Australian Broker Call

Citi rates ANZ as Buy (1) -

ANZ Bank has announced notable items for the second half worth -$528m that will affect cash earnings. This includes -$188m in further remediation charges, -$138m in accelerated software amortisation and -$202m of other charges.

Citi alters forecasts to reflect these items which results in a -12% downgrade to FY20 cash earnings forecasts. Buy rating and $23.75 target retained.

Target price is $23.75 Current Price is $19.50 Difference: $4.25
If ANZ meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $21.49, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Credit Suisse rates ANZ as Outperform (1) -

Ahead of its earnings result tomorrow ANZ Bank has announced it will take a -$528m charge on items including remediation costs and accelerated software amortisation. The broker is surprised, having expected ANZ to be further through the remediation process than peers given fewer distractions.

The broker awaits the full numbers but has cut its earnings forecast accordingly, which impacts on its dividend forecast assuming a 50% payout, down to 33c from a prior 40c. Outperform and $26.20 target retained.

Target price is $26.20 Current Price is $19.50 Difference: $6.7
If ANZ meets the Credit Suisse target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $21.49, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Macquarie rates ANZ as Outperform (1) -

ANZ Bank is the latest to update on significant items, just scraping in ahead of its results on October 29. The items worth $528m will affect the second half.

Macquarie suggests the only "silver lining" in the announcement is a relatively modest impact on capital.

Given the recurring nature of some of these large notable items across the sector, Macquarie increasingly questions the rationale of removing them from forecasts, which in turn drives stock valuations.

The broker downgrades FY20 earnings estimates by -9%. Outperform rating and $18.50 target maintained.

Target price is $18.50 Current Price is $19.50 Difference: minus $1 (current price is over target).
If ANZ 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 $21.49, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Morgan Stanley rates ANZ as Overweight (1) -

ANZ Bank has announced that the second half result will include net charges of -$528m after tax. This compares to the Morgan Stanley forecast of -$158m.

All else being equal, the broker forecasts that second half reported profit and continuing cash profit will be around -13.5% lower.

The analyst estimates a final dividend of 45 cents. This means the bank will need to beat the broker's second half estimated profit ex notable items in order to pay the 45 cents and comply with APRA's guidance that banks "seek to retain at least half of their earnings".

The bank is due to report the first half result on October 29.

Overweight. Target is unchanged at $20. Industry view is In-Line.

Target price is $20.00 Current Price is $19.50 Difference: $0.5
If ANZ meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $21.49, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Ord Minnett rates ANZ as Accumulate (2) -

ANZ Bank expects its second half result to reflect notable items are mounting to -$528m. Ord Minnett has already factored in a number of items although the aggregate was a little larger than expected.

Accordingly, the broker reduces cash net profit forecast by -12% for the second half and -8% for FY20. Accumulate rating and $20 target retained.

Target price is $20.00 Current Price is $19.50 Difference: $0.5
If ANZ meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $21.49, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Citi rates BEN as Neutral (3) -

Citi notes volume growth has accelerated through the first quarter, led by continued improvement in retail business. Net interest margin was also resilient. Moreover, the deferred portfolio is normalising quickly, with deferred loans down -69% from the peak.

The bank business is reflecting the view that asset quality is in a holding pattern and while momentum is encouraging the broker retains a preference for the major banks. Citi retains a Neutral/High Risk rating with a target of $7.25.

Target price is $7.25 Current Price is $6.82 Difference: $0.43
If BEN meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.56, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.1

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

Macquarie rates BEN as Neutral (3) -

The first quarter trading update revealed strong volume growth. A -64% reduction in deferred balances from the peak as well as a gradual abatement of the Victorian restrictions is expected to provide some relief for the bank.

While Macquarie continues to envisage current operating conditions as challenging volume growth has outstripped expectations.

On the back of volume growth the broker upgrades estimates by 3-4% for FY21-23, partially offset by increased mortgage margin compression. Neutral rating. Target is raised to $7.00 from $6.75.

Target price is $7.00 Current Price is $6.82 Difference: $0.18
If BEN meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $7.56, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.1

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

Morgan Stanley rates BEN as Underweight (5) -

Bendigo and Adelaide bank has provided a first quarter trading update. Commentary by management suggests that first quarter trends and FY21 pre-provision profit expectations are tracking slightly ahead of Morgan Stanley's estimates.

Key highlights for the broker include a first quarter margin of 2.3% (above the 2.27% forecast by the analyst). Additionally, total loans and housing loans have grown at annualised rates of around 11% and 16%, respectively, well ahead of the broker's estimates of around 5.5% and 8%, respectively.

Morgan Stanley notes the bank believes it "prudent to maintain its approach to credit provisioning adopted for covid-19".

Underweight and target price of $6.10 are retained. Industry View: In-line.

Target price is $6.10 Current Price is $6.82 Difference: minus $0.72 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.56, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.1

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

Ord Minnett rates BEN as Hold (3) -

First quarter trading revealed positive revenue trends and loan growth running well ahead of Ord Minnett's assumptions for the first half. Nevertheless, the broker believes the bank will struggle to maintain the current pace given the pressure it will place on capital.

The bank also signalled an improvement in loan deferrals since the FY20 result. Ord Minnett maintains a Hold rating and raises the target to $7.00 from $6.70.

Target price is $7.00 Current Price is $6.82 Difference: $0.18
If BEN meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $7.56, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.1

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

Citi rates BKL as Sell (5) -

Citi is awaiting evidence of success in new product development and sustained top-line momentum before becoming more keen on the stock.

The broker remains more confident about execution on cost reductions but notes sales have been going backwards in key markets and a partnership to address regulatory and distribution shortcomings in China appears unlikely.

Moreover, practitioner market competition is increasing in Australia. Blackmores has reiterated a view that profit growth in the first half is unlikely but expects profit growth will still occur over the full year. Sell rating and $60.50 target retained.

Target price is $60.50 Current Price is $63.77 Difference: minus $3.27 (current price is over target).
If BKL 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 $66.96, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

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

Blackmores' September quarter sales numbers suggest management continues to execute on its plan, Credit Suisse believes.

The share price is now close to the broker's target, promoting an upgrade to Neutral from Underperform, but the broker suggests valuation is still too rich even after forecasting five years of double-digit earnings growth.

China appears to have returned to growth and new products offer potential in the second half FY21 and beyond. Target unchanged at $65.

Target price is $65.00 Current Price is $63.77 Difference: $1.23
If BKL meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $66.96, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

Ord Minnett rates BKL as Hold (3) -

Strong sales momentum occurred in the first half of FY21 and guidance for "profit growth" in the full year is unchanged. Ord Minnett considers this a relatively low hurdle, given the business was marginally unprofitable in the second half of FY20.

The broker is confident in management's ability to set the right strategy for the business but considers there to be meaningful operational risks in the near term.

The AGM marked the stepping down of major shareholder Marcus Blackmore from all duties after 57 years with the company. Hold maintained. Target is reduced to $70.00 from $72.50.

Target price is $70.00 Current Price is $63.77 Difference: $6.23
If BKL meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $66.96, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

Morgans rates BKY as Add (1) -

Morgans reduces the target price for Berkeley Energia to $0.483 from $1.09, to reflect an increased discount from -25% to -75% to the net present value of the Salamanca project based on the company's feasibility study valuation.

Despite the project having successfully secured the relevant sequential approvals for the Salamanca development, appeals against the permits and approvals by globalised activists have consistently stalled development, explains the broker. It's anticipated that further appeals and challenges will arise.

The analyst considers the Salamanca project a robust development using conventional mining, heap leach, and processing technology, used previously in the region.

Financial backing from the Sultanate of Oman sovereign wealth fund significantly mitigates financial risk for the development, in Morgans' opinion.

The Add rating is unchanged.

Target price is $0.48 Current Price is $0.39 Difference: $0.093
If BKY meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates BLD as Neutral (3) -

Boral has announced an agreement to sell USG Boral to Knauf for an amount reflecting a 30c per share premium to the broker's valuation.

Settling in FY21, the deal will resolve the company's high leverage issue, the broker notes. Boral also confirmed it has received expressions of interest in its North America Building Products business which it will consider next year.

Management is still trying to sort out a plan to reduce costs but a -10% fall in earnings in the September quarter was better than expected, confirming to the broker the -70% fall in the prior quarter was a bit of a one-off. Neutral retained, target rises to $4.60 from $4.15.

Target price is $4.60 Current Price is $4.74 Difference: minus $0.14 (current price is over target).
If BLD meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.70, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Macquarie rates BLD as No Rating (-1) -

Boral intends to sell its 50% stake in USG Boral to Knauf for US$1.02bn. At the AGM, the company noted revenue declined by -9% in the first quarter, while EBIT fell -5% with a margin of 9.5%.

Macquarie upgrades estimates for earnings per share by 50% for FY21 and by 22% for FY22. This is driven by cost reductions and operating leverage that is delivering better profitability.

Macquarie is currently restricted from making a recommendation.

Current Price is $4.74. Target price not assessed.

Current consensus price target is $4.70, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

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

Boral delivered a positive trading update, according to Morgan Stanley, with each business tracking ahead of the broker's prior expectations.

However, the analyst felt the portfolio review fell short of market expectations that were seeking rapid change. It's considered the review failed to deliver a decisive or definitive list of non-core assets.

The broker believes the market was looking for confirmation of widespread US exits. Separately, the US$1,015m sale price of 50% in the USG Boral joint venture exceeded Morgan Stanley's estimates.

Equal-weight rating. Target is $4.80. Industry view is Cautious.

Target price is $4.80 Current Price is $4.74 Difference: $0.06
If BLD meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.70, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Ord Minnett rates BLD as Lighten (4) -

Boral has reached an agreement to divest 50% of the USG Boral joint venture to Knauf for US$1.02bn. Ord Minnett welcomes the news and also the fact the trading update was better than expected at the group level.

However, the performance in North America was disappointing and the broker retains concerns about the structural supply issues in fly ash, which represents 15-20% of group EBIT.

Estimates are lifted by 7.1% for FY21 and the target raised to $4.50 from $4.10. The stock is considered fully valued and a Lighten rating is retained.

Target price is $4.50 Current Price is $4.74 Difference: minus $0.24 (current price is over target).
If BLD meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.70, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

UBS rates BLD as Buy (1) -

Boral is guiding to first quarter earnings (EBIT) being down -5%. The company has indicated it is operating at capacity because of absenteeism and supply chain disruptions stemming from the pandemic.

UBS notes the position of fly ash in the US portfolio appears safe at present but Boral has called out the decline in US coal-fired power generation, which is likely to add cost pressures over the longer term.

Buy rating and $4.30 target are under review.

Target price is $4.30 Current Price is $4.74 Difference: minus $0.44 (current price is over target).
If BLD meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.70, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

UBS rates CCL as No Rating (-1) -

Coca-Cola Amatil has received an indicative proposal from PEP/Carlyle to acquire independent shareholdings.

The deal, UBS assesses, is in line with the company's pre-pandemic multiple and subject to due diligence as well as the acquisition of The Coca-Cola Company's stake.

UBS notes the company's update for the September quarter was also stronger than expected amid further cost reductions.

The broker is restricted on rating and target at present.

Current Price is $12.46. Target price not assessed.

Current consensus price target is $12.41, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Ord Minnett rates COL as Hold (3) -

In an initial response to today's Q1 trading update, Ord Minnett analysts note like for like (LFL) sales growth was better than expected in Liquor and Convenience, with Food broadly as expected.

The analysts point out Convenience LFL sales growth remained strong despite reduced fuel volumes, yet broadly in-line with Ampol ((ALD)).

Hold. Target price $19.

Target price is $19.00 Current Price is $17.21 Difference: $1.79
If COL meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $19.34, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Macquarie rates CSL as Neutral (3) -

Macquarie notes foot traffic at around 100 of the company's US-based collection centres has remained relatively flat.

The broker's data are yet to show a material improvement in foot traffic, consistent with more subdued commentary from competitor Grifols in relation to plasma collection expectations in 2020.

The broker's forecasts assume a recovery in last litre product growth and earnings for CSL Behring in FY22, but plasma collection presents a risk for the near-term outlook. Neutral rating. Target is $295.

Target price is $295.00 Current Price is $291.97 Difference: $3.03
If CSL meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $309.96, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.4

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

Morgans rates CSL as Hold (3) -

CSL's annual research and development day was devoid of material, stock moving information, according to Morgans. However, it was considered to provide some insights.

The broker views the main potential growth drivers are in outer years, including CSL112. This was delayed for over eight months and is now 50% enrolled with interim data expected during 2022.

With plasma collection not back to pre-covid levels and infections increasing, the analyst warns the supply/demand imbalance is likely to widen further with downside risk increasing.

The Hold rating and target price of $306.7 are unchanged.

Target price is $306.70 Current Price is $291.97 Difference: $14.73
If CSL meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $309.96, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.4

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

Morgan Stanley rates CTD as Overweight (1) -

Corporate Travel Management delivered a trading update, with September showing improvement to a -$1.6m loss and a -$3.5m cash burn, highlights Morgan Stanley. Other metrics included revenue of $9.6m per month and an earnings (EBITDA) loss of -$2.4m per month.

The broker notes A&NZ was the first region to turn profitable in the second quarter, with other regions progressing towards that milestone.

Target is $21.50. Overweight rating reiterated. Industry view is In-Line.

Target price is $21.50 Current Price is $16.68 Difference: $4.82
If CTD meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $18.36, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Citi rates EVN as Upgrade to Neutral from Sell (3) -

Citi observes the share price has underperformed the US dollar gold price since mid September. This now provides an opportunity to hold a quality gold stock that has two significant opportunities in Cowal and Red Lake.

The broker assesses guidance is "safe" and if the company maintains the September quarter run rate on costs it may even beat FY21 guidance. Rating is upgraded to Neutral from Sell and the target lifted to $5.50 from $5.40.

Target price is $5.50 Current Price is $5.57 Difference: minus $0.07 (current price is over target).
If EVN meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.39, suggesting downside of -7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

Credit Suisse rates EVN as Outperform (1) -

Evolution Mining's solid September quarter beat the broker's expectations and given it was achieved in what is typically the softest quarter, bodes well for a future reduction to cost guidance, the broker suggests.

Spot copper is currently trading more than US50c/lb above management's assumed price. Outperform and $6.55 target retained, with Evolution Mining remaining one of the broker's preferred large-cap gold exposures.

Target price is $6.55 Current Price is $5.57 Difference: $0.98
If EVN meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.39, suggesting downside of -7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

Macquarie rates EVN as Neutral (3) -

First quarter production was in line with expectations. Significantly, the approvals process for the Cowal underground operation continues to progress. The company has also reported progress in the transformation plan for Red Lake.

The surface decline study has been initiated and is expected to be completed in the third quarter.

Macquarie expects Evolution Mining's production to come out in the middle of guidance and a modest beat on costs is now considered likely given the strong result in the first quarter.

The broker retains a Neutral rating and reduces the target to $5.90 from $6.20.

Target price is $5.90 Current Price is $5.57 Difference: $0.33
If EVN meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.39, suggesting downside of -7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

Morgan Stanley rates EVN as Underweight (5) -

According to Morgan Stanley, Evolution Mining's metrics for the September quarter were in-line with the broker's estimates, but Mt Carlton is a concern.

Weakness at Mt Rawden, Red Lake and Mt Carlton was offset by better production from the larger Cowal and Mungari operations, summarises the broker.

Production costs were around 54% higher than the analyst's forecast and Morgan Stanley notes the site generates marginal cash flow at this level.

Underweight rating. Target is $5. Industry view: Attractive.

Target price is $5.00 Current Price is $5.57 Difference: minus $0.57 (current price is over target).
If EVN meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.39, suggesting downside of -7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

Ord Minnett rates EVN as Sell (5) -

Ord Minnett notes Evolution Mining remains on track for FY21 guidance of 670-720,000 ounces.

Costs were better than expected in the September quarter which highlights the quality of the company's Cowal and Ernest Henry mines and the pressure on Mount Carlton, in the broker's view.

Ord Minnett models significant life extensions at key assets. A Sell rating and $4.50 target are retained.

Target price is $4.50 Current Price is $5.57 Difference: minus $1.07 (current price is over target).
If EVN meets the Ord Minnett target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.39, suggesting downside of -7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

UBS rates EVN as Sell (5) -

While production at all assets was sequentially weaker in the September quarter, management has indicated the company's performance was ahead of budget. UBS considers this a transition quarter and not reflecting the underlying value of the portfolio.

Both Cowal and Red Lake are set to drive group production towards 900,000 ounces per annum over the next 4-5 years, UBS asserts.

Although the business is generating cash and has a strong project pipeline the broker maintains a Sell rating on valuation. Target is $4.90.

Target price is $4.90 Current Price is $5.57 Difference: minus $0.67 (current price is over target).
If EVN meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.39, suggesting downside of -7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

Ord Minnett rates EVT as Buy (1) -

Given a pandemic, a business which drives most of its earnings from indoor cinemas and hotels was always going to be hit hard, Ord Minnett asserts, and in this context the first quarter operating earnings (EBITDA) of $15.3m represents a "reasonable" result.

All divisions except cinemas delivered positive operating earnings in the quarter and Thredbo was the best performer.

The opening of domestic borders is likely to benefit the hotels division with pent-up demand for holiday travel driving higher occupancy in key cities.

Ord Minnett retains a Buy rating and reduces the target to $9.30 from $9.61.

Target price is $9.30 Current Price is $8.60 Difference: $0.7
If EVT meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

UBS rates JHX as Buy (1) -

UBS lifts long-term (FY24) estimates for US primary demand growth to 6% from 4%, assessing the way the company interacts with channel partners and end users is driving a step up in demand.

UBS points to 18 months of solid above-market growth that has been supported by the focus on channel partners and customers while targeting competition.

The broker lifts FY21-23 estimates for earnings per share by 14-23%. Buy rating retained. Target rises to $43.00 from $35.40.

Target price is $43.00 Current Price is $35.15 Difference: $7.85
If JHX meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $39.06, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.8

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

Macquarie rates LNK as No Rating (-1) -

First quarter revenue was $297m with operating net profit of $22.6m. The company has advised of a delay in the PES acquisition to the third quarter.

Macquarie reduces FY21 estimates for earnings per share by -16.9% and FY22 by -17.4%.

Macquarie is currently restricted on providing a rating or target.

Current Price is $4.84. Target price not assessed.

Current consensus price target is $5.13, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

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

Link Administration Holdings has provided a first quarter trading update. At first glance, Morgan Stanley calculates operating profit (NPATA) was around -20% below consensus, although seasonality had an impact.

The broker views the result as presenting downside risk to earnings, and implies a higher multiple on the $5.40 private equity offer for the company.

Other takeaways for the analyst from the update includes PEXA performing well and the PES acquisition is still subject to regulatory approval.

Equal-weighted retained. Target is $5.20. Industry view: In-Line.

Target price is $5.20 Current Price is $4.84 Difference: $0.36
If LNK meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Ord Minnett rates LNK as Hold (3) -

Management has outlined more detail regarding the latest takeover proposal from the PEP/Carlyle consortium. A final decision on whether to engage in due diligence is expected shortly.

Ord Minnett considers the proposal reasonable, given past trends, and notes 14.6% of shareholders have indicated support for the deal in the absence of a superior offer.

Ord Minnett makes changes to its modelling to reflect slightly weaker revenue and earnings trends as well as a postponement of the Pepper European Servicing acquisition. Hold maintained. Target is $5.

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

Current consensus price target is $5.13, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgan Stanley rates MNF as Overweight (1) -

MNF Group provided guidance for FY21 operating income of $40-$43m. Morgan Stanley expects the group to be at the lower end of this range at $40.5m. Staff cost is expected to be higher than guided ($5.5m versus the guidance of $4m).

The September quarter growth in numbers was boosted by CPaaS/UCaaS while global roaming and conferencing acted as headwinds. The broker believes the update will add certainty and be well received by investors.

Overweight rating. Target price is unchanged at $6.30. Industry view: In-Line.

Target price is $6.30 Current Price is $4.39 Difference: $1.91
If MNF meets the Morgan Stanley target it will return approximately 44% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates NCK as Buy (1) -

The company's guidance for the second half indicates trading conditions are expected to be stronger for longer and any slowdown will not occur until FY22.

Citi also observes the strong balance sheet may provide for M&A and property acquisition opportunities.

The made-to-order model should mean there is relatively lower risk of an inventory write-down should sales slow, compared with other retailers.

Online now represents a key opportunity, the broker adds. Buy rating retained. Target rises to $10.50 from $10.10.

Target price is $10.50 Current Price is $8.75 Difference: $1.75
If NCK meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates NST as Neutral (3) -

The softer September quarter was in line with expectations and Citi notes Pogo produced its best quarter under Northern Star's mining stewardship. 

Citi lifts the target to $15.90 from $15.70, on the probability of the merger with Saracen Mineral proceeding, but retains a Neutral rating because of the strong share price performance.

Target price is $15.90 Current Price is $15.35 Difference: $0.55
If NST meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $14.93, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Credit Suisse rates NST as Outperform (1) -

Northern Star has delivered a lot of news recently, not the least of which is the upcoming merger with Super Pit peer Saracen Minerals ((SAR)).

There was not much more that could be revealed with the miner's quarterly results, the broker notes, other than the actual result which was on budget for both production and costs.

No changes thus follow, with a $17.90 target and Outperform retained based on the strength of the merged entity.

Target price is $17.90 Current Price is $15.35 Difference: $2.55
If NST meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $14.93, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Macquarie rates NST as No Rating (-1) -

Macquarie notes Northern Star Resources had a solid start to FY21 with the first quarter production in-line with Macquarie's estimates. The miner produced 231.6koz of gold during the quarter. 

The broker indicates exploration drilling at Northern Star's operations at Jundee, Mt Charlotte and Pogo continue to return encouraging results.

Macquarie is on research restrictions and unable to advise of a rating or target.

Current Price is $15.35. Target price not assessed.

Current consensus price target is $14.93, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

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

Northern Star Resources' September quarter production was circa -5% lower than expected, driven by a weak performance by Kalgoorlie while operations at Jundee and Pogo performed well. Cash costs were about 5% better than expected.

Morgan Stanley expects Kalgoorlie to do better for the rest of FY21 but also indicates a material pickup is needed to meet the guidance.

Equal-weight rating. Target is $12.65. Industry view: Attractive.

Target price is $12.65 Current Price is $15.35 Difference: minus $2.7 (current price is over target).
If NST meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.93, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Ord Minnett rates NST as Hold (3) -

September quarter production was slightly weaker than Ord Minnett expected amid higher costs at the Kalgoorlie operation.

However, with production expected to improve steadily throughout FY21 the company remains on track for guidance.

The broker retains a Hold rating and $14 target.

Target price is $14.00 Current Price is $15.35 Difference: minus $1.35 (current price is over target).
If NST meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.93, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

UBS rates NST as Neutral (3) -

Production in the September quarter was 232,000 ounces, at the upper end of guidance. Nevertheless, UBS notes this was still a large sequential decline from the June quarter, driven by lower grade on mine sequencing at Kalgoorlie and Jundee.

The merger with Saracen Mineral Holdings ((SAR)), if approved, would enhance the investment case in the broker's view. Neutral rating and $14.20 target retained.

Target price is $14.20 Current Price is $15.35 Difference: minus $1.15 (current price is over target).
If NST meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.93, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Macquarie rates PAN as Underperform (5) -

Panoramic Resources has restarted underground development work at the Savannah project that will enable the company to restart production. Macquarie believes the Panton sale will close the funding gap for ramping back to full production.

While the timing of the re-start is unclear, the broker believes buoyant nickel prices present an upside risk to forecasts. 

Target rises slightly to $0.10 from $0.08. Underperform rating is maintained.

Target price is $0.10 Current Price is $0.12 Difference: minus $0.02 (current price is over target).
If PAN meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Credit Suisse rates PBH as Neutral (3) -

Pointsbet's positive momentum continued into the September quarter, and with significantly increased marketing spend the broker is now prepared to increase revenue and earnings assumptions in the forecast period.

However, the broker's 2025 revenue target is well below management’s $400m revenue target in 2025 as it remains cautious for when online gaming activities normalise post-covid and industry consolidation has run its course. Neutral and $10.50 target retained.

Target price is $10.50 Current Price is $10.42 Difference: $0.08
If PBH meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgan Stanley rates PDL as Overweight (1) -

Morgan Stanley expresses surprise at the resilience shown by Pendal Group in the September quarter in terms of flows.

The broker forecasts a return to $1.3bn inflows across the group in FY21 and believes most of this will be driven by JO Hambro Capital Management (JOHCM).

Some points in the group's favour, suggests the broker, are most of the group's earnings come from offshore with the potential to benefit from a lower Australian dollar, compensation costs are flexible and the business is not capital intensive.

Overweight rating. Target rises to $7.80 from $7.30. Industry view: In-line.

Target price is $7.80 Current Price is $6.62 Difference: $1.18
If PDL meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $6.81, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates RIO as Outperform (1) -

Macquarie's forecasts for Rio Tinto's key commodity production volumes are mostly in-line with the Vuma consensus. The major variances in the broker's forecasts (versus consensus) pertain to refined copper, uranium and diamonds.

The broker also notes the iron ore division comprises 85-95% of the group earnings, making buoyant iron ore prices the key value driver for Rio Tinto.

The broker retains an Outperform rating with a target price of $111. 

Target price is $111.00 Current Price is $92.30 Difference: $18.7
If RIO meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $107.14, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Macquarie rates RMD as Underperform (5) -

Macquarie anticipates lower September quarter device revenue led by lower expected ventilator volumes. Unsurprisingly, masks and related accessories are expected to remain resilient. The aggregate revenue is expected to be US$714m in the first quarter.

In the near term, the broker expects lower covid-19-related revenues with a gradual recovery in new obstructive sleep apnea patients over the remainder of FY21.

Macquarie retains an Underperform rating. Target is $20.

Target price is $20.00 Current Price is $25.10 Difference: minus $5.1 (current price is over target).
If RMD meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.21, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: -0.1

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

Morgans rates RMS as Add (1) -

Ramelius Resources exceeded guidance, according to Morgans, by producing 71.3koz of gold, ahead of guidance of 65-70koz. This was at an all in sustaining cost (AISC) of $1,241/oz.

The broker highlights cash & gold on hand is at an all time high of $221.9m, an increase of $44.6m for the quarter.

Upcoming announcements include the expansion study for Mt Magnet and the Stage 3 Open Pit study for Edna May, notes Morgans. This is considered to have the potential to materially extend the operating life of the Edna May asset.

The Add rating is unchanged and the target price is increased to $2.86 from $2.49.

Target price is $2.86 Current Price is $1.92 Difference: $0.94
If RMS meets the Morgans target it will return approximately 49% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates SCP as Neutral (3) -

Shopping Centres Australasia had previoulsy withdrawn guidance but has now set an expected first half distribution of 5.5-5.7c. This is lower than expected but likely the low watermark, the broker suggests, and still a reasonable yield.

With Victoria reopening the second half is expected to be better but management has refrained from setting guidance given ongoing uncertainty.

Retail sales were better than expected in the September quarter and SCA's rent collection was well above many retail REIT peers, the broker notes, highlighting a weighting to non-discretionary tenants. Neutral and $2.31 target retained.

Target price is $2.31 Current Price is $2.24 Difference: $0.07
If SCP meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

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

Shopping Centres Australasia's first-half adjusted funds from operations (AFFO) guidance of 5.5-5.7c is slightly ahead of Macquarie's estimated 5.4c. The group expects the second half AFFO to be higher than the first half led by a writeback of previous provisions.

During the first quarter, 92% of the group's stores were open (99% ex-Victoria) with cash collection at 85% versus 70% in the last quarter. Supermarket sales (ex-Victoria) grew 9.4% versus the last year. Macquarie believes the 'shop local' trend will continue to benefit convenience landlords like Shopping Centres.

Macquarie upgrades its rating to Outperform from Neutral with the target price rising slightly to $2.55 from $2.30.

Target price is $2.55 Current Price is $2.24 Difference: $0.31
If SCP meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Morgan Stanley rates SCP as Overweight (1) -

Shopping Centres Australasia Property Group provided dividend guidance of 5.5-5.7c for the first half and expects the second half to be higher than the first half.

This fails to impress Morgan Stanley who points out the group's FY20 dividend was higher. Also, FY21's guidance falls short of the broker's forecast of 5.9-6.5c.

Rent collection was at 85% (ex-Victoria) and 81% overall for the quarter. Sales were very strong with supermarkets, in particular, up 10.5%.

The broker maintains an Overweight rating with a target price of $2.70. In-Line industry view.

Target price is $2.70 Current Price is $2.24 Difference: $0.46
If SCP meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

UBS rates SCP as Neutral (3) -

Shopping Centres Australasia has guided to a distribution of 5.5-5.7c for the first half and anticipates the second half will be greater. Cash collection rates continue to improve.

The strong trading update highlights the resilient asset class, UBS asserts. Apparel, cafes/restaurants and hair/beauty salons are still struggling but only represent 15-20% of gross rent for the company. Neutral rating and $2.42 target retained.

Target price is $2.42 Current Price is $2.24 Difference: $0.18
If SCP meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Macquarie rates SFR as Neutral (3) -

Macquarie notes the acquisition of Endeavor presents Sandfire Resource with a low-risk entry into the project.

The deal could help Sandfire to fast-track development pathway for any discovery made either within Endeavor's tenement package or Sandfire's exploration projects in the Cobar region, adds the broker.

Earnings growth momentum continues to be driven by buoyant copper and gold prices. At current spot-prices, the broker estimates Sandifre's FY21 earnings to be 27% higher as compared to the broker's forecast.

Neutral and $4.50 target retained.

Target price is $4.50 Current Price is $4.28 Difference: $0.22
If SFR meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.37, suggesting upside of 25.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

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

SG Fleet Group's first-half net profit guidance is $22-24m versus Morgan Stanley's $23.8m forecast. The broker expects FY21 to be skewed towards the first half driven by residual value margins.

The broker feels even as the first half forecast is towards the top end of guidance, the FY21 net profit forecast of $44m can be achieved by the group since revenue contribution from new wins is yet to fully materialise. 

Equal-weight rating maintained with a target price of $2.00. Industry view: In Line.

Target price is $2.00 Current Price is $1.68 Difference: $0.32
If SGF meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

UBS rates SGM as Buy (1) -

UBS observes that China is closer to re-starting high-grade ferrous scrap imports than previously anticipated. Press suggestions include the potential for re-classifying high-grade ferrous scrap by the end of 2020.

Ferrous scrap imports drop sharply in 2019 as a part of China's ban on waste. The latest move appears to address a scrap shortage as China lowers its steel-making carbon intensity to mitigate, to some degree in the broker's view, high iron ore prices.

UBS expects a trading update at the company's AGM on November 10. Buy and $10.20 target retained.

Target price is $10.20 Current Price is $9.30 Difference: $0.9
If SGM meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.74, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Macquarie rates SLK as Neutral (3) -

Macquarie considers SeaLink Travel Group's FY21 year to date trading update favourable, with consistent contract revenue and well-faring tourism businesses.

The company has reiterated opportunities in tendered bus contracting and M&A, which presents an upside to the broker's forecasts. Macquarie believes buoyancy in tourism has already been priced in but concedes the long term investment thesis remains intact. 

Neutral rating is retained with a target price of $5.37.

Target price is $5.37 Current Price is $5.74 Difference: minus $0.37 (current price is over target).
If SLK meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

UBS rates TPG as Upgrade to Neutral from Sell (3) -

Weakness in the share price has caused UBS to upgrade to Neutral from Sell. The issues for the broker include the extent to which TPG Telecom can achieve synergies from the Vodafone merger and what level of investment is required in the mobile network.

On the former subject, as revenue synergy assumptions are difficult to accurately quantify, valuation considerations are less certain.

The broker assumes the merged business can grow mobile subscriber share by around 2.5 percentage points, driving $390m in synergies by FY25. Target is raised to $7.30 from $7.20.

Target price is $7.30 Current Price is $7.01 Difference: $0.29
If TPG meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.35, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Ord Minnett rates TYR as Accumulate (2) -

After the AGM, Ord Minnett assesses the business is well-positioned to capture a larger slice of the merchant acquiring market in Australia and should demonstrate profitability with the growth in scale.

A strong print in September merchant acquisition numbers, despite Victoria being in lockdown, signals potential for further upside in the run-up to Christmas. The broker retains an Accumulate rating and $5 target.

Target price is $5.00 Current Price is $3.72 Difference: $1.28
If TYR meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $4.20, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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