Australian Broker Call

Ord Minnett rates ABB as Buy (1) -

FY23 results from Aussie Broadband were at the top end of guidance and cash flow was materially higher than expected. Residential net customer additions beat Ord Minnett's forecasts by 10,000 with gross margins expanding.

The leading indicator for improving revenue in the enterprise and government segment is a commitment for another year of high growth capital expenditure, the broker points out.

Ord Minnett also observes elements of scale are beginning to  show through amid increasing returns from the fibre ownership program. Buy rating retained. Target rises to $3.84 from $3.58.

Target price is $3.84 Current Price is $3.44 Difference: $0.4
If ABB meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.91, suggesting upside of 12.5% (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 AFG as Downgrade to Neutral from Buy (3) -

It is Citi's conclusion Australian Finance Group released FY23 financials slightly below expectations. The net interest margin (NIM) contracted on top of churn in the manufacturing business and a higher payout ratio for the aggregation business.

Management flagged further investments, with no relief in sight for the payout ratio. Guidance is for the NIM to contract in FY24.

Citi has responded through a downgrade to Neutral from Buy. The broker observes the pendulum has swung in favour of mortgage brokers taking larger market share in a competitive market.

The broker sees ongoing challenges in distribution and lowers forecasts by -21%/-14%/-4% for FY24-26. Target price tumbles to $1.70 from $2.

Target price is $1.70 Current Price is $1.61 Difference: $0.09
If AFG meets the Citi target it will return approximately 6% (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 AFG as Neutral (3) -

Underlying net profit, while down -13% in FY23, was ahead of Macquarie's forecasts as it was supported by acquisition/investments. The broker asserts Australian Finance Group is facing earnings pressure in the current market.

Distribution settlements in the second half were down -12.9% with the upfront pay-out ratio up 80 basis points and reducing retained revenue. Neutral maintained. Target is reduced to $1.46 from $1.61.

Target price is $1.46 Current Price is $1.61 Difference: minus $0.15 (current price is over target).
If AFG meets the Macquarie target it will return approximately minus 9% (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

Citi rates AIA as Neutral (3) -

The FY23 performance goes unmentioned in today's update by Citi analysts, which concentrates on a positive future ahead for Auckland International Airport, alongside record levels of capex and a potential capital raising towards the backend of FY23-FY27.

Dividends have returned with a lower payout ratio, which allows for capex. FY24 guidance looks conservative, but that's how management at the airline likes to start every new year.

Valuation keeps the broker on Neutral. Target price improves to NZ$8.83 from NZ$8.78.

Current Price is $7.25. Target price not assessed.

Current consensus price target is $7.85, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.0

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

Ord Minnett rates AIA as Hold (3) -

FY23 results marked a return to profit for Auckland International Airport albeit still -46% below 2019. Ord Minnett notes passenger numbers nearly tripled from 2022 and are expected to be at 2019 levels by 2025.

The broker incorporates recent regulatory pricing decisions and the capital expenditure required. Around NZ$1.2bn is expected in capital expenditure in FY24 and the airport intends to deliver around NZ$7bn in regulated investment over the next decade.

Ord Minnett has a Hold rating and $7.85 target.

Target price is $7.85 Current Price is $7.25 Difference: $0.6
If AIA meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $7.85, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.0

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

Ord Minnett rates AIZ as Accumulate (2) -

Ord Minnett observes the fortunes of Air New Zealand have turned around in FY23 with air travel demand up strongly and capacity constrained. Its FY23 underlying pre-tax profit of NZ$585m was the second best on record and broadly in line with the broker's forecasts.

Earnings are expected to ease back from current elevated levels as price competition returns and capacity bottlenecks ease. The broker forecasts FY24 passenger capacity growth of around 28%. Accumulate rating and $0.88 target maintained.

Target price is $0.88 Current Price is $0.72 Difference: $0.16
If AIZ meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Ord Minnett rates ALG as Hold (3) -

Ord Minnett considers the worse-than-expected FY23 loss was unimportant. What matters for Ardent Leisure was a recovery in its theme parks. Admissions were up 39% and per capita revenue was up 22%.

The improvement in these key metrics allays any concerns the broker previously had regarding margin slippage.

A buyback of up to 10% of issued capital will deploy around $27m in surplus cash yet Ord Minnett notes shareholder agitation for a return of not just the surplus cash but the estimated $55m set aside for expansion projects at Dreamworld. The broker suspects this could "boil over" into wider developments. Hold maintained. Target is $0.60.

Target price is $0.60 Current Price is $0.56 Difference: $0.035
If ALG meets the Ord Minnett target it will return approximately 6% (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

Citi rates APX as Sell (5) -

It is Citi's initial assessment that Appen's H1 loss came in worse than expected, both by itself as well as by market consensus. The underlying EBITDA, on the other hand, proved better-than-expected, though it still missed consensus by -5%.

Citi had expected gross profit margins to be lower. Revenue trends proved weaker-than-expected. On the positive side, the company signed its first million-dollar contract with Nvidia.

Guidance for H2 implies market consensus forecasts need a negative reset, the broker concludes. Sell. Target $2.40.

Target price is $2.40 Current Price is $2.24 Difference: $0.16
If APX meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 28.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.8

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

Bell Potter rates AVG as Hold (3) -

Overall, Australian Vintage’s FY23 result was in line to moderately ahead of Bell Potters forecasts, with a key outcome being group sales, which were held flat year on year.

Against a commercial wine market down -10-15%, Australian Vintage continues to improve its portfolio mix, the broker notes, and leverage to a potential UK recovery, with contribution from higher value premium brands now 36% of gross profit, up from 31% and 20% in FY21-22.

With the stock trading at a greater than -50% discount to NTA, it's starting to look more like an entry point for investors. But on the current mix, the rate of decline in value wine consumption globally continues to be a challenge and at present has a greater negative impact on gross margins, Bell Potter notes.

The broker thus awaits a cyclical bottom. Hold retained, target falls to 46c from 50c.

Target price is $0.46 Current Price is $0.41 Difference: $0.05
If AVG meets the Bell Potter target it will return approximately 12% (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

Morgans rates AX1 as Upgrade to Add from Hold (1) -

FY23 earnings for Accent Group beat Morgans forecast driven by strong sales growth and better-than-expected management of costs, due to operational efficiencies achieved through successful management of store rostering.

In the face of a weaker Australian dollar and increased 2H promotional activity, observe the analysts, the gross profit margin improved by 100bps year-on-year via growth in distributed and owned vertical brands.

Trading for the first seven weeks of FY24 has started well, in the broker's opinion, as the group pivots to selling at full price.

Morgans upgrades its rating to Add from Hold and raises its target to $2.40 from $1.80 on higher forecasts and higher peer multiples.

Target price is $2.40 Current Price is $2.16 Difference: $0.24
If AX1 meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.16, suggesting upside of 1.6% (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 BVS as Downgrade to Underperform from Neutral (5) -

FY23 results were in line with guidance and Macquarie considers this a credible result although organic cost growth remains an issue. No FY24 guidance was provided although Bravura Solutions expects to return to profitability by the end of FY24.

The broker observes guidance for cash burn of a maximum -$10m signals there is sufficient support in the balance sheet to execute on the cost reduction program.

The stock is still trading above fundamental valuation and the broker downgrades to Underperform from Neutral. Target is reduced to $0.48 from $0.65.

Target price is $0.48 Current Price is $0.72 Difference: minus $0.24 (current price is over target).
If BVS meets the Macquarie target it will return approximately minus 33% (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: -1.0

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

Bell Potter rates CBO as Buy (1) -

Cobram Estate Olives reported FY23 underlying earnings broadly in line with Bell Potter's expectations.

The outlook for sales remains positive heading into FY24 in both the US and Australia, management noted. Despite the lower than expected FY23 crop, Cobram has sufficient oil inventories to meet sales plans. But the FY24 US harvest is expected to be materially higher than FY23.

Bell Potter does not see the current share price as reflecting the inbuilt value upside of the farming and processing assets (with orchard
maturity at 61% in Australia and 10% in the US) and the inbuilt growth that is likely to emerge in the brand as company-owned and third party oil production lifts.

Buy retained, target falls to $1.70 from $1.75.

Target price is $1.70 Current Price is $1.30 Difference: $0.4
If CBO meets the Bell Potter target it will return approximately 31% (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 CBO as Buy (1) -

Cobram Estate Olives achieved growth of 20% in the second half of FY23, amid improving local pricing conditions. Given the growth and investment program, net debt peaks in the current year and the broker expects reduced leverage going forward.

Ord Minnett also welcomes the return to profitability in the US operations. Growing conditions have improved materially there for the 2023 harvest and should allow the business to capitalise on established infrastructure, brand and distribution.

The broker retains a Buy rating and raises the target to $1.61 from $1.54.

Target price is $1.61 Current Price is $1.30 Difference: $0.31
If CBO meets the Ord Minnett target it will return approximately 24% (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 CGC as Hold (3) -

While Costa Group has effectively reported its interim results, Ord Minnett points to the deterioration in citrus quality and softening demand for tomatoes that is set to weigh on the second half.

Depending on the magnitude of the hit to citrus quality, the broker expects there will be lower citrus volumes destined for the more profitable export market.

As a result, and given international earnings are overwhelmingly skewed to the first half, the full year EBITDA forecast is lowered by -6% to $247m albeit still 15% above 2022.

The official accounts will be reported on August 31. Hold rating and $3.40 target.

Target price is $3.40 Current Price is $2.96 Difference: $0.44
If CGC meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting upside of 7.0% (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 CHL as Buy (1) -

Camplify Holdings' FY23 result pleased Ord Minnett in two areas. Firstly the core peer-to-peer RV rental business is delivering very strong results from a dominant position in key markets.

The second aspect was the important detail on the insurance business, which the broker believes has potential to be a game changer given the gap in the global market for quality products for both owners and hirers.

The aim is for MyWay to become the global vehicle with the company running the claims process in house. Buy rating maintained. Target rises to $2.82 from $2.64.

Target price is $2.82 Current Price is $2.18 Difference: $0.64
If CHL meets the Ord Minnett target it will return approximately 29% (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 CHN as Initiation of coverage with Add (1) -

Morgans initiates coverage on explorer and developer Chalice Mining with an Add rating and $8.20 target price. The company’s flagship asset is the Gonneville project in WA which is considered a quality asset with potential for similar discoveries along the complex.

The broker's key upcoming share price catalysts include the scaling up of the Gonneville resource, making additional discoveries and potentially securing a partner.

This quarter a scoping study for Gonneville is due and the analysts assume a 2.5 year construction period, and expect first ore from each stage in and around 2029 and 2034, respectively.

Target price is $8.20 Current Price is $4.93 Difference: $3.27
If CHN meets the Morgans target it will return approximately 66% (excluding dividends, fees and charges).

Current consensus price target is $8.35, suggesting upside of 65.0% (ex-dividends)

The company's fiscal year ends in June.

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 COG as Buy (1) -

COG Financial Services' FY23 accounts were in line with expectations. Ord Minnett observes the headwinds from its share of the Earlypay ((EPY)) loss have now washed through. Going forward the broker expects a positive swing back to profit for the company.

The year has started with a backlog of transaction activity and is set to capture a full 12-months contribution from strategic acquisitions in the novated leasing and aggregation market.

Ord Minnett considers the PE of 9x compelling and a buying opportunity and retains a Buy rating with a $1.89 target.

Target price is $1.89 Current Price is $1.35 Difference: $0.54
If COG meets the Ord Minnett target it will return approximately 40% (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 CWY as Lighten (4) -

Cleanaway Waste Management's underlying FY23 earnings were in line with expectations. Ord Minnett notes the focus is on margin recovery through efficiency and productivity improvements at the company sites.

The broker's outlook for solid waste services is unchanged with resilient low growth expected.

Ord Minnett considers the shares overvalued and investors are paying too much for a business that persistently demonstrates low levels of organic growth and low single-digit returns on equity. Lighten maintained. Target is $2.20.

Target price is $2.20 Current Price is $2.56 Difference: minus $0.36 (current price is over target).
If CWY meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.74, suggesting upside of 6.1% (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 EQT as Buy (1) -

EQT Holdings delivered a FY23 result that was better than Ord Minnett expected and, going forward, improved earnings growth is anticipated as integration is completed and the losses from UK/Ireland recede. EBITDA was up 16.1% and 4.8% ahead of forecasts.

The broker maintains a Buy rating, assessing the business is in good shape with a strong balance sheet and a growing portfolio. Target is raised to $35.00 from $33.40.

Target price is $35.00 Current Price is $25.60 Difference: $9.4
If EQT meets the Ord Minnett target it will return approximately 37% (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 EVT as Neutral (3) -

It is Citi's early assessment EVT Ltd's FY23 statutory profit missed its forecast by -17% and market consensus by -13%. Today's result release also included impairment charges that came unannounced.

The final dividend of 20c proved better than the 15c penciled in by consensus. The German operations performed much better but management warns of disruption in mid-2024 as the Euro football tournament takes place.

Operating expenses proved a negative surprise. FY24 guidance includes higher capex. The broker is left with questions about why impairments were taken against the cinema operations.

Neutral. Target $13.30.

Target price is $13.30 Current Price is $12.03 Difference: $1.27
If EVT meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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 EVT as Buy (1) -

Upon initial glance, EVT Ltd's underlying FY23 net profit marked a notable "miss" against Ord Minnett's forecast but the broker refers to a "solid" result given the very average film line up for the year.

Management is usually restrained in its commentary but today's statements regarding the outlook for FY24 look unusually bullish to the broker.

Ord Minnett concludes management must be genuinely confident about the year ahead. Buy. Target $18.70.

Target price is $18.70 Current Price is $12.03 Difference: $6.67
If EVT meets the Ord Minnett target it will return approximately 55% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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 GNE as Hold (3) -

Genesis Energy reported a strong performance in FY23 with EBITDA up 19% to NZ$524m as heavy rainfall in the North Island boosted low-cost hydro.

A normalisation of rainfall, an outage at Huntly and higher operating costs are the major headwinds over the near term, Ord Minnett suspects.

The broker downgrades near-term forecasts to be in line with guidance for FY24 EBITDA of NZ$430m. The shares are considered fairly valued and the broker retains a Hold rating. Target is $2.40.

Target price is $2.40 Current Price is $2.27 Difference: $0.13
If GNE meets the Ord Minnett target it will return approximately 6% (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

Ord Minnett rates HMY as Accumulate (2) -

FY23 accounts from Harmoney were in line with the pre-reported results. Ord Minnett notes origination level slowed during the second half, in line with management's less aggressive lending strategy.

Repeat customer loans rose by 28% in Australia, which signals a more attractive average cost of customer acquisition.

The trend is expected to continue, given the brand recognition that is building. Accumulate maintained. Target is reduced to $0.85 from $0.89.

Target price is $0.85 Current Price is $0.43 Difference: $0.42
If HMY meets the Ord Minnett target it will return approximately 98% (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

UBS rates IAG as Sell (5) -

ASIC has commenced civil proceedings in the Federal Court against Insurance Australia Group for misleading customers about loyalty discounts. The matter relates to home insurance renewals issued by RACV, SGIO and SGIC.

The company disputes the allegations and plans to defend. UBS notes ASIC has been vocal in calling on insurers to deliver on pricing promises and simplify pricing structures.

The broker notes the ASIC focus on general insurance pricing comes at a time when the industry is currently lifting home and motor insurance prices by 15-20% across the country. Sell rating and $5.10 target maintained.

Target price is $5.10 Current Price is $5.68 Difference: minus $0.58 (current price is over target).
If IAG meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.85, suggesting upside of 1.6% (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 IFL as Downgrade to Equal-weight from Overweight (3) -

Insignia Financial's FY23 underlying net profit beat Morgan Stanley's forecast by 3% and was in line with consensus. Asset Management and Advice were beats against consensus but the Platform and Corporate divisions were misses.

FY24 guidance is for group revenue margins to fall by -1.5-2.5bps versus the 47.3bps margin achieved in FY23 due to ongoing re-pricing. Earnings guidance suggests to the broker upcoming downgrades to consensus estimates.

The company will also incur -$20m of extra ongoing costs for cyber and governance.

The broker downgrades its rating to Equal-weight from Overweight on lower profit forecasts and the target falls to $2.85 from $3.50. Industry view: In-line.

Target price is $2.85 Current Price is $2.52 Difference: $0.33
If IFL meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Citi rates IMD as Buy (1) -

Upon initial assessment, Citi comments revenue looks better-than-expected in today's FY23 release by Imdex, but there's a nasty margin decline that has occurred in H2; much weaker than the broker anticipated.

Looks like the margin at the acquired Devico has also come in weaker than what was suggested previously. Management commentary about the outlook is dominated by uncertainty, on the broker's assessment.

Buy. Target $2.

Target price is $2.00 Current Price is $1.80 Difference: $0.2
If IMD meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.32, suggesting upside of 51.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Bell Potter rates IPG as Buy (1) -

IPD Group's FY23 earnings beat guidance and Bell Potter's forecast. Group revenue rose 26% and the dividend was better than expected.

IPD announced that it had won an “introductory” part of the NRMA’s $100m "charging blackspots" public charging roll-out, which is a project the broker has previously identified as the gold standard in the Australian electrical charging space at present.

Bell Potter believes that if IPD can win a material portion of job value in future, being larger ticket NRMA tendering rounds, this would be a highly relevant trigger event for the stock.

Buy and $5.50 target retained.

Target price is $5.50 Current Price is $4.38 Difference: $1.12
If IPG meets the Bell Potter target it will return approximately 26% (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

Shaw and Partners rates IPG as Buy (1) -

IPD Group's FY23 earnings were at the top of upgraded guidance and broadly in line. Shaw and Partners observes solid traction in the data centre and EV charging segments of the company's market.

The company has signalled its medium to longer term outlook is firm although acknowledges the macro environment is soft.

The broker considers this a high-quality business with plenty of cash generation and a solid balance sheet. There is also clear potential for accretive and/or strategic acquisitions. Buy rating reiterated. Target rises to $5.00 from $4.50.

Target price is $5.00 Current Price is $4.38 Difference: $0.62
If IPG meets the Shaw and Partners 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: 1.0

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

Bell Potter rates IRI as Buy (1) -

Integrated Research reported an FY23 result in line with Bell Potter's forecast and towards the top end of the guidance range. Underlying earnings grew 42% which was modestly below forecast but at the higher end of guidance.

No FY24 guidance provided. Management noted the renewals book is stronger than last year but weighted to second half.

It also said the new business and up-sell pipeline is flat on last year and added that the year end cash balance is expected to be higher assisted by “increased sales, reset cost base, and focused receivables collections program”.

Buy and 60c target retained.

Target price is $0.60 Current Price is $0.41 Difference: $0.195
If IRI meets the Bell Potter target it will return approximately 48% (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

Macquarie rates JIN as Outperform (1) -

The FY23 EBITDA of $58m was marginally ahead of Macquarie's estimates. Jumbo Interactive is generating more than 85% of EBITDA from Australian lottery reselling and the broker envisages Australian lottery volumes will increase 6% in FY24.

FY24 EBITDA is forecast at $72m which implies 24% growth. The broker considers the stock attractive, trading on a 5.5% free cash flow and retains an Outperform rating. Target is steady at $17.45.

Target price is $17.45 Current Price is $15.46 Difference: $1.99
If JIN meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $18.32, suggesting upside of 16.4% (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 JIN as Overweight (1) -

While the 2H of FY23 was a soft period for jackpots, player retention and average spend held up well and Jumbo Interactive was able to adjust its cost base to surprise on margins, explains Morgan Stanley.

FY23 earnings (EBITDA) of $58.1m were in line with the $58.4m expected by consensus.

The broker suggests the impact of price rises provides an attractive setup into FY24. Management is guiding to 48-50% group earnings margins.

Morgan Stanley's Overweight rating is unchanged as risk reward is considered skewed to the upside given outcomes will be cycling the soft jackpot sequence of FY23. The target rises to $21 from $20.80. Industry view is In-Line.

Target price is $21.00 Current Price is $15.46 Difference: $5.54
If JIN meets the Morgan Stanley target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $18.32, suggesting upside of 16.4% (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 JIN as Add (1) -

While FY23 revenue for Jumbo Interactive was below Morgans forecast, effective cost control resulted in earnings (EBITDA) matching the broker's forecast. Lotteries exceeded expectations while the SaaS division underperformed.

Management is guiding for core costs to increase at a slower rate than revenue in FY24 and expects an underlying earnings margin between 48-50%.

A FY23 dividend of 43cps compared to the consensus forecast of 42cps.

The broker lowers its target to $16.50 from $16.90 after adopting a more cautious assumption for total transaction value (TTV) in FY24. The Add rating is unchanged.

Target price is $16.50 Current Price is $15.46 Difference: $1.04
If JIN meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $18.32, suggesting upside of 16.4% (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

Citi rates LNK as Neutral (3) -

Even though Link Administration had guided pre today's FY23 release, it looks like Citi analysts, in an initial read-through, have discovered FY24 EBIT guidance is weaker-than-expected.

The final dividend of 4c, 60% franked, is in line with forecasts. While today's update is not completely without its flaws, the analysts argue quite a lot of disappointment has already been baked into the share price.

Neutral. Target $1.50.

Target price is $1.50 Current Price is $1.36 Difference: $0.14
If LNK meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.48, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates MVF as Outperform (1) -

Medicare statistics for July showed total cycles grew 11.8%. Monash IVF recorded new patient registration growth of 23% in the second half and share gains are expected to continue in FY24.

Macquarie continues to envisage structural tailwinds for the IVF industry. Outperform rating and $1.40 target maintained.

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 14.7% (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 MXI as Upgrade to Buy from Accumulate (1) -

MaxiPARTS delivered a FY23 net profit that was ahead of forecasts. The result benefited from a 28.1% increase in revenue, that was also ahead of expectations.

Ord Minnett finds the outlook favourable amid synergies from the Truckzone acquisition and the benefit from the high-margin Forch business. Earnings for FY24 and FY25 are upgraded by 5% and 8%, respectively.

The company has significantly strengthened both its market and financial position over the past 12 months and the broker upgrades to Buy from Accumulate. Target rises to $3.30 from $3.00.

Target price is $3.30 Current Price is $2.89 Difference: $0.41
If MXI meets the Ord Minnett 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: 1.0

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

Macquarie rates NEC as Neutral (3) -

Nine Entertainment's FY23 results were in line with expectations. Free-to-air TV markets are still expected to be down by low double digits into the first quarter of FY24 although some signs of a recovery are envisaged by the company for the second quarter.

The main piece of negative news was a -17% decline in digital and publishing heading into FY24, although the broker suspects the outcome will be better than this.

Macquarie concludes the decline reflects reduced subscription and advertising revenue alongside a relatively fixed cost base. Neutral retained. Target is reduced to $1.96 from $2.14.

Target price is $1.96 Current Price is $2.00 Difference: minus $0.035 (current price is over target).
If NEC meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.45, suggesting upside of 21.2% (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 NEC as Buy (1) -

The second half earnings from Nine Entertainment slightly missed UBS estimates primarily because of weaker digital and publishing. Stan margins were better than forecast. The broker remains constructive regarding the company's ability to maintain its dominant share of TV.

The company has indicated the start of FY24 is weak and the broker lowers FY24-26 estimates for EPS by around -19%. A Buy rating is reiterated as the stock is considered well-positioned relative to traditional media peers. Target is reduced to $2.28 from $2.50.

Target price is $2.28 Current Price is $2.00 Difference: $0.285
If NEC meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting upside of 21.2% (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

Macquarie rates NGI as Outperform (1) -

Navigator Global Investments delivered a FY23 result that was in line with forecasts. Macquarie incorporates the strategic portfolio transaction into forecasts which it assesses materially reduces the risk to the balance sheet.

The company has entered an agreement to restructure the 2026 redemption payment due to Dyal and accelerate related distributions. The transaction is funded via a US$120m placement and Dyal will have 51% economic ownership of the company.

Macquarie retains an Outperform rating and raises the target to $1.62 from $1.47.

Target price is $1.62 Current Price is $1.42 Difference: $0.2
If NGI meets the Macquarie 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:

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

Market Sentiment: 1.0

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

Ord Minnett rates NGI as Buy (1) -

Navigator Global Investments delivered FY23 EBITDA that beat Ord Minnett's forecasts amid higher management fee revenue. The broker observes mixed results from the strategic portfolio as Marble and Invictus were slightly behind while Dyal funds were strong.

Over the next few months shareholders will vote on the redemption settlement transaction with Dyal and the associated capital raising. Buy rating reiterated. Target rises to $1.95 from $1.90.

Target price is $1.95 Current Price is $1.42 Difference: $0.53
If NGI meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).

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: 1.0

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

Citi rates NXT as Buy (1) -

It is Citi's initial assessment that NextDC's FY23 report missed on EBITDA margin, billing ramp, contracted utilisation in Melbourne and the number of interconnections.

On the positive side investors can admire the strong bookings momentum, with management guiding towards a record year of new contract wins in FY24.

Underlying FY23 has missed expectations due to higher finance costs and depreciation and amortisation, point out the analysts. Top line growth proved slightly better-than-expected.

Citi thinks the market might focus on the new contract wins instead of today's operational "miss", including FY24 guidance for weaker margins.

Buy. Target price $14.90.

Target price is $14.90 Current Price is $13.62 Difference: $1.28
If NXT meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $13.77, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

UBS rates NXT as Buy (1) -

At first glance, NextDC's FY23 result has missed expectations, points out UBS, but the performance overall was "solid" and new contract wins sets up the business for strong growth in FY25/FY26, alongside increased capex.

FY24 EBITDA guidance marks a miss to market consensus by circa -6%, states the broker. Higher costs for FY24 are disappointing but the offset, suggests UBS, is higher growth in FY25.

Buy. Target $14.15.

Target price is $14.15 Current Price is $13.62 Difference: $0.53
If NXT meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $13.77, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Ord Minnett rates PAC as Buy (1) -

Pacific Current Group reported a net profit in FY23 that was in line with forecasts. Underlying revenue was up 3.4% and in line with recent guidance.

Ord Minnett observes a number of features, including new fund commitments, have combined for a probable step-change in earnings momentum over the next 12 months.

The company intends to make at least one significant investment in the first half into a "high-growth private capital boutique". One or more liquidity events were also flagged for FY24.

The company has hired advisers to help evaluate the proposal for acquisition by Regal Partners ((RPL)) and further updates on this and other proposals are expected in September.

Buy rating reiterated with the target rising to $12.00 from $11.20.

Target price is $12.00 Current Price is $10.59 Difference: $1.41
If PAC meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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 PBP as Add (1) -

While in line with expectations and guidance, Morgans assesses a stand-out FY23 result for Probiotec with strong organic revenue growth and early signs of recovery as contracted price increases offset input cost rises.

Providing potential for new contract wins, the company's manufacturing capacity will increase once the new Laverton facility comes online in the 1H of FY24, explains the analyst.

No guidance, but management sees ongoing demand and elevated levels of business enquiries via industry on-shoring tailwinds.

Morgans makes no significant forecasts changes though a valuation roll-forward raises the target to $3.35 from $3.30. Add.

Target price is $3.35 Current Price is $2.70 Difference: $0.65
If PBP meets the Morgans target it will return approximately 24% (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 PIQ as Speculative Buy (1) -

While Proteomics International Laboratories has released FY23 financials with no major surprises, Morgans considers the results are largely irrelevant.

Management's focus is upon near-term commercialisation of PromarkerD, a predictive test for diabetic kidney disease.

The broker believes success in the US will cause a major re-rate if the company can accelerate opportunities in other jurisdictions over the medium term.

The major catalyst involves securing first payor coverage which management is targeting from now until the 2Q of FY24, prior to full commercial rollout, explain the analysts.

The Speculative Buy rating is unchanged and the target slips to $1.66 from $1.77 following a share option exercise.

Target price is $1.66 Current Price is $0.81 Difference: $0.855
If PIQ meets the Morgans target it will return approximately 106% (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 PLS as Downgrade to Neutral from Buy (3) -

Judging from Citi's assessment, Pilbara Minerals' shares came under pressure on Friday because management issued guidance for higher capex and less free cash flow.

Citi argues the story hasn't changed; Pilbara still has the operational advantage over its peers, with a Tier 1 asset and a war chest in excess of $3.4bn. It has the option for a buyback or pay a fully franked special dividend.

Citi downgrades to Neutral from Buy while trimming its valuation by -30c to $4.80. The broker describes FY24 as a transitional year.

FY23 financials were otherwise broadly in line with the broker's and market consensus forecasts, with a slightly better dividend payout.

Were one to apply the US$1450/t spodumene price versus the long term price forecast of US$1200/t, the broker's NAV would lift to $5.33/sh from $4.82/sh the report highlights.

Target price is $4.80 Current Price is $4.70 Difference: $0.1
If PLS meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.24, suggesting upside of 16.4% (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

Macquarie rates PLS as Outperform (1) -

Pilbara Minerals posted FY23 results that were largely in line with Macquarie's forecasts. The broker points out the stock is trading on free cash flow yields of 7% and 18% for FY24 and FY25, respectively.

The company has indicated it continues to assess further capital returns and will provide an update shortly. This could be in the form of a share buyback, special dividend or a combination, Macquarie notes.

Incorporating the results and FY24 production and cost guidance makes for minor changes to estimates and the target is trimmed -3% to $7.30 while an Outperform rating is maintained.

Target price is $7.30 Current Price is $4.70 Difference: $2.6
If PLS meets the Macquarie target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $5.24, suggesting upside of 16.4% (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

Morgan Stanley rates PLS as Underweight (5) -

Morgan Stanley raises its costs and capex estimates for Pilbara Minerals following FY23 results. FY24 capex of around -$950m is forecast (management is guiding to -$875-975m), which is placing pressure on the company's free cash flow generation.

The analysts don't expect the board will be paying significant sums of cash out as a dividend. The 25cps FY23 dividend was in line with expectation though beat the consensus estimate by around 4%. The capital management policy remains under consideration,

The analysts believe higher underlying cash costs were a negative surprise.

The Underweight rating is maintained and the target falls to $3.75 from $4.20. Industry View: Attractive.

Target price is $3.75 Current Price is $4.70 Difference: minus $0.95 (current price is over target).
If PLS meets the Morgan Stanley target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.24, suggesting upside of 16.4% (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

Morgans rates PLS as Add (1) -

FY23 profit and FY24 production guidance lined-up with consensus expectations though the Pilbara Minerals share price fell as FY24 guidance for capex was an around -40% miss, explains Morgans.

The broker feels the share market overreacted as around -$180m of the guided growth capital will support the next expansion to 1Mtpa capacity.

Also, the company's return on invested capital (ROIC) should exceed the weighted average cost of capital (WACC) metric for the foreseeable future, suggest the analysts.

Pilbara Minerals remains Morgans best pure-play lithium pick. The Add rating is retained while the target slips to $5.60 from $5.80.

Target price is $5.60 Current Price is $4.70 Difference: $0.9
If PLS meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.24, suggesting upside of 16.4% (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

UBS rates PLS as Neutral (3) -

FY24 guidance from Pilbara Minerals of 660-690,000t is in line with expectations. The surprise for UBS in the FY23 results was total capital expenditure guidance of -$875-970m, nearly double forecasts.

Combined with the cash tax payment due in the first half and a lower spodumene grade means the year will be one of investment, the broker asserts.

UBS is watching the near-term lithium price closely as spot spodumene at around US$2950/t is below the broker's forecast FY24 average of US$3600/t. Neutral retained. Target is reduced to $4.75 from $5.20.

Target price is $4.75 Current Price is $4.70 Difference: $0.05
If PLS meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.24, suggesting upside of 16.4% (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

Shaw and Partners rates PLY as Buy (1) -

Playside Studios posted a FY23 result that was pre-announced and in line with expectations. Shaw and Partners forecasts FY24 revenue to be in line with the midpoint of guidance of $50-55m.

The broker continues to believe there is a disconnect between the value investors ascribe to the original IP business and the success the company is demonstrating in other areas.

There is further evidence that Dumb Ways is growing in value. Tik Tok followers reached 5.1m in FY23 and there is now a Dumb Ways inspired VR game and a physical card game. Shaw and Partners reiterates a Buy rating and $0.80 target.

Target price is $0.80 Current Price is $0.45 Difference: $0.35
If PLY meets the Shaw and Partners target it will return approximately 78% (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 PPE as Add (1) -

A combination of organic growth and acquisitions, notes Morgans, delivered earnings (EBITDA) growth of 29.5% in FY23 for PeopleIN.

FY23 profit was in line with the broker's forecast though normalised earnings were a slight miss against the consensus estimate and management guidance.

The analyst highlights strength in the Industrial and Specialist division, offset by weakness in the Health and Community segment.

Management reiterated its FY23-25 strategic target for organic growth of 10% per annum at a 7% earnings margin.

The Add rating is unchanged and the target falls to $3.70 from $4.00.

Target price is $3.70 Current Price is $2.18 Difference: $1.52
If PPE meets the Morgans target it will return approximately 70% (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 PPE as Buy (1) -

FY23 earnings from PeopleIN missed expectations as Ord Minnett observes the slowdown in the permanent recruitment market for technology and financial services was combined with a delayed recovery in international health worker numbers.

The issues are likely to carry forward into the first half of FY24 and the broker observes the business will be cycling tough comparables.  The highlight of the result was a strong contribution from Food Industry People.

Ord Minnett retains a Buy rating with the stock trading at a material discount to the five-year average and global peers. Target is reduced to $2.89 from $3.86.

Target price is $2.89 Current Price is $2.18 Difference: $0.71
If PPE meets the Ord Minnett target it will return approximately 33% (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

Macquarie rates PXA as Outperform (1) -

Macquarie found the FY23 results from PEXA Group mixed with "something for everyone". The broker highlights PEXA Exchange, which produced a recovery in transfer volumes and cost efficiencies in the second half.

Management has guided to an EBITDA margin of 50-55% and the broker suspects the risks are to the upside.

At the current share price the market appears to be ascribing no value to the international division and, while acknowledging the unclear messaging is disapppointing, Macquarie assesses the UK is a "free option".

Outperform maintained. Target is reduced to $15.85 from $16.55.

Target price is $15.85 Current Price is $11.83 Difference: $4.02
If PXA meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $15.06, suggesting upside of 31.3% (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 PXA as Add (1) -

A higher tax rate and a higher depreciation and amortisation charge than expected resulted in a FY23 profit (NPATA) miss for Pexa Group compared to Morgans forecasts.

The broker assesses a solid performance from the PEXA core Exchange in the face of revenue headwinds. While reasonable success in the UK is not fully captured in the current share price, the UK expansion is taking a bit longer than expected.

Management is aiming for further productivity enhancements, targeting operating cost growth less than or equal to inflation levels.

The share price is currently trading at a -20% discount to Morgans valuation, so an Add rating is retained. The target falls to $14.40 from $15.07 on the adoption of more conservative estimates across all business streams.

Target price is $14.40 Current Price is $11.83 Difference: $2.57
If PXA meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $15.06, suggesting upside of 31.3% (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

UBS rates PXA as Buy (1) -

UBS notes non-operating items weighed on the FY23 outlook although guidance that the group margin of 35% is a floor should provide reassurance on the earnings outlook. Earnings from the UK and PDG were below forecasts.

The broker believes the Pexa Group's stock price is not factoring in anything for the UK and PDG, considered fair enough given the current stage of development.

Earnings for the core exchange business were solid and the broker allows for volume growth to rebound in FY24 as property volumes gradually improve and market share rises to 90%.

UBS maintains a Buy rating and reduces the target to $15.00 from $16.50.

Target price is $15.00 Current Price is $11.83 Difference: $3.17
If PXA meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $15.06, suggesting upside of 31.3% (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 QAN as Hold (3) -

FY23 underlying profit for Qantas Airways was in line with Ord Minnett's forecast and guidance, though the broker suggests this may be as good as it gets. Pricing competition should return as bottlenecks ease for the company and its competitors.

The broker anticipates a return to type for the airline industry globally, which has a long history of falling on its sword due to fixed-cost business models and irrational pricing.

Management announced another $500m buyback (and no dividend) which is immaterial to the analysts's valuation, as the Qantas share price is only trading just above Ord Minnett's target of $6.10, up from $5.90. Hold.

Over time, the broker expects fleet expansion, replacement and refurbishment will constrain returns for shareholders.

Target price is $6.10 Current Price is $6.24 Difference: minus $0.14 (current price is over target).
If QAN meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.78, suggesting upside of 27.2% (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 QUB as Neutral (3) -

FY23 operating EBITDA from Qube Holdings was in line with UBS estimates. The outlook commentary is supportive of the broker's expectations for growth in FY24. Patrick is expected to grow earnings albeit with a flat contribution to the group.

Interest costs are expected to step up materially and capital expenditure guidance is higher than the broker expected.

Valuation upside has emerged, UBS asserts, amid weakness in the stock on the back of a softening macro environment. As the strong rally around the results has now made this less compelling a Neutral rating is maintained. Target is reduced to $3.33 from $3.35.

Target price is $3.33 Current Price is $3.02 Difference: $0.31
If QUB meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.40, suggesting upside of 12.5% (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 REG as Outperform (1) -

FY23 earnings were slightly ahead of Macquarie's forecasts. Positive trends were recorded on exit of FY23 and Macquarie expects a continuation into FY24. Average occupancy improved to 91.5%.

The broker assesses the outlook for residential aged care is underpinned by favourable industry fundamentals and improved government funding.

There is also scope for Regis Healthcare to make acquisitions because of a favourable balance sheet position. Outperform retained. Target is raised to $2.60 from $2.40.

Target price is $2.60 Current Price is $2.40 Difference: $0.2
If REG meets the Macquarie 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: 0.5

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

Ord Minnett rates REG as Hold (3) -

FY23 earnings were largely in line with Ord Minnett's forecasts, reflecting a firm performance for Regis Healthcare in a dynamic operating environment.

While the broker is more positive on sector fundamentals going forward, accelerating revenue growth is expected to be offset by higher staff expense.

The broker continues to believe the shares are fairly priced, with key upside risks in FY24 including the potential for a materially accretive acquisition and/or positive recommendations from the Aged Care Taskforce on user pays reforms.

Hold rating. Target is raised to $2.25 from $2.20.

Target price is $2.25 Current Price is $2.40 Difference: minus $0.15 (current price is over target).
If REG meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for 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

Citi rates REH as Sell (5) -

Citi analysts saw Reece delivering a resilient performance in tough conditions in FY23, yet again showcasing the quality of the business.

The broker is concerned, however, that declining FY24 earnings in combination with a stretched valuation might lead to underperformance as the macro outlooks toughens.

The FY23 result was carried by the ability to pass on inflation in the US while Australia experienced softer margins and performed in line with expectations.

Finance costs might be higher in FY24 by some $100m versus FY23, which is a key factor behind downward revised forecasts. Sell rating retained while the target price decreases to $14.20 from $14.30.

Target price is $14.20 Current Price is $19.59 Difference: minus $5.39 (current price is over target).
If REH meets the Citi target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.62, suggesting downside of -27.1% (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 RHC as Hold (3) -

A further review of Ramsay Health Care's FY23 result leads to forecast earnings downgrades which are offset by the time value of money. The $68 target price remains unchanged, along with the Hold rating.

Ord Minnett noted Ramsay Health Care's FY23 result excels in "misses" against the broker's forecasts, including a dividend of no more than 75c versus 83c expected.

EPS came in -10% below the broker's forecast, and -16% below market consensus.

Management has specified its guidance per region, and for the operations in Australia FY24 earnings are expected to reflect mid-single digit volume growth as the market continues to recover.

Target price is $68.00 Current Price is $48.42 Difference: $19.58
If RHC meets the Ord Minnett target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $57.57, suggesting upside of 16.0% (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

Bell Potter rates RPL as Buy (1) -

Regal Partners posted a good set of results, Bell Potter suggests, showing normalised profit up 56%. Funds under management grew 11%, helped by net inflows and positive investment returns.

Recent fund inflows suggest management fees should grow going forward, the broker notes, with higher FUM and higher fee rates and the company noted that 25% of FUM is now at high water mark.

Bell Potter continues to favour Regal Partners over its peers as it expects future fund performance and inflows to be strong which should over time lead to growing FUM, management fees and performance fees, although the latter will be volatile.

Earnings forecasts trimmed, target falls to $3.35 from $3.68, Buy retained.

Target price is $3.35 Current Price is $2.49 Difference: $0.86
If RPL meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 S32 as Hold (3) -

Ord Minnett maintains its $4.10 target for Ord Minnett despite a weaker-than-expected FY23 result, with adjusted earnings (EBITDA) falling by -47% on lower prices and sales volumes. Higher costs were offset by favourable currency movements.

A US3.2cps fully franked dividend was declared, consistent with the minimum 40% payout ratio, notes the broker.

The analyst assesses the company's balance sheet is strong with only a modest net debt level. The Hold rating is unchanged with the broker noting most of South32's assets lack a sustainable competitive advantage.

Target price is $4.10 Current Price is $3.48 Difference: $0.62
If S32 meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 22.2% (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: 0.5

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

Ord Minnett rates SKT as Accumulate (2) -

Ord Minnett believes SKY Network Television's in-line FY23 result has set a solid foundation and notes a solid FY24 outlook. While new three-year targets for revenue growth, earnings margins and DPS are considered ambitious they at least set a high benchmark.

Nonetheless, the analyst is cautious around these targets for a number of reasons including the impact of new lower-margin revenue streams on the company's earnings margin.

The current share price is trading at a -15% discount to the broker's valuation while also offering an attractive dividend yield. The Accumulate rating and $2.80 target are unchanged.

Target price is $2.80 Current Price is $2.25 Difference: $0.55
If SKT meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Morgans rates STP as Add (1) -

FY23 earnings (EBITDA) for Step One Clothing beat Morgans estimate by 5% while operating cash flow moved from an outflow of -$8.6m to an inflow of $4.6m. A maiden 5cps dividend was declared.

The analysts are encouraged by the recent restoration of sales momentum and by an improvement in operating margins.

The broker increases its earnings forecasts for FY24 and FY25 by 18% and 15%, respectively, due to higher sales forecasts and a lower ratio of marketing costs to sales.

The target rises to 75c from 65c. Add.

Target price is $0.75 Current Price is $0.50 Difference: $0.255
If STP meets the Morgans target it will return approximately 52% (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 TAH as Overweight (1) -

FY23 earnings (EBITDA) for Tabcorp Holdings were a 3% beat against the consensus forecast driven by lower-than-anticipated cost growth, according to Morgan Stanley. A 15% profit beat was due to lower depreciation and amortisation, suggest the analysts.

The cost growth performance was driven by business-as-usual (BAU) cost reductions within technology as well as the
Genesis program, explains the broker. Management reiterated its FY25 cost target of -$600-$620m.

Digital wagering revenues for Tabcorp fell by -10% year-on-year and underperformed versus peers.

Morgan Stanley retains its Overweight rating driven by the potential around the upcoming Victorian licence negotiation and achievement of the opex target. The $1.30 target is unchanged. Industry view is In-Line.

Target price is $1.30 Current Price is $1.01 Difference: $0.29
If TAH meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 10.6% (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 TPG as Equal-weight (3) -

While first half 2023 results for TPG Telecom were in line with Morgan Stanley's expectations, management raised 2023 earnings (EBITDA) guidance 2-3% ahead of the broker's forecast.

The analysts note a positive mobile backdrop with postpaid average revenue per user (ARPU) a 4.5% beat against Morgan Stanley's estimate.

The Equal-weight rating and $5.60 target are maintained, with the broker still preferring Telstra Group ((TLS)) in the space for its higher fully franked dividend yield. Industry View: In-line.

Target price is $5.60 Current Price is $5.47 Difference: $0.13
If TPG meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $6.18, suggesting upside of 13.3% (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

Citi rates UNI as Neutral (3) -

Not the decline in like-for-like sales in the first seven weeks of FY14, but the magnitude (-9%) surprised the analysts at Citi. The broker is adopting the view that momentum will likely improve, though the trend should still remain negative on a year-on-year comparison.

Citi points out the comparables become easier while there's upside potential from the new spring collection in September/October. Yet the broker seems a bit more sceptical about management's margin guidance.

Underlying, the FY23 net profit slightly missed (-2%) due to higher-than-anticipated net interest costs and taxes. The EBIT slightly beat.

Citi needs more conviction on a less challenging macro to turn more positive, with the analysts "intrigued" Universal Store is increasingly pursuing other growth avenues, which are seen as carrying a higher degree of execution risks.

Neutral. A faster store roll-out has triggered higher forecasts by 10% and 1% for FY24 and FY25 respectively. Target price improved to $3.75 from $3.43.

Target price is $3.75 Current Price is $3.60 Difference: $0.15
If UNI meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting upside of 1.4% (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 UNI as Neutral (3) -

FY23 results were in line with guidance with Macquarie noting earnings growth reflected a strong first half and the contribution of the Thrills acquisition. Gross margins were up 70 basis points amid direct sourcing enhancements and lower freight costs.

Trading early in the first half of FY24 reflects continuing consumer softness along with the cycling of a strong "Splendour in the Grass" in 2022, post lockdowns.

Macquarie retains a Neutral rating and believes defending tough comparables will likely overhang the stock in the short term. Target is raised to $3.70 from $3.00.

Target price is $3.70 Current Price is $3.60 Difference: $0.1
If UNI meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting upside of 1.4% (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 VNT as Outperform (1) -

The first half result was ahead of Macquarie's estimates and Ventia Services expects 2023 net profit at the top end of the 7-10% growth range.

The main positive surprises were telco and transport amid strong volumes and an early contribution from the recent NBN contract win.

The company has a number of contracts up for renewal over the next 12-18 months and is confident of robust retention rates.

Macquarie finds the valuation inexpensive and retains an Outperform rating, highlighting defensive end market exposures. Target is raised to $3.25 from $3.10.

Target price is $3.25 Current Price is $2.66 Difference: $0.59
If VNT meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.52, suggesting upside of 26.5% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates VNT as Add (1) -

First half results for Ventia Services were broadly in line with consensus forecasts and slightly above Morgans estimates. All segments exhibited revenue and earnings (EBITDA) improvement.

Management expects to achieve the top end of guidance for 2023 (NPATA growth of 10%), beating prior expectations for around 7% growth.

The broker raises its target to $3.50 from $3.20. Margins are expected to remain stable, potentially delivering dividend growth of high single digits. A strong dividend yield is also noted. Add.

Target price is $3.50 Current Price is $2.66 Difference: $0.84
If VNT meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.52, suggesting upside of 26.5% (ex-dividends)

The company's fiscal year ends in December.

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 VNT as Buy (1) -

First half revenue growth for Ventia Services of 11% outperformed market growth of 6.6%, notes Ord Minnett, leading to market share gains. There was more than 10% growth in revenue, earnings and profit.

An 80%-franked 8.3cps dividend was declared, close to the upper end of payout guidance.

The broker increases its target by 5% to $4.00 following strong 1H earnings and allowing for the time value of money. The Buy rating is unchanged.

Target price is $3.80 Current Price is $2.66 Difference: $1.14
If VNT meets the Ord Minnett target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $3.52, suggesting upside of 26.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates WES as Sell (5) -

Wesfarmers' FY23 EBIT beat Citi's forecast by 3%, and market consensus by 2%. The broker is unperturbed, still seeing downside risks to expectations for Bunnings given the full impact from rate hikes has not yet materialised.

On the back of a stronger performance from Kmart, the broker has lifted its estimates by some 3% and by 1% for this year and FY25.

While management at the firm remains confident it can manage costs, Citi points out Bunnings' EBIT margins have now declined for a fourth consecutive half, and more pressure is anticipated.

Market consensus is positioned for a flat year ahead for Bunnings. Citi forecasts -6%. Sell rating retained with an increased price target of $44.

Target price is $44.00 Current Price is $51.00 Difference: minus $7 (current price is over target).
If WES meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $49.94, suggesting downside of -4.1% (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 WES as Upgrade to Outperform from Neutral (1) -

Macquarie observes FY23 results were strong across the Wesfarmers group. The major earnings driver continues to be Bunnings and its push to attract trade customers has been successful with 2.1% sales growth in the second half despite DIY pulling back.

Macquarie was surprised at the strength in demand across Bunnings and Kmart in particular.

The first seven weeks of trading into FY24 has also been strong, with the broker lauding the "best-in-class offerings" in each of the divisions. Rating is upgraded to Outperform from Neutral and the target rises to $54 from $52.

Target price is $54.00 Current Price is $51.00 Difference: $3
If WES meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $49.94, suggesting downside of -4.1% (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 WES as Equal-weight (3) -

While FY23 results for Wesfarmers were modestly ahead of expectations, Morgan Stanley maintains its Equal-weight recommendation on a benign FY24 earnings outlook.

Stronger 2H revenues for Bunnings and Kmart were partially offset by negative property revaluations, explain the analysts.

Management anticipates a "significant" decline in FY24 earnings for CEF as ammonia prices retrace to pre-covid levels, while gas input inflation is set to weigh.

The $47.50 target is unchanged. Industry View: In-line.

Target price is $47.50 Current Price is $51.00 Difference: minus $3.5 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $49.94, suggesting downside of -4.1% (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 WES as Add (1) -

FY23 results for Wesfarmers were in line with consensus estimates and a marginal beat against Morgans forecasts with earnings for both Kmart and Officeworks outperforming.

More negatively, the analyst points out Catch losses accelerated to -$163m versus -$88m in the prior year, while the group EBIT margin fell by -100bps to 8.9%.

Over the first seven weeks of FY24, management noted Kmart sales growth remained strong but had moderated from the 2H FY23 level, while Bunnings sales growth was in line. Officeworks sales were flat on the prior year.

The company was positive on the outlook for the retail businesses while the Chemicals, Energy & Fertiliser (WESCEF) segment earnings (ex-lithium) are expected to fall significantly in FY24, due to lower ammonia prices and higher input gas costs.

The FY23 dividend of 191cps was comfortably ahead of the 184.5cps and 179cps expected by consensus and the broker, respectively.

The Add rating is unchanged and the target slips to $55.15 from $55.50.

Target price is $55.15 Current Price is $51.00 Difference: $4.15
If WES meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $49.94, suggesting downside of -4.1% (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 WES as Lighten (4) -

Wesfarmers' FY23 profit was only -3% shy of Ord Minnett's forecast and the broker's longer-term estimates are largely unchanged.

The broker points out 2H revenue growth slowed for the Bunnings, Kmart and CEF segments, which combined account for around 90% of earnings from operations.

The broker feels the macroeconomic environment is weighing on discretionary spending and impacting sales at Bunnings which only grew by 2% in the 2H. However, the company is benefiting from consumers trading down at Kmart.

Commercial customers (which account for a third of sales) at Bunnings offset consumer weakness in DIY, explains the analyst, and should help earnings improve in FY24 along with the newly-introduced pet category.

The Lighten rating and $42 target are maintained.

Target price is $42.00 Current Price is $51.00 Difference: minus $9 (current price is over target).
If WES meets the Ord Minnett target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $49.94, suggesting downside of -4.1% (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

UBS rates WES as Buy (1) -

FY23 earnings were slightly below UBS estimates. Revenue growth in the second half across the retail divisions was strong with Bunnings, Kmart and Officeworks standing out. The broker notes the decline in Target was reflective of a less established value proposition.

The CEF segment has been a key and surprising source of growth over recent years because of ammonia pricing and strong fertiliser demand yet the broker observes the tailwinds are reversing. UBS retains a Buy rating and raises the target to $57.00 from $55.50.

Target price is $57.00 Current Price is $51.00 Difference: $6
If WES meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $49.94, suggesting downside of -4.1% (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 WHC as Downgrade to Neutral from Outperform (3) -

FY23 results were in line with forecasts driven by buoyant coal prices. The dividend was greater than Macquarie expected.

Whitehaven Coal provided mixed FY24 guidance, with production in line with expectations but coal sales weaker and costs higher than the broker anticipated.

The company has temporarily suspended it share buyback program while it considers capital allocation and M&A opportunities.

Incorporating the FY23 result, FY24 guidance and rolling forward higher costs means material downgrades to Macquarie's earnings estimates. Rating is downgraded to Neutral from Outperform. Target is reduced to $6.00 from $7.70.

Target price is $6.00 Current Price is $6.48 Difference: minus $0.48 (current price is over target).
If WHC 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 $7.19, suggesting upside of 10.5% (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