. The Buy rating is retained and the target price decreases to $34.00 from $35.70. 

Target price is $34.00 Current Price is $29.09 Difference: $4.91
If BRG meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $33.03, suggesting upside of 9.7% (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

Citi rates CSL as Buy (1) -

Gone are the doubts about CSL's plasma collection abilities as Citi increases EPS forecast for FY22 by 5%, but also lowers forecasts for subsequent years by -5% and -7% respectively.

The culprit, so to speak, is anticipation of margin pressure. Price target moves to $335 from $340.

It remains the broker's view that the key risk for FY23 remains the pace of recovery of plasma collections and level of donor fees. The broker does note CSL management expressed the view that 2H22 should be the low point in Behring gross margins.

Buy. Guidance was reiterated but now includes Vifor acquisition costs thus effectively implies a 5% upgrade explain the analysts.

Target price is $335.00 Current Price is $263.69 Difference: $71.31
If CSL meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $317.42, suggesting upside of 15.4% (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: 0.9

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

Credit Suisse rates CSL as No Rating (-1) -

CSL's 1H profit came in 18% ahead of the consensus forecast. According to Credit Suisse, the outcome was delivered via better Behring cost management and a stronger Seqirus performance. For the latter, seasonal flu vaccines surprised to the upside.

While sales for Behring were impacted by a -15% volume decline, an offset was provided by a strong performance in other key products, explains the analyst. These products were Idelvion, Kcentra and Haegarda.  

The broker expects a weak 2H though there are signs of improvement for FY23. Plasma collections continue to improve and management expects the Behring gross margin to bottom in the 2H.

Due to research restrictions Credit Suisse has not provided a rating or target price. 

Current Price is $263.69. Target price not assessed.

Current consensus price target is $317.42, suggesting upside of 15.4% (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: 0.9

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

Macquarie rates CSL as Outperform (1) -

CSL's first half profit beat Macquarie by 15% and FY guidance has been reaffirmed. Impacts from weaker plasma collection were evident, the broker notes, and management expects further headwinds in the second half.

But there is a lag of around 9 months from plasma collection to finished product, and collections are on the improve, suggesting a more favourable FY23. The broker also looks to additional earnings support from Vifor, and potential Terumo platform approval.

Outperform retained, target rises to $327.50 from $325.00.

Target price is $327.50 Current Price is $263.69 Difference: $63.81
If CSL meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $317.42, suggesting upside of 15.4% (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: 0.9

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

Morgan Stanley rates CSL as Upgrade to Overweight from Equal-weight (1) -

Following CSL's 1H results, Morgan Stanley raises its rating to Overweight from Equal-weight on expectation of a bottom for both plasma collection and costs. The recent share price underperformance was also taken into account.

Plasma collections are now approaching pre-pandemic levels. Recent management guidance points to a gross margin trough in
2H22/1H23 with improvement in 2H of FY23 onwards, explains the analyst. The proposed acquisition of Vifor is also seen as a positive.

The target price rises to $302 from $280. Industry view: In-Line.

Target price is $302.00 Current Price is $263.69 Difference: $38.31
If CSL meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $317.42, suggesting upside of 15.4% (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: 0.9

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

Morgans rates CSL as Add (1) -

CSL's December-half results outpaced Morgans' forecasts but met management's guidance, thanks to a strong performance from Seqirus which benefited from pandemic-inpsired demand for influenza vaccines.

FY22 guidance is weaker and the broker eases earnings forecasts roughly -2%.

But Morgans believes the covid tide is turning for plasma collections and issues a call to action on CSL, saying now is the time to enter.

Add rating retained. Target price eases to $327.60 from $334.70.

Target price is $327.60 Current Price is $263.69 Difference: $63.91
If CSL meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $317.42, suggesting upside of 15.4% (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: 0.9

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

Ord Minnett rates CSL as Upgrade to Accumulate from Hold (2) -

CSL's December-half result seriously outpaced Ord Minnett's estimates, thanks to a doubling of royalties, rising plasma collections and a sharp rise in flu vaccine earnings, which pushed earnings back to pre-pandemic levels. Guidance was reiterated. 

Ord Minnett believes the tide has turned for CSL, expecting a plasma-earnings rebound in FY23, and upgrades to Accumulate from Hold.

Target price rises to $295.00 from $285.00.

Target price is $295.00 Current Price is $263.69 Difference: $31.31
If CSL meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $317.42, suggesting upside of 15.4% (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: 0.9

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

Citi rates CTD as Buy (1) -

It appears the interim result missed market consensus, but Citi is of the view Corporate Travel Management delivered a good result with strong sales and evidence of market share gains.

The broker sees accelerated growth ahead with momentum recovering and the company having achieved some material contract wins.

On the negative side, costs appear to be rising ahead of demand, points out the broker. Target price lifts to $28.05. Buy.

Target price is $28.05 Current Price is $24.34 Difference: $3.71
If CTD meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $27.34, suggesting upside of 13.4% (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 CTD as Outperform (1) -

It was a solid result for Corporate Travel Managment in a tough operating environment, Macquaire suggests. Revenue was in line but earnings fell shy of forecasts. Underlying earnings were actually positive in all of North America, Europe and A&NZ, despite delta and omicron.

Management noted that travel volumes in February are rebounding rapidly in the UK and North America as restrictions have been lifted, providing a precedent for other regions, including other European countries and A&NZ.

The company is well placed to leverage the forecast rebound in travel activity, the broker notes. The strong growth outlook is boosted by ongoing market share gains and M&A optionality supported by a net cash balance sheet.

Outperform retained, target rises to $26.70 from $22.75.

Target price is $26.75 Current Price is $24.34 Difference: $2.41
If CTD meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $27.34, suggesting upside of 13.4% (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

Morgan Stanley rates CTD as Overweight (1) -

After first half results for Corporate Travel Management, Morgan Stanley assesses the return to peak earnings will be sooner than the consensus estimate.

Commentary pointed to 2H seasonality being more pronounced than the usual 67% 2H earnings (EBITDA) skew. The broker maintains its Overweight weighting and $28 target price. Industry view: In-line.

Despite a reinvestment in capacity, the analyst estimates earnings are increasing ahead of revenue due to cost efficiency, vertical integration and automation.

Target price is $28.00 Current Price is $24.34 Difference: $3.66
If CTD meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $27.34, suggesting upside of 13.4% (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

Morgans rates CTD as Add (1) -

Corporate Travel Management's December-half result fell shy of consensus but met Morgans forecasts.

The company reported strong earnings (EBITDA), solid cash-flow conversion and a debt-free balance sheet.

Morgans notes that omicron affected January trade but that business is on the up, management expecting a strong June quarter.

Corporate Travel is Morgans key travel sector pick.

Add rating retained. Target price inches up to $29.25 from $29.

Target price is $29.25 Current Price is $24.34 Difference: $4.91
If CTD meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $27.34, suggesting upside of 13.4% (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

Ord Minnett rates CTD as Buy (1) -

Corporate Travel Management's December-half result outpaced Ord Minnett's forecasts, the company reducing its normalised net loss to -$0.4m compared with a forecast -$1.1m.

Europe accounted for the beat, reporting record earnings (EBITDA) thanks to an uptick in government work, and management expects the region will continue to deliver strong growth over the next 18 months.

Ord Minnett says the result shows the covid recovery is in play, but that industry pressure should continue to feature in the near term. EPS forecasts fall -3% in FY22 accordingly, but rise 5% in FY23 and FY24.

Target price rises 15% to $28.10 from $24.35. Buy recommendation retained.

Target price is $28.10 Current Price is $24.34 Difference: $3.76
If CTD meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $27.34, suggesting upside of 13.4% (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

UBS rates CTD as Buy (1) -

Given the omicron backdrop, Corporate Travel Management performed better than UBS had expected, reporting activity level uplift in North America and Europe and record clients wins including three new global clients worth more than US$80m annually. 

Revenue was up 120% year-on-year while earnings of $18.2m were up from $15.7m in the previous half. North America, Europe and Australia & New Zealand all reported positive earnings, and Australia & New Zealand recovery is expected to pick up momentum. 

Omicron impacts drive a -31% decrease to FY22 earnings per share forecasts. The Buy rating is retained and the target price increases to $28.20 from $27.75.

Target price is $28.20 Current Price is $24.34 Difference: $3.86
If CTD meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $27.34, suggesting upside of 13.4% (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

Credit Suisse rates EBO as Outperform (1) -

Ebos Group delivered a 3% beat for 1H underlying earnings (EBIT) versus the consensus estimate. A stronger Healthcare result contributed to a 5% underlying profit beat versus consensus.

The broker expects the Life Healthcare acquisition to contribute 10% growth, within a forecast for 24% profit growth in the 2H. The target rises to $42.50 from $41. Outperform.

Target price is $42.50 Current Price is $36.80 Difference: $5.7
If EBO meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $38.94, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Morgans rates EBO as Hold (3) -

Ebos Group's December-half earnings outpaced the broker, although net profit after tax proved a miss.

Net debt rose to $402m from $271m, mainly reflecting three big acquisitions, but the broker notes working capital is solid and cash conversion is 14 days.

Healthcare recorded strong sales thanks to solid contributions from all divisions. Hold rating and $36.75 target price retained.

Target price is $36.75 Current Price is $36.80 Difference: minus $0.05 (current price is over target).
If EBO meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $38.94, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Credit Suisse rates EDV as Upgrade to Neutral from Underperform (3) -

Ahead of Endeavour Group's 1H results, Credit Suisse lifts its rating to Neutral from Underperform in anticipation of outperformance in Retail liquor and an improving trend for Hotels. Valuation is also expected to lend support.

The target price is adjusted to $6.20 from $6.19.

Target price is $6.20 Current Price is $6.36 Difference: minus $0.16 (current price is over target).
If EDV meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.86, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates EEG as Add (1) -

Empire Energy Group has updated third-party estimates of its 2C contingent resource and Santos ((STO)) and Tamboran Resources (TBN) have reported normalised flow rates suggesting the project may be approaching a commercial threshold.

Morgans retains a Speculative Buy rating. Target price inches up to $1.11 from $1.09 to reflect the updated contingent resource estimate.

Target price is $1.11 Current Price is $0.35 Difference: $0.76
If EEG meets the Morgans target it will return approximately 217% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Macquarie rates EHL as Outperform (1) -

Emeco Holdings reported in line with its pre-released numbers. It was a solid operating result across the segments, Macquarie notes,  despite some labour and weather headwinds that should ease through 2022.

The demand environment remains strong, underpinning the outlook for growth in second half accelerating in FY23. The broker considers valuation to be undemanding, supported by the dividend and share buyback program.

That said, the broker has trimmed earnings forecasts and its target to $1.18 from $1.21. Outperform retained.

Target price is $1.21 Current Price is $0.89 Difference: $0.32
If EHL meets the Macquarie target it will return approximately 36% (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 EML as Outperform (1) -

EML Payments' first half result featured a miss on revenue, with a pre-Christmas omicron wave in the northern hemisphere impacting mall volumes. However, FY guidance remains unchanged, and in line with Macquarie's forecast.

With Irish distractions becoming less of a feature, evidenced by a recovery in gross payment volume as well as uncapped leverage to rising rates in multiple jurisdictions, EML appears likely to enter an earnings upgrade cycle following 12 months of earnings downgrades, the broker suggests.

Outperform retained, target trimmed to $3.80 from $3.90.

Target price is $3.80 Current Price is $2.90 Difference: $0.9
If EML meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $4.13, suggesting upside of 44.8% (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

Ord Minnett rates EML as Buy (1) -

EML Payments' December-half result slightly outpaced Ord Minnett's forecasts, the company posting strong organic revenue growth  for all segments despite continued lower interest rates.

On the downside, the CBI probe and Sentenial absorption resulted in a 24% increase in costs.

Management reiterated guidance and the broker spies a positive outlook for FY23 as lower costs, higher interest rates, a covid recovery and strong growth in open banking and GPR all flow through to earnings.

Target price edges up to $4.03 from $4.02. Buy rating retained.

Target price is $4.03 Current Price is $2.90 Difference: $1.13
If EML meets the Ord Minnett target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $4.13, suggesting upside of 44.8% (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

UBS rates EML as Buy (1) -

Highlights of EML Payments' first half for UBS include an uplift in the sales pipeline to $13.6bn compared to $10.5bn in the fourth quarter of FY21, and the announcement from the company that it will recommence new client onboarding from December. 

Revenue was up 20% year-on-year and earnings were up 4%, and while the Central Bank of Ireland regulatory issue did drive underlying overheads up 24% the broker finds the market has been overly focused on the negatives. 

Earnings per share are expected to benefit from increasing rates, forecasts increase 5-7% for FY23-FY25. The Buy rating is retained and the target price increases to $4.55 from $4.40.

Target price is $4.55 Current Price is $2.90 Difference: $1.65
If EML meets the UBS target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $4.13, suggesting upside of 44.8% (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 EVN as Downgrade to Underperform from Neutral (5) -

Following 1H results for Evolution Mining, Credit Suisse lowers its rating to Underperform from Neutral on valuation, and concerns over minimal cash flows and elevated gearing. This is despite a 5% beat for earnings (EBITDA) versus expectations.

The analyst was surprised by a 3cps dividend, as only 1cps was expected, though downside risk is predicted for the final dividend (see concerns above). The target falls to $3.60 from $3.70.

Target price is $3.60 Current Price is $4.01 Difference: minus $0.41 (current price is over target).
If EVN meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.14, suggesting upside of 1.1% (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

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

Evolution Mining's interim profit was in line with Macquarie, but the 3c dividend beat the broker's conservative assumption. Year on year reserve and resource growth was primarily driven by three acquisitions over 2021.

While management has flagged a stronger operational performance and dividend in the second half, comments around widely experienced cost pressures could begin to weigh on the long-term outlook, the broker warns.

Target falls to $4.30 from $4.70. Downgrade to Neutral fom Outperform.

Target price is $4.30 Current Price is $4.01 Difference: $0.29
If EVN meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.14, suggesting upside of 1.1% (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

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

Morgan Stanley remains Equal-weight with a target price of $3.90 following Evolution Mining's 2H results. Industry view: Attractive. The dividend was as expected while cash conversion was a miss versus forecast due to one-off transaction costs and interest payments.

A  Reserve/Resource update showed the former increased by 5%, largely driven by Mungari. The Resource estimate increased 12% year-on-year driven by Red Lake, the Mungari Kundana acquisition and Ernest Henry.

Target price is $3.90 Current Price is $4.01 Difference: minus $0.11 (current price is over target).
If EVN meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.14, suggesting upside of 1.1% (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

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

Evolution Mining's soft December-half result met Morgans' low expectations (the production report was weak), and management reiterated guidance to a strong half.

Gold Resources rose 12% and the Reserve rose 5% and copper inventories increased following the Ernest Henry acquisition.

The broker tinkers with earnings and awaits the March-quarter production report for greater certainty, with Red Lake a key risk and costs a further wildcard.

Morgans downgrades the company to Hold from Add. Target price inches up to $4.21 from $4.20.

Target price is $4.21 Current Price is $4.01 Difference: $0.2
If EVN meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.14, suggesting upside of 1.1% (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

Ord Minnett rates EVN as Accumulate (2) -

Evolution Mining's December-half result broadly met Ord Minnett's forecasts, save for a 3c dividend, which compared to the broker's 1c.

The broker expects continued strength in margins but that free cash flow will suffer from higher capital expenditure as the company continues reinvesting in growth.

But once growth kicks in, Ord Minnett expects the company's historical premium will return, and believes Evolution Mining offers a relatively lower risk liquid gold option.

Accumulate rating retained. Target price edges up to $4.75 from $4.70.

Target price is $4.75 Current Price is $4.01 Difference: $0.74
If EVN meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.14, suggesting upside of 1.1% (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

Citi rates FBU as Buy (1) -

Citi saw an in-line interim result while FY22 guidance proved a "beat" to the tune of 6%. The broker points out the latter does include a covid caveat of potential $25-50m.

The broker maintains its positive view stating the residential backlog should underpin earnings for multiple years while margins appear on track for 10% EBIT guidance.

Lower market multiples have reduced the price target to NZ$7.76 from NZ$7.94. Buy.

Current Price is $6.26. Target price not assessed.

Current consensus price target is $9.30, suggesting upside of 46.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

This company reports in NZD. 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 FBU as Outperform (1) -

According to Credit Suisse development earnings in New Zealand and good Concrete margins drove a 2% earnings (EBIT) beat for Fletcher Building, versus the consensus estimate.

Management confirmed prices were offsetting inflation in all products, thereby ensuring that improved volumes translate to improved earnings, suggests the broker.

The analyst sees good, but not emphatic progress towards management's FY23 targets, as 2H margins will be artificially high due to a rapid increase in prices for unit sales. The Outperform rating is maintained and the target climbs to $9.30 from $8.60.

Target price is $9.30 Current Price is $6.26 Difference: $3.04
If FBU meets the Credit Suisse target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $9.30, suggesting upside of 46.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

This company reports in NZD. 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 FBU as Upgrade to Outperform from Neutral (1) -

Fletcher Building reported first half earnings 16% ahead of Macquarie. FY guidance is 23% ahead of the broker, and includes a 5% NZ covid contingency.

The dividend of 18c is 50% up year on year and towards the top of the payout range, compared to the broker's 13c forecast.

The result went some way to assuaging some of the broker's structural concerns, and despite incorporating conservative assumptions, Macquarie upgrades to Outperform from Neutral. Target rises to NZ$7.70 from NZ$7.20.

Current Price is $6.26. Target price not assessed.

Current consensus price target is $9.30, suggesting upside of 46.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Morgan Stanley rates FBU as Overweight (1) -

Following 1H results, Morgan Stanley believes Fletcher Building is too cheap to ignore and retains an Overweight rating. It's thought guidance points to a strong 2H and significant progress towards the FY23 margin target of 10%.

The analyst also believes current macro conditions will contribute to strong FY23 earnings growth. Overweight rating and the target rises to NZ$8.70 from NZ$8.60. Industry view is In-Line.

Current Price is $6.26. Target price not assessed.

Current consensus price target is $9.30, suggesting upside of 46.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Citi rates FMG as Sell (5) -

Fortescue Metals Group's half-yearly performance seems to have modestly beaten Citi's forecast, though the broker adds it was merely in-line with market consensus.

Citi is not yet prepared to ascribe any premium to the iron ore miner's green energy ambitions, while estimates are little changed. Sell rating remains in place.

Target price unchanged at $17. Dividend forecasts have been reduced.

Target price is $17.00 Current Price is $21.15 Difference: minus $4.15 (current price is over target).
If FMG 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 $17.17, suggesting downside of -16.2% (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: -0.6

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

Credit Suisse rates FMG as Underperform (5) -

While Fortescue Metals Group's 1H results were in-line with Credit Suisse's forecasts, a premium valuation versus peers is considered hard to justify. The 86cps interim dividend was shy of the 91cps consensus expectation due to a lower payout ratio.

Management points to a healthy demand for low-grade products though the Credit Suisse commodities team believes this will be short lived. 

The broker maintains its Underperform rating on caution around subdued near-term free cash flow, management churn risks and a lack of clarity on Fortescue Future Industries. The target price of $14 is unchanged.

Target price is $14.00 Current Price is $21.15 Difference: minus $7.15 (current price is over target).
If FMG meets the Credit Suisse target it will return approximately minus 34% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.17, suggesting downside of -16.2% (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: -0.6

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

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

Well the money had to come from somewhere, and in the end it is the sharholders having to cough up. Fortesuce Metals reported earnings in line with Macquarie's forecast, but a cut in the payout ratio led to a -12% miss on dividend.

The broker now assumes a cut in payout ratio to 70% from 80% in the long term, with cash reallocated to Fortesuce Future Industries. This, along with higher assumed costs for Iron Bridge, leads to earnings forecast downgrades.

Fortescue’s earnings upgrade momentum at spot prices remains strong, however given the material reduction in cash returns to
shareholders, the broker downgrades to Neutral from Outperform. Target falls to $19.70 from $21.00.

Target price is $19.70 Current Price is $21.15 Difference: minus $1.45 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.17, suggesting downside of -16.2% (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: -0.6

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

Morgan Stanley rates FMG as Underweight (5) -

Morgan Stanley assesses a broadly in-line 1H result for Fortescue Metals Group, with a dividend also in-line with the consensus estimate.

Operating cash flow was a 3% beat compared to the broker's forecast due to lower tax paid and lower working capital. Guidance and project timelines were unchanged.

Underweight rating and $13 target price retained. Industry view: Attractive.

Target price is $13.00 Current Price is $21.15 Difference: minus $8.15 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 39% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.17, suggesting downside of -16.2% (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: -0.6

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

Morgans rates FMG as Hold (3) -

Fortescue Metal Group's 1H result was close to Morgans expectations. There was no change to FY22 guidance for production, unit costs and capex.  The dividend ($0.86) fell at a greater rate than earnings as the payout ratio fell to 70% from 80%.

After the analyst updates forecasts for the result, increasing 2H expense assumptions and raises estimated cash costs, the target price falls to $18.80 from $20.20.

The broker anticipates a difficult outlook given declining iron ore prices, increasing low-grade discounts, and severe cost headwinds. Hold.

Target price is $18.80 Current Price is $21.15 Difference: minus $2.35 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.17, suggesting downside of -16.2% (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: -0.6

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

Ord Minnett rates FMG as Hold (3) -

Fortescue Metals Group's December-half result met consensus and Ord Minnett's forecasts.

Production guidance was reiterated as was management's intention to direct 10% of net profit towards Fortescue Future Industries, although Ord Minnett suspects this is a very conservative estimate.

Iron-ore continues to pay off the company but the broker notes the company is trading above net present value and offers a lower free cash flow yield than peers.

Hold rating retained, the broker awaiting a cheaper entry point. Target price steady at $21.

Target price is $21.00 Current Price is $21.15 Difference: minus $0.15 (current price is over target).
If FMG 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 $17.17, suggesting downside of -16.2% (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: -0.6

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

Ord Minnett rates GMG as Accumulate (2) -

Goodman Group's interim report, released this morning, has beaten expectations, comments Ord Minnett after an initial assessment. Yet again, the broker gains more confidence in the three-year growth outlook.

Management at the company increased FY22 guidance and Ord Minnett observes growth of 27% in the first half is well above revised guidance for 20% operating EPS growth.

Consensus forecasts will need to lift yet again, suggests the broker.

Target price is $25.00 Current Price is $24.00 Difference: $1
If GMG meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $25.82, suggesting upside of 8.0% (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 NCM as Buy (1) -

Ord Minnett, upon first glance, sees Newcrest Mining having delivered a forecast-beating interim report. The stand-out "miss" it appears has been a significant reduction in the dividend to 7.5c (-50% below the broker's estimate).

Management at the gold miner has kept FY22 guidance intact and the analyst notes no further info on Wafi-Golpu.

Target price is $29.00 Current Price is $23.50 Difference: $5.5
If NCM meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $28.56, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.9

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

Citi rates NEA as Buy (1) -

Citi's early response yesterday already indicated Nearmap's half-yearly performance beat expectations (EBITDA) with revenues and gross profit in-line.

In particular the North American operations pleased the broker. Regarding the latter, the broker admits the legal case from Eagleview remains a key risk, but also points out that Nearmap’s growth in the US indicates legal proceedings are not impacting on growth in the region.

Among key positives from the report, Citi highlights improving revenue per user, increased take-up of premium content, lower churn, improving gross margins as well as lower-than-expected cash burn (guidance).

Buy/High Risk. Target $2.10.

Target price is $2.10 Current Price is $1.33 Difference: $0.77
If NEA meets the Citi target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $2.03, suggesting upside of 47.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

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

Nearmap's first half revenue growth was stronger than Macquarie expected primarily driven by stronger than forecast North American business segments seeing already high sales team contribution ratio improvement.

Stronger than forecast revenue growth could lead to positive operating leverage and positive earnings revisions over the medium term, the broker suggests.

This is nevertheless offset by near-term risk from legal proceedings which may result in greater than forecast cash burn if a resolution is not reached. That said, the broker lifts its target to $1.40 from $1.30 and upgrades to Neutral from Underpeform.

Target price is $1.40 Current Price is $1.33 Difference: $0.07
If NEA meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.03, suggesting upside of 47.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgan Stanley rates NEA as Overweight (1) -

Despite being broadly positive on Nearmap's 1H result, Morgan Stanley slashes its target price to $2.60 from $3.20 after adopting a lower valuation multiple. Annual contract value (ACV) beat the broker's estimate by 3% and risk/reward is seen as favourable.

Management raised full-year ACV guidance to the upper end of the $150-160m range and confirmed plans to be free cash flow positive in FY24.

Overweight. Industry view In-Line. 

Target price is $2.60 Current Price is $1.33 Difference: $1.27
If NEA meets the Morgan Stanley target it will return approximately 95% (excluding dividends, fees and charges).

Current consensus price target is $2.03, suggesting upside of 47.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Ord Minnett rates NGI as Buy (1) -

Navigator Global Investments released its interim report and Ord Minnett, upon first glance, has spotted a forecast-beating performance. The interim dividend of US5.5c was equally better-than-anticipated.

Management at the firm has left FY22 guidance unchanged and Ord Minnett concludes management is probably being conservative.

Target price is $2.40 Current Price is $1.69 Difference: $0.71
If NGI meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Citi rates NWL as Upgrade to Buy from Neutral (1) -

Netwealth's interim market update disappointed through higher costs but an emphatic Citi responds with: higher-than-expected costs in one half does not change the investment thesis.

To prove its conviction, Citi has upgraded to Buy from Neutral. Target price falls to $15.25 from $17.05.

Citi sees potential upside from fund flows plus Netwealth should exhibit leverage to higher cash rates. In addition, the broker observes Praemium ((PPS)) shares are trading at -23% discount to Netwealth's offer price.

Target price is $15.25 Current Price is $13.40 Difference: $1.85
If NWL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $16.14, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Credit Suisse rates NWL as Outperform (1) -

While Netwealth Group reported a 1H underlying profit that missed the consensus estimate by -7%, once Credit Suisse excludes share based payment costs this reduces to -1%. Nonetheless, the scalability of the business is questioned following higher than expected costs.

The target price falls to $17 from $17.80 on higher cost assumptions though the broker maintains an Outperform rating on the potential to grow market share. It's also estimated that higher interest rates could lift earnings materially.

Target price is $17.00 Current Price is $13.40 Difference: $3.6
If NWL meets the Credit Suisse target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $16.14, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Macquarie rates NWL as Outperform (1) -

Netwealth's first half result missed Macquarie's expectations due to elevated costs. This continued a trend frequently seen from the platforms, the broker notes, beating expectations on flows and disappointing on costs and revenue margins.

Recently upgraded FY funds flow guidance of $13.5bn remains unchanged. Operating expense growth should normalise in FY23, the broker suggests.

Doubts around Netwealth’s ability to extract operating leverage over the medium term will persist, the broker warns, but encouraging funds growth trends and positive leverage to the first two rate hikes will support the share price in the coming months.

Target falls to $18.20 from $19.70, Outperform retained.

Target price is $18.20 Current Price is $13.40 Difference: $4.8
If NWL meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $16.14, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgans rates NWL as Hold (3) -

Netwealth's December-half result missed consensus forecasts (but met Morgans' forecasts) due to spiralling costs.

Morgans says the costs were related to investment in exceptional funds under management growth and were not a structural issue.

Management reiterated guidance and while Morgans believes strong upside to valuation is emerging, it prefers Hub24 ((HUB)), and therefore retains a Hold rating.

EPS forecasts fall -5% across FY22 to FY24 to reflect higher operating expenditure estimates, triggering a fall in the target price to $15.25 from $18.25.

Target price is $15.25 Current Price is $13.40 Difference: $1.85
If NWL meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $16.14, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Ord Minnett rates NWL as Downgrade to Accumulate from Buy (2) -

Netwealth's December-half result met Ord Minnett's forecasts, excluding a $1.9m non-cash equity grant cost. Net flow guidance was reiterated and the company reclaimed its No.1 ranking in Investment Trends.

Operating costs were sharply higher than forecast but are expected to moderate from FY23, says the broker.

News the company is likely to back away from the Praemium ((PPS)) acquisition has Ord Minnett switching focus to organic growth.

EPS forecasts are cut -2% in FY22 and -5% in FY23. Target price falls to $15 from $19.50.

Target price is $15.00 Current Price is $13.40 Difference: $1.6
If NWL meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $16.14, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Credit Suisse rates ORA as Neutral (3) -

Following above-expectation results for Orora's 1H, Credit Suisse lifts EPS estimates by 7-9% over the forecast period, driven largely by upgrades for the Americas segment. 

Regarding Australasia, management noted the glass business is recovering most of the China tariff impact on wine glass earnings.

The broker is reluctant to lift its Neutral rating, wary of approaching peak cycle earnings for the Nth America business. The target price rises to $3.75 from $3.40.

Target price is $3.75 Current Price is $3.56 Difference: $0.19
If ORA meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting downside of -1.8% (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

Macquarie rates ORA as Outperform (1) -

Orora's first half profit rose 13% year on year and beat Macquarie's forecast by 17%. The 70 basis point lift in earnings margins is particularly "meritorious", the broker gushes, given a 13% revenue lift which included significant cost recovery.

Orora’s defensive growth attributes are attractive in current environment, the broker notes, along with a 5% buyback which should recommence post result. The result is likely to drive consensus earnings upgrades.

Outperform retained, target rises to $3.90 from $3.60.

Target price is $3.90 Current Price is $3.56 Difference: $0.34
If ORA meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting downside of -1.8% (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

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

Orora's 1H result was considered strong by Morgan Stanley, due to a faster and more significant rebound for the Nth American segment than forecast. Results for Australasia were in-line with expectations.

The broker leaves forecasts for Australasia unchanged and includes stronger margin and revenue growth estimates for Nth America, resulting in a $3.80 target, up from $3.50.

Equal-weight rating retained. Industry view: In-Line.

Target price is $3.80 Current Price is $3.56 Difference: $0.24
If ORA meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting downside of -1.8% (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

Morgans rates ORA as Hold (3) -

Orora's December-half result outpaced consensus and Morgans forecasts by a country mile, as strong operating and earnings momentum from North America came home to roost.

Strong earnings were underpinned by a solid balance sheet, setting up a platform for growth, and the broker says the company is on the merger-and-acquisition path.

Management upgraded guidance and Morgans increases earnings (EBIT) forecasts 9%, 8% and 9% across FY22, FY23 and FY24.

Target price rises to $3.70 from $3.44. Hold rating retained, the broker seeking further guidance on capital-management and acquisitions.

Target price is $3.70 Current Price is $3.56 Difference: $0.14
If ORA meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting downside of -1.8% (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

UBS rates ORA as Neutral (3) -

A strong first half result from Orora, with earnings of $155m representing 10% growth and a 13% beat to UBS forecasts. North America delivered 31% constant earnings growth and improved margins to 4.6%, employing price increases to offset cost inflation.

A -2% earnings decline for Australasia beverage was a 10% beat on the broker's forecast, and a strong result given lost Chinese wine volumes. Expect a return to earnings growth in the second half, says UBS.

The company retains $400m in surplus capacity to support growth, and continues to explore merger and acquisition opportunities around the Australia & New Zealand beverage packaging business and the North American packaging distribution platform. 

The Neutral rating is retained and the target price increases to $3.80 from $3.65.

Target price is $3.80 Current Price is $3.56 Difference: $0.24
If ORA meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting downside of -1.8% (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

Ord Minnett rates ORG as Hold (3) -

Origin Energy's first half result proved in-line, according to Ord Minnett's initial assessment. However, the broker is of the view that today's financial result will be overshadowed by the announcement that Eraring will be closed early.

The largest coal-plant in NSW is now expected to terminate by FY25 and the analyst expects this to have a negative impact on the market’s estimate of value, while likely driving wholesale prices higher.

Management has upgraded FY22 guidance, but Ord Minnett says that's all about the price of oil, and well-known among investors. More importantly, operating conditions remain challenging for Energy Markets, which might prove of greater significance.

Target price is $6.05 Current Price is $6.10 Difference: minus $0.05 (current price is over target).
If ORG 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 $6.18, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Credit Suisse rates PGH as Outperform (1) -

Pact Group Holdings's 1H result revealed above forecast volume and earnings (EBIT) growth and, as a result, Credit Suisse lifts its target price to $4.45 from $4.25.

Nonetheless, the broker's earnings forecasts for FY22/23 were lowered on slower Contract Manufacturing segment earnings.

The analyst suggests Pact is of the cheapest packaging companies globally on current multiples and retains its Outperform rating.

Target price is $4.45 Current Price is $2.70 Difference: $1.75
If PGH meets the Credit Suisse target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $3.59, suggesting upside of 37.5% (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 PGH as Neutral (3) -

A -25% year on year fall in Pact Group's profit was as expected by Macquarie, with Contract Manufacturing accounting for the bulk of the decline due to rapid rises in raw material and freight costs and covid impacts.

These costs appear to be stabilising, and Pact offers recovery potential from a covid-affected FY22 on a cheap relative valuation. But the broker needs to see delivery of second half earnings guidance along with a clear bottoming in CM earnings.

Neutral retained, target rises to $2.90 from $2.85. Amcor ((AMC)) and Orora ((ORA)) preferred for now.

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

Current consensus price target is $3.59, suggesting upside of 37.5% (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

Morgan Stanley rates PGH as Underweight (5) -

Following 1H results for Pact Group. Morgan Stanley feels an easing of supply chain and inflationary pressures will be required to deliver at the high of the guidance range. Either that, or very good management.

First half earnings (EBIT) were broadly in-line with the broker's forecast. Management expects a slightly improved performance by the Contract Manufacturing segment, while the Packaging and Materials Handling segments are expected to be resilient.

The Underweight rating and $2.70 target are retained. Industry view: In-Line.

Target price is $2.70 Current Price is $2.70 Difference: $0
If PGH meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.59, suggesting upside of 37.5% (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 PGL as Neutral (3) -

Prospa Group delivered record originations in the first half, supporting gross loans growth 51% year on year and beating Macquarie on revenue.

Book growth was achieved while expanding the portfolio yield by 180 basis points year on year, lowering average funding costs, while impairments were reduced.

The broker is looking for sustained positive cash generation and operating leverage. Confidence is building in the outlook, supported by the operating momentum, says the broker. Neutral and $1.07 target retained.

Target price is $1.07 Current Price is $1.03 Difference: $0.04
If PGL meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates PME as Add (1) -

Pro Medicus' December-half results outpaced consensus and Morgans' forecasts, EBIT margin forecasts massively outpacing, as strong operating leverage dwarfed expenses growth.

Pro Medicus's pipeline continued to grow in the half, Morgans citing both depth and mix and a strong shift towards the cloud.

Morgans says the business has never been in better shape and the recent share-price correction offers an attractive entry point.

Add rating retained. Target price rises to $56.20 from $54.49.

Target price is $56.20 Current Price is $48.00 Difference: $8.2
If PME meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgan Stanley rates PSQ as Overweight (1) -

First half results for Pacific Smiles Group were bang in-line with management guidance though current trading appears to be improving significantly.

The group reiterated its target of 15-20 new centres in FY22. The broker estimates an attractive internal rate of return from the around 300 centres, and points to a high-quality long-duration growth asset.

The Overweight rating and target price of $3.20 are retained. Industry view: In-Line.

Target price is $3.20 Current Price is $2.63 Difference: $0.57
If PSQ meets the Morgan Stanley target it will return approximately 22% (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 PSQ as Buy (1) -

Pacific Smiles Group's December-half result met pre-released guidance in January, when management warned of a covid hit.

Ord Minnett expects a "glide path" to business as usual with lockdown demand being deferred.

EPS forecasts were downgraded -166% for FY22, -14% for FY23 and -3% for FY24.

But the broker says business fundamentals remain solid, and expects portfolio maturation and centre rollout will continue to support growth in the mid term.

Buy rating retained. Target price eases to $3.08 from $3.10.

Target price is $3.08 Current Price is $2.63 Difference: $0.45
If PSQ 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 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 RBL as Add (1) -

Redbubble's largely pre-announced December-half result met Morgans forecasts, competition hurting revenue and margins. Management reiterated guidance for negative low-single digit earnings (EBITDA) margins.

The broker spies no relief, expecting continued competition and investment in marketing and customer-retention will continue to erode margins.

Target price falls to $2.79 from $3.59. Add rating retained on valuation.

Target price is $2.79 Current Price is $1.76 Difference: $1.03
If RBL meets the Morgans target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $2.66, suggesting upside of 48.0% (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

UBS rates RBL as Neutral (3) -

While Redbubble's first half results included an -84% year-on-year earnings decline to $8m and a -14% year-on-year gross transaction value decline to $381m, UBS found margins to be the key miss of the update driven by increased competition and growth investment.

The company continues to guide to a medium-term 13-18% earnings margin target, but market consensus predicts a -2% margin decline in FY22 before a 2% and 4% lift in FY23 and FY24 as unpredictable near-term operating conditions remain a challenge. 

The Neutral rating and target price of $2.55 are retained.

Target price is $2.55 Current Price is $1.76 Difference: $0.79
If RBL meets the UBS target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $2.66, suggesting upside of 48.0% (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

Macquarie rates RDY as Outperform (1) -

ReadyTech's earnings beat Macquarie by 3% on strong organic revenue growth, underpinned by 97% net customer revenue retention, new client wins and ongoing execution of the company's cross-sell and up-sell strategy.

FY22 guidance is reiterated for mid-teens organic revenue growth. Accelerated by strategic M&A, growth should underpin a further multiple re-rate, the broker suggests.

Outperform and $4.10 target retained.

Target price is $4.10 Current Price is $3.37 Difference: $0.73
If RDY meets the Macquarie target it will return approximately 22% (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 S32 as Buy (1) -

Upon initial grance, Ord Minnett reports South32's interim report looks in-line with lower net debt as the cherry on the cake, proverbially speaking.

The miner also announced an increase in its share buyback by $110m, another unexpected surprise.

Management has guided towards higher costs but the broker believes there is compensation for that through higher commodity prices.

Target price is $4.80 Current Price is $4.45 Difference: $0.35
If S32 meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.90, suggesting upside of 8.9% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Ord Minnett rates SDR as Buy (1) -

SiteMinders' December-half result broadly met Ord Minnett's forecast, providing a modest beat on the normalised net loss.

Improved churn and strong uptake of transactional products by hotel subscribers surprised the broker, but higher acquisition costs largely removed the shine.

Ord Minnett considers SiteMinder to be one of the purest exposures to the travel re-opening trade and the company continues to move from a subscription to clip-based model. The latter appears to be paying dividends according to the broker, suggesting further upside.

Target price rises to $6.69 from $6.46. Buy rating retained.

Target price is $6.69 Current Price is $6.01 Difference: $0.68
If SDR meets the Ord Minnett target it will return approximately 11% (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 SDR as Buy (1) -

Given challenging conditions UBS has described SiteMinder's first half results as credible, with revenue up 10% year-on-year while earnings of -$10m were a miss on the broker's forecast -$6m. 

Signs of Australia Pacific region stabilisation are positive for SiteMinder's outlook. Strong property growth in regions with reopened travel markets will be key drivers of momentum moving forward, as well as a strong pipeline of new products over the coming year. 

The Buy rating is retained and the target price decreases to $7.20 from $7.45.

Target price is $7.45 Current Price is $6.01 Difference: $1.44
If SDR meets the UBS target it will return approximately 24% (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 SGF as Outperform (1) -

SG Fleet's underlying profit beat Macquarie by 10%, on organic growth of 19% year on year. The dividend increased by 15.7%. The used vehicle value environment “remains exceptionally strong”, management noted, with values higher half on half.

Management does not expect used car price softening to commence before FY23.

Outperform and $2.98 target retained.

Target price is $2.98 Current Price is $2.83 Difference: $0.15
If SGF meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgan Stanley rates SGF as Overweight (1) -

SG Fleet Group revealed a large beat versus Morgan Stanley's expectations for 1H results. As a result, there's estimated to be upward pressure on the consensus estimate for FY22, especially as the LeasePlan acquisition contributed just four months in the 1H.

Overall, earnings risk lies to the upside, according to the analyst, and the Overweight rating and $3.40 target price are retained. Industry View: In-line. 

Supply remains the key headwind, offset by elevated used vehicle prices, explains the broker.

Target price is $3.40 Current Price is $2.83 Difference: $0.57
If SGF meets the Morgan Stanley target it will return approximately 20% (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 STO as Outperform (1) -

In a seminal year for Santos, featuring the Oil Search merger and development of Barossa and Moomba carbon capture & storage, first half profit was 2% ahead of Macquarie.

Assets sales of $2-3bn have been flagged, with PNG LNG clearly the largest and most important deal to get done. It's a good time to sell, the broker suggests, given high oil prices and Europe declaring gas-fired power as an ESG-positive energy transition source.

On a compelling investment case, the broker retains Outperform. Due to gas field decline rates, target falls to $9.30 from $9.40.

Target price is $9.30 Current Price is $7.19 Difference: $2.11
If STO meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $8.75, suggesting upside of 23.5% (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: 0.7

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

Morgan Stanley rates STO as Overweight (1) -

FY21 results for Santos were largely in-line with Morgan Stanley's forecasts. On the day of results, lower production guidance for FY22 and FY23 appeared to weigh on the share price.

Commentary suggests to the analyst the capacity for a material lift in dividend, while sufficient ammunition for an acceptable growth profile can be retained. Further details on the dividend and asset sales are expected to be drivers of the share price.

Price target remains at $10.40. Overweight. Industry view Attractive.

Target price is $10.40 Current Price is $7.19 Difference: $3.21
If STO meets the Morgan Stanley target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $8.75, suggesting upside of 23.5% (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: 0.7

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

Morgans rates STO as Add (1) -

Santos's December-half result met consensus forecasts and Morgans says the buoyant oil price means the company should easily be able to fund 2022 capital expenditure demands while simultaneously cutting gearing through asset sales.

Hedging loss and impairments were marginally ahead of estimates and cost control was solid.

Morgans finds guidance fair and believes concerns about Santos's balance sheet can now be laid to rest. 

Add rating and $9 target price retained.

Target price is $9.00 Current Price is $7.19 Difference: $1.81
If STO meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $8.75, suggesting upside of 23.5% (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: 0.7

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

Ord Minnett rates STO as Buy (1) -

Santos' December-half result missed Ord Minnett's forecasts thanks to higher than forecast operating costs, but the dividend outpaced by 1c at 14c.

2022 production guidance fell and management also guided to higher costs.

The broker expects assets sales combined with strong oil revenue should deleverage the balance sheet, derisking the business and creating a solid platform.

Buy recommendation retained, the stock trading below net present value. Target price falls to $8.80 from $9.15.

Target price is $8.80 Current Price is $7.19 Difference: $1.61
If STO meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $8.75, suggesting upside of 23.5% (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: 0.7

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

UBS rates STO as Buy (1) -

While earnings of $3,134m for the full FY21 were a -2% miss on UBS's expectations, the broker has already turned its attention to FY22 and a softer than expected production guidance of 100-110mmboe.

Low production guidance was driven by guidance for the Bayu Undan project to reach end of life six months earlier than expected. The company will pursue asset sell downs, and UBS expects sell downs of 10% of PNG LNG, 20-30% of Dorado and 15-51% of its interest in Alaska. 

The Buy rating is retained and the target price decreases to $8.90 from $9.70

Target price is $8.90 Current Price is $7.19 Difference: $1.71
If STO meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $8.75, suggesting upside of 23.5% (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: 0.7

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

Credit Suisse rates SUL as Outperform (1) -

In a preview of 1H results for Super Retail Group, Credit Suisse expects benefits from increased travel activity during the half and feels the 'return to normal' assumptions by the market may be too aggressive.

The broker retains its Outperform rating and lowers its target price to $14.07 from $14.52.

Target price is $14.07 Current Price is $12.81 Difference: $1.26
If SUL meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $14.18, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Ord Minnett rates TAH as Hold (3) -

Tabcorp Holdings' half-yearly financials, released earlier today, seems to have slightly outperformed as Lotteries margins reached a record high, but the negative surprise came through higher demerger costs.

As Ord Minnett highlights, demerger costs have now increased to $275m, which is the top end of the previously guided $225-275m range.

Target price is $4.75 Current Price is $5.15 Difference: minus $0.4 (current price is over target).
If TAH meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.50, suggesting upside of 2.6% (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

Ord Minnett rates TCL as Buy (1) -

Ord Minnett, upon first glance, sees how Transurban Group's interim report has missed the mark on multiple financial metrics. It appears the operation in Melbourne was much better, but everywhere else performance disappointed.

The broker does anticipate a recovery in traffic over the balance of FY22. Rising insurance premiums are contributing to higher costs, while margin compression pops up just about everywhere, reports the broker.

Target price is $15.40 Current Price is $12.88 Difference: $2.52
If TCL meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $14.65, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

UBS rates TGR as Buy (1) -

Near-term salmon pricing should benefit Tassel Group, with pricing up 25% on pre-covid levels in the early second half. First half operating profit was a 2% beat on UBS's forecast, but included a $6m research and development tax benefit that will likely reverse in FY23.

Retail pricing did decrease -5% half-on-half, but the company expects pricing improvements moving forwards following contract renegotiation. Cash flow improved in the first half and should prove beneficial to investor sentiment. 

The Buy rating is retained and the target price decreases to $4.05 from $4.10.

Target price is $4.05 Current Price is $3.68 Difference: $0.37
If TGR meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates TWE as Buy (1) -

Treasury Wine Estates' interim report slightly missed Citi's forecasts and the broker also thinks management's FY22 guidance looks conservative.

Earnings estimates have been reduced but the Buy rating remains in place as Citi maintains the company has "significant" medium term earnings growth opportunities to look forward to.

Management indicated cost pressures are lower than for peers because 55% to 70% of the costs of goods sold (COGS) is made up of grapes bought in prior years.

Target falls to $13.78 from $13.80.

Target price is $13.78 Current Price is $11.77 Difference: $2.01
If TWE meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $13.17, suggesting upside of 9.9% (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

Macquarie rates TWE as Neutral (3) -

Treasury Wine Estates' profit was down -7.5% year on year but the result provided evidence of strong green shoots for the reallocation of Penfolds Chinese volume into other markets, Macquarie notes. Ex-China, earnings were up 28%.

The broker is becoming more comfortable with the sustainability of reallocated volumes but remains cautious, given higher cost of goods sold will weigh in the near term and a bumper crop may limit the ability to improve short-term pricing and margins in non-Penfolds brands.

Returning from restriction, the broker sets a Neutral rating and $12.55 target.

Target price is $12.55 Current Price is $11.77 Difference: $0.78
If TWE meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $13.17, suggesting upside of 9.9% (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 TWE as Add (1) -

Treasury Wine Estates' December-half result met consensus but outpaced Morgans' forecasts.

Management guided to a slightly weaker June half.

Morgans considered the result impressive and says the company has laid the foundations for strong double-digit growth from FY23.

Earnings forecasts (EBIT) fall -2.6% in FY22, -2.6% in FY23 and -0.7% in FY24 (but the broker notes these still imply very strong growth).

Add rating retained. Target price eases to $13.93 from $14.06.

Target price is $13.93 Current Price is $11.77 Difference: $2.16
If TWE meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $13.17, suggesting upside of 9.9% (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

Ord Minnett rates TWE as Hold (3) -

Treasury Wine Estate's December-half result beat low market forecasts, thanks to strong North American sales.

Ord Minnett appreciates the shifting of 50-60% of China's volumes to the rest of Asia within the Penfold's and Treasury Premium brands within one year of the tarriff determination.

This was achieved without a major impact on margins.

Hold recommendation retained. Target price rises to $12.80 from $11.50.

Target price is $12.80 Current Price is $11.77 Difference: $1.03
If TWE meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $13.17, suggesting upside of 9.9% (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

UBS rates TWE as Buy (1) -

Treasury Wine Estates first half results were slightly below expectations, with the company reporting revenue down -10.1% on the previous comparable period, earnings down -6.7% and profit down -7.5%, which UBS attributes to reduced shipments to China. 

Revenue growth in Asia (excluding China) was up 49% following reallocation of the Penfolds brand, and outlook is positive. Acknowledging supply constraints, the company notes impact is reduced given lower Australian grape costs, which contribute 55-70% of cost of goods sold. 

The Buy rating and target price of $13.50 are retained.

Target price is $13.50 Current Price is $11.77 Difference: $1.73
If TWE meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $13.17, suggesting upside of 9.9% (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

Citi rates VCX as Neutral (3) -

Vicinity Centre's interim report revealed funds from operations well above forecasts at Citi, as well as market consensus. FFO guidance for FY22 was yet again above forecasts, by some 9%.

The surprise, Citi explains, stems from reversal of prior waivers and provisions. Citi had not expected any of the shopping mall owners to provide guidance, hence more positive news!

The broker notes the development pipeline is progressing nicely, with Officeworks ((WES)) and Hub Australia ((HUB)) committing to 12k sqm of office space. Target lifts to $1.90 from $1.74. Neutral.

Target price is $1.90 Current Price is $1.87 Difference: $0.03
If VCX meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting downside of -0.2% (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

Credit Suisse rates VCX as Neutral (3) -

First half results for Vicinity Centres were better than Credit Suisse expected, with funds from operations (FFO) up 7.7% over the previous corresponding period. This rise was estimated to be due to lower net waivers and provisions, offset by a higher net interest expense.

A 1H dividend of 4.7cps was declared. FY22 guidance for FFO was above what the analyst had expected prior to the result. The target price rises to $1.97 from $1.79, while the Neutral rating is unchanged.

Target price is $1.97 Current Price is $1.87 Difference: $0.1
If VCX meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting downside of -0.2% (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

Macquarie rates VCX as Neutral (3) -

Vicinity Centres reported first half funds from operations 31% ahead of Macquarie. Maiden FY22 guidance exceeds the broker's forecast by 10% at the midpoint, but a 10% guidance range suggests uncertainties remain.

In the broker's view, consumer demand is unlikely to be as strong in 12 months’ time and substitution of consumption from goods to services will occur at a time when e-commerce penetration settles above pre-covid levels.

The broker is more positive but retains a Neutral rating, despite a 6.4% yield. Target rises to $1.87 from $1.76.

Target price is $1.87 Current Price is $1.87 Difference: $0
If VCX meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting downside of -0.2% (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 VCX as Underweight (5) -

Morgan Stanley describes 1H results by Vicinity Centres as a massive beat versus expectations, resulting from impossible-to-forecast provision write-backs. Funds from operations (FFO) came in at 6.3cps versus the 4.7cps forecast.

After first time guidance, the broker lifts its FY23 FFO forecast to 13.7cps from 13.5cps. However, management remains cautious on the immediate outlook for CBD's and Chadstone (35% of the portfolio) and believes recovery could be one or two years away.

The target price rises to $1.82 from $1.70. Underweight. Industry view: In-Line.

Target price is $1.82 Current Price is $1.87 Difference: minus $0.05 (current price is over target).
If VCX meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.90, suggesting downside of -0.2% (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

Ord Minnett rates VCX as Hold (3) -

Vicinity Centres December-half result outpaced Ord Minnett's forecast and the dividend lapped the broker's 2.3c forecast, coming in at 4.7c.

Net property income proved a highlight, and management income, interest and overheads all contributed to the beat. Management guidance outpaced consensus by -11%, says the broker.

Ord Minnett notes Vicinity Centres is trading at a -16% discount to net tangible assets and an attractive multiple.

Target price rises to $2.10 from $1.90 to reflect the beat. Hold rating retained, the broker expecting earnings will stabilise by FY23.

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

Current consensus price target is $1.90, suggesting downside of -0.2% (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

Ord Minnett rates WES as Hold (3) -

Wesfarmers had pre-released its bottom line indication but today's full release of interim financials disappointed in the finer details, reports Ord Minnett upon first assessment.

As the broker points out, Bunnings, Officeworks and Industrial & Safety all performed below expectations, but very strong performances were delivered by Wesfarmers Chemicals Energy and Fertilisers (WESCEF).

The broker is also of the view that commentary around the outlook for Kmart Group on the conference call will be critical given general uncertainty around this business in particular.

Target price is $57.00 Current Price is $54.92 Difference: $2.08
If WES meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $57.48, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

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

Ord Minnett's initial assessment is that Woodside Petroleum's 2020 report met expectations. Actually, several metrics were a tad better-than-expected.

There was no change to guidance, with the broker pointing out the company has materially increased its LNG spot exposure to 20-25% from 10-15% in 2021.

The full year dividend of 135c (of which the final part is 105c) is well above expectations.

Current Price is $26.63. Target price not assessed.

Current consensus price target is $27.73, suggesting downside of -0.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22: