Australian Broker Call
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August 05, 2022
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
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Today's Upgrades and Downgrades
AMC - | Amcor | Downgrade to Equal-weight from Overweight | Morgan Stanley |
CIP - | Centuria Industrial REIT | Upgrade to Outperform from Neutral | Credit Suisse |
EVN - | Evolution Mining | Downgrade to Neutral from Buy | UBS |
Overnight Price: $18.28
Morgan Stanley rates AMC as Downgrade to Equal-weight from Overweight (3) -
While Morgan Stanley continues to like Amcor's quality and dividend support, growth may be more challenging in FY23, and the stock may be left behind in the event of a risk-on rally by the wider market. The rating is reduced to Equal-weight from Overweight.
The analyst highlights the stock has benefited from the prior risk-off sentiment, with shares outperforming the ASX200 by 17% this year.
Growth challenges in FY23 may derive from the currency, while the analyst observes higher funding costs have begun to emerge. The target price falls to $17.50 from $18.00. Industry view: In Line.
Target price is $17.50 Current Price is $18.28 Difference: minus $0.78 (current price is over target).
If AMC meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $18.59, suggesting upside of 4.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 66.61 cents and EPS of 112.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 115.2, implying annual growth of N/A. Current consensus DPS estimate is 69.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 68.00 cents and EPS of 111.02 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.1, implying annual growth of 3.4%. Current consensus DPS estimate is 70.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 15.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $87.30
Morgan Stanley rates ASX as Equal-weight (3) -
While Morgan Stanley had forecast an around 9% 1H recovery in total futures for the ASX, there is potential for downside. July's statistics revealed rate futures volumes fell -13% year-on-year in July versus flat growth in June. Volumes for 3 & 10 year futures continue to fall.
The broker retains its Equal-weight rating and $80.50 target price. Industry view: Attractive.
Target price is $80.50 Current Price is $87.30 Difference: minus $6.8 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $82.59, suggesting downside of -3.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 236.80 cents and EPS of 263.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 262.8, implying annual growth of 5.8%. Current consensus DPS estimate is 236.4, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 32.5. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 257.10 cents and EPS of 286.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 283.8, implying annual growth of 8.0%. Current consensus DPS estimate is 255.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 30.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BBN BABY BUNTING GROUP LIMITED
Apparel & Footwear
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Overnight Price: $4.80
Macquarie rates BBN as Outperform (1) -
Coverage of Baby Bunting is transferred to a different analyst at Macquarie and forecasts are reviewed with a new perspective.
Minor changes are made to revenue and gross profit assumptions and the target falls to $6.05 from $6.21, while the Outperform rating stays.
Since FY18 until the 1H of FY22, the analyst explains earnings (EBITDA) margins have expanded by around 3%. This expansion is expected to lead to an ongoing profitable store rollout, with potential expansion into lower revenue regions that shouldn't overly dilute profitability.
Target price is $6.05 Current Price is $4.80 Difference: $1.25
If BBN meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $5.97, suggesting upside of 23.2% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 19.30 cents and EPS of 22.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.6, implying annual growth of 65.9%. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 21.5. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 20.60 cents and EPS of 23.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.9, implying annual growth of 14.6%. Current consensus DPS estimate is 19.1, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CCX CITY CHIC COLLECTIVE LIMITED
Apparel & Footwear
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Overnight Price: $2.20
Citi rates CCX as Buy (1) -
City Chic Collective's US competitor Torrid reported a downgrade in sales and earnings for the quarter, ending July with slower store traffic from macro headwinds.
Citi points out City Chic Collective has no US stores but web traffic has been below the reported numbers from Torrid and the analyst considers there are downside risks for 1H23 sales to the Australian company.
Despite the short term headwinds from macro risks, Citi is positive about the long term growth potential from international expansion, M&A opportunities and increased market shares.
Buy rating and $3 price target retained.
Target price is $3.00 Current Price is $2.20 Difference: $0.8
If CCX meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $2.90, suggesting upside of 29.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Citi forecasts a full year FY22 dividend of 0.00 cents and EPS of 12.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.8, implying annual growth of 23.0%. Current consensus DPS estimate is 1.2, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 19.0. |
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 4.00 cents and EPS of 13.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.0, implying annual growth of 10.2%. Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.98
Credit Suisse rates CIP as Upgrade to Outperform from Neutral (1) -
Centuria Industrial REIT reported FY22 result which came in-line with Credit Suisse's expectations.
Notably the FY23 guidance was reduced below the broker's and consensus forecasts due to higher debt costs assumptions, which may prove to be overly conservative.
The price target is adjusted down to $3.42 from $3.75 and the stock is now seen trading at a -30% discount to NTA.
Credit Suisse views the bad news re debt costs as discounted in the price and upgrades to Outperform from Neutral.
Target price is $3.42 Current Price is $2.98 Difference: $0.44
If CIP meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $3.55, suggesting upside of 16.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 16.00 cents and EPS of 15.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.4, implying annual growth of N/A. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY24:
Credit Suisse forecasts a full year FY24 dividend of 16.30 cents and EPS of 16.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of -4.0%. Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CIP as Outperform (1) -
Both Centuria Industrial REIT's FY22 results and FY23 guidance were in-line with Macquarie's forecasts. Debt headwinds are seen as temporary, while the outlook for rent growth is favourable.
One key driver of the analyst's funds from operations (FFO) forecast downgrades for FY24 and FY25 is an assumption that hedging is maintained at 50%, at an incremental swap rate of 3.0%.
The target price falls by -2.6% to $3.69. Outperform.
Target price is $3.69 Current Price is $2.98 Difference: $0.71
If CIP meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $3.55, suggesting upside of 16.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 16.00 cents and EPS of 17.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.4, implying annual growth of N/A. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 15.70 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of -4.0%. Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CIP as Equal-weight (3) -
FY22 funds from operations (FFO) for Centuria Industrial REIT of 18.2cpu were in-line Morgan Stanley's estimate and the 17.3cpu dividend was in-line with guidance.
FY23 FFO and DPU guidance of 17cpu and 16cpu were in-line with the broker though a miss compared to the consensus expectations of 17.9cpu and 16.8cpu.
Management expects higher interest rates to weigh on profit in FY23. Morgan Stanley notes any upcoming accretive acquisitions may have to be funded via dilutive divestments, given current gearing of around 33%.
The Equal-weight rating and $3.25 target are retained. Industry View: In-line.
Target price is $3.25 Current Price is $2.98 Difference: $0.27
If CIP meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $3.55, suggesting upside of 16.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.4, implying annual growth of N/A. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY24:
Morgan Stanley forecasts a full year FY24 EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of -4.0%. Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CIP as Buy (1) -
Centuria Industrial REIT's FY22 funds from operations (FFO) proved marginally ahead of Ord Minnett's forecast. Distribution of 17.3cpu was smack bang on forecast.
Higher floating debt costs have forced the REIT to issue a guidance reflecting -6.6% lower earnings, which the broker notes is in-line with its own forecast, but consensus is sitting at a higher level, "presumably due to floating debt costs not being updated".
Ord Minnett does not mince its words: Centuria Industrial REIT remains the best pure-play exposure to Australian industrial assets on the ASX. Buy rating retained, with the price target losing -10c to $3.70.
Target price is $3.70 Current Price is $2.98 Difference: $0.72
If CIP meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $3.55, suggesting upside of 16.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.4, implying annual growth of N/A. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of -4.0%. Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $219.96
Ord Minnett rates COH as Hold (3) -
Cochlear is scheduled to report FY22 financials on August 19. Ord Minnett is anticipating a "solid" result, despite numerous challenges.
In advance, only minor adjustments have been made to estimates. For FY23, the forecast is for low-double-digit profit growth supported by currency tailwinds.
Cochlear retains a Hold rating. Target price remains $218.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $218.00 Current Price is $219.96 Difference: minus $1.96 (current price is over target).
If COH meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $220.08, suggesting downside of -1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 300.00 cents and EPS of 423.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 424.4, implying annual growth of -14.6%. Current consensus DPS estimate is 291.0, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 52.7. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 EPS of 490.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 472.3, implying annual growth of 11.3%. Current consensus DPS estimate is 320.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 47.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DHG DOMAIN HOLDINGS AUSTRALIA LIMITED
Real Estate
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Overnight Price: $3.74
Credit Suisse rates DHG as Neutral (3) -
Credit Suisse notes that property listing have remained resilient in the June quarter.
The broker adjusts the residential volume forecasts for Domain Holdings Australia to 2% estimated volume growth in the residential market for 2H22 and then guiding to -2% growth in volumes for FY23 for a slowdown in the property market.
Domain Holdings Australia is due to release the FY22 earnings report on August 17.
The Neutral rating is retained and the target price decreases to $4.00 from $4.50.
Target price is $4.00 Current Price is $3.74 Difference: $0.26
If DHG meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $4.69, suggesting upside of 27.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 4.00 cents and EPS of 10.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of 69.5%. Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 37.1. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 6.91 cents and EPS of 11.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.1, implying annual growth of 22.2%. Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 30.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DHG as Buy (1) -
A general update on the sector has led to a reduction in Ord Minnett's price target to $4.40 from $4.80 with an unchanged Buy-rating.
The broker says it is but prudent to incorporate lower forecasts given there are plenty of challenges impacting on the sector, including cost inflation and the outlook for both listings and housing.
REA Groups ((REA)) has the broker's preference over Domain Holdings given a better risk-reward balance.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.40 Current Price is $3.74 Difference: $0.66
If DHG meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $4.69, suggesting upside of 27.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of 69.5%. Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 37.1. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.1, implying annual growth of 22.2%. Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 30.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.65
UBS rates EVN as Downgrade to Neutral from Buy (3) -
UBS downgrades its gold price forecasts for FY23-25 by -4%, -5% and -3%, respectively. It's felt stocks within the Gold sector are not as cheap as they look with the combined headwinds of lower company growth ambitions and continued operating and inflation headwinds.
The broker lowers its near-term earnings forecasts by -10-15% and reduces price targets on average by -3-5%.
The rating for Evolution Mining falls to Neutral from Buy and the target price is reduced to $2.80 from $2.90.
Target price is $2.80 Current Price is $2.65 Difference: $0.15
If EVN meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $2.77, suggesting upside of 1.5% (ex-dividends)
Forecast for FY22:
Current consensus EPS estimate is 14.4, implying annual growth of -28.7%. Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 19.0. |
Forecast for FY23:
Current consensus EPS estimate is 17.8, implying annual growth of 23.6%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.43
UBS rates GOR as Buy (1) -
UBS downgrades its gold price forecasts for FY23-25 by -4%, -5% and -3%, respectively. It's felt stocks within the Gold sector are not as cheap as they look with the combined headwinds of lower company growth ambitions and continued operating and inflation headwinds.
The broker lowers its near-term earnings forecasts by -10-15% and reduces price targets on average by -3-5%.
In the small cap space, the broker likes Gold Road Resources for its low costs and low-risk growth, and retains its Buy rating. The target falls to $1.80 from $1.85.
Target price is $1.80 Current Price is $1.43 Difference: $0.37
If GOR meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $1.70, suggesting upside of 17.2% (ex-dividends)
Forecast for FY22:
Current consensus EPS estimate is 9.7, implying annual growth of 132.1%. Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY23:
Current consensus EPS estimate is 10.1, implying annual growth of 4.1%. Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.26
Credit Suisse rates HT1 as Outperform (1) -
Credit Suisse adjusts earnings forecasts for HT&E accounting for lower radio forecasts with Metro revenue growth reduced to 6.4% from 7.9% and Regional revenue growth of 4% from 5%.
Recent radio trends are indicating an increase in the June quarter activity and accordingly the broker remains positive about the stock.
The Outperform rating is maintained and the target price is lowered to $2.35 from $2.50.
Target price is $2.35 Current Price is $1.26 Difference: $1.09
If HT1 meets the Credit Suisse target it will return approximately 87% (excluding dividends, fees and charges).
Current consensus price target is $1.81, suggesting upside of 42.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 11.00 cents and EPS of 16.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.5, implying annual growth of 207.8%. Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 8.4%. Current consensus EPS estimate suggests the PER is 7.7. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 11.00 cents and EPS of 17.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.1, implying annual growth of -2.4%. Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 8.4%. Current consensus EPS estimate suggests the PER is 7.9. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.65
Citi rates ILU as Buy (1) -
Citi is positive about the announced demerger of Sierra Rutile from Iluka Resources which will enable management to focus on the Australian assets, such as the Bairanaid and the Moazite Refinery, with an improved capital position.
The broker's earnings forecasts post the demerger are adjusted down -4% and -7% for FY22 and FY23, respectively, after allowing for lower production volumes and removal of the higher costs from Sierra Rutile.
Iluka Resources is due to announce its FY22 earnings report on August 24. Buy rating and target price $11.25 are retained.
Target price is $11.25 Current Price is $9.65 Difference: $1.6
If ILU meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $11.49, suggesting upside of 20.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Citi forecasts a full year FY22 dividend of 45.00 cents and EPS of 114.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.1, implying annual growth of 50.5%. Current consensus DPS estimate is 34.7, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 7.3. |
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 0.00 cents and EPS of 90.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 100.9, implying annual growth of -22.4%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 9.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ILU as Outperform (1) -
Macquarie lowers its target price for Iluka Resources to $13.60 from $14.50 after earnings contributions from Sierra Rutile are removed following approval of the demerger by shareholders on July 22.
The analyst feels management may now focus on the Eneabba Rare Earths Refinery phase 3. Outperform.
Target price is $13.60 Current Price is $9.65 Difference: $3.95
If ILU meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $11.49, suggesting upside of 20.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 23.00 cents and EPS of 139.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.1, implying annual growth of 50.5%. Current consensus DPS estimate is 34.7, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 7.3. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 42.00 cents and EPS of 159.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 100.9, implying annual growth of -22.4%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 9.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MFG MAGELLAN FINANCIAL GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $14.86
Morgan Stanley rates MFG as Underweight (5) -
Given a currently high multiple for Magellan Financial, Morgan Stanley feels the stock price is too expensive, a view reinforced by larger-than-expected outflows of -$2.5bn in July. It's felt consensus downgrades may be looming.
The broker notes outflows included -$2.1bn for Institutional (lumpy downside risks continue) and -0.4bn for Retail.
The Underweight rating and $9.90 target are unchanged. Industry View: Attractive.
Target price is $9.90 Current Price is $14.86 Difference: minus $4.96 (current price is over target).
If MFG meets the Morgan Stanley target it will return approximately minus 33% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.44, suggesting downside of -23.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 187.00 cents and EPS of 216.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 216.8, implying annual growth of 49.9%. Current consensus DPS estimate is 186.4, implying a prospective dividend yield of 12.5%. Current consensus EPS estimate suggests the PER is 6.9. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 94.60 cents and EPS of 111.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.1, implying annual growth of -45.1%. Current consensus DPS estimate is 103.4, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 12.6. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $19.01
UBS rates NCM as Neutral (3) -
UBS downgrades its gold price forecasts for FY23-25 by -4%, -5% and -3%, respectively. It's felt stocks within the Gold sector are not as cheap as they look with the combined headwinds of lower company growth ambitions and continued operating and inflation headwinds.
The broker lowers its near-term earnings forecasts by -10-15% and reduces price targets on average by -3-5%.
The broker retains its Neutral rating for Newcrest Mining and reduces its target to $19.70 from $20.30.
Target price is $19.70 Current Price is $19.01 Difference: $0.69
If NCM meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $23.04, suggesting upside of 20.5% (ex-dividends)
Forecast for FY22:
Current consensus EPS estimate is 138.5, implying annual growth of N/A. Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY23:
Current consensus EPS estimate is 156.8, implying annual growth of 13.2%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 12.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NEC NINE ENTERTAINMENT CO. HOLDINGS LIMITED
Print, Radio & TV
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Overnight Price: $2.12
Credit Suisse rates NEC as Outperform (1) -
Nine Entertainment provided updated guidance with EBITDA to grow by 22% for FY22 on the previous year.
Credit Suisse has updated earnings forecasts post the guidance and is not anticipating any material change to the numbers when Nine Entertainment reports FY22 earnings on August 25.
The Outperform rating is retained and the target price decreases to $3.40 from $3.50.
Target price is $3.40 Current Price is $2.12 Difference: $1.28
If NEC meets the Credit Suisse target it will return approximately 60% (excluding dividends, fees and charges).
Current consensus price target is $3.34, suggesting upside of 62.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 14.00 cents and EPS of 19.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.4, implying annual growth of 95.2%. Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 10.6. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 14.00 cents and EPS of 19.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.7, implying annual growth of 1.5%. Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 10.5. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NGI NAVIGATOR GLOBAL INVESTMENTS LIMITED
Wealth Management & Investments
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Overnight Price: $1.57
Ord Minnett rates NGI as Buy (1) -
Navigator Global Investments is acquiring Invictus Capital Partners, with the deal staged over three years. Ord Minnett notes there's no specific guidance, but the broker is willing to give management the benefit of a positive track record.
Invictus, reminds the broker, is the third strategic investment made in circa 18 months.
On the broker's revised forecasts, earnings are now poised for 9% EPS CAGR in FY22-25. Earnings estimates have been updated.
Target price gains 10c to $2.30. Buy.
Target price is $2.30 Current Price is $1.57 Difference: $0.73
If NGI meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 11.80 cents and EPS of 17.21 cents. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 11.80 cents and EPS of 17.76 cents. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NST NORTHERN STAR RESOURCES LIMITED
Gold & Silver
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Overnight Price: $7.98
UBS rates NST as Buy (1) -
UBS downgrades its gold price forecasts for FY23-25 by -4%, -5% and -3%, respectively. It's felt stocks within the Gold sector are not as cheap as they look with the combined headwinds of lower company growth ambitions and continued operating and inflation headwinds.
The broker lowers its near-term earnings forecasts by -10-15% and reduces price targets on average by -3-5%.
The analyst's preferred large cap is Northern Star Resources for its net cash position and strong organic growth pipeline, and retains its Buy rating. The target falls to $9.80 from $10.00.
Target price is $9.80 Current Price is $7.98 Difference: $1.82
If NST meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $9.88, suggesting upside of 19.8% (ex-dividends)
Forecast for FY22:
Current consensus EPS estimate is 21.0, implying annual growth of -81.7%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 39.3. |
Forecast for FY23:
Current consensus EPS estimate is 31.3, implying annual growth of 49.0%. Current consensus DPS estimate is 22.5, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 26.4. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $25.34
Credit Suisse rates NWS as Outperform (1) -
Credit Suisse marginally adjusts News Corp earnings forecasts and the price target for the upcoming reported results.
The adjustments reflect changes to the foreign exchange assumptions, the one-off cost of the Insignia -$20m legal settlement, lower earnings for Books from a slowdown and the inclusion of Base Chemicals into Dow Jones forecasts.
News Corp FY22 results are due to be announced on August 9. Outperform rating retained. Target price falls to $38 from $39.
Target price is $38.00 Current Price is $25.34 Difference: $12.66
If NWS meets the Credit Suisse target it will return approximately 50% (excluding dividends, fees and charges).
Current consensus price target is $32.40, suggesting upside of 28.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 33.31 cents and EPS of 116.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 126.1, implying annual growth of N/A. Current consensus DPS estimate is 30.6, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 20.0. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 38.86 cents and EPS of 122.68 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 137.7, implying annual growth of 9.2%. Current consensus DPS estimate is 32.5, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 18.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.30
Credit Suisse rates OML as Neutral (3) -
oOh!media highlighted the May election had an impact which concurs with the official OMA data showing out-of-home media market grew 14% in the June quarter versus 25.5% in the March quarter.
Credit Suisse anticipates oOh!media will continue to generate lower growth than the overall market due to the sector exposure and the bus contracts which sit outside media revenues.
The broker adjusts earnings forecasts for lower revenue growth of 13%.
oOh!media is due to release 1H22 earnings on August 22.
Neutral rating is retained and the price target is lowered to $1.40 from $1.70.
Target price is $1.40 Current Price is $1.30 Difference: $0.1
If OML meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.58, suggesting upside of 24.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 4.00 cents and EPS of 6.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.0, implying annual growth of N/A. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 3.77 cents and EPS of 7.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.1, implying annual growth of 13.7%. Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PNI PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $10.94
Macquarie rates PNI as Outperform (1) -
Following recent FY22 results for Pinnacle Investment Management, Macquarie further reviews assumptions for base management fees, flow estimates and expenses.
The broker adjusts its FY23-25 EPS forecasts by 0%, 5% and 7%, respectively. For this reason and higher medium-term growth assumptions, the target price rises to $11.78 from $10.93.
Macquarie feels earnings may deliver even above its own expectations, partly due to a higher base fee margin, and an increased share of funds under management (FUM) capable of generating performance fees. Outperform.
Target price is $11.78 Current Price is $10.94 Difference: $0.84
If PNI meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $11.42, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 35.40 cents and EPS of 39.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.9, implying annual growth of 1.7%. Current consensus DPS estimate is 35.3, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 27.1. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 40.60 cents and EPS of 48.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.4, implying annual growth of 15.9%. Current consensus DPS estimate is 40.2, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 23.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
QAN QANTAS AIRWAYS LIMITED
Transportation & Logistics
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Overnight Price: $4.56
UBS rates QAN as Buy (1) -
While the share price of Qantas Airways has fallen by -20% from recent peaks due to recessionary fears (according to UBS), the broker expects a soft-landing scenario and feels the stock now represents compelling value.
The analyst's Buy rating and $6.55 target price reflect the company's increased earnings potential by comparison to pre-covid.
Target price is $6.55 Current Price is $4.56 Difference: $1.99
If QAN meets the UBS target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $5.88, suggesting upside of 27.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
UBS forecasts a full year FY22 EPS of minus 69.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -66.2, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY23:
UBS forecasts a full year FY23 EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.8, implying annual growth of N/A. Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $129.34
Credit Suisse rates REA as Outperform (1) -
REA Group does not provide revenue guidance but Credit Suisse has adjusted earnings forecasts marginally for an estimated 4% growth in residential volume growth in 2H22 and lower volume growth in FY23 of -3% decline.
REA Group is due to report FY22 earnings results on August 9.
The Outperform rating is retained and the target price increases to $142 from $141.50.
Target price is $142.00 Current Price is $129.34 Difference: $12.66
If REA meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $132.50, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 173.00 cents and EPS of 315.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 311.1, implying annual growth of 27.2%. Current consensus DPS estimate is 166.3, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 40.0. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 192.00 cents and EPS of 349.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 341.7, implying annual growth of 9.8%. Current consensus DPS estimate is 189.6, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 36.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates REA as Buy (1) -
A general update on the sector has led to a reduction in Ord Minnett's price target to $140 from $145 with an unchanged Buy-rating.
The broker says it is but prudent to incorporate lower forecasts given there are plenty of challenges impacting on the sector, including cost inflation and the outlook for both listings and housing.
REA Group has the broker's preference over Domain Holdings ((DHG)) given a better risk-reward balance.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $140.00 Current Price is $129.34 Difference: $10.66
If REA meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $132.50, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 EPS of 304.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 311.1, implying annual growth of 27.2%. Current consensus DPS estimate is 166.3, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 40.0. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 EPS of 318.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 341.7, implying annual growth of 9.8%. Current consensus DPS estimate is 189.6, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 36.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $34.36
Macquarie rates RMD as Outperform (1) -
Macquarie sees upside to 2023 and 2024 consensus forecasts for ResMed and highlights potential for improved industry device volume growth from 2023. There's considered to be a large opportunity for the company to increase market share.
Also, a recent forecast by competitor Philips suggests to the analyst upside risk to the number of new patients awaiting a device and the backlog, relative to prior forecasts.
The broker's target price rises to $38.70 from $36.50 after allowing for new risk-free rates and a lower Australian dollar. Outperform.
Target price is $38.70 Current Price is $34.36 Difference: $4.34
If RMD meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $36.13, suggesting upside of 4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 23.73 cents and EPS of 79.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.0, implying annual growth of N/A. Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 42.0. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 25.40 cents and EPS of 100.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 99.0, implying annual growth of 20.7%. Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 34.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.38
Macquarie rates SFR as Outperform (1) -
Sandfire Resources reported a weak 4Q22 update in the view of Macquarie.
The broker notes higher production from MATSA and DeGrussa but costs at MATSA came in 36% higher than anticipated and cash costs for DeGrussa were -30% below forecasts for the quarter and year end.
The company offered FY23 guidance.
Macquarie has adjusted forecasts to account for the changes with higher gold and copper production estimates for DeGrussa and higher zinc and lower copper forecasts for MATSA.
Macquarie lowers FY22 earnings forecasts post the results and guidance update by -24% and -26%, respectively for FY22 and FY23.
An Outperform rating is retained and the target price is lowered to $6.00 from $7.90.
Target price is $6.00 Current Price is $4.38 Difference: $1.62
If SFR meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $5.79, suggesting upside of 27.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 11.10 cents and EPS of 45.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.5, implying annual growth of N/A. Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 7.5. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 15.27 cents and EPS of 49.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.2, implying annual growth of -58.3%. Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 18.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SIQ SMARTGROUP CORPORATION LIMITED
Vehicle Leasing & Salary Packaging
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Overnight Price: $7.22
Macquarie rates SIQ as Neutral (3) -
Macquarie updates Smartgroup Corp for the change in policy and new bill to abolish FBT on zero or low emission vehicles.
The aim of the legislation is to improve affordability for electric and zero to low emission vehicles.
Macquarie updates earnings forecasts by 1% in FY23 while continuin to see upside risk to forecasts with the improvement in the financials for an EV Novated Lease compared to other funding avenues.
An Outperform rating is retained and the price target rises to $7.30 from $6.62 with an increase in valuation for the Small Industrials Sector.
Target price is $7.30 Current Price is $7.22 Difference: $0.08
If SIQ meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $7.69, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 46.90 cents and EPS of 51.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.5, implying annual growth of 15.6%. Current consensus DPS estimate is 44.4, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 47.30 cents and EPS of 52.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.4, implying annual growth of 3.6%. Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $21.25
UBS rates SSR as Buy (1) -
UBS downgrades its gold price forecasts for FY23-25 by -4%, -5% and -3%, respectively. It's felt stocks within the Gold sector are not as cheap as they look with the combined headwinds of lower company growth ambitions and continued operating and inflation headwinds.
The broker lowers its near-term earnings forecasts by -10-15% and reduces price targets on average by -3-5%.
The analyst retains its Buy rating on SSR Mining, and also updates on solid production at Copler and Seabee, following the company's June quarter production report. Operations at Copler remain suspended since a cyanide spill in late June.
However, earnings forecasts for 2022-24 are reduced by -28%, -14% and -15%, on lower production and higher costs, and the target falls by -19% to $24.30.
Target price is $24.30 Current Price is $21.25 Difference: $3.05
If SSR meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.80
Macquarie rates VNT as Outperform (1) -
Macquarie lifts its target price for Ventia Services to $3.00 from $2.80 due to higher domestic and global peer multiples. It's felt covid and adverse weather have been negotiated well and the company is on-track to deliver its FY22 prospectus forecast.
The Outperform rating is maintained.
Target price is $3.00 Current Price is $2.80 Difference: $0.2
If VNT meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 15.10 cents and EPS of 20.10 cents. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 15.80 cents and EPS of 22.60 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
Company | Last Price | Broker | New Target | Prev Target | Change | |
AMC | Amcor | $17.85 | Morgan Stanley | 17.50 | 18.50 | -5.41% |
BBN | Baby Bunting | $4.85 | Macquarie | 6.05 | 6.21 | -2.58% |
CIP | Centuria Industrial REIT | $3.04 | Credit Suisse | 3.42 | 3.75 | -8.80% |
Macquarie | 3.69 | 3.94 | -6.35% | |||
Ord Minnett | 3.70 | 3.80 | -2.63% | |||
DHG | Domain Holdings Australia | $3.67 | Credit Suisse | 4.00 | 4.50 | -11.11% |
Ord Minnett | 4.40 | 4.80 | -8.33% | |||
EVN | Evolution Mining | $2.73 | UBS | 2.80 | 2.90 | -3.45% |
GOR | Gold Road Resources | $1.45 | UBS | 1.80 | 1.85 | -2.70% |
HT1 | HT&E | $1.27 | Credit Suisse | 2.35 | 2.50 | -6.00% |
ILU | Iluka Resources | $9.51 | Macquarie | 13.60 | 14.50 | -6.21% |
NCM | Newcrest Mining | $19.12 | UBS | 19.70 | 20.30 | -2.96% |
NEC | Nine Entertainment | $2.06 | Credit Suisse | 3.40 | 3.50 | -2.86% |
NGI | Navigator Global Investments | $1.58 | Ord Minnett | 2.30 | 2.20 | 4.55% |
NST | Northern Star Resources | $8.25 | UBS | 9.80 | 11.70 | -16.24% |
NWS | News Corp | $25.25 | Credit Suisse | 38.00 | 39.00 | -2.56% |
OML | oOh!media | $1.27 | Credit Suisse | 1.40 | 1.70 | -17.65% |
PNI | Pinnacle Investment Management | $11.08 | Macquarie | 11.78 | 10.93 | 7.78% |
REA | REA Group | $124.55 | Credit Suisse | 142.00 | 141.50 | 0.35% |
Ord Minnett | 140.00 | 145.00 | -3.45% | |||
RMD | ResMed | $34.45 | Macquarie | 38.70 | 36.50 | 6.03% |
SFR | Sandfire Resources | $4.54 | Macquarie | 6.00 | 7.90 | -24.05% |
SIQ | Smartgroup Corp | $7.24 | Macquarie | 7.30 | 6.62 | 10.27% |
SSR | SSR Mining | $22.52 | UBS | 24.30 | 29.85 | -18.59% |
VNT | Ventia Services | $2.79 | Macquarie | 3.00 | 2.80 | 7.14% |
WOR | Worley | $14.31 | Macquarie | 15.48 | 15.26 | 1.44% |
Summaries
AMC | Amcor | Downgrade to Equal-weight from Overweight - Morgan Stanley | Overnight Price $18.28 |
ASX | ASX | Equal-weight - Morgan Stanley | Overnight Price $87.30 |
BBN | Baby Bunting | Outperform - Macquarie | Overnight Price $4.80 |
CCX | City Chic Collective | Buy - Citi | Overnight Price $2.20 |
CIP | Centuria Industrial REIT | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $2.98 |
Outperform - Macquarie | Overnight Price $2.98 | ||
Equal-weight - Morgan Stanley | Overnight Price $2.98 | ||
Buy - Ord Minnett | Overnight Price $2.98 | ||
COH | Cochlear | Hold - Ord Minnett | Overnight Price $219.96 |
DHG | Domain Holdings Australia | Neutral - Credit Suisse | Overnight Price $3.74 |
Buy - Ord Minnett | Overnight Price $3.74 | ||
EVN | Evolution Mining | Downgrade to Neutral from Buy - UBS | Overnight Price $2.65 |
GOR | Gold Road Resources | Buy - UBS | Overnight Price $1.43 |
HT1 | HT&E | Outperform - Credit Suisse | Overnight Price $1.26 |
ILU | Iluka Resources | Buy - Citi | Overnight Price $9.65 |
Outperform - Macquarie | Overnight Price $9.65 | ||
MFG | Magellan Financial | Underweight - Morgan Stanley | Overnight Price $14.86 |
NCM | Newcrest Mining | Neutral - UBS | Overnight Price $19.01 |
NEC | Nine Entertainment | Outperform - Credit Suisse | Overnight Price $2.12 |
NGI | Navigator Global Investments | Buy - Ord Minnett | Overnight Price $1.57 |
NST | Northern Star Resources | Buy - UBS | Overnight Price $7.98 |
NWS | News Corp | Outperform - Credit Suisse | Overnight Price $25.34 |
OML | oOh!media | Neutral - Credit Suisse | Overnight Price $1.30 |
PNI | Pinnacle Investment Management | Outperform - Macquarie | Overnight Price $10.94 |
QAN | Qantas Airways | Buy - UBS | Overnight Price $4.56 |
REA | REA Group | Outperform - Credit Suisse | Overnight Price $129.34 |
Buy - Ord Minnett | Overnight Price $129.34 | ||
RMD | ResMed | Outperform - Macquarie | Overnight Price $34.36 |
SFR | Sandfire Resources | Outperform - Macquarie | Overnight Price $4.38 |
SIQ | Smartgroup Corp | Neutral - Macquarie | Overnight Price $7.22 |
SSR | SSR Mining | Buy - UBS | Overnight Price $21.25 |
VNT | Ventia Services | Outperform - Macquarie | Overnight Price $2.80 |
RATING SUMMARY
Rating | No. Of Recommendations |
1. Buy | 22 |
3. Hold | 9 |
5. Sell | 1 |
Friday 05 August 2022
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
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market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
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base their work on information believed to be reliable and accurate, though
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