Australian Broker Call

Shaw and Partners rates A1M as Buy (1) -

AIC Mines has returned results from the first 10 drill holes of the Jericho extension program, Shaw and Partners notes. High-grade intercepts have identified a new greater copper zone in the upper portion of the J2 lens which remains open at depth.

The aim is to more than double production and materially lower costs, turning the combination of Eloise and Jericho into a cornerstone asset over the next 2-3 years.

The broker retains a Buy rating and $0.60 target and assesses the stock offers investors one of the few ways to invest in a simple leveraged exposure to the copper price.

Target price is $0.60 Current Price is $0.33 Difference: $0.275
If A1M meets the Shaw and Partners target it will return approximately 85% (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 ABC as Initiation of coverage with Lighten (4) -

Ord Minnett initiates coverage of Adbri with a Lighten rating as shares are currently trading at a 45% premium to the broker's valuation. A $1.90 price target is set.

The broker believes both operating profit and margins will not return to historical levels due to increasing price competition for the domestic producer from imported clinker, a key cement production input.

Morningstar, which provides white-labeled research to Ord Minnett, believes the company lacks an economic moat in the Cement, Lime or Masonry segments.

Target price is $1.90 Current Price is $2.70 Difference: minus $0.8 (current price is over target).
If ABC meets the Ord Minnett target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.02, suggesting downside of -25.7% (ex-dividends)

The company's fiscal year ends in December.

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

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

Following the separation of Abacus Strorage King into a listed REIT, Ord Minnett needs more time for a detailed analysis of FY23 results for Abacus Group. The broker provides no rating at this point. The target is set at $1.90.

Abacus Group delivered FY23 funds from operations (FFO) of 19.8cpu and a distribution for the financial year of 18.4cpu.

The broker believes investors are generally too pessimistic towards Office REITs and sees evidence of increasing activity in Australia's central business districts. It's noted Abacus Group has a lower quality portfolio than larger peers.

Target price is $1.90 Current Price is $1.16 Difference: $0.74
If ABG meets the Ord Minnett target it will return approximately 64% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Citi rates ACL as Buy (1) -

FY23 EBIT was within Australian Clinical Labs' guidance. FY24 guidance is below expectations because of a slower-than-expected recovery in pathology volumes that is having a significant impact on profitability.

Citi reduces its estimates for EPS by -4% in FY24 and -8% in FY25 on a slower margin recovery.

Management does expect the second half to be better than the first and has guided to FY24 EBIT of $65-70m. Citi retains a Buy rating and reduces the target to $3.60 from $4.20.

Target price is $3.60 Current Price is $2.83 Difference: $0.77
If ACL meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

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 AKE as Buy (1) -

Allkem's FY23 result outpaced Bell Potter's forecasts by a decent clip. FY24 guidance was limited, confined to production and unit costs at Mt Cattlin and Olaroz, and met the broker's forecasts.

While lithium pricing was volatile, management advised fundamentals remained solid and disconnected from the larger global malaise, and that supply chain inventories were low.

Otherwise, the broker says other key project timelines remain in limbo. Bell Potter expects the merger with Livent Corporation and considers it to be a positive.

The company finished the year with a net cash position of US$648m.

EPS forecasts are steady in FY24;  rise 4% in FY25; and 8% in FY26.

Buy rating retained. Target price rises to $19 from $18.90.

Target price is $19.00 Current Price is $14.10 Difference: $4.9
If AKE meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $17.93, suggesting upside of 27.5% (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

Citi rates AKE as Buy (1) -

Citi updates its modelling for Allkem to account for the FY23 result, which was ahead of expectations at the EBITDAX line, and FY24 guidance, which includes another six months delay at Sal de Vida.

Guidance for Olaroz is 22-26,000t of carbonate for stage I & 2, in line with expectations.

The broker retains a Buy rating given the re-rating the merger could bring, with the shareholder vote on track for this year and updates on Sal de Vida and James Bay to come with the scheme documentation. Target is reduced to $18.50 from $19.00.

Target price is $18.50 Current Price is $14.10 Difference: $4.4
If AKE meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $17.93, suggesting upside of 27.5% (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

Macquarie rates AKE as Outperform (1) -

Allkem’s FY23 result was solid with underlying earnings 4% higher than Macquarie had expected on lower tax expense, and free cash flow 39% ahead of estimates on working capital movements.

FY24 guidance suggests stronger production at Mt Cattlin and Olaroz, offset by higher costs. The broker has updated base case forecasts to match guidance. Production estimates are at the lower half of guidance ranges, reflecting a conservative view on production expansion ramp-up.

The stronger cash result in the second half has more than offset the modest cuts to earnings due to higher costs at Mt Cattlin. Target rises to $19.60 from $19.20, Outperform retained.

Target price is $19.60 Current Price is $14.10 Difference: $5.5
If AKE meets the Macquarie target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $17.93, suggesting upside of 27.5% (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 AKE as No Rating (-1) -

FY23 results from Allkem were ahead of expectations. There was no new update on major projects or the Livent merger. FY24 production guidance of 22-26,000t lithium carbonate at Olaroz and 210-230,000t spodumene at Mount Cattlin were incrementally positive.

Going forward, UBS notes the focus is on the next steps in the merger and delivering the Olaroz stage 2 ramp up. The broker is restricted on providing a rating and target at present.

Current Price is $14.10. Target price not assessed.

Current consensus price target is $17.93, suggesting upside of 27.5% (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 ALD as Downgrade to Neutral from Buy (3) -

Ampol's first half results were ahead of UBS estimates primarily because of lower effective tax rates. The broker believes the convenience division is showing signs of strain.

The broker says the exit of the MetroGo partnership with Woolworths to convert the sites back to Foodary has moved the offering to an increasingly tiered approach in order to capture additional margin for premium stores.

UBS suspects the upside from the strategy is largely offset by sales pressure and now assumes limited shop margin growth.

There is potential for a fully franked special dividend at the end of the year yet the broker forecasts flat EBIT and downgrades to Neutral from Buy on valuation. Target edges down to $32.60 from $33.30.

Target price is $32.60 Current Price is $33.01 Difference: minus $0.41 (current price is over target).
If ALD meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.61, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in December.

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

Bell Potter rates ALU as Hold (3) -

Altium's FY23 result met Bell Potter forecasts and FY24 guidance.

A $40m tax payment in the second half took the shine off the result but management is contesting this and advised they expected full recovery.

Earnings (EBITDA) margins edged up to 36.5% from 36.2% (margin guidance disappointed) and the unfranked dividend outpaced.

EPS forecasts fall roughly -1% in FY24 and FY25.

Hold rating retained. Target price falls -6% to $40 from $42.50, the broker fearing a downgrade to the company's FY25 aspirational revenue target.

Target price is $40.00 Current Price is $46.44 Difference: minus $6.44 (current price is over target).
If ALU meets the Bell Potter target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.61, suggesting downside of -7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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 ALU as Neutral (3) -

FY23 results from Altium were stronger than expected largely because of growth in the new Designer licences, primarily in the enterprise segment. Citi envisages potential upside to medium-term earnings from the direct monetisation of Altium 365 and stronger enterprise growth.

On further analysis, the Octopart click volume growth was weaker than the broker's analysis of website traffic and is anticipated to be down in the first half, although this was partially offset by stronger cost-per-click/monetisation.

Citi retains a Neutral rating, given the stock is up 25% post the result and the target is raised to $46.65 from $39.30.

Target price is $46.65 Current Price is $46.44 Difference: $0.21
If ALU meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $42.61, suggesting downside of -7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Macquarie rates ALU as Neutral (3) -

While Altium's $96m earnings beat Macquarie's expectations, it was still within the $88-98m guidance range.

FY24 earnings guidance is for a 22% increase year on year. This is to be underpinned by 10-15% subscriber growth and the remainder due to a mix-shift from higher-yielding enterprise customers.

Altium indicated FY23 Enterprise revenues grew 143% year on year factoring major customer wins such as Tesla, SpaceX, Volvo and Meta. Management also reaffirmed its FY26 aspirational targets of $500m revenue and 38-40% underlying earnings margin.

Target rises to $39.10 from $35.20, Neutral retained.

Target price is $39.10 Current Price is $46.44 Difference: minus $7.34 (current price is over target).
If ALU meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.61, suggesting downside of -7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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 ARB as Sell (5) -

On further analysis of the FY23 results, Citi envisages potential for a reversal of headwinds in FY24, leading to gross margin expansion. To turn more positive, the broker requires evidence the new US DTC strategy is delivering.

Following a -250 basis points decline in gross margins in FY23, ARB Corp is guiding to margins returning to historical levels in the first quarter. Citi forecasts FY24 gross margin of 44%. The broker retains a Sell rating and raises the target to $24.40 from $24.00.

Target price is $24.40 Current Price is $32.18 Difference: minus $7.78 (current price is over target).
If ARB meets the Citi target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.55, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Macquarie rates ARB as Underperform (5) -

ARB Corp reported revenue in line and profit -6% below Macquarie. Australian Aftermarket grew 2.7% year on year, export sales fell -9% and OEM revenue declined -18%.

Management noted first half FY24 gross margins have returned to historical levels (55-56%), but may swing on cost inflation, factory recoveries and FX. At this stage management does not expect further price rises are required in FY24.

Delivering improved gross and profit margins in FY24 is a key catalyst, Macquarie believes. Target rises to $26.25 from $25.70. The broker remains cautious a softening consumer could impact demand in FY24. Underperform retained.

Target price is $26.25 Current Price is $32.18 Difference: minus $5.93 (current price is over target).
If ARB meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.55, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

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

At first glance, FY23 results were below Morgan Stanley's expectations. The top line was affected by new vehicle supply and fitting capacity while costs were broadly higher because of inflation.

Over the longer term the broker believes the story is intact amid new engineered product releases and growing US OEM partnerships. Questions remain on demand and revenue growth into FY24.

Equal-weight. Target is $31. Industry view: In-Line. 

Target price is $31.00 Current Price is $32.18 Difference: minus $1.18 (current price is over target).
If ARB meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.55, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Morgans rates ARB as Hold (3) -

ARB Corp's FY23 profit of $88.5m was slightly below Morgans expectation for $92.4m though management guided to FY24 revenue and profit growth, supported by improving global vehicle supply and new product launches.

The company also notes order book strength and price rises that will begin to take effect in the 1Q of FY24.

While the analysts see emerging signs of lessening trade disruption and improving margins, the Hold rating is maintained as the growth trajectory is already built into the current share price.  The target rises to $30.10 from $29.05.

Target price is $30.10 Current Price is $32.18 Difference: minus $2.08 (current price is over target).
If ARB meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.55, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Ord Minnett rates ARB as Buy (1) -

While FY23 results for ARB Corp revealed a profit miss against forecasts by Ord Minnett and consensus of -9.9% and -7.3% respectively, management anticipates growth for sales and profits in FY24.

Management noted profit margins returned to historical levels in the 1Q of FY24 and expects improving new vehicle supply and benefits from the release of new products, while export sales are expected to return to growth in FY24.

The broker raises its target to $36 from $34. Buy.

Target price is $36.00 Current Price is $32.18 Difference: $3.82
If ARB meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $29.55, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Macquarie rates AUB as Outperform (1) -

AUB Group's FY23 profit was in line with recent guidance, featuring 12.3% organic growth, 44.9% for Tysers net of funding, and 17.2% for other acquisitions. All divisions delivered growth in revenue and profitability, Macquarie notes.

FY24 profit guidance is for 19.3%-27.0% growth. Management's medium-term targets have been upgraded for four of the five segments. The targets imply 13% upside to Macquarie's earnings forecasts if delivered in FY26.

Target rises to $32.40 from $32.28, Outperform retained.

Target price is $32.40 Current Price is $28.82 Difference: $3.58
If AUB meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $33.99, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

Morgan Stanley rates AUB as Overweight (1) -

FY23 results, in Morgan Stanley's view, show why AUB Group is taking advantage of the opportunity to grow earnings from a hard premium cycle as well as M&A options.

FY23 underlying net profit beat expectations and was ahead of the midpoint of May guidance, after being upgraded several times during the year. The FY24 outlook is modestly below forecasts but the broker suspects the company is being conservative.

Morgan Stanley retains an Overweight rating and raises the target to $37.55 from $37.00.  Industry view is In-Line.

Target price is $37.55 Current Price is $28.82 Difference: $8.73
If AUB meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $33.99, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

Ord Minnett rates AUB as Accumulate (2) -

Ord Minnett raises its medium-term earnings estimates for AUB Group following FY23 results and lifts its target by 14% to $33. Strong insurance rate rises and operating leverage contributed to solid 12% organic net profit growth.

Previously, the broker had forecast mid-single-digit insurance price increases and now expects increases to be ongoing at a double-digit rate in FY24.

The board declared a final fully franked dividend of 47cps.

Ord Minnett's net profit forecast lifts by 10% to $166m, in-line with the top end of guidance. The Accumulate rating is unchanged.

Target price is $33.00 Current Price is $28.82 Difference: $4.18
If AUB meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $33.99, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

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

Alumina Ltd posted a net loss of -US$38.7m, far larger than Citi anticipated. The company called out extended delays and continued uncertainty with permits in Western Australia plus lower quality bauxite.

The broker believes the business has enough financial headroom to avoid an equity raising with debt likely peaking in the first half of 2024 although tight AWAC capital management will be required.

While acknowledging the uncertainties regarding mining approvals in WA, Citi upgrades to Neutral from Sell. Target is reduced to $1.30 from $1.40.

Target price is $1.30 Current Price is $1.21 Difference: $0.09
If AWC meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.30, suggesting upside of 13.0% (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

Macquarie rates AWC as Underperform (5) -

Alumina Ltd's joint venture AWAC reported earnings -48% lower than Macquarie's expectation, and profit also materially lower. Earnings were lower due to the impact of lower-grade bauxite in WA, which resulted in higher overall cash costs per tonne.

As expected, Alumina Ltd did not declare an interim dividend with the company reporting losses in first half. Additionally, the broker does not anticipate a dividend in the second half or first half 2024.

AWAC noted that Alcoa is continuing to work with the WA Government agencies on the approvals required to access highergrade bauxite areas. The previous timeline of 9-12 months has been changed to "uncertain".

Target falls to 95c from $1.00, Underperform retained.

Target price is $0.95 Current Price is $1.21 Difference: minus $0.26 (current price is over target).
If AWC meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.30, suggesting upside of 13.0% (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 BHP as Neutral (3) -

BHP Group's FY23 EBITDA was ahead of Citi's estimates as was underlying profit of $13.4bn and the dividend. The broker has no doubt about the quality of the current operations and assets, although expects underlying EBITDA in FY24 will be -9% lower and wishes the stock were cheaper!

Costs have been guided to be marginally higher than Citi expected and estimates for FY24 EBITDA are trimmed by -2%.

If there is the expected uplift in base metal prices into FY25 and some modest cost reductions then the broker envisages EBITDA could lift back to the $30bn mark for an EV/EBITDA of 5.2x and a 5% dividend yield. Neutral rating. Target is reduced to $44 from $45.

Target price is $44.00 Current Price is $43.21 Difference: $0.79
If BHP meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $43.77, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.2

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

Macquarie rates BHP as Outperform (1) -

BHP Group’s FY23 result was marginally weaker, with earnings -3% lower than Macquarie had forecast. The final dividend of US80c, translating to its full-year dividend of US$1.70, was -7% below expectation on a 64% implied payout ratio.

BHP is pivoting to growth, the broker notes, with a pipeline of growth options diversified by commodity and investment horizon. Guidance is US$10bn capex for FY24 and US$11bn per year on average over the medium term.

Incorporating updated cost guidance and increased capital expenditure has resulted in lower earnings forecasts in the short and medium term. Outperform and $47 target retained.

Target price is $47.00 Current Price is $43.21 Difference: $3.79
If BHP meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $43.77, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.2

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

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

FY23 results were weaker than Morgan Stanley expected. Cost guidance and capital expenditure for FY24 are both higher than anticipated.

BHP Group has not made changes to Samarco provisions and the matter remains an overhang for the stock in the near term, in the broker's opinion. Around 70% of resettlement is now complete in Brazil and the company continues to believe the UK court case lacks merit.

Morgan Stanley envisages the pay-out ratio will remain under pressure, likely to decrease in the foreseeable future because of higher capital expenditure requirements. Inflationary pressures are also driving costs higher in Western Australian iron ore and Escondida.

Equal-weight rating maintained. Target is $44.10. Industry view is Attractive.

Target price is $44.10 Current Price is $43.21 Difference: $0.89
If BHP meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $43.77, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.2

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

Morgans rates BHP as Add (1) -

BHP Group's FY23 attributable underlying profit of US$13.4bn was in line with consensus estimates and was a solid performance, according to Morgans, in the face of broad global cost pressures and lower iron ore and copper prices.

The analysts highlight lower earnings, yet still a group earnings (EBITDA) margin of 54% with a return on capital employed (ROCE) of 28.8%. Relative to Pilbara peers, it's thought iron ore unit costs at the WA Iron Ore (WAIO) business were contained impressively.

Free cash flow of  US$5.6bn compared to forecasts by consensus and the broker of US$3.6bn and $3bn, respectively, due to lower-than-expected capex, working capital adjustments and payments relating to the Oz Minerals transaction.

Management made no changes to FY24 production and cost guidance and a final dividend of US80 cents was declared at a strong (according to Morgans) payout ratio of 59%.

The Add rating and $51 target are unchanged.

Target price is $51.00 Current Price is $43.21 Difference: $7.79
If BHP meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $43.77, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.2

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

Ord Minnett rates BHP as Hold (3) -

On further analysis of BHP Group's largely in-line FY23 result Ord Minnett assesses the company is in strong financial shape with modest net debt that is expected to remain low for the next five years, absent any major acquisition.

The  broker reduces the assumed dividend payout ratio to 65% from 75%, noting the FY23 dividend was -15% low prior estimates.

Ord Minnett highlights the portfolio is gradually changing and iron ore is likely to be less important as the company ramps up future-facing commodities such as copper and nickel. Hold maintained. Target is $39.50.

Target price is $39.50 Current Price is $43.21 Difference: minus $3.71 (current price is over target).
If BHP 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 $43.77, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.2

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

Morgan Stanley rates BSL as Overweight (1) -

On further analysis of the "in-line" result from BlueScope Steel, Morgan Stanley envisages little change to through-the-cycle earnings as spreads continue to be soft.

Spread momentum has historically been a key driver of the share price performance but the broker has recently observed a decoupling of the correlation between a blended spread and the company's share price.

The balance sheet remains robust and the buyback capacity has been increased by a further $185m to $400m, to be executed over the next 12 months. The board has also approved the re-line and upgrade to the number 6 blast furnace at Port Kembla.

Overweight. Target is reduced to $24 from $26. Industry View: In-Line.

Target price is $24.00 Current Price is $21.03 Difference: $2.97
If BSL meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $21.36, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates BSL as Lighten (4) -

BlueScope Steel's FY23 EBIT was in line with forecasts. While earnings declined sharply, the result is still strong, Ord Minnett points out, reflecting profitability that was only seen with extraordinary pandemic-induced steel prices and margins.

The broker assesses North Star has traces of cost advantage as a natural scrap collection point and anticipates profits will be broadly in line with FY23 levels.

The balance sheet is in good shape with cash nearly doubling compared with a year ago and there is potential for shareholder returns, Ord Minnett adds. Lighten rating and $16.50 target.

Target price is $16.50 Current Price is $21.03 Difference: minus $4.53 (current price is over target).
If BSL meets the Ord Minnett target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.36, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

UBS rates BSL as Neutral (3) -

BlueScope Steel's second half FY23 was in line with EBIT guidance. UBS notes three key points from the results including strong Colorbond sales, which highlighted the strength in Australian steel products, while North Star was weak.

The third point is first half EBIT guidance of $700-770m, reflecting a repeat of the conditions being experienced in the prior half albeit with much greater uncertainty regarding the outlook over FY24 compared with the start of FY23.

Neutral maintained. Target rises to $22.00 from $21.80.

Target price is $22.00 Current Price is $21.03 Difference: $0.97
If BSL meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $21.36, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates CHC as Buy (1) -

FY23 operating earnings from Charter Hall were below Ord Minnett's forecasts with the main driver being lower-than-estimated transaction and performance fees.

Office makes up one third of the funds management portfolio which the broker suspects is where potential concerns lie. Yet the portfolio is in good shape, with occupancy of 96% and average leases of 5.9 years.

The broker believes this should serve to bolster the company's reputation and track record versus peers. Buy rating retained. Target is reduced to $15.90 from $16.20.

Target price is $15.90 Current Price is $10.85 Difference: $5.05
If CHC meets the Ord Minnett target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $13.85, suggesting upside of 27.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

UBS rates CHC as Neutral (3) -

Operating earnings from Charter Hall in FY23 were ahead of guidance and estimates. UBS finds the FY24 EPS guidance "credible" at $0.75.

A forecast $80m is required across development income and transaction//performance fees in order to hit guidance, the broker adds.

To become more positive, UBS looks for re-based asset values, improved cost of capital for the listed A-REITs, improved equity flows across retail &wholesale funds and improved gearing capacity that will allow acquisitions to be funded by debt.

Neutral rating and $12.30 target.

Target price is $12.30 Current Price is $10.85 Difference: $1.45
If CHC meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $13.85, suggesting upside of 27.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Citi rates COL as Buy (1) -

Coles Group's FY23 EBIT fell well short on forecasts, but Citi analysts believe there's a message in the fact that sales surprised on the upside. That message is the market is too conservative on sales growth in the year ahead.

Citi is not expecting any growth at the bottom line, however, because higher costs, elevated stock losses and extra costs on projects are expected to weigh.

The broker retains a positive view post FY24. Estimates have been culled. Target price declines by -9% to $18.30. Buy rating retained.

Target price is $18.30 Current Price is $16.01 Difference: $2.29
If COL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $16.70, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Macquarie rates COL as Outperform (1) -

Coles' comparable sales growth of 5.8% in FY23, with inflation a key driver, suggest supermarket volumes are holding up as consumers seek value to offset cost of living, Macquarie notes. A growing population also helped.

But operating costs are rapidly rising. Supermarket cost of doing business was up 7.6%. Wages, rents, interest costs, energy costs are weighing on profitability. Cost control is the key to the next few years, the broker suggests.

Supermarkets should be better placed than most businesses to pass through higher expenses, hence Macquarie retains Outperform for relative earnings stability. Target falls to $18.50 from $20.00.

Target price is $18.50 Current Price is $16.01 Difference: $2.49
If COL meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $16.70, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgan Stanley rates COL as Underweight (5) -

Coles Group remains challenged over FY24, Morgan Stanley asserts, given diminished tailwinds for sales growth and amid cost inflation. FY23 results were below expectations at the EBIT line while sales were slightly ahead.

The EBIT miss was driven by a combination of gross profit margin pressure, inflation pressure and one-off provisions. The broker now expects the Ocado financial benefits, given the delays, will be pushed out to FY26.

Morgan Stanley observes the valuation remains elevated amid heightened risk of a multiple de-rating associated with earnings downgrades, and reiterates an Underweight rating with a $14.75 target. Industry View: In-Line.

Target price is $14.75 Current Price is $16.01 Difference: minus $1.26 (current price is over target).
If COL meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.70, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

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

Morgans lowers its target for Coles Group to $16.90 from $19.95 and downgrades its rating to Hold from Add after FY23 results came in below expectations with margins impacted by cost inflation.

While product availabilty and volumes in Supermarkets improved over FY23, the earnings margin for this division fell by -20bps to 4.8%, explains the analyst. More positively, Liquor earnings were an 8% beat with strong 2H growth and margin improvement.

Total loss (including stock loss) in Supermarkets jumped by around -20%, while total capex on e-commerce is now going to be circa -$400m versus the -$330m originally planned, due to commissioning delays at fulfilment centres.

Target price is $16.90 Current Price is $16.01 Difference: $0.89
If COL meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $16.70, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates COL as Lighten (4) -

FY23 results from Coles Group were broadly in line with Ord Minnett's expectations. Soft earnings growth is anticipated from ongoing operations in the near term because of weak volume growth, declining shelf price inflation and rising labour costs.

The broker notes hard times are also motivating more shoplifting, a global industrywide phenomenon.

Total loss, including theft and waste, is up around 20%. The broker's long-term supermarket EBIT margin estimate of 4.9% stands and margin recovery is expected from FY25. Lighten rating retained while the target rises to $14.50 from $14.00.

Target price is $14.50 Current Price is $16.01 Difference: minus $1.51 (current price is over target).
If COL 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 $16.70, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

UBS rates COL as Neutral (3) -

FY23 results from Coles Group were ahead of expectations with sales up 5.3% and EBIT up1.8%. The company has noted positive industry tailwinds including population growth, amid signs of the channel shift from out-of-home that have boosted volumes at the start of the first quarter of FY24.

UBS points to dry grocery inflation supporting sales growth. Specifically for Coles, online was strong in the fourth quarter, with 17.4% growth. Supermarket EBIT in the second half was -9% below the market because of one-time costs.

UBS retains a Neutral rating because the outlook is positive despite the cost headwinds and reduces the target to $17.25 from $18.50.

Target price is $17.25 Current Price is $16.01 Difference: $1.24
If COL meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $16.70, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates CTD as Hold (3) -

Ord Minnett's initial response to Corporate Travel Management's FY23, released this morning, is the result is better-than-expected but this is due to lower tax and depreciation.

The dividend is better, but cash flow proved a big miss (by -50%). Guidance for FY24 EBITDA of $240-280m compares to the broker's forecast of $260m.

The analyst notes cash flow is where the company had been criticised in the past.

Hold. Target $20.46.

Target price is $20.46 Current Price is $19.43 Difference: $1.03
If CTD meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $24.22, suggesting upside of 33.4% (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

Citi rates DMP as Sell (5) -

As per Citi's initial response, Domino's Pizza Enterprises' FY23 net profit missed consensus by some -5% and the broker's forecast by -2%. Non-recurring costs surprised negatively.

Among the positives mentioned are restructuring benefits flowing through faster than expected, at higher costs, and same store sales improving.

The broker is less enthused, highlighting store openings are running behind FY24, supporting its own view there is risk to FY24 rollout expectations.

Also, management is guiding to material sales and earnings improvements in FY24, with the latter underpinned by structural savings initiatives, the analysts add.

Sell. Target $40.

Target price is $40.00 Current Price is $48.03 Difference: minus $8.03 (current price is over target).
If DMP meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $53.17, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Morgan Stanley rates DTL as Overweight (1) -

FY23 results were weaker than anticipated. In particular gross margins were not managed in terms of expectations.

Morgan Stanley expects gross margins can move higher and "normalise" as the mix shifts to end-user computing deals and the initial  headwinds to margins from managed services diminish as the business accelerates.

Morgan Stanley's Overweight rating is maintained and the target is reduced to $7.10 from $8.00. Industry view: In-Line. 

Target price is $7.10 Current Price is $6.10 Difference: $1
If DTL meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

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

While FY23 profit (PBT) for Data#3 was an -8% miss compared to the consensus expectation, Morgans upgrades its rating to Add from Hold following share price weakness in reaction to the announcement.

Year-on-year, gross profit rose by 15% and EPS and DPS were up 22% in what the analysts consider a strong overall result. It's also felt the outlook is positive with management aiming to deliver double-digit growth again in FY24.

Management's confidence springs from structural tailwinds such as digitisation, cloud and generative AI, along with a resilient customer base in the current economic climate. The target slips to $6.50 from $6.70.

Target price is $6.50 Current Price is $6.10 Difference: $0.4
If DTL meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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 ECF as Downgrade to Hold from Accumulate (3) -

Following Elanor Commercial Property Fund's FY23 results, Ord Minnett downgrades its rating to Hold from Accumulate on caution around the Office sector outlook.

FY23 funds from operations (FFO) were in line with the broker's forecasts though the implied FY24 guidance of 10cpu falls short of the consensus expectation for 10.6cpu.

This guidance includes the divestment of Nexus and Limestone Centre in October last year. Proceeds will be used to reduce debt, explain the analysts.

Ord Minnett's target falls to to 83c from 97c partly because a further 50bps cap rate expansion is assumed.

Target price is $0.83 Current Price is $0.77 Difference: $0.065
If ECF 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 FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

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

Estia Health's underlying earnings fell -6% short of Macquarie but the result showed half on half earnings improvement, with increased
occupancy and higher government revenue more than offsetting wage costs and inflation.

Occupancy continues to improve and refundable accommodation deposit (RAD) flows are solid.

Estia expects a broadly neutral outcome for the sector in FY24 from the combined effect of increased government funding, the 15% increase in the Aged Care Award, mandated minimum care minutes, and general wage increases and inflation.

Target falls to $3.08 in line with the private equity takeover bid of $3.20 minus the dividend. Downgrade to Neutral from Outperform.

Target price is $3.08 Current Price is $3.12 Difference: minus $0.04 (current price is over target).
If EHE meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgans rates ELD as Hold (3) -

It came as no surprise to Morgans that Elders downgraded its FY23 earnings (EBIT) guidance by -10.5% (a miss of -7% versus consensus) as key earnings drivers have continued to weaken during the 2H.

Management notes a more cautious customer due to the Bureau of Metereology's dry outlook and the El Nino alert.

Morgans retains its Hold rating on an uncertain outlook and lowers its target to $7 from $7.90. It's assumed earnings will fall again and bottom in FY24.

Target price is $7.00 Current Price is $6.45 Difference: $0.55
If ELD meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.58, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in September.

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

Bell Potter rates EVS as Buy (1) -

EnviroSuite's FY23 metrics were either in line or outpaced Bell Potter's forecasts, thanks to positive earnings (EBITDA) and a cash inflow. (The broker was negative on both).

No FY24 guidance was provided in line with policy, but management advised it had a strong pipeline of work and expected to be EBITDA positive on a run rate basis during FY24.

Due to the lack of clear guidance, Bell Potter has cut its multiple and increased its weighted average cost of capital, resulting in a -20% fall in the target price to 16c from 20c.

Buy rating retained.

Target price is $0.16 Current Price is $0.08 Difference: $0.08
If EVS meets the Bell Potter target it will return approximately 100% (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 GEM as Neutral (3) -

G8 Education posted a first half earnings recovery from an omicron and flood-impacted FY22, Macquarie notes, with occupancy up 60bp to 67.4%, but still constrained due to staffing.

Staffing is still a hindrance to occupancy, with August group occupancy down on both 2022 and 2019. Cost control was evident, the broker suggests, but the outlook remains uncertain for staffing, along with unknown outcomes of current regulatory reviews including multi employer bargaining.

Target falls to $1.10 from $1.18, Neutral retained, on lowered forecasts.

Target price is $1.10 Current Price is $1.08 Difference: $0.02
If GEM meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 HLI as Underperform (5) -

Low delinquencies and high property prices supported Helia Group's reserve releases and claims expense in the first half. Macquarie forecasts a moderate economic cycle, with delinquency trends reverting to pre-covid levels after 2025.

Combined with house price appreciation, Helia reported negative total incurred claims in line with guidance provided pre-results, supported by reserve releases. While new delinquencies have lifted slightly, they still remain at historically low levels.

While the economic backdrop has improved over the last six months, slight cracks are beginning to show, Macquarie warns, as unemployment begins to lift and the mortgage market showing some signs of stress.

Target price rises to $3.10 from $2.60, Underperform retained.

Target price is $3.10 Current Price is $3.78 Difference: minus $0.68 (current price is over target).
If HLI meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.5

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

Ord Minnett rates HLI as Hold (3) -

Helia Group's insurance revenue was higher than expected in the first half and Ord Minnett lifts near-term forecasts materially. The broker also reduces the share count and assumes less capital is retained within the business.

The financial health of the company now makes the risk that economic deterioration could absorb capital less likely while the outlook for house prices and unemployment is not as dire as previously feared.

The outlook is still inclined to be difficult and the broker suspects an annualised return on equity north of 20% from the first half will trend down towards the cost of equity over time. Hold retained. Target rises to $3.70 from $3.40.

Target price is $3.70 Current Price is $3.78 Difference: minus $0.08 (current price is over target).
If HLI meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.5

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

Macquarie rates HLS as Outperform (1) -

Macquarie has sharply downgraded Healius's target price to $3.45 from $4, following peer commentary suggesting GP referrals and private hospital volumes are slow to recover.

Based on Australian Clinical Labs ((ACL)) commentary, the broker downgrades its base pathology revenue growth assumptions for Healius.

Management has advised its cost-cutting program is on track but will not offset weak business fundamentals.

EPS forecasts are cut -38% in FY24; -24% in FY25; and -15% in FY26 and the broker's FY24 earnings (EBIT forecasts) match consensus.

Outperform rating retained to reflect a positive medium to long-term outlook.

Target price is $3.45 Current Price is $2.70 Difference: $0.75
If HLS meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.16, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

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

Hub24's FY23 result outpaced consensus' and Macquarie's forecasts by 2% to 3%, thanks to a 23% beat on platform cost growth and a lower tax rate. FY25 guidance was a beat of similar magnitude to the result.

EPS forecasts rise 5.8% in FY24; 6.2% in FY25; and 6% to 7% thereafter to reflect the lower tax rate and cost base.

Rating is downgraded to Neutral from Outperform on valuation. Target price rises to $33.60 from $31.40.

Target price is $33.60 Current Price is $31.20 Difference: $2.4
If HUB meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $34.18, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

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

Hub24's FY23 results were in-line with Morgans expectations with a group profit beat, but only on lower tax. 

While the broker likes the long-term growth profile, and ultimately expects share price appreciation, the rating is downgraded to Hold from Add in the hope for a short-term share price pullback. The target rises to $32.80 from $29.50.

Management's outlook comments were incrementally positive, according to the analysts, with Q1 FY24 flows beginning at a higher run-rate compared to Q4 FY23.

Implying greater than 47% growth over two years, observes the broker, management is targeting funds under administartion in FY25 of $92-100bn, up from $80-89bn.

Target price is $32.80 Current Price is $31.20 Difference: $1.6
If HUB meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $34.18, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Ord Minnett rates HUB as Buy (1) -

The FY23 result for Hub24 only slightly exceeded Ord Minnett's operational expectations. Earnings (EBITDA) rose by 45% on the previous corresponding period, boosted by a lower tax rate. The 18.5cps final dividend increased by 48% versus the same time period.

The broker's Buy rating is maintained on an improving flow outlook and as the margin environment remains favourable. The target rises to $37 from $32.50.

Management noted a strong start to FY24, with “net inflows ahead of Q4 FY23 run-rate”. Should market conditions hold up, the analysts believe the announced $4bn institutional win with Equity Trustees ((EQT)) will help provide further momentum.

The company's FY25 funds under administration (FUA) target of $92-100bn implies to the broker $11-15bn of annual net inflows for the next two years.

Target price is $37.00 Current Price is $31.20 Difference: $5.8
If HUB meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $34.18, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

UBS rates HUB as Downgrade to Neutral from Buy (3) -

FY23 earnings were slightly weaker than expected yet the outlook from Hub24 was largely positive as funds-under administration guidance has increased by 12-15%, extending out to FY25.

On further analysis, UBS lifts forecasts although notes the reaction in the market leaves only modest upside for the short term and, hence, downgrades to Neutral from Buy.

The $50m buyback was a surprise and could signal a stronger trajectory for organic growth over the next year. Target is raised to $33 from $30.

Target price is $33.00 Current Price is $31.20 Difference: $1.8
If HUB meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $34.18, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Morgans rates IAG as Hold (3) -

FY23 results for Insurance Australia Group were as expected by Morgans with the 2H showing a good improvement in underlying profitability and demonstrating momentum heading into FY24. FY23 profit was an around -6% miss compared to consensus.

The analyst highlights gross written premium (GWP) growth of 11% on the previous corresponding period, with home and motor premium rate increases of 10%-20% tracking well above inflation in the 2H.

FY24 guidance is for ‘low double digit’ GWP growth and a reported insurance margin of between 13.5%-15.5%.

The broker raises its revenue and margin assumptions over FY24 and FY25 and lifts its target to $6.26 from $6.00. Hold.

Target price is $6.26 Current Price is $5.73 Difference: $0.53
If IAG meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.85, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Ord Minnett rates IEL as Hold (3) -

Judging from Ord Minnett's initial assessment, IDP Education's FY23 release today has missed expectations, including on normalised EPS and the 41c dividend (the broker was expecting 43c).

FY23 revenue reached a record, up 24% and while EBIT surged by 40% the broker still reports it's a miss by -10%. Many other items have reached record levels.

No FY24 guidance has been provided. Hold. Target $22.50.

Target price is $22.50 Current Price is $23.29 Difference: minus $0.79 (current price is over target).
If IEL meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.76, suggesting upside of 4.5% (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

Citi rates ILU as Neutral (3) -

According to Citi's initial response, Iluka Resources' interim report met expectations, but with a dividend that falls short. The company is also cutting synthetic rutile output in response to a softer market.

A closer look into the details suggest "meeting expectations" is broadly interpreted by the analysts, with underlying EBITDA coming in lower than market consensus, but net profit looks in line.

Neutral. Target $11.80.

Target price is $11.80 Current Price is $9.32 Difference: $2.48
If ILU meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $11.29, suggesting upside of 36.0% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates ILU as Hold (3) -

Upon initial assessment, Ord Minnett believes Iluka Resources' interim report is much better than forecasts, but then the dividend of 3c is much lower than its own forecast for a 5.3c payout.

Also, that dividend marks a reduction of no less than -88% from last year's. Revenue fell by -10%.

Hold. Target $11.

Target price is $11.00 Current Price is $9.32 Difference: $1.68
If ILU meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $11.29, suggesting upside of 36.0% (ex-dividends)

The company's fiscal year ends in December.

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 INA as Buy (1) -

Having pre-released FY23, Ingenia Communities has provided EPS guidance of 20.8-22.3c for FY24, better than Citi initially feared.

While the lower end of the range implies a softer outcome, positive commentary on sales from land lease peers as well as a record number of projects support settlements in earnings over the short to medium term. The extension of the Sun partnership is also a positive.

Buy rating. Target is raised to $4.80 from $4.64.

Target price is $4.80 Current Price is $4.22 Difference: $0.58
If INA meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.54, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Ord Minnett rates INA as Buy (1) -

The FY23 result for Ingenia Communities was solid, according to Ord Minnett, and in line with prior guidance. The Buy rating is maintained on strong structural demand for land lease communities and ongoing strength in the Holidays business.

The broker believes further upside remains for the share price should management achieve the FY24-26 settlements target of 1,600-2,000, which compared to the analysts's 1,952 forecast.

While Ord Minnett's earnings (EBIT) estimates rise underlying EPS forecasts fall to reflect an increase in the broker's underlying tax rate to 20% from 12%. The target falls to $4.60 from $4.65.

Target price is $4.60 Current Price is $4.22 Difference: $0.38
If INA meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.54, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

UBS rates KGN as Neutral (3) -

FY23 results from Kogan.com confirmed suspicions of soft top-line momentum while EBITDA, signalled in the July trading update, rebounded. UBS assesses this reflects a story about margin recovery, noting excess inventory has been cleared.

Additional expenditure efficiency looks probable over FY24 although, given gross margins have now recovered, the broker suspects the earnings outlook for e-commerce is dependent on a return to sales growth.

UBS considers the valuation reflects the current medium-term earnings outlook and retains a Neutral rating. Target rises to $4.90 from $4.20.

Target price is $4.90 Current Price is $5.07 Difference: minus $0.17 (current price is over target).
If KGN meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 MAD as Hold (3) -

Mader Group's FY23 result was largley in line with its pre-released result. 

The company finished the year with net debt of $51.4m, up from $34.9m and a final fully franked FY23 dividend of 5.8c a share was declared.

The broker revises Australian earnings (EBITDA) margin assumption but reduces their North American equivalent and raises depreciation rates. Net, EPS forecasts rise 3% in FY24; and 2% in FY25.

Management guides to FY24 EPS growth of at least 30% and the broker says the company's track record supports this, as does the company's record capital expenditure and the strong mining context.

Hold rating retained on valuation. Target price rises to $6.90 from $6.10.

Target price is $6.90 Current Price is $7.31 Difference: minus $0.41 (current price is over target).
If MAD meets the Bell Potter 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 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

Macquarie rates MAH as Outperform (1) -

Macmahon's FY23 result was mixed, meeting Macquarie's forecasts on revenue and earnings (EBITDA) but disappointing on free cash flow and dividend. FY24 guidance outpaced.

The broker appreciates the company's solid order book and expects growth in underground work should boost margins in the medium term.

The broker raises earnings and margins forecasts but retains a 25c target price. Outperform rating retained.

Target price is $0.25 Current Price is $0.16 Difference: $0.09
If MAH meets the Macquarie target it will return approximately 56% (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 MND as Upgrade to Outperform from Neutral (1) -

Macquarie upgrades Monadelphous Group's rating to Outperform from Neutral, following the FY23 result.

The company's FY23 result met Macquarie's forecasts, thanks to solid maintenance revenue and cash flow and a strong outlook for markets.

Margins disappointed at 5.8%, down from 6.1% due to weaker construction revenue on a steady headcount, and lower fixed cost absorption.

Management forecasts a steady rise in Engineering Construction revenue in FY24, which Macquarie expects will be skewed to the June half, and the broker expects a full recovery in FY25. Continued growth in Maintenance (71% of revenue) is also forecast.

EPS forecasts rise 0.2% in FY24; 1% in FY25; and fall -2.4% in FY26 (to reflect an uptick in depreciation). Target price rises to $14.50 from $13.48.

Target price is $14.50 Current Price is $13.48 Difference: $1.02
If MND meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $14.15, suggesting downside of -2.3% (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

Ord Minnett rates MND as Hold (3) -

The FY23 top line beat Ord Minnett's forecasts largely because of better-than-expected engineering construction. The net profit and EBIT were disappointing and missed forecasts.

Going forward, the broker forecasts broadly flat segment revenue for the next five years along with gradual margin improvements to a mid-cycle level of around 7% as labour shortages ease.

The payout ratio was ahead of the 70-90% target in FY23 and Ord Minnett assumes this moderates to the upper end of the range and remains there for the forecast horizon. Hold rating and $14.25 target retained.

Target price is $14.25 Current Price is $13.48 Difference: $0.77
If MND meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $14.15, suggesting downside of -2.3% (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

Macquarie rates MP1 as Upgrade to Outperform from Neutral (1) -

Megaport's FY23 result met the pre-release but FY24 guidance outpaced initial guidance, thanks to the full benefit of the cost out flowing through.

While FY24 guidance fell short of the broker's forecast, Macquarie considers it to be conservative, citing strong revenue growth, rising sales headcount and demand for extra products.

EPS forecasts rise 39% in FY24; 13% in FY25; and 17% in FY26.

Rating upgraded to Outperform from Neutral. Target prices jumps 50% to $18 from $12.

Target price is $18.00 Current Price is $12.15 Difference: $5.85
If MP1 meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $13.58, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Morgan Stanley rates MP1 as Equal-weight (3) -

FY23 results were previously reported while the upgraded FY24 revenue guidance implies 24-27% growth, Morgan Stanley observes, and is broadly in line with expectations.

EBITDA is more positive with guidance ahead of expectations. The broker believes stronger customer recurring revenue from Megaport Virtual Edge will drive the longer-term value. Target is raised to $10.20 from $9.10.

Equal-weight rating maintained. The broker observes the approach to cost discipline was critical for a re-rating yet equally important is the need to know whether the business can still achieve revenue expectations of 20% growth over FY23-26. Industry View: Attractive.

Target price is $10.20 Current Price is $12.15 Difference: minus $1.95 (current price is over target).
If MP1 meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.58, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Morgans rates MP1 as Downgrade to Hold from Add (3) -

While FY23 results for Megaport were largely pre-released, FY24 underlying earnings (EBITDA) were upgraded by around 24%.

Following a significant share price rally the broker's rating is lowered to Hold from Add, while the target increases to $13 from $10.

Every $1 the company spends on Customer Acquisition Cost (CAC) returns 5.5x that in gross profits (Life Time Value), highlight the analysts. The long-term opportunity is considered material.

Target price is $13.00 Current Price is $12.15 Difference: $0.85
If MP1 meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $13.58, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Ord Minnett rates MP1 as Accumulate (2) -

The FY23 results, despite being largely pre-released, excited investors, Ord Minnett observes. After achieving EBITDA profit for the first time, Megaport expects EBITDA of $51-57m in FY24, implying a margin of nearly 30%.

The broker has long believed in the operating leverage and value proposition for customers yet notes the execution is happening faster than expected. Accumulate maintained. Target is raised to $17 from $13.

Target price is $17.00 Current Price is $12.15 Difference: $4.85
If MP1 meets the Ord Minnett target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $13.58, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

UBS rates MP1 as Buy (1) -

UBS notes increased disclosure resulted in a strong share price uplift in the wake of the FY23 results. Revenue and EBITDA were pre-reported and FY24 EBITDA guidance has been upgraded by 13% at the mid point compared with prior expectations.

The broker forecasts 26% revenue growth in FY24 along with EBITDA of $53m which compares with guidance of $51-57m.

While the benefit of pricing increases helped offset subdued new customer growth, UBS asserts sales reinvestment needs to start delivering by FY25. Buy rating retained. Target rises to $14.25 from $12.75.

Target price is $14.25 Current Price is $12.15 Difference: $2.1
If MP1 meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $13.58, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Macquarie rates MVF as Outperform (1) -

Monash IVF's FY23 result met guidance, a beat on revenue being offset by an increase in operational expenditure.

Management reported continued market share gains and Macquarie expects this will be echoed in FY24. The company also plans to raise patient pricing by 5% to 8% in the December half. Combined, the broker expects they will drive 13% revenue growth in FY24. That's not to mention the company's strong pipeline and positive industry tailwinds.

International revenue disappointed the broker by -10.2% and underlying earnings (EBITDA) by -18.2% due to weaker than forecast volumes in Singapore, but the broker expects this to do an about face in FY24.

EPS forecasts are steady in FY24; rise 1% in FY25; and 1% in FY26.

Outperform rating retained. Target price rises to $1.40 from $135.

Target price is $1.40 Current Price is $1.18 Difference: $0.22
If MVF meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.39, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates MVF as Overweight (1) -

Monash IVF's FY23 underlying profit, representing 14% growth on FY22, was broadly in line with guidance. Revenue surprised on the upside with growth of 11%, compared to Morgan Stanley's 6%, driven by price rises and continued market share gains.

The beat on the top line was offset by lower margins, highlighting labour and consumable cost pressures.

No FY24 numerical guidance provided. On the outlook, management stated “domestic IVF and Ultrasound patient pricing will increase by 5-8% during 1H24, which is anticipated to offset cost base increases” and is “confident on growth in revenue and underlying profit  in FY24”.

Overweight retained, target rises to $1.35 from $1.30. Industry view: In Line.

Target price is $1.35 Current Price is $1.18 Difference: $0.17
If MVF meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.39, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates MVF as Add (1) -

FY23 underlying profit of $25.5m for Monash IVF was in line with guidance with a stable earnings (EBITDA) margin of 25% as price rises offset cost pressures, explains Morgans. It's felt FY24 will be another strong year of growth.

The broker anticipates this growth from a range of sources including contribution of acquisitions, a rebound in ultrasound procedures  and growth in South East Asia. Market share gains are also expected from organic growth and recruitment of new specialists.

The Add rating and $1.29 target are retained.

Target price is $1.29 Current Price is $1.18 Difference: $0.11
If MVF meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.39, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

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

Bell Potter rates NAN as Upgrade to Hold from Sell (3) -

Nanosonics's FY23 result nosed out consensus off a low base, says Bell Potter.

The broker observes market penetration of Trophon in the US is rising, and nearing 50%, but that growth for new installations was flat to lower. US consumables grew 38% in total, thanks to the growth in the installed base and price rises.

The Federal Drug Administration requires the company to complete further testing of the CORIS device in the US, which the broker says is likely to delay US regulatory submissions until the March quarter so management expects CORIS is likely to be launched in Australia and Europe first, in the June half. Nanosonice pegs a US launch after 2025.

Rating upgraded to Hold from Sell. Target price rises to $4.85 from $4.15.

Target price is $4.85 Current Price is $4.50 Difference: $0.35
If NAN meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.52, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.3

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

Citi rates NAN as Sell (5) -

FY23 net profit was ahead of estimates while revenue was in line. Citi notes the Nanosonics installed base grew at the slowest rate in eight years with the company flagging some Trophon orders were delayed because of constrained hospital budgets.

The Coris launch has been pushed out with an FDA application expected to be submitted in the third quarter of FY24. Citi revises EBIT estimates for FY24 and FY25 down by -4% and -36%, respectively. Sell rating retained. Target is reduced to $3.90 from $4.20.

Target price is $3.90 Current Price is $4.50 Difference: minus $0.6 (current price is over target).
If NAN meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.52, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.3

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

Morgans rates NAN as Add (1) -

While FY23 results for Nanosonics came in at the top end of guidance, the main focus was the six-month delay in the launch of Coris, with extra regulatory costs also weighing, explains Morgans.

The analyst believe the FY23 result was mixed and the FY24 outlook was fairly muted prior to a pick-up in FY25 and beyond.

Sales rose by 30% (constant currency) reflecting a 9% rise in the installed base, but the increase of 2,600 units was below the average of around 3,000 units per year.

The Add rating is maintained, while the target falls to $5.32 from $5.49.

Target price is $5.32 Current Price is $4.50 Difference: $0.82
If NAN meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.52, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.3

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

Ord Minnett rates NAN as Lighten (4) -

FY23 earnings from Nanosonics were ahead of expectations, reflecting improved pricing in North America and a foreign currency benefit. Ord Minnett assesses margins are set to fall amid a shift to lower-margin capital revenue and the sale of higher-costs inventory.

Accordingly, the broker lowers FY24 EBIT forecast by -56% although long-term estimates are unchanged. Ord Minnett suspects the market is too optimistic about future growth and believes the shares remain overvalued. Lighten retained. Target is steady at $4.

Target price is $4.00 Current Price is $4.50 Difference: minus $0.5 (current price is over target).
If NAN 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 $4.52, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.3

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

Ord Minnett rates NHF as Lighten (4) -

Ord Minnett observes nib Holdings posted a 43% increase in net profit in FY23 amid higher revenue from volume increases across all divisions and higher investment income.

The underlying performance of each division was better than expected and the dividend was also ahead of forecasts.

The broker expects Australian health insurance earnings will show gradual decline as margins normalise while the other divisions will benefit from a rebound in activity post the pandemic. Lighten rating and $7.50 target retained.

Target price is $7.50 Current Price is $7.76 Difference: minus $0.26 (current price is over target).
If NHF meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.55, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgans rates OCL as Add (1) -

While underlying profit was a 5% beat against Morgans forecast, 10% growth for the key annual recurring revenue (ARR) metric fell short of the consensus expectation for 15% net ARR growth.

The broker explains ARR fell short due to Simflofy contract roll-offs, deal slippage and the wind-up of non-core service related activity, all of which are unlikely to repeat in FY24.

The analyst remains confident on earnings growth opportunities within each business segment into FY25 and FY26 and the focus now falls on management execution to deliver on targeted growth from FY24.

The target falls to $14.35 from $15.70. Add.

Target price is $14.35 Current Price is $12.56 Difference: $1.79
If OCL meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

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 ORR as Downgrade to Speculative Hold from Buy (3) -

OreCorp's board has unanimously recommended acceptance of the binding scheme of implementation with Silvercorp Metals.

The full takeover will comprise 15c cash and 0.0967 of a  Silvercorp share, which was valued at 45c, representing an implied value of 60c a share, a 42% premium on the company's 20-day weighted average price. Silvercorp will also supply $28m in funding through a 70.4m OreCorp share issue at 40c to develop the Nyanzaga Gold Project (NGP).

Bell Potter says the implied valuation did not match up to its valuation but considered it an attractive deal none-the-less, citing the company's strong balance sheet (US$200m in cash and no debt) and pointing out the NGP would have required a dilutive equity raising.

Rating downgraded to Speculative Hold from Buy. Target price falls to 53c from 97c.

Target price is $0.53 Current Price is $0.49 Difference: $0.04
If ORR meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Macquarie rates PRN as Outperform (1) -

Perenti's FY23 record result largely met Macquarie's forecast given much was pre-released (after four upgrades in FY23). FY24 guidance was also in line. As expected, no dividend was declared.

The group logged a solid increase in margins to 9.2% from 7.2% and management guided to continued medium-term margin growth, the company boasting strong working in hand and a $14.4bn pipeline.

Operating cash flow conversion was strong at 95% driving free cash flows of $117.3m (a beat) and net debt was a 17% beat.

EPS forecasts rise 4% in FY24, 1% in FY25, and 2% in FY26.

Outperform rating and $1.70 target price retained.

Target price is $1.70 Current Price is $1.06 Difference: $0.64
If PRN meets the Macquarie target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Citi rates PWR as Buy (1) -

Citi notes the strong top-line growth from Peter Warren Automotive was overshadowed by softer gross margins.

The broker expects revenue will grow 11% in FY24, largely because of recent acquisitions although pre-tax profit is likely to fall -15% as gross margins decline further.

Citi continues to be attracted to the opportunities ahead and believes valuation multiples could re-rate in line with peers as the company increases market share. Buy rating retained. Target is reduced to $3.50 from $3.60.

Target price is $3.50 Current Price is $2.61 Difference: $0.89
If PWR meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates PWR as Overweight (1) -

Peter Warren Automotive posted a slightly better profit than Morgan Stanley had forecast. Demand has been consistent and robust, the broker notes, and a further tailwind is expected from EVs, with a model line-up expected to increase 90%.

Order books remain elevated ahead of a steady unwind over FY24 and potentially into FY25. No guidance was provided as usual.

The broker suggests tailwinds include gradual supply improvements supporting volumes, M&A annualisation, and potentially a more limited margin contraction. Headwinds include higher interest and cost inflation.

Overweight and $3.20 target retained. Industry view: In-Line.

Target price is $3.20 Current Price is $2.61 Difference: $0.59
If PWR meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in June.

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 PWR as Buy (1) -

Ord Minnett assesses a good FY23 result for Peter Warren Automotive, in-line with the forecasts by the broker and consensus. A strong
revenue performance offset slightly weaker margins.

While the used car business has been a slight drag on gross profit margins over the last six months, opex control impressed the broker, and there was only modest evidence of cost inflation.

The target falls to $3.50 from $3.70. Buy.

Target price is $3.50 Current Price is $2.61 Difference: $0.89
If PWR meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates PXS as Speculative Buy (1) -

FY23 results for Pharmaxis were above Morgans expectations largely driven by $7.2m in licensing fees.

The broker makes minor changes to forecasts and assumes clinical success for PXS-5505 to enable a licensing transaction in FY26. However, the target falls to 13c from 24c on the expectation for a capital raise.

The Speculative Buy rating is unchanged.

Target price is $0.13 Current Price is $0.04 Difference: $0.091
If PXS meets the Morgans target it will return approximately 233% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

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

Redbubble's FY23 revenue was in line and earnings missed but importantly, Morgan Stanley notes, outlook commentary suggests a return to earnings and free cash flow profitability in FY24.

The broker models FY24 sales to decline -5% year on year given the June quarter declined -8% and outlook commentary indicated a "soft" start to the year. Sales growth should return in FY25.

Equal-weight retained, target rises to 70c from 55c. Industry view: In-Line.

Target price is $0.70 Current Price is $0.66 Difference: $0.04
If RBL meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgans rates RBL as Hold (3) -

Morgans assesses a mixed result for Redbubble with softer group revenue offset to a degree by a recent focus on gross profit after paid acquisition costs (GPAPA) margins and cost-out. This focus is expected to benefit the business from FY24.

Group revenue and marketplace revenue (MPR) were broadly in line with consensus, while GPAPA was a 10% beat.

In a key positive, according to the broker, management is expecting to be cash flow positive in FY24. FY24 cost guidance is for between $92-$100m compared to the analyst's $100m forecast.

The target increases to 73c from 63c largely due to FY24 guidance and the Hold rating is unchanged.

Target price is $0.73 Current Price is $0.66 Difference: $0.07
If RBL meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgan Stanley rates RWC as Downgrade to Equal-weight from Overweight (3) -

Reliance Worldwide delivered a solid FY23 result, either in-line or beating on most metrics, Morgan Stanley notes, but the FY24 outlook
disappointed.

The key negative in the broker's view is that some -US$16m of cost-outs will be required to maintain rather than boost margins. This
points to modest earnings declines in FY24.

With a more muted growth outlook Morgan Stanley believes the current share price approximates fair value and downgrades to Equal-weight from Overweight. Target rises to $4.20 from $4.00. Industry view: In-Line.

Target price is $4.20 Current Price is $3.83 Difference: $0.37
If RWC meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.17, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.3

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

Citi rates SCG as Neutral (3) -

Citi found the first half result "exceptionally strong". Scentre Group's leasing spreads improved to 2.6% from -3.3% in December 2022.

The business has a higher exposure to discretionary retail expenditure together with  higher relative gearing compared with sector peers and this causes the broker to retain a Neutral rating as the top of the interest-rate cycle approaches.

Net operating income is expected to continue to grow with a slight increase in property and tax expenses. Target is reduced to $2.95 from $3.00.

Target price is $2.95 Current Price is $2.74 Difference: $0.21
If SCG meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.05, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Macquarie rates SCG as Underperform (5) -

Scentre Group's June-half result outpaced Macquarie's forecasts thanks to a recovery in ancillary income, ECC write-backs, and lower net interest. FY23 guidance was reaffirmed.

The broker speculates that Scentre Group may be close to peaking (management observes a moderation in sales in the first months of December-half trade) should discretionary sales growth slow and put downward pressure on leasing.

Add to that toppy gearing, and the broker finds it hard to get excited.

FFOPS forecasts rise 2.8% in FY23; 0.9% in FY24; and 0.9% in FY25, to reflect the beat.

Underperform rating and $2.56 target price retained.

Target price is $2.56 Current Price is $2.74 Difference: minus $0.18 (current price is over target).
If SCG meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.05, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Morgan Stanley rates SCG as Overweight (1) -

Scentre Group's first half results, featuring a beat on earnings, highlight that despite a perceived consumer slowdown, its 99% occupancy, CPI-linked leases and specialty sales growth of 18.5% since 2019 mean sustainability of rental income looks robust, Morgan Stanley believes.

Higher rates means three-year compound earnings growth may look modest, but risk of major deviation is minor. "Boring can be attractive," says the broker. No change to FY guidance but that looks conservative.

Morgan Stanley acknowledges the REIT's relatively high gearing may alienate some investors, but from an income perspective, its enviable CPI rent linkage should provide cushion against rising cost of debt.

Overweight and $3.52 target retained.

Target price is $3.52 Current Price is $2.74 Difference: $0.78
If SCG meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.05, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Ord Minnett rates SCG as Accumulate (2) -

First half results were in line with expectations. Ord Minnett observes FFO of 10.74c per security appears on track for its full year forecasts.

Significantly, for the medium term, the broker assesses downside risk, should Australia enter a recession, has been reduced by new leases that were signed during the half year.

Ord Minnett credits management with foresight, issuing hybrid debt during the pandemic and warding off the risk of an equity raising at the time.

Consequently, while the cost of debt at 5.5% is higher compared with most A-REITs, it means the cost will not need to rise much further to achieve the estimated long-term 5.8%. Accumulate rating and $3.40 target.

Target price is $3.40 Current Price is $2.74 Difference: $0.66
If SCG meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.05, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

UBS rates SCG as Neutral (3) -

The first half result from Scentre Group beat estimates while FFO guidance has been confirmed at 20.75-21.25c along with a distribution of 16.5c or more. Strong net income growth featured, driven by specialty rental escalations of 8.1%.

The operating metrics are solid, reflecting the buoyant consumer of the past 12  months, yet UBS continues to be dubious about shopping centres in an Australian real estate context. Neutral maintained along with a $2.80 target.

Target price is $2.80 Current Price is $2.74 Difference: $0.06
If SCG meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.05, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Citi rates SDR as Buy (1) -

Earlier this morning, SiteMinder released its FY23 financials and Citi, upon initial glance, believes the result will be positively welcomed by investors.

Most important observations, according to the broker, are that management has reiterated guidance of being underlying EBITDA profitable and underlying free cash flow positive in 2H24.

Plus unit economics are improving for the company. Buy. Target $5.30.

Target price is $5.30 Current Price is $4.16 Difference: $1.14
If SDR meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $5.16, suggesting upside of 20.7% (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

Shaw and Partners rates SRG as Buy (1) -

FY23 results from SRG Global were slightly ahead of guidance and Shaw and Partners' forecast. The company has also guided to FY24 underlying EBITDA growth of around 20%.

The broker assesses the outlook provides strong evidence the strategy is being delivered and considers the stock a lower risk investment when compared to many construction and mining service peers, given the recurring nature of a large portion of revenue.

Recent acquisitions also provide greater leverage to tailwinds. Buy retained. Target rises to $1.15 from $1.10.

Target price is $1.15 Current Price is $0.72 Difference: $0.43
If SRG meets the Shaw and Partners target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25: