Australian Broker Call

Macquarie rates ALL as Outperform (1) -

Class III premium gaming operations (which use random number generator software to determine results) comprises around 40% of Aristocrat Leisure's Americas revenues, notes Macquarie, a figure that may soon increase.

The company will launch a NFL-themed slot product ahead of the 2023 NFL season which kicks-off in early September.

Outperform maintained. Target is $46.50.

Target price is $46.50 Current Price is $39.70 Difference: $6.8
If ALL meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $44.06, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

Shaw and Partners rates AZY as Buy (1) -

Antipa Minerals has intersected near-surface, high-grade gold mineralisation at GEO-01,1.3km from Minyari Dome. Mineralisation is open in most directions which could provide the opportunity for a significant maiden resource, Shaw and Partners reports.

The company will re-evaluate the 2023 exploration program following these results with RC and diamond core drilling now in the planning stage.

Assay results for the first 4200m of the phase1 RC drilll program at Minyari Dome are expected later in August. Buy rating and 6c target maintained.

Target price is $0.06 Current Price is $0.02 Difference: $0.041
If AZY meets the Shaw and Partners target it will return approximately 216% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates BSL as Neutral (3) -

Citi's takeout from the US earnings season is that steel pricing and demand, while normalising, remained high through much of the June half, with US steel mills reporting continued support.

But the broker expects the opposite from the domestic market, due to tighter monetary policy and edgy inflation, causing the broker to revise down its real GDP forecasts. Citi cuts its domestic tonnage and Asian export steel prices, observing China's steel exports remain high.

For BlueScope Steel, this translates to a -2% FY25 earnings (EBIT) shave, Citi expecting weakness in both Australian and New Zealand markets.

Neutral rating and $23.50 target price retained.

Target price is $23.50 Current Price is $21.91 Difference: $1.59
If BSL meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $21.43, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Citi rates BWP as Sell (5) -

Citi appreciates BWP Trust's solid financial positioning (gearing of 15.8%), strong momentum in like-for-like rental growth from most of its leases, and its operational strength through its Bunnings Warehouse portfolio, but the broker just considers the REIT to be too expensive.

Citi observes the cap rate has risen to 5.38% and expects cap rates will rise again in December as higher interest rates dampen real estate prices. While not overly concerned, the broker observes roughly half of its leases expire before FY26.

Sell rating retained, the broker spying better sector valuations. Target price falls to $3.40 from $3.50.

Target price is $3.40 Current Price is $3.55 Difference: minus $0.15 (current price is over target).
If BWP meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.59, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.8

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

Morgan Stanley rates BWP as Underweight (5) -

BWP Trust reported FY23 profit and distributions in line with estimates. Guidance is for a similar outcome in FY24. Cash coverage of the distribution of 18.29c was around 97% and not a major problem in Morgan Stanley's opinion.

Like-for-like rental growth was "good", the broker asserts, at 5%, thanks to an uplift in CPI-link legacy leases. Almost 50% of leases expire over the next three years and the broker suspects Bunnings could leave a significant number of sites.

Underweight rating and $3.75 target price retained. Industry view: In-line.

Target price is $3.75 Current Price is $3.55 Difference: $0.2
If BWP meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.59, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.8

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

Ord Minnett rates BWP as Hold (3) -

BWP Trust's FY23 adjusted net profit fell -1% to $114m, largely in line with Ord Minnett's expectations. The business is approaching an uncertain period, the broker contends, with more than 80% of leases expiring in the next five years.

The trust is expected to suffer from rising vacancies and be forced to spend large sums on redeveloping vacated properties or upgrading others to get Bunnings to stay.

While expecting a high degree of uncertainty regarding capital expenditure needs, the broker forecasts gearing to move towards a "still reasonable" 30% over the next decade.

Ord Minnett retains a Hold rating and $3.60 target.

Target price is $3.60 Current Price is $3.55 Difference: $0.05
If BWP meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.59, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.8

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

UBS rates BWP as Sell (5) -

BWP Trust produced FY23 earnings that were in line with estimates. FY24 guidance is for a similar result, with UBS noting capital will again be used to support the payout.

As a result, headwinds loom amid an imbalance of negotiating power with Bunnings and low returns on defensive developments, the broker asserts. Moreover, CPI benefits are easing and higher debt and property costs are constraining growth.

UBS retains a Sell rating and $3.61 target.

Target price is $3.61 Current Price is $3.55 Difference: $0.06
If BWP meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.59, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.8

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

Morgans rates CBL as Downgrade to Hold from Speculative Buy (3) -

Morgans lowers its target for Control Bionics to 9c from 58c after lowering its forecasts in line with new management guidance and to reflect a new $1.1m capital raise and the potential for another during FY24. The rating is downgraded to Hold from Speculative Buy.

Despite these negatives, the analysts highlight sales momentum apparent in the company's 4Q cashflow report and for the prior quarter.

Management has adopted a more focused direct-to-hospital strategy in Japan to drive near-term sales, explains the broker. Also, testing is being finalised for the Drove (self driving wheelchair) with potential for sales in FY24, post a Therapeutic Goods Administration submission.

Target price is $0.09 Current Price is $0.08 Difference: $0.015
If CBL meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates CDA as Neutral (3) -

Macquarie raises its target for Codan by 38% to $8.10 largely due to a change in valuation methodology but also to allow for the acquisition of Eagle NewCo from NEC Software Solutions UK for -$22m.

Eagle NewCo is a software supplier to the emergency services, public safety, and control room markets, and is complementary with Codan's Zetron's core command and control technology portfolio, explains the broker.

The transaction will be funded by existing debt facilities. The Neutral rating is unchanged.

Target price is $8.10 Current Price is $7.83 Difference: $0.27
If CDA meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates CHN as Outperform (1) -

The analysts at Macquarie have visited the Gonneville deposit in Western Australia, where Chalice Mining recently announced a new high-grade copper-PGE zone interceptions.

The broker expects near-term catalysts from updates on the partnering process and the release of a scoping study to confirm capex, opex and key metallurgical recovery rates,

The $9.20 target and Outperform rating are unchanged.

Target price is $9.20 Current Price is $5.92 Difference: $3.28
If CHN meets the Macquarie target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $8.40, suggesting upside of 43.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates CNB as Outperform (1) -

Macquarie is positive on the farm-in and joint venture agreement with Rio Tinto ((RIO)) for the Devoncourt project, which is near Carnaby Resources' Greater Duchess Copper Gold project.

The broker suggests the main upcoming catalyst for Carnaby Resources is the maiden resource for Greater Duchess, which is expected during Q3 of 2023.

The Outperform rating and $1.70 target are unchanged.

Target price is $1.70 Current Price is $1.08 Difference: $0.62
If CNB meets the Macquarie target it will return approximately 57% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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) -

After attaining increased confidence in the 10-year dividend trajectory, Macquarie now values Chorus on a dividend yield basis and the target rises to NZ$8.95 from NZ$8.70. Neutral.

The broker also points out the company is a beneficiary of the recent high inflationary environment and raises its earnings (EBITA) forecasts for FY23 and FY24 accordingly.

Current Price is $7.83. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

This company reports in NZD. 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

Macquarie rates CTD as Neutral (3) -

Prior to last week's upgraded FY23 guidance by Corporate Travel Management for earnings (EBITDA) in the range of $165-170m, Macquarie was forecasting $163m.

Europe was well ahead of the broker's forecast, while A&NZ and North America were well below.

The target rises by 3% to $21.95. Neutral.

Target price is $21.95 Current Price is $20.62 Difference: $1.33
If CTD meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $24.89, suggesting upside of 22.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Bell Potter rates CXL as Speculative Buy (1) -

A final investment decision (FID) has been taken on the joint venture with Pilbara Minerals ((PLS)) for the 3,000tpa lithium phosphate mid-stream processing demonstration plant at the Pilgangoora lithium operation in WA.

Bell Potter lowers its target for Calix to $8.70 from $9.00 to reflect a slower-than-expected demonstration plant ramp-up to nameplate capacity. Speculative Buy.

A revised construction cost split between Pilbara and Calix will now see Calix contribute -$17.5m towards developing the demonstration plant, a beat against the analyst's prior -$21.2m estimate.

Target price is $8.70 Current Price is $4.24 Difference: $4.46
If CXL meets the Bell Potter target it will return approximately 105% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Shaw and Partners rates CXL as Buy (1) -

Calix has made a final investment decision (FID) to progress with the construction and operation of a mid-stream demonstration plant at Pilgangoora in joint venture with Pilbara Minerals ((PLS)).

Shaw and Partners regards this as a very favourable outcome and reiterates a Buy rating.

The project aims to demonstrate the benefits of producing a mid-stream lithium enriched product using the company's patented electrical technology.

Shaw and Partners highlights the ESG tailwinds for the company and its calciner technology. Target is steady at $6.

Target price is $6.00 Current Price is $4.24 Difference: $1.76
If CXL meets the Shaw and Partners target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Ord Minnett rates EXP as Buy (1) -

Experience Co's update provided FY23 EBITDA guidance of $11m and highlighted the leverage of old assets, namely Skydiving and Great Barrier Reef Adventures, to Chinese holidaymakers.

May ABS data supports the view, Ord Minnett notes, with inbound visitors to Australia recovering to 62% of May 2019 volumes. Yet the broker suspects the recovery in Chinese visitors may be slower than previously anticipated. Chinese air capacity to Australia is expected to reach 80% by the end of the year as constraints ease.

Buy rating retained. Target is reduced to $0.38 from $0.42.

Target price is $0.38 Current Price is $0.23 Difference: $0.155
If EXP meets the Ord Minnett target it will return approximately 69% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Bell Potter rates IKE as Speculative Buy (1) -

Joint-use engineering and audit pole assessments (with related safety requirements and regulations) form part of Bell Potter's longer-term thesis for ikeGPS Group.

Hence, the broker deems the acquisition of Marme & Associates in the US for an undisclosed amount is prudent (but not material), given the target's expertise in this field. Marne has a relationship with some of the largest investor-owned utilities in North America.

Speculative Buy rating maintained. Target is $1.18.

Target price is $1.18 Current Price is $0.66 Difference: $0.525
If IKE meets the Bell Potter target it will return approximately 80% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Ord Minnett rates INA as Buy (1) -

Ord Minnett suspects the outlook for settlements will remain central to the Ingenia Communities FY23 results in August 22, retaining a cautious outlook, given short-term demand concerns and the need for a steep ramp up in construction.

Still, the broker finds value in the stock because of strong structural demand for land lease communities and strength in the domestic tourism business. Buy rating reiterated. Target is lifted to $4.65 from $4.47.

Target price is $4.65 Current Price is $4.06 Difference: $0.59
If INA meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.50, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Morgan Stanley rates IPL as Overweight (1) -

Morgan Stanley notes media reports that Incitec Pivot has a preferred buyer for its fertiliser business at an expected value of around $1.5bn. The company is yet to comment. In its valuation, the broker believes such a price would be a "best case" for shareholders.

Still, there are some obstacles, Morgan Stanley points out, such as disruptions at Phosphate Hill with $70-90m in additional costs to supplement gas supply.

The broker highlights the plant has historically been poorly positioned on the cost curve and additional costs could make it unviable on long-term fertiliser and currency prices.

Moreover, external sourcing of sulphur could present a major hit to profitability for the plant, given there is no certainty of production from the nearby Glencore smelter beyond 2026.

Overweight maintained. Target is $3.65. Industry view: In-Line.

Target price is $3.65 Current Price is $3.06 Difference: $0.59
If IPL meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.31, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Citi rates JHG as Neutral (3) -

Janus Henderson's June-quarter result appears mixed, the company returning to net flows in line with Citi's forecasts, but institutional flows, while positive, proving a miss. September-quarter guidance fell a touch shy of consensus and the broker's forecasts.

Citi says continued net flows are far from a given but that the result provides some hope in the company's strategy, particularly for market share gains in US intermediaries. The broker also observes pressure on fee margins and expects investor patience will be required before a turnaround takes shape.

EPS forecasts rise 0.3% in FY23; fall -4% in FY24; and -3% in FY25.

Neutral rating and $41.75 target price retained. 

Target price is $41.75 Current Price is $43.75 Difference: minus $2 (current price is over target).
If JHG meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $40.77, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

This company reports in USD. 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

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

Morgan Stanley observes Janus Henderson appears to be on the way to sustainably improve flows, led by the institutional client segment. This is lower margin but could still deliver earnings growth and rebalance the business as institutions are just 23% of assets under management.

Adjusted earnings in the second quarter beat the broker's estimates, the beat stemming from investment gains and non-operating income.

Morgan Stanley maintains its Equal-Weight rating and $39.70 target price. Industry view: Attractive.

Target price is $39.70 Current Price is $43.75 Difference: minus $4.05 (current price is over target).
If JHG meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $40.77, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

This company reports in USD. 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

Ord Minnett rates JHG as Hold (3) -

Ord Minnett found little in the second quarter results from Janus Henderson to change its view. The company closed the June quarter with US$322.1bn in assets under management, up 3.7% sequentially and 7.5% year-on-year. This was better than forecast.

Given a strong level of operating leverage in the income statements of asset managers, Ord Minnett has not been "too surprised" to find precipitous declines in the operating income of asset managers, as managed assets and revenue declined meaningfully in response to equity and credit market dislocation.

The same phenomenon occurred during the global financial crisis but the difference this time around is that traditional asset managers are carrying less meaningful levels of debt on their books. Hold rating and $39 target maintained.

Target price is $39.00 Current Price is $43.75 Difference: minus $4.75 (current price is over target).
If JHG meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $40.77, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

This company reports in USD. 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

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

Citi expects demand for explosives will remain stronger for longer due to strong mining demand across the Asian Pacific and higher prices, as companies play catch-up as covid-induced labour issues ease.

The broker observes Orica's share price has lagged global peers and is trading at a -5% discount to the ASX200.

Meanwhile, Citi speculates that urea prices and ammonia prices may be finding support.

Rating upgraded to Buy from Neutral. Target price rises to $17.45 from $17.40.

Target price is $17.45 Current Price is $15.52 Difference: $1.93
If ORI meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $18.07, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Morgan Stanley rates PLS as Underweight (5) -

Pilbara Minerals and its partner Calix ((CXL)) have announced a final investment decision on the mid-stream demonstration plant with the first production in the June quarter of 2025.

Pilbara Minerals will manage the construction and operation phases of the project with the spodumene concentrate feed to be purchased on commercial terms from Pilgangoora.

Budgeted construction costs are up to $104.9m with the Australian government contributing $20m via a grant.

Morgan Stanley notes the potential benefits of the mid-stream enriched lithium product include a reduction in carbon emissions intensity, reduced waste and potential to unlock remote hard-rock assets that face logistical challenges.

Underweight. Target is $4.20. Industry View: Attractive.

Target price is $4.20 Current Price is $4.87 Difference: minus $0.67 (current price is over target).
If PLS meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.36, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Macquarie rates PNI as Outperform (1) -

Macquarie raises its target for Pinnacle Investment Management to $11.22 from $10.95 following FY23 results that were in line with the broker's and consensus expectations.

The analyst points out near-term profits have been moderated by investment in "lucrative" medium term opportunities, which cost-$14m in FY23. It's estimated the market performance in July has boosted funds under management (FUM) by around 2%.

Net inflows into private market strategies have remained resilient, according to the broker. Outperform.

Target price is $11.22 Current Price is $10.45 Difference: $0.77
If PNI meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $10.03, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Bell Potter rates PSI as Buy (1) -

PSC Insurance now expects FY23 underlying earnings (EBITDA) of $111m, up from recent guidance for $104-108m, due to a strong 2H performance across all segments.

Excluding any contributions from acquisitions, management is guiding to FY24 earnings of $122-127m, which suggests to the analysts strong growth and profitability for the underlying businesses.

The target rises to $6.41 from $5.86. Buy.

Target price is $6.41 Current Price is $4.90 Difference: $1.51
If PSI meets the Bell Potter target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $5.59, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Morgan Stanley rates PSI as Overweight (1) -

Morgan Stanley found an update on PSC Insurance's expected FY23 earnings as "solid", with EBITDA slightly ahead of forecasts. FY24 guidance was also provided for the first time, with EBITDA of $122-127m, which excludes any contribution from new acquisitions.

The broker expects the guidance will drive consensus upgrades. The strong balance sheet provides enough ammunition for further acquisitions without additional equity raisings for the next 24 months, in Morgan Stanley's view.

Overweight maintained. Target is $5.70. Industry view is In-Line.

Target price is $5.70 Current Price is $4.90 Difference: $0.8
If PSI meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.59, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Ord Minnett rates PSI as Hold (3) -

PSC Insurance expects FY23 underlying EBITDA of $111m, ahead of the top end of upgraded guidance, albeit in line with Ord Minnett's expectations. Momentum appears set to continue into FY24, with the midpoint of new guidance implying around 12% growth.

The broker expects the company will achieve annual EPS growth of 10.5% over the next five years, with premium tailwinds expected to be less pronounced as higher investment income reduces the need for insurers to extract such high premium rate increases.

Hold rating and $4.90 target maintained.

Target price is $4.90 Current Price is $4.90 Difference: $0
If PSI meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $5.59, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

UBS rates PSI as Neutral (3) -

PSC Insurance expects to deliver FY23 underlying EBITDA of $111m, beating its prior guidance range, although this increase was broadly anticipated by the market according to UBS.

Some moderation of growth in the seasonally important fourth quarter was noted, which the broker believes points to strong results in distribution, agency and UK retail along with moderating growth in UK wholesale.

Guidance for FY24 underlying EBITDA is set at $$122-127m and broadly in line with expectations. Neutral maintained. Target rises to $5.30 from $5.15.

Target price is $5.30 Current Price is $4.90 Difference: $0.4
If PSI meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.59, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Macquarie rates PXA as Outperform (1) -

Increased FY23 volumes and delays/reductions to Macquarie's Australian market share loss assumptions for Pexa Group are offset by reduced UK volumes, and the broker's target slips to $16.55 from $17.50. The Outperform rating is unchanged.

Refinancing volumes remain elevated while transfer volumes have passed through the cyclical trough, explains the analyst.

The risk of material market share losses in Australia have fallen given delays to the proposed timing of interoperability in the electronic conveyancing space.

Target price is $16.55 Current Price is $13.03 Difference: $3.52
If PXA meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $15.78, suggesting upside of 22.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates TWE as Sell (5) -

Citi observes a recovery in Treasury Wine Estates's volumes, particularly for its 19 Crimes label, a big contributor to the company's revenue, the slide in which helped drive a recent downgrade to Sell.

The broker is uncertain as to whether this can be sheeted back to an uptick in demand, discounting, or an off-premise shift.

Citi is also unsure of Treasury's response to cost inflation and its affects on consumer demand; observes the likelihood of China lifting tariffs is far from certain; and that Wine Australia's export data suggests sales to other Asian markets might be under the pump.

For now, Citi retains a Sell rating and $10.25 target price heading into the FY23 result.

Target price is $10.25 Current Price is $11.38 Difference: minus $1.13 (current price is over target).
If TWE meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.75, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates VUK as Neutral (3) -

Macquarie assesses Virgin Money UK's 3Q underlying performance was broadly stable and displayed benign credit quality and cost containment.

As peers are deriving a larger benefit from higher interest rates, the broker believes the bank's margins may be under threat from mortgage competition. Neutral.

The $3.20 target is maintained.

Target price is $3.20 Current Price is $3.36 Difference: minus $0.16 (current price is over target).
If VUK 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 $3.60, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

This company reports in GBP. 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

Macquarie rates WGX as Outperform (1) -

New FY24 guidance by Westgold Resources was mixed, according to Macquarie, with softer-than-expected production guidance, while all-in sustaining costs (AISC) are expected to fall by around -$100/oz year-on-year.

The lower AISC level suggests to the broker the company's leaner operating model is working by making big mines bigger and right-sizing smaller mines.

The Outperform rating and $2 target are unchanged.

Target price is $2.00 Current Price is $1.56 Difference: $0.44
If WGX meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates WOW as Neutral (3) -

Macquarie has marginally higher sales and earnings (EBIT) expectations for Woolworths Group's Australian Food and New Zealand Food divisions though retains its $40 target.

The company's FY23 result is due on 23rd August and the broker expects Aus Food to deliver 5% comparative sales growth and EBIT margins of 5.8% in the 2H.

The analyst anticipates inflation will support top-line growth and operating leverage. Neutral and $40 target retained.

Target price is $40.00 Current Price is $38.77 Difference: $1.23
If WOW meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $36.73, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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