Australian Broker Call

Citi rates A2M as Buy (1) -

Citi identifies within a2 Milk Company's 1H results that inventory issues have been largely addressed across channels. Nonetheless, a better-than-expected revenue outlook was marred by an increased marketing spend and the target falls to $7.02 from $7.15. Buy.

While the broker forecasts increasing freight, packaging and milk prices in FY22, management expects to offset these headwinds through planned price rises.

Overall Citi is pleased that turnaround strategies are gaining traction, and over the next 12 months expects benefits from the turnaround to outweigh a host of industry challenges.

Target price is $7.02 Current Price is $5.89 Difference: $1.13
If A2M meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $6.19, suggesting upside of 8.6% (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: 0.2

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

Credit Suisse rates A2M as Neutral (3) -

Improved revenue was offset by higher costs in the first half, leading to downgraded forecasts. Credit Suisse was encouraged by the acceleration in like-for-like sales growth in the mother and baby channel.

Factoring in observed growth rates the broker believes China label can grow volumes by around 12% in FY23. While English label sales trends declined significantly, FY23 should be supported by refreshed product formula.

Neutral rating and $5.75 target price retained.

Target price is $5.75 Current Price is $5.89 Difference: minus $0.14 (current price is over target).
If A2M 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 $6.19, suggesting upside of 8.6% (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: 0.2

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

Macquarie rates A2M as Underperform (5) -

a2 Milk Company has delivered a notable beat to Macquarie's first half forecasts, with revenue of $661m ahead of an expected $640m and earnings of $98m ahead of an expected $86m. 

Improved pricing and freshness of the English label drove an increase in resale engagement but a full product refresh by mid year is hoped to further improve sales. The China label also gained market share, although the market declined -5.0% in volume over the half.

Despite improved revenue outlook, Macquarie notes higher marketing spend and expenses offer little earnings upside to FY22 or FY23. Further, given the competitive nature of the market, the broker is unsure a higher-cost marketing strategy will drive revenue growth. 

The Underperform rating is retained and the target price increases to $5.60 from $5.20.

Target price is $5.60 Current Price is $5.89 Difference: minus $0.29 (current price is over target).
If A2M meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.19, suggesting upside of 8.6% (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: 0.2

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

Morgans rates A2M as Hold (3) -

While 1H results for a2 Milk Company were slightly below Morgans expectations, the consensus estimate was materially exceeded. It's felt new management has been effective in stabilising the business and growth is forecast from the 2H, partly due to greater market share.

All distributor stock is now at targeted levels which has seen pricing improve, explains the broker. The Hold rating is kept, despite the analyst feeling the worst is over, as earnings uncertainty and regulatory risks still remain.

Morgans increases revenue forecasts in-line with guidance though reduces the earnings margin due to higher costs. The target price rises to $6.39 from $6.35.

Target price is $6.39 Current Price is $5.89 Difference: $0.5
If A2M meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.19, suggesting upside of 8.6% (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: 0.2

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

Credit Suisse rates ABB as Outperform (1) -

First half results were pre-released so there was little to surprise Credit Suisse in the formal result. Underlying net profit was $2.4m. Guidance has been maintained for FY22 with EBITDA in the range of $27-30m ahead of the OTW acquisition.

Trends are strong and the broker anticipates the company will achieve 6.5% NBN connection market share by the end of FY22. The next catalyst is the NBN Co submission to the ACCC on its proposed SAU variation. Outperform rating and $5 target unchanged.

Target price is $5.00 Current Price is $4.84 Difference: $0.16
If ABB meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates ABB as Buy (1) -

First half results were better than Ord Minnett expected, supported by expansion of gross margins and lower depreciation.

The broker believes the momentum in enterprise is supporting the investment case in acquiring OTW amid additional capabilities in cloud, managed services and security.

Ord Minnett also notes Aussie Broadband is in a strong position to fund the cash component of the acquisition and still retain cash for growth. Buy retained. Target is raised to $5.65 from $5.61.

Target price is $5.65 Current Price is $4.84 Difference: $0.81
If ABB 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 ADH as Add (1) -

Morgans makes no material changes to earnings estimates following Adairs' 1H results that were in-line with last month's pre-announcement. The Add rating is unchanged, while the target slips to $3.50 from $3.70 due to lower peer company multiples.

Demand for the company's homewares is showing no sign of underlying weakness, according to the analyst, and future upside is seen from Mocka's new omni-channel strategy.

Target price is $3.50 Current Price is $2.92 Difference: $0.58
If ADH meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.20, suggesting upside of 46.9% (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 ADH as Buy (1) -

Adairs had already guided towards a soft interim result in January. UBS spotted no major surprises in the actual result, but does note the inventory build, the higher costs for doing business, as well as solid product margins.

The broker has been of the view that consumers want to spend, and they will do so, hence UBS is positive about Adairs' near-term outlook too.

The broker is forecasting an EPS CAGR of 16% over FY22-25. Short term estimates have dropped, which is reflected in the target falling to $5.20 from $5.70. Buy rating reiterated.

Target price is $5.20 Current Price is $2.92 Difference: $2.28
If ADH meets the UBS target it will return approximately 78% (excluding dividends, fees and charges).

Current consensus price target is $4.20, suggesting upside of 46.9% (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 AGL as Buy (1) -

AGL Energy has rejected the $7.50 a share proposal from Brookfield and Mike Cannon-Brookes. Ord Minnett assesses the offer is well below net present value calculations, although above the value of the retail business assuming the generation assets are closed.

The broker also suggests, as AGL Energy represents more than 20% of national electricity generation supply, government intervention could be on the cards if there is an intention to close generation assets early.

Ord Minnett believes there are potentially a number of interested parties for the retail business. Buy rating and $8.75 target retained.

Target price is $8.75 Current Price is $7.92 Difference: $0.83
If AGL meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.62, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

UBS rates AGL as Neutral (3) -

It is UBS's view that the unsolicited bid received from Brookfield Asset Management and Grok Ventures increases the risk shareholders might not give their vote to the planned demerger process.

It is well possible, speculates UBS, this is exactly what the bidders were trying to achieve as it buys them more time to prepare a counter-bid that will lead to a conversation with the AGL Energy board.

Further commentary highlights the complexity of any deal, with AER, FIRB and the ACCC as well as the federal government potentially included in the mix.

UBS makes the crucial point there is no precedent for Australian regulators allowing vertically integrated private ownership across all four components of the electricity supply chain in Australia. Neutral. Target $7.05.

Target price is $7.05 Current Price is $7.92 Difference: minus $0.87 (current price is over target).
If AGL meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.62, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Credit Suisse rates ALD as Neutral (3) -

2021 results were in line with Credit Suisse's expectations. The broker does not factor in potential from Z Energy as the acquisition remains subject to regulatory approval. If fulfilled the acquisition would likely contribute from the second half of 2022.

Expenditure on future fuels could be a headwind to earnings over the short term, the broker adds. Fuel margins were benefiting from a shift in mix to premium while customer traffic returned to pre-pandemic levels in December.

Credit Suisse retains a Neutral rating and raises the target to $30.43 from $30.03.

Target price is $30.43 Current Price is $30.27 Difference: $0.16
If ALD meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $33.31, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in December.

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 ALD as No Rating (-1) -

While Ampol's full year result for 2021 left Macquarie underwhelmed, the broker notes the company's outlook is strengthening. Fourth quarter earnings of $189m fell short of the broker's anticipated $193m despite strength from Convenience Retail.

The company's rebranding program shows promise, with the rebranding of 880 sites completed and providing evidence of improved performance including a 1.8% premium petrol sales boost. 

The broker is under research restriction and sets no target price or rating.

Current Price is $30.27. Target price not assessed.

Current consensus price target is $33.31, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in December.

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 ALD as Overweight (1) -

Net of a forex gain, Ampol's result was in line with Morgan Stanley. Outlook commentary was generally optimistic, the broker suggests, relative to other companies outlining cost and supply chain issues.

The broker expects some softening in retail fuel performance in the first haldf of 2022 given high oil prices, which could be offset by continued refining improvements, with margins tracking well to date into 2022.

From here, the Z Energy closure and Gull divestments remain important catalysts. Overweight and $35 target retained. Industry view: Attractive.

Target price is $35.00 Current Price is $30.27 Difference: $4.73
If ALD meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $33.31, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in December.

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 ALD as Buy (1) -

It is UBS's assessment that Ampol delivered a net profit result in-line with forecasts, but operationally it proved a weak result on the back of lower petrol volumes.

Lower D&A charges helped the petrol retailer beating consensus by some 3%, explains the broker. At the EBITDA level, the miss was circa -2%.

UBS does believe Ampol offers the strongest leverage to mobility returning to the country, plus the broker also believes the market has overreacted to the soft margins exposed in the 2021 report.

Hence, Buy rating reiterated and valuation falls slightly to $34.50 from $35.

Target price is $34.50 Current Price is $30.27 Difference: $4.23
If ALD meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $33.31, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in December.

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 ALU as Underperform (5) -

Despite delivering a better than expected first half Altium has largely retained full year guidance, narrowing revenue growth towards the upper end of the guidance range and margins towards the lower end. Macquarie expects moderate growth in the second half accordingly. 

The broker noted while the company offered no new commentary on being acquired, the environment now looks more favourable for Altium to pursue its own merger and acquisition activity to support growth. 

The Underperform rating is retained and the target price decreases to $25.90 from $27.10.

Target price is $25.90 Current Price is $32.44 Difference: minus $6.54 (current price is over target).
If ALU meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.07, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: -0.3

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

Ord Minnett rates AWC as Buy (1) -

Upon initial assessment, Alumina Ltd's 2021 result missed the mark by -5.4% or -18.8% depending on whether one focuses on "normalised" profits or "normalised" earnings per share.

The US6.2c in dividend declared, on the other hand, proved well above Ord Minnett's US5c forecast. Plus the broker admits the numbers are in-line with market consensus, suggesting it was Ord Minnett itself whose forecasts were off the mark (too bullish).

To add to the twist: it seems consensus had penciled in an even higher dividend. Slightly higher capex guidance is considered a negative.

Target price is $2.20 Current Price is $2.13 Difference: $0.07
If AWC meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.07, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.6

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

Citi rates BSL as Buy (1) -

Following BlueScope Steel's 1H results, Citi trims its target price to $25 from $25.50 largely due to higher Australian Steel Products (ASP) segment costs for FY22. 

Nonetheless, FY23/24 earnings (EBIT) estimates are raised on increased US hot rolled coil (HRC) spreads and the broker retains its Buy rating. Demand in key markets remains strong and US prices are thought to have found a floor.

Target price is $25.00 Current Price is $18.83 Difference: $6.17
If BSL meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $24.81, suggesting upside of 28.8% (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 BSL as Outperform (1) -

Bluescope Steel's first half earnings were in line with guidance. Cost escalation offset strong North Star price realisation, Credit Suisse points out.

Second half spread guidance for North Star is consistent with the flat forward curve and above the broker's forecasts for FY23. Supply/demand in the US is expected to improve from the June quarter.

The broker retains an Outperform rating and raises the target to $28.70 from $28.30.

Target price is $28.70 Current Price is $18.83 Difference: $9.87
If BSL meets the Credit Suisse target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $24.81, suggesting upside of 28.8% (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 BSL as Neutral (3) -

Bluescope Steel's first half results missed the mark for Macquarie, with earnings coming in below expectations. Second half guidance is softer than anticipated, and the broker sits below the bottom end of the earnings guidance range for the half. 

A $1bn inventory spend drove total working capital to $1.1bn in the half, while company commentary suggests a $440m spend in the second half on the North Star expansion and the increase of the PK6 reline feasibility study cost to $1bn from $700-800m. 

Earnings per share forecasts updated -10.0%, 9.5% and 7.0% through to FY24. 

The Neutral rating is retained and the target price decreases to $20.90 from $23.75.

Target price is $20.90 Current Price is $18.83 Difference: $2.07
If BSL meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $24.81, suggesting upside of 28.8% (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 BSL as Equal-weight (3) -

A brief result update from Morgan Stanley notes BlueScope Steel's earnings and dividend met expectations. Cash flow was up sharply year on year but fell short of forecast.

The buyback has been increased by $500m, leaving $700m to be purchased over 12 months. Where it all falls down is FY earnings guidance -18% below consensus.

Equal-weight and $23.50 target retained for now. Industry view: In-Line.

Target price is $23.50 Current Price is $18.83 Difference: $4.67
If BSL meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $24.81, suggesting upside of 28.8% (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 BSL as Buy (1) -

First half results were slightly ahead of Ord Minnett's forecast. The broker was disappointed with the low cash conversion although acknowledges a solid increase in shareholder returns.

FY22 EBIT forecasts are reduced by -4% and net present value is down -10% after factoring in steel spreads and a lower-than-expected net cash balance.

Buy rating retained, as BlueScope Steel is considered well-placed to capitalise on the outlook. Target is reduced to $25 from $27.

Target price is $25.00 Current Price is $18.83 Difference: $6.17
If BSL meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $24.81, suggesting upside of 28.8% (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 BSL as Buy (1) -

BlueScope Steel has been enjoying super-strong demand for its products and while margins are expected to fall, UBS still sees plenty of reasons to stay Buy-rated on the stock (hereby reiterated).

The stock is seen trading at at close to mid-cycle valuation but conditions and cash remain well in excess of normal, highlights the broker.

On the broker's estimate, the company could well have in excess of $2bn in excess cash in FY23. Forecasts have largely remained unchanged.

Price target falls to $25.75 from $28.60.

Target price is $25.75 Current Price is $18.83 Difference: $6.92
If BSL meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $24.81, suggesting upside of 28.8% (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 CBO as Buy (1) -

First half results were mixed with cash flow and profit ahead of expectations but operating earnings were affected by lack of volume in spot bulk oil in the US.

Ord Minnett believes the company is on track to hold and grow its position as a major operator in extra virgin olive oil in the US market.  A strong second half is expected in Australia, helped by lower water prices and higher local oil volumes.

The broker retains a Buy rating and reduces the target to $1.94 from $2.21.

Target price is $1.94 Current Price is $1.69 Difference: $0.25
If CBO meets the Ord Minnett target it will return approximately 15% (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 CNU as Neutral (3) -

Chorus's first half earnings growth of 2.7% was modestly ahead of Macquarie's expectations, and the company upgraded full year earnings guidance to NZ$665-685m from NZ$640-660m to account for non-recurring benefits.

Full year dividend guidance was also upgraded to NZ35c per share from NZ26c per share, and the company guided to minimum dividends of NZ40c and NZ45c per share in FY23 and FY24 respectively. 

Macquarie upgrades FY22 earnings 69% to reflect NZ$15m in non-recurring benefits in the first half, and upgrades FY23 and FY24 earnings forecasts 24% and 22%.

The Neutral rating is retained and the target price increases to NZ$7.61 from NZ$7.22.

Current Price is $6.86. Target price not assessed.

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: 0.0

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

Macquarie rates COE as Underperform (5) -

Cooper Energy's first half loss of -$6m was ahead of Macquarie's expectations, supported by lower interest expenses. It is Macquarie's view that the company may be headed towards recapitalisation in order to coordinate Orbost works and new development.

The Orbost Phase 2B project timeline has been pushed back, with the company expecting completion by end of FY22 rather than in the third quarter, given impacts of supply chains on securing equipment. 

The Underperform rating and target price of $0.24 are retained.

Target price is $0.24 Current Price is $0.28 Difference: minus $0.04 (current price is over target).
If COE meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.27, suggesting downside of -2.9% (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

Morgans rates COE as Add (1) -

Morgans maintains its Add rating and lifts its target price to $0.35 from $0.34 following 1H results for Cooper Energy. Further upside is believed to be on offer if the company can bed down increased Sole production and Otway growth.

In a change of investment thesis, the broker no longer sees the stock as an oversold value play.

While supply chain issues have delayed planned Phase 2B works at Orbost, management still expects to achieve the high-end of earnings guidance. 

Target price is $0.35 Current Price is $0.28 Difference: $0.07
If COE meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $0.27, suggesting downside of -2.9% (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 COE as Hold (3) -

First half net loss of -$6m was greater than Ord Minnett expected amid higher trading costs. Full year guidance has been maintained nonetheless, while the broker notes the performance of the Orbost gas plant was positive as output continues to improve.

On the negative side, the remainder of the phase 2B works at Orbost will be delayed because of disruptions in the supply chain. Management is attempting to minimise the financial impact of any shutdown during months of higher seasonal demand.

Ord Minnett retains a Hold rating and $0.33 target.

Target price is $0.33 Current Price is $0.28 Difference: $0.05
If COE meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $0.27, suggesting downside of -2.9% (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 COL as Hold (3) -

After an initial glance over today's interim report, Ord Minnett believes resilient supermarket operations have helped Coles delivering a better-than-forecast performance, while declaring a much better dividend of 33c too.

A slightly lower tax rate and lower interest costs proved the extra ingredients. Better cost control and lower capex helped too.

No trading update was provided, however, and Coles' liquor operations have been exposed as underperforming Endeavour Group ((EDV)), highlights the broker.

Ord Minnett sees minor upgrades to market consensus forecasts post today's release.

Target price is $17.80 Current Price is $16.74 Difference: $1.06
If COL meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $18.42, suggesting upside of 6.6% (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

Citi rates CWY as Neutral (3) -

Cleanaway Waste Management's 1H underlying earnings were in-line with Citi's forecast. Volume growth was considered strong though was offset by higher cost of doing business across all divisions, which impacted margins.

Margin recovery will be dependent upon a pass-through of rising costs, notes the analyst, who expects ongoing rational pricing and consolidation across the industry.

While a Neutral rating is retained, after the broker rolls-forward its valuation for updated peer multiples, the target rises to $3.19 from $2.71. 

Target price is $3.19 Current Price is $2.92 Difference: $0.27
If CWY meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Ord Minnett rates ECF as Accumulate (2) -

 First half results were largely in line with expectations. Ord Minnett believes guidance is conservative as it does not reflect the agreement signed at Cannon Hill. The company has reaffirmed FY22 distribution guidance of 9.4c per security.

The broker notes lease expiries are being actively managed successfully and further asset growth is expected going forward. Accumulate rating is reiterated. Target rises to $1.13 from $1.08.

Target price is $1.13 Current Price is $1.10 Difference: $0.03
If ECF meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Credit Suisse rates EDV as Neutral (3) -

First half results were marginally ahead of expectations. Improvement is evident to Credit Suisse and the stock is expected to be supported.

The impact of a recovery in hotels and a return to trend in retail results in an increase in forecast earnings for FY22 of around 16%, along with 5% and 9% increases in FY23 and FY24, respectively.

Cash performance was also strong, the broker notes, with inventory finishing below the prior corresponding period. Neutral maintained. Target is raised to $6.62 from $6.20.

Target price is $6.62 Current Price is $7.18 Difference: minus $0.56 (current price is over target).
If EDV meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.20, suggesting downside of -2.8% (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

Macquarie rates EDV as Neutral (3) -

Strong demand for both on- and off-premise alcohol has driven a first half result from Endeavor Group well ahead of market expectations. Macquarie noted profit of $311m was a 15.6% increase on the previous comparable period despite flat sales growth. 

Hotel earnings were flat, driven by significant disruption in the period that resulted in the full network trading for only 30% of the second half. Macquarie increases earnings per share forecasts 8.6%, 6.2% and 6.2% through to FY24. 

The Neutral rating is retained and the target price increases to $7.70 from $7.20.

Target price is $7.70 Current Price is $7.18 Difference: $0.52
If EDV meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting downside of -2.8% (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 EDV as Hold (3) -

Endeavour Group's 1H result was well ahead of expectations as earnings (EBIT) margins rose 30bps to 8.8%, despite Hotels suffering from lockdowns and restrictions. The Hold rating is maintained as the valuation is considered full.

The broker raises earnings forecasts by 4% for FY22 though leaves FY23 and FY24 unchanged. It's felt uncertainty may persist near term, as reflected by sales for the first six weeks of the 2H tracking slightly behind the previous corresponding period.

The target price rises to $7.28 from $6.95.

Target price is $7.28 Current Price is $7.18 Difference: $0.1
If EDV meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting downside of -2.8% (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

UBS rates EDV as Neutral (3) -

UBS has kept Endeavour Group on Neutral with a $7.20 target price (up 10c) following the release of a better-than-expected performance in H1. Margins for both Hotels and Retail proved a positive surprise.

The broker finds margins and the cost of doing business have both been well-managed.

While capex is poised to increase, such are the usual prospects for a recently de-merged business, UBS finds the business remains well-funded.

Target price is $7.20 Current Price is $7.18 Difference: $0.02
If EDV meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting downside of -2.8% (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

Ord Minnett rates EVT as Buy (1) -

First half results revealed a number of positive elements combining fortuitously and were better than Ord Minnett expected. The broker points out the company was lucky that domestic cinemas happened to be open when two blockbusters were screening.

The German cinema business also benefited from government support. Meanwhile the hotels will take longer to recover and refurbishments will also be an obstacle.

Still, Ord Minnett believes the business is in a strong position to leverage the inevitable recovery in travel/experience as concerns surrounding the pandemic ease. Buy rating maintained. Target is raised to $18.72 from $17.21.

Target price is $18.72 Current Price is $15.30 Difference: $3.42
If EVT meets the Ord Minnett 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

Morgans rates HLO as Add (1) -

Tight cost control kept 1H losses for Helloworld Travel to a minimum, and results were overall better than Morgans had expected. Corporate being profitable over the period was also considered a highlight.

The expectation by management for a breakeven or better 4Q was also better than the broker forecast. The Add rating is maintained on material undervaluation, while the target price edges up to $2.88 from $2.87.

Target price is $2.88 Current Price is $2.44 Difference: $0.44
If HLO meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Ord Minnett rates HLO as Hold (3) -

First half results were a little worse than expected. Ord Minnett finds it hard to become comfortable regarding the real earnings capacity of the remaining business units after the sale of the corporate and government business.

Rebuilding the inbound and wholesale business is likely to be difficult, although management has a strong track record in these segments.

Estimates are updated to reflect a recovery in outbound travel, with small upgrades to FY22 followed by downgrades to FY23/24. Hold rating retained, given the uncertainty, while the target is reduced to $2.29 from $2.34.

Target price is $2.29 Current Price is $2.44 Difference: minus $0.15 (current price is over target).
If HLO meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for 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 HLS as Accumulate (2) -

Ord Minnett revises estimates for Healius ahead of the results on February 23.

A record profit is still expected yet the target is reduced to $5 from $6 to reflect a drop in the expected contribution from coronavirus testing in light of the introduction of rapid antigen tests and the speed with which the Omicron wave has eased.

Estimates for earnings per share are reduced by -29% for FY22. Accumulate rating maintained.

Target price is $5.00 Current Price is $4.20 Difference: $0.8
If HLS meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.33, suggesting upside of 27.6% (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 HPI as Add (1) -

Morgans concludes from 1H results for Hotel Property Investments that both the portfolio and balance sheet remain in a solid position.

Underlying rental income rose 21.2% on the previous corresponding period after rent increases of 3.5% (on a like for like basis) and income from new acquisitions.

FY22 DPS guidance remains 20.5cps, and after making minor changes to forecasts, the broker maintains an Add rating and lifts its target to $3.84 from $3.70.

Target price is $3.84 Current Price is $3.65 Difference: $0.19
If HPI meets the Morgans 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

Ord Minnett rates HSN as Buy (1) -

First half results were ahead of expectations. Ord Minnett considers M&A the potential catalyst, as there is ample debt funding capacity. Guidance has been maintained for a marginal improvement in operating revenue in FY22.

The broker highlights the track record in acquisitions, a diverse business and strong cash flow. As a small cap industrial Ord Minnett believes the stock is inexpensive and reiterates a Buy rating and $6.50 target.

Target price is $6.50 Current Price is $5.46 Difference: $1.04
If HSN meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

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

Integral Diagnostics officially reports tomorrow but pre-released its result in January. That pre-release disappointed, Morgan Stanley notes, and the market has already responded accordingly.

The key in the actual result will be the margin outlook, the broker suggests, given -300bps of contraction observed in the first half.

Otherwise the broker sees headwinds to FY22 earnings due to the pandemic and potential headwinds to MRI reimbursement in FY23, however expects activity returns near pre-pandemic expectations in FY23.

Equal-weight retained, target falls to $4.41 from $5.05. Industry view: In-Line.

Target price is $4.41 Current Price is $3.93 Difference: $0.48
If IDX meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.70, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

UBS rates ING as Neutral (3) -

UBS hereby resumes coverage with a Neutral rating and $3.49 price target. The broker is of the view that FY22 will be a challenge for food producers, including Inghams Group.

The broker agrees with management operational margins are set to increase, but it also assumes a much slower pace than Inghams' ambitious looking 8.8% margin target "medium term".

UBS also highlights Inghams contracts its grain prices for between 3-9mths and has feed-cost pass-through price mechanisms for circa 60% of volumes.

Target price is $3.49 Current Price is $3.41 Difference: $0.08
If ING meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Morgans rates LAU as Hold (3) -

Lindsay Australia's 1H results materially beat Morgans estimates. Outlook comments were considered positive with intentions to execute upon Rail capacity expansion and growing the Rural business.

Before lifting its Hold rating, the broker awaits confirmation that management can cycle these record results in FY23. Significant operating leverage drives material profit upgrades for FY22-24 of 36.4%, 30.6% and 25.9%. The target rises to $0.50 from $0.42.

Target price is $0.50 Current Price is $0.46 Difference: $0.04
If LAU meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates LFS as Outperform (1) -

While margin headwinds saw Latitude Group Holdings deliver a second half result -6% below Macquarie's expectations, the broker looks to the Humm Group ((HUM)) acquisition as beneficial to the company's outlook.

Macquarie expects the acquisition to be double digit earnings per share accretive in FY23 and provide $55m in annualised cost synergies. Expects benefit from improving volumes in FY22. Earnings per share forecasts are updated -4.7%, 9.8% and 8.8% through to FY24. 

The Outperform rating is retained and the target price decreases to $2.95 from $3.15.

Target price is $2.95 Current Price is $2.02 Difference: $0.93
If LFS meets the Macquarie target it will return approximately 46% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates LLC as Buy (1) -

While 1H results for Lendlease Group were below expectations, Citi believes investors will be more focused upon FY22 guidance, which indicates a significant improvement.

While Construction for the half was a beat versus the broker, weaker results in Developments (given no apartment/commercial
completions in the 1H), and Investments (due to covid impacts, and higher expenses) weighed.

Management considers FY22 a reset year. Going forward, the analyst feels a higher return on invested capital for Investments will more than offset potential softness in Development. The Buy rating and $14.37 target are kept.

Target price is $14.37 Current Price is $10.31 Difference: $4.06
If LLC meets the Citi target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $12.64, suggesting upside of 17.7% (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

Credit Suisse rates LLC as Outperform (1) -

Credit Suisse expected the first half results would be weak, which was confirmed by operating net profit being down -86%. Cash flow was weaker because of lower operating earnings as well as net investments since June 2021.

No FY22 guidance was provided yet the expected full-year return on investment has increased to 7.5-8.5% because of the benefit from the partial sale of the US military asset management business.

Credit Suisse makes no substantial changes to its view, backing management to deliver a normalised year in FY24. Outperform rating maintained. Target is reduced to $12.59 from $12.94.

Target price is $12.59 Current Price is $10.31 Difference: $2.28
If LLC meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $12.64, suggesting upside of 17.7% (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 LLC as Outperform (1) -

Macquarie notes Lendlease Group's first half operating earnings of 4.1 cents per share was below expectations given a larger than expected second half skew, but guidance mid point suggests full year earnings of 40 cents per share. 

Return on equity and return on invested capital targets for FY24 were reiterated, with the broker noting targets require $8bn in completions. Work in progress currently includes $7bn in completions for FY24, but developments remain a risk to targets. 

Expect capital expenditure to increase, with the company guiding to $2bn in development and investment capital by FY24. Accounting for higher costs, earnings per share forecasts decrease -7.6%, -5.3% and -3.6% through to FY24. 

The Outperform rating is retained and the target price decreases to $12.30 from $12.64.

Target price is $12.30 Current Price is $10.31 Difference: $1.99
If LLC meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $12.64, suggesting upside of 17.7% (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 LLC as Upgrade to Equal-weight from Underweight (3) -

Lendlease reported profit below Morgan Stanley's forecast, but the broker admits profit is difficult to forecast given the lumpiness of development projects. Investments and Construction were in line with estimates, but Development earnings came in well short.

The broker notes the all-important goals for FY24 remain intact, with return on equity and return on invested capital targets reiterated. Of the $16bn of current work in progress, $7bn is slated for completion in FY24.

Greater confidence in FY24 goals being achievable has the broker upgrading to Equal-weight from Underweight. Target unchanged at $11.40. Industry view: In-Line.

Target price is $11.40 Current Price is $10.31 Difference: $1.09
If LLC meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $12.64, suggesting upside of 17.7% (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 LLC as Accumulate (2) -

First half operating profit was marginally ahead of Ord Minnett's forecast. Management is guiding to improved operating earnings in the second half and still expects to achieve its return on equity target by FY24.

The broker suggests the balance sheet needs monitoring, as the company will need to increase invested capital and therefore further recycling is anticipated.

The earnings mix is expected to move to more predictable investment earnings and as this is delivered the broker believes ths stock should re-rate. Accumulate rating and $12.50 target maintained.

Target price is $12.50 Current Price is $10.31 Difference: $2.19
If LLC meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $12.64, suggesting upside of 17.7% (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 NHF as Neutral (3) -

Following 1H results for nib Holdings, Citi lowers its forecast for the Australian residents health insurance (ARHI) margin for FY22 and also forecasts for New Zealand, following a spike in claims inflation. The Neutral rating is unchanged with a $7 target, down from $7.35.

In noting ARHI's 1H22 result would have been even stronger had 1Q trends persisted, the analyst believes the company was intent not to profit as a result of covid.

Target price is $7.00 Current Price is $6.63 Difference: $0.37
If NHF meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.90, suggesting upside of 2.2% (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

Credit Suisse rates NHF as Neutral (3) -

First half underlying operating profit was ahead of forecasts, Private health insurance growth is strong despite policyholder numbers being soft, Credit Suisse observes.

The broker upgrades FY22/FY23 estimates by 7% in line with stronger growth and margins in health insurance amid signs of an improvement in travel-related earnings.

Neutral rating reiterated. While upside is anticipated, the stock appears to be fairly valued at current levels, in the broker's view. Target is reduced to $6.46 from $6.85.

Target price is $6.46 Current Price is $6.63 Difference: minus $0.17 (current price is over target).
If NHF 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 $6.90, suggesting upside of 2.2% (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 NHF as Neutral (3) -

Following the first half, Macquarie notes nib Holdings upgraded full year policyholder growth guidance. While the travel and international inbound health insurance segments continued to drag on results, these are expected to achieve profitability in FY23. 

Taking the opportunity for claims catch-up saw Deferred Claims Liabilities increase in the half to $59.2m, consistent with other insurers, and marks a change in the company shifting covid benefits from investors to customers. 

The Neutral rating is retained and the target price decreases to $7.10 from $7.65.

Target price is $7.10 Current Price is $6.63 Difference: $0.47
If NHF meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.90, suggesting upside of 2.2% (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 NHF as Equal-weight (3) -

Underlying profit growth of 26% for nib Holdings beat Morgan Stanley's -2% decline assumption.

In a brief review, the broker notes a strong recovery in Australian residents health insurance was dampened by travel restrictions in the half. The insurer expects FY22 growth in NZ net policyholders and Travel to return to profitability in FY23 as restrictions ease.

Management also expects international inbound health insurance (iihi) to return to profitability in FY23. Equal-weight and $6.90 target retained for now.

Target price is $6.90 Current Price is $6.63 Difference: $0.27
If NHF meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.90, suggesting upside of 2.2% (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 NHF as Lighten (4) -

First half results were well ahead of expectations, driven by Australian resident health insurance income. The company expects the travel insurance and international inbound health insurance will become profitable in FY23.

Ord Minnett also points out a lot of pandemic benefits are boosting reported margins, and underlying margins could therefore face pressure into FY23.

The broker is also cautious about the new capital standards as well as the upcoming federal election and the implications for future rate increases. Lighten maintained. Target is raised to $6.20 from $6.10.

Target price is $6.20 Current Price is $6.63 Difference: minus $0.43 (current price is over target).
If NHF meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.90, suggesting upside of 2.2% (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 NHF as Neutral (3) -

A new analyst has taken up coverage of nib Holdings at UBS, but the Neutral rating and $7.10 price target have remained unchanged.

UBS is of the view that trends that materialised during covid will reverse for the health insurer, both the positive and the negative ones, in opposing directions.

Forecasts have been updated post the H1 result.

Target price is $7.10 Current Price is $6.63 Difference: $0.47
If NHF meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.90, suggesting upside of 2.2% (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 NXL as Overweight (1) -

Nuix reported in line with guidance downgraded in January. In a brief review, Morgan Stanley notes annualised contract value rose 1.7% year on year but remains below FY21.

Under a new management team, Nuix has accelerated investment into R&D, with a focus on added SaaS capability. No FY guidance was provided.

The stock remains a turnaround story, the broker suggests. Overweight and $5.50 target retained for now. Industry view: Attractive.

Target price is $5.50 Current Price is $1.36 Difference: $4.14
If NXL meets the Morgan Stanley target it will return approximately 304% (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 OML as Neutral (3) -

2021 results were in line with estimates. Amid continued sector recovery, Credit Suisse notes revenue in the first quarter is currently around 15% above that of the prior corresponding quarter.

The company expects 2022 capital expenditure to be in the $45-55m range, with some carryover from 2021. The broker found the re-commencement of the dividend a positive but still expects the leverage ratio will remain well below target.

This provides potential for further returns and the company has confirmed it is assessing capital management options. Neutral maintained. Target is raised to $1.70 from $1.60.

Target price is $1.70 Current Price is $1.74 Difference: minus $0.04 (current price is over target).
If OML 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 $1.82, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in December.

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 OML as Outperform (1) -

2021 results were broadly in line with Macquarie's estimates. The company is a beneficiary of the recovery from the pandemic over the short term while the broker assesses structural tailwinds also exist over the longer term.

Dividends have been reinstated and, while this is not a yield stock, with a recovering earnings profile, Macquarie is confident in forecasting stable dividends. Outperform rating and $2 target retained.

Target price is $2.00 Current Price is $1.74 Difference: $0.26
If OML meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.82, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates OML as Hold (3) -

2021 results were robust, with revenue reaching 80% of 2019 levels, even accounting for the continued drag from Fly/Locate.

Ord Minnett re-bases earnings expectations and factors in a return to pre-pandemic levels in sales during 2022, although Fly/Locate is not envisaged returning to pre-pandemic levels until 2024.

Management has reinstated the dividend, although the broker notes capital expenditure guidance of $45-55m implies a large step up from a weak 2020/21 base. Hold maintained. Target rises to $1.75 from $1.55.

Target price is $1.75 Current Price is $1.74 Difference: $0.01
If OML meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.82, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates OZL as Buy (1) -

There was little to surprise Citi in OZ Minerals' FY21 results, apart from a decarbonisation roadmap to net-zero by 2030. The record result was broadly in-line with the analyst's expectation.

Production guidance for 2022 is unchanged despite a slower start to the year driven by weather and covid.

The broker agrees with management that no acquisitions are necessary given the internal growth pipeline. The Buy rating is unchanged and the target rises to $29.90 from $29.10.

Target price is $29.90 Current Price is $26.03 Difference: $3.87
If OZL meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $25.23, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates OZL as Underperform (5) -

2021 results were in line with expectations. The final dividend was slightly higher than Credit Suisse expected and guidance has been maintained for 2022 despite the slow start.

The company has introduced its de-carbonisation plan which targets a -50% reduction in Scope1/2 emissions by 2027 from 2021 levels and net zero by 2030. This is ahead of the industry, the broker points out.

Credit Suisse lowers earnings estimates after assessing updated depreciation guidance while retaining an Underperform rating given the minimal cash flow. Target is steady at $21.

Target price is $21.00 Current Price is $26.03 Difference: minus $5.03 (current price is over target).
If OZL meets the Credit Suisse target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.23, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in December.

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 OZL as Neutral (3) -

2021 results were in line with forecasts. The company has announced de-carbonisation plans that will halve Scope1 emissions by 2027 with a net zero target to be achieved by 2030. Production and costs guidance unchanged.

Macquarie assesses strong copper and gold prices are underpinning upgrade momentum. Updating corporate, finance and depreciation forecasts means the broker downgrades earnings estimates. Neutral rating and $26 target maintained.

Target price is $26.00 Current Price is $26.03 Difference: minus $0.03 (current price is over target).
If OZL meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.23, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in December.

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 OZL as Equal-weight (3) -

A mixed result from OZ Minerals had underlying profit missing Morgan Stanley, free cash flow beating and capex lower than expected. The broker calls it in-line, noting the dividend was better than expected.

The broker has updated for cost adjustments and the inclusion of West Musgrave into valuation, leading to earnings forecast cuts. 2022 production guidance was unchanged and there were no changes to project timelines.

Equal-weight retained, target falls to $25.90 from $26.10. Industry view: Attractive.

Target price is $25.90 Current Price is $26.03 Difference: minus $0.13 (current price is over target).
If OZL meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.23, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in December.

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 OZL as Hold (3) -

In reviewing a 2021 result that was in-line to slightly ahead of the consensus estimate for OZ Minerals, Morgans gains some comfort from unchanged guidance. A slightly larger-than-expected 18cps dividend was also a modest surprise.

However, a Hold rating is maintained due to rising industry capex and execution risks, which may diminish some of the company's growth options, namely Carrapateena and the West Musgrave project. The target price falls to $25.69 from $25.80.

Target price is $25.69 Current Price is $26.03 Difference: minus $0.34 (current price is over target).
If OZL meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.23, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in December.

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 OZL as Lighten (4) -

OZ Minerals reported a H2 performance broadly in-line, reports Ord Minnett. As the broker is also of the view that all great things for the near-term are already reflected in the share price, the rating remains on Lighten with a $22.20 target price.

The broker is equally wary on self funding the growth pipeline, and expects some delays in the schedule.

While the company is enjoying solid cash flows, Ord Minnett points out OZ Minerals needs to fund $1bn in scheduled capex between FY23-25.

The broker suspects West Musgraves might need to be delayed.

Target price is $22.20 Current Price is $26.03 Difference: minus $3.83 (current price is over target).
If OZL meets the Ord Minnett target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.23, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in December.

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 QAL as Initiation of coverage with Outperform (1) -

Macquarie initiates coverage with an Outperform rating and $2.64 target. Qualitas is a real estate fund manager which specialises in private credit and equity. The broker notes performance will depend on growth in funds under management and deployment of proceeds from the IPO.

Macquarie envisages demand for the company's product, given the total superannuation system is expected to grow by around 6%  per annum and funds are typically underweight real estate.

Assuming a fully deployed balance sheet by FY25, Macquarie estimates the funds management business is trading around 7x EV/EBITDA. The main risks relate to regulation or the inability to deploy capital, along with a moderation in base fees/performance fees.

Target price is $2.64 Current Price is $2.20 Difference: $0.44
If QAL meets the Macquarie 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

Credit Suisse rates RWC as Outperform (1) -

First half earnings were below forecasts and Reliance Worldwide provided no guidance for FY22. The trading update signals the UK business is normalising back towards 2019 unlike the US which is significantly ahead.

The company is guiding to fourth-quarter margins approaching FY21 levels, excluding the impact of EZ-FLO.

Credit Suisse believes the company is managing its input costs well, delivering above-market growth in the Americas and Asia Pacific with the UK being the main detractor. Outperform maintained. Target is reduced to $6.50 from $7.00.

Target price is $6.50 Current Price is $5.13 Difference: $1.37
If RWC meets the Credit Suisse target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $6.08, suggesting upside of 27.6% (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: 0.7

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

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

First half results were in line, with the Americas beating expectations while EMEA missed forecasts.

Macquarie observes, while EZ-FLO provides a potential boost, end-market growth is slowing. As a result, it is hard to find catalyst to drive a re-rating, in the broker's view.

Rating is downgraded to Neutral from Outperform and the target to $5.40 from $5.75.

Target price is $5.40 Current Price is $5.13 Difference: $0.27
If RWC meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.08, suggesting upside of 27.6% (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: 0.7

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

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

Morgan Stanley had been concerned that tightness in raw materials and challenges with supply chain and logistics would disrupt Reliance Worldwide's volumes, revenues and earnings. While there was some margin compression in the period generally these challenges were navigated well.

Profit was in line with revenue growth stronger than forecast. Management has implemented a price increase which should offset raw
material and other costs to return margins to those seen in FY21.

Reliance remains a solid, good quality business but with a relatively modest growth profile, the broker suggests, trading at fair value after the broker lowers its PE multiple assumption. This leads to a target cut to $5.30 from $6.00. Equal-weight retained.

Industry view: In-Line.

Target price is $5.30 Current Price is $5.13 Difference: $0.17
If RWC meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.08, suggesting upside of 27.6% (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: 0.7

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

Morgans rates RWC as Add (1) -

First half results for Reliance Worldwide Corp were slightly below Morgans expectations as direct and indirect supply chain constraints restricted volume growth. However, management stated underlying demand remains strong.

The analyst notes earnings (EBITDA) in the Americas were in-line with forecasts while the APAC region and Europe, the Middle East and Africa (EMEA) disappointed.

Only minor changes are made to the broker's earnings forecasts and the target price slips to $6.35 from $6.63. The Add rating is unchanged.

Target price is $6.35 Current Price is $5.13 Difference: $1.22
If RWC meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $6.08, suggesting upside of 27.6% (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: 0.7

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

Ord Minnett rates RWC as Buy (1) -

Ord Minnett commends the first half results, given rising costs and supply chain issues, which were in line with forecasts. Demand appears strong and recent acquisitions are combining to provide growth.

The broker expects further improvement in earnings in FY22/FY23 and retains a Buy rating, reducing the target to $6.90 from $7.40.

Target price is $6.90 Current Price is $5.13 Difference: $1.77
If RWC meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $6.08, suggesting upside of 27.6% (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: 0.7

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

UBS rates RWC as Buy (1) -

UBS believes Reliance Worldwide released a broadly in-line interim results including slightly better performance in the USA with slightly disappointing margins overall.

But it's the outlook that has come as a surprise, suggests the broker, adding: the better outlook shows management is doing all the right things.

Higher input costs will be more than offset via price increases which should see margins increase, explains the broker.

UBS's confidence has grown this company can continue delivering double digit near term earnings growth. Buy rating reiterated. Target $6, up from $5.80 prior.

Target price is $6.00 Current Price is $5.13 Difference: $0.87
If RWC meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.08, suggesting upside of 27.6% (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: 0.7

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

Citi rates SHL as Neutral (3) -

Following 1H results for Sonic Healthcare, Citi concludes an earnings peak has now been reached, and the focus shifts to the rate of
decline in covid testing. It's expected FY24 will be a 'normal year' with minimal covid testing. The target falls to $39 from $44.

The upside, according to the analyst, is an under-geared balance sheet with the announcement of a $500m buyback and potential for M&A.

The broker also notes the potential for a snap-back in the base business as the backlog of surgical procedures globally is reduced.

Target price is $39.00 Current Price is $36.25 Difference: $2.75
If SHL meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $39.81, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Credit Suisse rates SHL as Neutral (3) -

Credit Suisse observes Sonic Healthcare is emerging from peak covid earnings which will weigh on the shares until there is more clarity. First half results were strong and an on-market share buyback up to $500m has been announced. No guidance was provided.

Credit Suisse forecasts FY23 will be a normalised year of covid testing. Estimates for FY22 are raised by 8% while FY23-24 estimates are raised by 11-12%. Neutral maintained. Target is reduced to $40.00 from $46.50.

Target price is $40.00 Current Price is $36.25 Difference: $3.75
If SHL meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $39.81, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Macquarie rates SHL as Neutral (3) -

First half revenue and earnings were below expectations. Macquarie assesses uncertainty over the medium term outlook is countered by a favourable balance sheet position.

The main risk, to the upside, is capital deployment into acquisitions. Still, increased competition/elevated multiples are limiting the near-term growth options. Neutral maintained. Target is reduced to $38.45 from $42.20.

Target price is $38.45 Current Price is $36.25 Difference: $2.2
If SHL meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $39.81, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Morgan Stanley rates SHL as Overweight (1) -

Sonic Healthcare's revenue came in weaker than expected but increased margins led to an earnings beat. The dividend came in "much lighter", Morgan Stanley notes.

In a brief review, the broker notes covid testing continued to be a strong contributor while base business revenue grew by 4.3% in the half and 2.5% year on year.

No guidance provided. The broker anticipates a slowdown in revenue growth through the second half. Overweight and $42.80 target retained for now. Industry view: In-Line.

Target price is $42.80 Current Price is $36.25 Difference: $6.55
If SHL meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $39.81, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

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

While Sonic Healthcare's 1h results were in-line with expectations, Morgans lowers its rating to Hold from Add and slashes its target price to $39.93 from $50.72. It's felt covid testing will inevitably slow, placing downward pressure on profits.

The broker suggests no FY22 guidance reflects the pandemic’s uncertain trajectory. However, it's stressed the company remains in a strong position for ongoing base business growth and has ample liquidity for capital management and M&A.

Regarding the results, operating margins expanded 290bps to 32.4%, an all-time high.

Target price is $39.93 Current Price is $36.25 Difference: $3.68
If SHL meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $39.81, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Ord Minnett rates SHL as Hold (3) -

First half results were weaker than expected. Ord Minnett considers the core business in good condition and the company should be able to revert to its steady earnings growth trajectory amid growing demand for diagnostic tests.

Still, at current levels, Ord Minnett is not inclined to recommend the stock as, with a predictable drop in covid testing, this could result in a commensurate drop in earnings. Hold maintained. Target is reduced to $38.70 from $45.00.

Target price is $38.70 Current Price is $36.25 Difference: $2.45
If SHL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $39.81, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Macquarie rates SLR as Outperform (1) -

The first half results were mixed, as operating earnings were ahead of estimates while depreciation weighed on the net profit outcome.

Macquarie believes the company is well situated to achieve FY22 guidance, particularly given the processing of the stockpile at Mount Monger in the second half. The outlook and strategy for the newly-acquired Sugar Zone is anticipated in the second half.

Outperform and $2.20 target retained.

Target price is $2.20 Current Price is $1.79 Difference: $0.41
If SLR meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 8.4% (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 SSG as Accumulate (2) -

First half results were ahead of Ord Minnett's forecast albeit net profit declined -8.6%, driven by government-mandated store closures. Net profit was ahead by 76.4% on a two-year basis. The dividend was also ahead of forecasts.

Ord Minnett observes Shaver Shop has a strong market position and while the network has been built out in Australia there remains scope in New Zealand. Estimates are upgraded for FY22 and FY23 and an Accumulate rating is maintained. Target is raised to $1.30 from $1.25.

Target price is $1.30 Current Price is $1.16 Difference: $0.14
If SSG meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Citi rates SUL as Buy (1) -

First half results for Super Retail Group were a -6% miss versus Citi's estimate and -2% shy of the consensus forecast as sales beat expectations though costs disappointed. The target falls around -5% to $14.50.

Nonetheless, the broker liked a strong trading update, which showed all brands except Rebel reported positive like-for-like growth. As previously thought, 2H sales and earnings are expected to remain well above pre-covid levels. Buy.

Target price is $14.50 Current Price is $11.63 Difference: $2.87
If SUL meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $13.68, suggesting upside of 21.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Credit Suisse rates SUL as Outperform (1) -

First half results missed forecasts yet Credit Suisse considers the momentum remains strong heading into the second half. Timing differences largely accounted for the miss to forecasts and the broker downgrades FY22 estimates to reflect the lower outcome in the first half.

Regardless, the business is exposed to increasing expenditure on leisure while the stock remains relatively cheap and offers a strong dividend yield. The broker also suspects capital management may be on the cards when cash flows stabilise.

Outperform maintained. Target is reduced to $13.82 from $14.07.

Target price is $13.82 Current Price is $11.63 Difference: $2.19
If SUL meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $13.68, suggesting upside of 21.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates SUL as Neutral (3) -

First half results were mixed, with sales ahead of forecasts while higher costs produced a miss at the EBIT line. The performance was affected by a -100 basis points decline in the gross profit margin albeit this remains above pre-pandemic levels, at 46.7%.

Cost increases related to global supply chain disruptions are expected to affect gross margins in the second half as well.  Macquarie retains a Neutral rating and reduces the target to $12.13 from $13.18.

Target price is $12.13 Current Price is $11.63 Difference: $0.5
If SUL meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $13.68, suggesting upside of 21.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgans rates SUL as Upgrade to Add from Hold (1) -

Following yesterday's -9.5% share slump upon the release of 1H results by Super Retail Group, Morgans sees a buying opportunity and raises its rating to Add from Hold. The target only falls to $13.60 from $13.80 and no major changes are made to earnings (EBIT) forecasts.

First half earnings were 3% above the analyst's forecast, while sales were considerably better than expected.

Higher costs for freight and promotional activity were offset by selective price increases and efficiencies in sourcing and inventory management, explains the broker.

Target price is $13.80 Current Price is $11.63 Difference: $2.17
If SUL meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $13.68, suggesting upside of 21.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Ord Minnett rates SUL as Accumulate (2) -

First half net profit was ahead of Ord Minnett's forecast. The broker observes expectations were high, given the market reaction. Yet the two main businesses, Supercheap Auto and Rebel, grew strongly compared with pre-pandemic levels and despite a shift to online.

The broker considers the defensive balance sheet will be a priority for the short term, although there is potential upside should capital be returned over time. Acquisitions also remain a possibility, despite the patchy track record.

Accumulate maintained. Target is reduced to $13.80 from $14.50.

Target price is $13.80 Current Price is $11.63 Difference: $2.17
If SUL meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $13.68, suggesting upside of 21.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates SUL as Buy (1) -

Super Retail Group's interim results yesterday triggered a huge sell-off in the shares, but UBS today reports its own forecasts had been beaten. Market consensus, however, had not been met through both EBIT and profits.

The company did point out it had experienced strong trading conditions into the second half, the broker points out.

UBS also highlights how much the retailer has changed its business during covid with online sales, for example, now representing a larger chunk of the mix.

The broker argues the build up in inventory is a risk that has been overstated (see yesterday's sell-off); rather it will prove to be a driver underneath sales growth. Estimates have been lifted. Target rises to $14 from $13.50. Buy rating reiterated.

Target price is $14.00 Current Price is $11.63 Difference: $2.37
If SUL meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $13.68, suggesting upside of 21.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Ord Minnett rates SXY as Hold (3) -

First half earnings were below estimates, largely because of costs. Full year EBITDA guidance has been reiterated which implies a skew to the second half.

Ord Minnett expects the transaction with POSCO will be completed in March and a de-listing will occur shortly thereafter. Hold rating and $4.60 target maintained.

Target price is $4.60 Current Price is $4.61 Difference: minus $0.01 (current price is over target).
If SXY meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.42, suggesting downside of -4.2% (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

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

First half results missed estimates because of higher costs. Macquarie points out the market appears to have not reflected the -$2.3m in Medipass expenses. Cost pressures are expected to continue in the second half, although not to the same degree.

The broker highlights issues around the ability to generate operating leverage in the competitive payments industry amid limited pricing power and elevated demand for technical staff.

 Still,  given a healthy balance sheet, Macquarie considers the share price movement an overreaction and upgrades to Outperform from Neutral. Target is reduced to $2.15 from $3.50.

Target price is $2.15 Current Price is $1.62 Difference: $0.53
If TYR meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $3.13, suggesting upside of 117.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgan Stanley rates TYR as Overweight (1) -

In a brief review, Morgan Stanley notes Tyro Payments' revenue and payments turnover met expectation, but earnings missed due to higher costs and the Medipass acquisition.

The broker expects consensus FY earnings forecasts to be downgraded. No guidance offered.

Overweight and $4.70 target retained for now. Industry view: Attractive.

Target price is $4.70 Current Price is $1.62 Difference: $3.08
If TYR meets the Morgan Stanley target it will return approximately 190% (excluding dividends, fees and charges).

Current consensus price target is $3.13, suggesting upside of 117.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates TYR as Add (1) -

First half results for Tyro payments were a big disappointment versus Morgans and consensus expectations, largely due to a softer gross profit margin for payments and higher-than-expected operating costs.

The broker downgrades FY22-24 EPS estimates by more than -50% and slashes its target price to $2.68 from $4.02.

Nonetheless, the analyst retains an Add rating on a favourable long-term growth story, as highlighted by current market share gains.

Target price is $2.68 Current Price is $1.62 Difference: $1.06
If TYR meets the Morgans target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $3.13, suggesting upside of 117.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates TYR as Buy (1) -

First half revenue was ahead of forecasts, supported by transaction growth of 31%. Yet results missed expectations on costs and Ord Minnett believes the disclosure on margins created more confusion.

The second half is expected to benefit from a recovery in merchant volumes and activity that should translate into operating leverage. The broker retains a Buy rating and reduces the target to $3.00 from $4.30 because of reduced margin and growth assumptions over the short term.

Target price is $3.00 Current Price is $1.62 Difference: $1.38
If TYR meets the Ord Minnett target it will return approximately 85% (excluding dividends, fees and charges).

Current consensus price target is $3.13, suggesting upside of 117.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates UWL as Accumulate (2) -

Ord Minnett finds the market's punishment for Uniti Group's below-expectations interim result over the top. In an initial response to today's release, the broker retains a positive view on the company's outlook.

Among the points made by the broker are that construction revenues were slower than 2H21 given the workplace restrictions during 1Q in VIC and NSW.

Underlying EBITDA of $65.9m, post share based payments, proved -5% below forecast due to double the non-cash share based payments.

Growth capex was ahead of expectations, including an additional earn out for LBN Co. Negotiations with NBN Co continue, but Uniti's wholesale prices are forecast to remain steady under all scenarios.

Target price is $4.21 Current Price is $3.71 Difference: $0.5
If UWL meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates VEA as Outperform (1) -

2021 earnings were considered solid with operating leverage evident in a recovery in aviation volumes. Credit Suisse expects this will be an expanding input to FY22. Refining margins are also expected to be above long-term averages.

The broker suspects capital management could be a prospect in FY22. The commercial performance improved significantly, attributed to cost reductions and the re-basing of businesses affected by the pandemic. Outperform maintained. Target is reduced to $2.57 from $2.60.

Target price is $2.57 Current Price is $2.46 Difference: $0.11
If VEA meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.67, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates VEA as Outperform (1) -

2021 results were in line with expectations.. Macquarie observes capital expenditure is increasing as the business invests in the Geelong refinery, strategic storage and the LNG import terminal. Re-rating potential is anticipated as fuel volumes recover and oil prices stabilise.

The broker expects management will focus on preserving capital for the Liberty Convenience buy-out in 2024 as well as bolt-on acquisitions, and to maintain resilience in any downturn. Outperform retained. Target is raised 4% to $2.80.

Target price is $2.80 Current Price is $2.46 Difference: $0.34
If VEA meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.67, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgan Stanley rates VEA as Overweight (1) -

Viva Energy reported earnings in line with guidance. FY22 capex will increase over FY21 given spending on Energy Hub projects, Morgan Stanley notes.

This is likely to be a theme over the next few years but Viva Energy is starting from a position of strength given a strong underlying earnings performance, with higher refining a tailwind for cashflow and minimal net debt.

A better refining performance should offset the risk of margin pressure thanks to rising oil prices. The balance sheet provides for M&A optionality. Target rises to $2.70 from $2.50, Overweight retained.

Target price is $2.70 Current Price is $2.46 Difference: $0.24
If VEA meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.67, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

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

Following Viva Energy's in-line FY21 results and recent share price strength, Morgans downgrades its rating to Hold from Add, while raising its target price to $2.60 from $2.55. Ongoing pressure on 2022 retail margins from labour, inflation and competition is expected.

Gross refining margins rebounded strongly in the 2H21, while regional refining margins continue to surge in 2022, and overall, the analyst expects another solid year from refining.

FY22 capex guidance of $330-$350m was well above the consensus expectation, as the spend on the energy transition increases, explains the broker. 

Target price is $2.60 Current Price is $2.46 Difference: $0.14
If VEA meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.67, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates VEA as Buy (1) -

According to UBS, Viva Energy's 2021 result seemingly beat market consensus helped by lower D&A and interest costs, but operationally (EBITDA) the report represents a "miss" as rising oil prices dragged down retail margins.

Confidence in the Geelong LNG import terminal going ahead has grown and, even without final investment decision having been made, UBS has now incorporated the terminal in its forecasts.

The company has gained market share and the broker expects it to absorb some of the margin impact as oil prices stabilise to protect its market share gain.

Valuation has lifted to $2.70 (the new price target) from $2.50. Buy rating is hereby reiterated.

Target price is $2.70 Current Price is $2.46 Difference: $0.24
If VEA meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.67, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Citi rates Z1P as Neutral (3) -

Citi maintains its Neutral rating and $3.65 target for Zip Co. This is despite a materially greater 1H cash earnings (EBTDA) loss flagged than expected, due to higher-than-expected net bad debts and higher-than-expected cash operating expenses.

More positively, the company aims to reduce costs and is redirecting capital allocation to markets that have a near-term pathway to profitability, explains the analyst. However, there's considered potential for such measures to negatively impact revenues.

Zip Co is scheduled to report on Friday but decided to pre-signal its interim result yesterday.

Target price is $3.65 Current Price is $2.37 Difference: $1.28
If Z1P meets the Citi target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $5.16, suggesting upside of 138.8% (ex-dividends)