Australian Broker Call

Shaw and Partners rates 3DA as Buy (1) -

Amaero International management updated the FY25/FY26 guidance on capex of circa -$60m and EBITDA breakeven.

The capex is due to be funded by a $45m equity raising with debt as the balance, Shaw and Partners highlights.

Amaero International is seeking qualification of its C-103 powder metal alloy which is believed by the broker as a de-risking event and possible stock re-rating.

No changes to earnings forecasts. Buy rated (High risk) with a 60c target price unchanged.

Target price is $0.60 Current Price is $0.33 Difference: $0.27
If 3DA meets the Shaw and Partners target it will return approximately 82% (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 AGE as Speculative Buy (1) -

Alligator Energy announced it had found uranium mineralisation at its Big Lake project in the Cooper Basin.

Bell Potter notes the discovery is "proof of concept" with the program at very early stages. Extraction might be possible in the same way as in-situ recovery is done at Boss Energy's ((BOE)) Honeymoon Uranium mine the broker states.

A Specutative Buy rating is retained with a 10c target.

Target price is $0.10 Current Price is $0.04 Difference: $0.06
If AGE meets the Bell Potter target it will return approximately 150% (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 AGL as Neutral (3) -

FY24 has been a successful year for AGL Energy, Macquarie suggests, with multiple upgrades to guidance and a slight beat at the end. FY25 earnings guidance is slightly better than consensus.

Given forward prices, guidance translates into a flat FY26 earnings outlook, ahead of the broker's previous expectation. Operating cash flow was "stellar", given working capital benefits and the timing of government rebates.

This will unwind, the broker notes, but in the interim provides low cost funding of $1.5bn for capex. The recent share-price rally nonetheless captures much of the improved earnings outlook.

Neutral and $11.28 target retained.

Target price is $11.28 Current Price is $11.06 Difference: $0.22
If AGL meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $11.67, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgan Stanley rates AGL as Upgrade to Overweight from Equal-weight (1) -

Following FY24 results, Morgan Stanley raises its target for AGL Energy to $12.88 from $10.00 and upgrades to Overweight from Equal-weight. It's felt prospects for energy prices and demand are favourable. Industry view: Cautious.

FY24 profit of $812m came in above management guidance of $760-810m, while FY25 earnings guidance was higher than the broker's estimates, and slightly ahead of consensus.

The final dividend was 35cps unfranked and management intends to begin paying partially franked dividends from interim FY25.

Target price is $12.88 Current Price is $11.06 Difference: $1.82
If AGL meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $11.67, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

UBS rates AGL as Neutral (3) -

AGL Energy reported a solid in-line FY24 result, UBS suggests, and FY25 earnings are guided to 2% ahead of consensus. Electricity portfolio margins remain strong, supported by AGL’s investment in operational flexibility at Loy Yang & Bayswater power stations.

The broker lifts forecast gas margins, expecting resilience in margins for three years until legacy gas supply expires Dec-27.

Neutral retained, as UBS forecasts a -1% rate of profit decline over FY24-27, and at the current price sees downside risks evenly balanced with upside risk to wholesale electricity and gas prices.

Target rises to $11.00 from $10.85.

Target price is $11.00 Current Price is $11.06 Difference: minus $0.06 (current price is over target).
If AGL 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 $11.67, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates AOV as Buy (1) -

Following an early assessment yesterday of FY24 results by Amotiv, Citi now decides to lower its target to $12.65 from $12.80 and retain the Buy rating.

The broker highlights the company is transforming itself from a relatively mature business to one with several growth opportunities.

FNArena's summary of yesterday's research update by the analysts follows.

In a first glance at today's FY24 result by Amotiv, Citi observes earnings (EBITA) of $194.6m are consistent with management's guidance for “at least” $193.5m and the consensus estimate for $193.2m.

The analyst suggests the result is a reasonable outcome and should be well received by the market in light of recent share price weakness, an undemanding valuation and recent fears about New Zealand.

Management attributed the -60bps earnings margin fall (compared to the previous corresponding period) to offshore growth initiatives.

Strength in towing and functional accessories appear to have helped earnings for the APG business to meet guidance set in May, points out the analyst.

Target price is $12.65 Current Price is $10.59 Difference: $2.06
If AOV meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $12.92, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Macquarie rates AOV as Outperform (1) -

Amotiv's (formerly GUD Holdings) FY24 underlying earnings were in line with gudiance.

AutoPacific Group remains below the original business case, Macquarie notes, however more stability in Australian vehicle supply is starting to support operating leverage. New Zealand remains a drag.

The Group is building a stronger, more resiliant and diversified business with increased product development spend and geographic expansion helping to underpin future growth, and Macquarie finds current valuation attractive.

Target rises to $13.64 from $12.65, Outperform retained.

Target price is $13.64 Current Price is $10.59 Difference: $3.05
If AOV meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $12.92, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Morgans rates AOV as Add (1) -

Morgans assess the FY24 earnings result from Amotiv as broadly meeting expectations with net profit rising 4.5% on strong cash flow generation, which assists with balance sheet strength.

NZ remains sluggish, where management has implemented cost out programs, while revenue growth in July was cited by Amotiv as "solid".

FY25 guidance is forecast to generate revenue and EBITA growth; the wear and repair market remains "resilient".

The broker revises EPS forecasts by 3% and 4% for FY25/FY26, respectively.

Add rating unchanged. Target price advances to $13.30 from $13.15 and the stock is considered as attractively priced with around a 12x forward price-to-earnings valuation.

Target price is $13.30 Current Price is $10.59 Difference: $2.71
If AOV meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $12.92, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

UBS rates AOV as Buy (1) -

Amotiv's in-line FY24 result was better than the market expected. The highlight for UBS was the significant balance sheet improvement seen over the past 18 months following another period of solid cash conversion.

The broker is supportive of the continued rise in product development spend and greenfield investment, expecting it will support longer term organic growth both domestically and offshore.

The balance sheet also now provides much greater optionality around M&A and capital allocation. Buy and $13 target retained.

Target price is $13.00 Current Price is $10.59 Difference: $2.41
If AOV meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $12.92, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Shaw and Partners rates ASK as Buy (1) -

Shaw and Partners notes Abacus Storage King has guided to FY25 earnings which are slightly below the analyst's forecast.

A strong balance sheet and earnings growth is expected to generate an increase in the REIT's distribution of 5%, the broker highlights.

Some five acquisitions were made post the sale of the stake in National Storage REIT ((NSR)) with funding availability of over $350m.

The $1.58 net asset valuation, is believed by the analyst to underpin the $1.35 target price.

Buy rating unchanged.

Target price is $1.35 Current Price is $1.22 Difference: $0.13
If ASK meets the Shaw and Partners target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.37, suggesting upside of 14.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates BVS as Neutral (3) -

Bravura Solutions' FY24 result was broadly in line with guidance. FY25 earnings guidance is ahead of Macquarie's expectations, despite revenue guidance being below.

The balance sheet is in a strong position and will be further strengthened by the receipt of licence fee payments from Fidelity. This will fund a $20m buyback in FY25, the broker notes.

Earnings continue to be supported by better-than-expected outcomes on costs. Valuation appeal is emerging, however Macquarie needs to see evidence of sustainable top-line growth to take a more positive view.

Target rises to $1.32 from $1.26, Neutral retained.

Target price is $1.32 Current Price is $1.25 Difference: $0.07
If BVS meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates BWP as Sell (5) -

Following yesterday's initial take on BWP Trust's FY24 result, Citi leaves its Sell rating in place, despite high quality earnings and dividend yield, as the REIT remains expensive relative to peers. The $3.40 target is also unchanged.

A summary of yesterday's research by Citi follows.

After making an early assessment, Citi anticipates a relatively muted share price response from today's stable set of FY24 results by BWP Trust.

A dividend of 8.29cpu was in line with forecasts by consensus and the broker, and the REIT is guiding to 2% growth in DPS for FY25, broadly in line with expectations by both.

In the analyst's view, gearing remains relatively prudent at 21.5%. 

Target price is $3.40 Current Price is $3.61 Difference: minus $0.21 (current price is over target).
If BWP meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.65, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Morgan Stanley rates BWP as Underweight (5) -

BWP Trust's FY24 funds from operations (FFO) of $118.9m exceeded Morgan Stanley's $116.5m forecast

Management provided first-time FY25 guidance for DPS growth of around 2%, implying to the analysts 18.66cpu, which compares to the existing consensus estimate for 18.7cpu.

Rent reviews came in at a 4.4% increase versus 1.8% in FY23, highlights the broker.

Target $3.80. Underweight. Industry View: In-Line.

Target price is $3.80 Current Price is $3.61 Difference: $0.19
If BWP meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Citi rates CBA as Sell (5) -

CommBank's FY24 cash earnings of $9,847m were largely in line with forecasts by Citi and consensus. Loan loss provisions are solid, capital strong, and management is using the current benign conditions to pay better dividends, note the analysts.

The FY24 dividend of 465cps beat the consensus estimate, notes the broker, reflecting an around 80% payout.

In a result with remarkably few surprises, Citi's key highlight was the 2H net interest margin (NIM) of 2% which was a slight beat against the consensus estimate.

The Sell rating is unchanged and the target rises to $91.50.

Target price is $91.50 Current Price is $134.21 Difference: minus $42.71 (current price is over target).
If CBA meets the Citi target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $99.48, suggesting downside of -26.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -1.0

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

Macquarie rates CBA as Underperform (5) -

CommBank delivered a clean and credible result, Macquarie suggests. Pre-provision earnings were broadly in line, and earnings quality improved.

Elevated cash rates, resilient credit quality, and sound balance sheet growth should underpin near-term performance. However, when rates ultimately decline, the broker believes margin pressures will re-emerge, putting pressure on earnings.

"At the risk of sounding like a broken record," (ain't that the truth) in Macquarie's view, this does not justify a 3x book value and 23x earnings valuation.

Acknowledging the absence of a near-term catalyst, and with earnings declining by -2% in FY24 and limited growth prospects in
FY25-26, the broker can't justify the current multiple. Underperform and $95 target retained,

Target price is $95.00 Current Price is $134.21 Difference: minus $39.21 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $99.48, suggesting downside of -26.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -1.0

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

Morgan Stanley rates CBA as Underweight (5) -

Commenting on CommBank's FY24 result, Morgan Stanley notes earnings were in line with expectations and the capital position remains strong. No red flags were noted on credit quality.

The payout ratio was raised towards the top end of management's 70-80% target range in FY24, and the final dividend dividend of 250cps beat the 240cps forecast by consensus.

The Underweight rating is maintained as Morgan Stanley finds the P/E multiple expansion to 23x from less than 16x over the past five years hard to comprehend. The target rises to $103 from $102. Sector view is In-Line. 

Target price is $103.00 Current Price is $134.21 Difference: minus $31.21 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $99.48, suggesting downside of -26.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -1.0

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

Morgans rates CBA as Reduce (5) -

Morgans remains steadfast of the view there was nothing in the FY24 results to align with CommBank's share price performance.

The analyst questions the bank's interpretation that the share price reflects a low cost of equity. Morgans thinks it reflects a potentially low future shareholder return.

A -4% fall in the cash EPS was as expected; costs rose around 3% against the 1H24. Asset quality remained good and the final dividend was upped by 10c, lifting the payout ratio to the upper target band at 79%.

The broker believes the share price is curbing distribution of CET1 capital under the $1bn buyback with the franking balance not large enough to support a 100% franked special dividend.

Morgans adjusts EPS forecasts by 1%-2% and lifts the target price to $97.38 from $96.13. Reduce rating unchanged.

Target price is $97.38 Current Price is $134.21 Difference: minus $36.83 (current price is over target).
If CBA meets the Morgans target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $99.48, suggesting downside of -26.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -1.0

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

Ord Minnett rates CBA as Sell (5) -

Ord Minnett observes CommBank reported FY24 earnings which met forecasts with a higher than expected dividend of $2.50 compared to a $2.40 forecast.

Net interest income came in 1% above consensus. Net interest margins were 3 basis points better than expected at 2%.

The broker revises EPS forecasts by 5% for FY25 and 4% for FY26, including a 25c increase in the dividend for both years.

Sell rating unchanged with a revised $100 target price.

Target price is $100.00 Current Price is $134.21 Difference: minus $34.21 (current price is over target).
If CBA meets the Ord Minnett target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $99.48, suggesting downside of -26.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -1.0

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

UBS rates CBA as Sell (5) -

CommBank delivered an in-line result, benefiting from a better-than-expected net interest margin outcome and ongoing lower expected credit losses. NIM stabilisation in the second half was a standout for UBS.

Volume growth softened, mainly driven by the Institutional division, keeping net interest income flat for the third half in a row.

The stock, in the broker's opinion, remains somewhat of a conundrum for investors, with a sizeable disconnect between expected profitability and market valuations.

Technical factors might continue to distort this disparity further, with CBA being the largest market cap Aussie stock. Sell and $110 target retained.

Target price is $110.00 Current Price is $134.21 Difference: minus $24.21 (current price is over target).
If CBA meets the UBS target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $99.48, suggesting downside of -26.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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 CBO as Buy (1) -

Cobram Estate Olives updated its 2024 harvest and trading outlook, with the company highlighting an increase in EBITDA to over $60m for FY24.

FY25 is also setting up for a "strong" year, Shaw and Partners notes.

The broker adjusts EPS forecasts by 12% for FY24 and 10.8% for FY25.

Buy rating (High risk) maintained with a $2.05 target price.

Target price is $2.05 Current Price is $1.54 Difference: $0.51
If CBO meets the Shaw and Partners target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $1.99, suggesting upside of 26.8% (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 CIP as Buy (1) -

It is UBS's assessment Centuria Industrial REIT released FY24 results in line with forecasts but the outlook provided was softer than anticipated, albeit not dramatically so.

Guided FFO/DPU of 17.5c/16.3c proved -0.1c below consensus of 17.6c/16.4c, the broker reports.

H2 revealed a deceleration in key financial metrics, the broker notes. A cheap valuation and sound longer term fundamentals keep the Buy rating in place.

Target $3.55. Minor adjustments have been made to forecasts.

Target price is $3.55 Current Price is $3.12 Difference: $0.43
If CIP meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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 CLG as Buy (1) -

Shaw and Partners highlights the details from Close the Loop's recent presentation of its IT refurbishment business.

The company's Hewlett Packard relationship is expected to continue beyond the existing three-year contract.

Options for US expansion are believed to be possible in the US IT refurbishment market, including increased leverage on existing relationships with Microsoft, LG and Samsung.

No changes to earnings forecasts.

Buy rating (High risk) retained with the 70c target price.

Target price is $0.70 Current Price is $0.29 Difference: $0.41
If CLG meets the Shaw and Partners target it will return approximately 141% (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

UBS rates CLW as Neutral (3) -

It is UBS's assessment Charter Hall Long WALE REIT's FY24 met expectations but FY25 missed due to hedging being pushed out to FY26.

The broker comments key operating metrics remain sound and CPI-linked, NNN leases continue to provide inflation protection.

The REIT is selling assets to strengthen the balance sheet and UBS highlights this is not without disadvantages as total valuation declines too.

Ongoing challenges are priced in, the broker argues, but better value is seen elsewhere. Neutral. Target falls to $3.50 from $3.54.

Target price is $3.50 Current Price is $3.68 Difference: minus $0.18 (current price is over target).
If CLW meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.61, suggesting downside of -2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates COH as Underperform (5) -

In a first look at Cochlear's FY24 results, Macquarie notes an overall weaker-than-expected outcome and the same for FY25 guidance.

For FY24, revenue and underlying profit missed forecasts by the broker and consensus by -2% and -1% for revenue, and by -4% and -3% for underlying profit, respectively. FY24 sales of Cochlear implants (CI) units fell -4% below estimates by both.

FY25 underlying profit guidance of $410-430m implies to the analysts growth of 6-11%, which falls  -7% and -9% short of estimates by consensus and Macquarie.

Target $300. Underperform.

Target price is $300.00 Current Price is $337.75 Difference: minus $37.75 (current price is over target).
If COH meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $278.35, suggesting downside of -11.4% (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

Citi rates CPU as Buy (1) -

A summary of yesterday's research update by Citi follows. Today, the broker decides to leave the $30 target and Buy rating unchanged.

Despite a slightly higher tax rate, Computershare reported FY24 earnings which were marginally above Citi estimates.

Notably, margin income exceeded guidance, some 2% above forecasts and consensus, with a rise in structured debt issuance benefitting both the balance and mix, according to the broker.

An 8% increase in costs arising from inflation and projects was highlighted by Citi, with a cost out program of -US$45m-US$60m by the end of FY26, as the business reconfigures post the sale of US mortgage servicing and the consultant business., KCC.

Computershare's reported US42c final dividend was -US3c below the broker's estimate.

Citi believes this was a challenging result to analyse but the analyst's initial impressions are the positives outweigh the negatives.

Target price is $30.00 Current Price is $26.90 Difference: $3.1
If CPU meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $29.80, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

Macquarie rates CPU as Outperform (1) -

Computershare posted a slight beat for FY24 and FY25 guidance is also slightly ahead. Macquarie notes this guidance excludes the impact of any buy-backs executed from 1 July '24, nor earnings related to the Bank of New York acquisition.

Management announced a new stage to its cost-out program aimed at removing stranded costs.

The FY24 final dividend of 42cps unfranked reflected a 43% payout ratio in 2H24. Management appear guarded to over deliver in the short term to the detriment of limiting the progressive payout approach over the longer term, the broker notes.

Macquarie maintains an Outperform rating with the buy-back providing downside protection and accretion from ongoing reinvestment of cash providing upside earnings risk over the medium term. Target falls to $29 from $30.

Target price is $29.00 Current Price is $26.90 Difference: $2.1
If CPU meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $29.80, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

Morgan Stanley rates CPU as Overweight (1) -

A further update to yesterday's research (see summary below) on Computershare following FY24 results has Morgan Stanley raising its target to $30 from $29.40. Overweight. Sector view is In-Line. The current valuation is considered undemanding.

Computershare's management EPS metric for FY24 beat forecasts by Morgan Stanley and consensus by 3% and 1%, respectively, and FY25 guidance is also 0.5% ahead of estimates by both.

The analysts note most divisions' revenues were solid in FY24.

Target price is $30.00 Current Price is $26.90 Difference: $3.1
If CPU meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $29.80, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

UBS rates CPU as Buy (1) -

Computershare's FY24 result and FY25 guidance were both ahead of UBS' forecasts. The broker believes FY25 represents a step-change in earnings quality after the recent sale of US Mortgages and as margin yields normalise.

Perhaps the highlight of the result, says UBS, was the rebound in corporate actions during the second half. This delivered a 24% increase in transaction/event type revenues.

Buy and $32 target retained.

Target price is $32.00 Current Price is $26.90 Difference: $5.1
If CPU meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $29.80, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

UBS rates CSL as Buy (1) -

UBS analysts see a tougher outlook for both Seqirus and Vifor, which leaves Behring to do most of the work in FY25 for CSL. As far as FY24 is concerned, all divisions delivered on expectations, the broker concludes.

This still leaves the major reason to own CSL shares intact, comments the broker. Margin expansion remains in train, albeit on reduced forecasts (with Seqirus and Vifor mostly to blame).

CSL is hosting an R&D day in October and UBS analysts hope to gain some insight into potential strategic priorities in the pipeline.

Buy. Target $330.

Target price is $330.00 Current Price is $300.77 Difference: $29.23
If CSL meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $327.46, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

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

Dexus Industria REIT delivered earnings which were a touch higher than Bell Potter and consensus expected.

The REIT improved gearing to 20%, notably below the target of 30%-40%.

Lower debt and a 6.25% yield on capital across the group's portfolio allows for $70m in confirmed developments and around $180m in planning, the broker highlights.

Management's guidance placed earnings at 17.8c and a 16.4c dividend for share.

Bell Potter upgrades the stock to a Hold rating from Sell, due to the relative price under-performance.

Target price unchanged at $2.80.

Target price is $2.80 Current Price is $2.83 Difference: minus $0.03 (current price is over target).
If DXI meets the Bell Potter target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.06, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates DXI as Outperform (1) -

Dexus Industria REIT reported FY24 funds from operations in line with guidance and Macquarie. FY25 FFO guidance is directly in line with the broker.

Macquarie remains attracted to the group's exposure to the industrial sub-sector, including its strong balance sheet which provides capacity for further deployment.

An FFO compound annual growth rate of 3.2% remains attractive and the broker sees valuation as appealing in the current environment. Target rises to $3.19 from $3.11, Outperform retained.

Target price is $3.19 Current Price is $2.83 Difference: $0.36
If DXI meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.06, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Citi rates EVN as Buy (1) -

After a further review of FY24 results for Evolution Mining, Citi decides to leave its Buy rating and $4.40 target unchanged. Based on free cash flow (FCF) expectations, Evolution is the broker's current preferred gold exposure under coverage.

Yesterday's summary by FNArena of Citi's research follows.

In an early assessment of today's FY24 result for Evolution Mining, Citi suspects the market will approve of the outcome following beats of 10% and 15% against consensus forecasts for underlying earnings (EBITDA) and profit.

FY25 guidance is in line (production) or better-than-expected by the broker (costs) - the AISC metric guidance is in a range of $1475-1575/oz.

Normalising for management's copper assumption of $14,350/t versus consensus of $15,160/t, implied costs are much better, highlights Citi.

Target price is $4.40 Current Price is $4.06 Difference: $0.34
If EVN meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.17, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates EVN as Outperform (1) -

Evolution Mining's FY24 result was broadly positive, Macquarie suggests, featuring a solid profit and earnings performance, while dividends were in line with consensus. FY25 guidance is in line with consensus on production and capex while costs are 9% higher.

But Macquarie believes the market was bracing for even weaker cost guidance following recent management commentary.

Evolution notes that it generally expects dividends to grow as the balance sheet improves despite maintaining the 50% of free cash flow policy.

Outperform retained, target rises to $4.40 from $3.81.

Target price is $4.40 Current Price is $4.06 Difference: $0.34
If EVN meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.17, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Morgan Stanley rates EVN as Overweight (1) -

Evolution Mining's FY24 earnings (EBITDA) were in line with Morgan Stanley's forecast, while profit beat, and free cash flow (FCF) was around 5% better-than-expected.

FY25 guidance for production and costs matched forecasts by the broker and consensus.

The 7cps dividend fell short of the consensus forecasts by -8%.

Target $4.20. Morgan Stanley's Overweight rating is kept due to stabilising production and gold price leverage. Industry View: Attractive.

Target price is $4.20 Current Price is $4.06 Difference: $0.14
If EVN meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.17, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Ord Minnett rates EVN as Accumulate (2) -

Evolution Mining reported FY24 earnings which exceeded consensus but were in line with the Ord Minnett forecasts.

The difference is attributed to lower operating costs and reduced depreciation/amortisation charges, while the broker notes the final dividend was -1c lower than consensus at 5c.

FY25 guidance outlook is broadly consistent with the analyst's expectations including ongoing deleveraging prior to increased investment in Cowal stage 1 and the EHM extension, slated for FY26.

Ord Minnett adjusts earnings estimates by -7% for FY25 on higher costs. Accumulate rating unchanged with a revised target price of $4.15 from $4.00.

Target price is $4.15 Current Price is $4.06 Difference: $0.09
If EVN meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.17, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

UBS rates EVN as Neutral (3) -

Evolution Mining reported FY24 underlying earnings that beat UBS' expectations. FY25 guidance was the focus entering the result, with production and capex broadly as expected, while the cost range was slightly higher.

With plenty of growth and projects ahead, UBS suggests the focus for FY25 is firmly set on delivering guidance and building back its track record.

While there remain plenty of projects and sequencing ahead, guidance and delivery are the focus for now, UBS suggests. Neutral and $3.70 target retained.

Target price is $3.70 Current Price is $4.06 Difference: minus $0.36 (current price is over target).
If EVN meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.17, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Bell Potter rates FLC as Initiation of coverage with Speculative Hold (3) -

Bell Potter initiates coverage of Fluence with a Speculative Hold rating and 12.5c target price.

The analyst is attracted to the company's MABR technology and believes it has considerable potential in the treatment of nutrient pollution, one of the most widespread costly water contaminations globally.

With new management, Fluence has a revised strategic focus, transitioning to the small product solutions market from lump-sum contracting, a much higher margin business, according to Bell Potter.

A legacy EPC contract of EUR48m remains, providing question marks around earnings as the project is wrangling administrative issues.

Target price is $0.13 Current Price is $0.10 Difference: $0.025
If FLC meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 GMG as Buy (1) -

Judging from Citi's early response, Goodman Group has delivered on its promise, so to speak, by beating its own forecast as just about everyone assumed would happen.

Operating EPS grew by 14%, while management's last updated guidance was for 13% growth. The first guidance provided last year was for 9% growth, Citi analysts highlight.

Guidance for FY25 EPS is growth of 9%. Consensus sits at 12%. Management tends to start off on conservative footing, remind the analysts.

Datacentres are now contributing 40% to the work in progress. Citi is excited about the Global Datacentre powerbank now at 5.0GW (up from 4.3GW).

Buy rating and $40 target.

Target price is $40.00 Current Price is $35.16 Difference: $4.84
If GMG meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $35.06, suggesting upside of 0.6% (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 GMG as Neutral (3) -

At first take Macquarie observes the FY24 results for Goodman Group were broadly in line with its forecasts and consensus. FY25 guidance came up at 9%, on the soft side, compared to the forecast 12%.

The analyst highlights management tends to upgrade guidance through the year.

Operationally, the group reported lower development because of sales timing; performance fees were strong at $776m versus the $680m forecast and operating expenses came in considerably below the broker's forecast.

Data centres represent some 40% of work in progress with the global power bank up to 5GW from 4.3GW in the 3Q34; 2.5GW is secured and another 2.5GW is in the final stages of realisation.

Macquarie notes development will underpin assets under management in FY25. Neutral rated. Target price $36.51.

Target price is $36.51 Current Price is $35.16 Difference: $1.35
If GMG meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $35.06, suggesting upside of 0.6% (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 GYG as Initiation of coverage with Neutral (3) -

Guzman y Gomez is a founder-led, quick service restaurant (QSR) selling Mexican food in Australia, the US, Japan and Singapore. The company is well positioned in UBS' QSR valuation evaluation framework.

On the broker's assessment, Guzman y Gomez offers attractive operational and financial attributes, featuring a large store network total addressable market and quick new store payback.

Post the share price performance since its June IPO, UBS initiates coverage with a Neutral rating as the risk reward is seen as more balanced. Target $31.

Target price is $31.00 Current Price is $30.14 Difference: $0.86
If GYG meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $31.20, suggesting upside of 2.9% (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

Macquarie rates HDN as Neutral (3) -

HomeCo Daily Needs REIT's FY24 result and FY25 guidance were in line with Macquarie, with the REIT forecasting strong 4% net operating income growth in FY25.

The accretive development pipeline has grown to over $700m from $600m prior, with targeted commencements of $100-$120m in FY25.

Macquarie remains attracted to the relative stability of the portfolio and the ability to deliver additional earnings growth through developments. The broker does not believe valuation is overly compelling at a -13% discount to net tangible assets.

Target rises to $1.19 from $1.14, Neutral retained.

Target price is $1.19 Current Price is $1.25 Difference: minus $0.06 (current price is over target).
If HDN meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.32, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

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

HomeCo Daily Needs REIT's FY24 funds from operations (FFO) were in line with both management guidance and Morgan Stanley's forecast.

However, FY25 guidance fell short of estimates by consensus and the broker by -2% and -3%, respectively, with bottom line growth of only 2.3%, notes the broker.

Management increased the development pipeline to $700m from $600m, with between $100-120m set to commence in FY25.

Target $1.35. Equal-weight. Industry view: In-Line. 

Target price is $1.39 Current Price is $1.25 Difference: $0.14
If HDN meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.32, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgans rates HDN as Add (1) -

HomeCo Daily Needs REIT reported earnings which were in line with Morgans expectations with 4% rental growth and over 99% occupancy rates.

The REIT retains the asset recycling program to transition toward daily needs from the sale of large format retail assets, the broker highlights.

A circa $85m development pipeline commenced in FY24, bringing the total to around $700m with an ascribed circa 7% return on capital for the FY24 additions.

Gearing remains at 35% including some 87% of debt hedging.

Add rating and $1.36 target price unchanged.

Target price is $1.36 Current Price is $1.25 Difference: $0.11
If HDN meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.32, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates HDN as Hold (3) -

Ord Minnett believes HomeCo Daily Needs REIT announced a "positive" FY24 earnings result.

The REIT acquired two assets for $118m in the 2H24 as management recycles assets for increased yield with both assets yields coming above the existing 5.64% weighted average capital return.

Management's FY25 guidance including a 8.5c dividend is as expected.

Target price is lifted 4.9% to $1.27 and Hold rating unchanged.

Target price is $1.27 Current Price is $1.25 Difference: $0.02
If HDN meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.32, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates LIC as Sell (5) -

Bell Potter observes the -39% year-on-year decline in FY24 net profit results for Lifestyle Communities, while highlighting the withdrawal of forward guidance by management.

Faced with uncertainty over the VCAT tribunal and challenging macro conditions in Victoria, the analyst points to a strategic change to cost cutting for Lifestyle Communities, despite an equity raising in 2024.

Typically, the group has generated around 40% of sales via referrals, with 27 settlements in hand for FY25 and 348 outstanding contracts, Bell Potter believes management is acting cautiously.

The broker revises EPS forecasts by -7% and -12% for FY25/FY26, respectively. Sell rating unchanged with the target price lowered to $8.20 from $8.95.

Target price is $8.20 Current Price is $8.82 Difference: minus $0.62 (current price is over target).
If LIC meets the Bell Potter target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.39, suggesting upside of 22.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

Citi rates LIC as Downgrade to Neutral from Buy (3) -

After a further review of Lifestyle Communities' FY24 result, Citi lowers its target to $9.50 from $11.70 and downgrades to Neutral from Buy. 

Due to a portion of home cancellations, the analysts point to very limited or no sales in the first six weeks of FY25, with ongoing potential for more cancellations among pre-sales.

Additionally, the Melbourne residential market remains weak with days on market remaining at elevated levels in various catchments where Lifestyle Communities is attempting to sell, explains the broker.

The broker's first impressions yesterday were summarised by FNArena as follows:

With Lifestyle Communities having updated the market on July 18, Citi's first take on the FY24 earnings report is in line with guidance, representing a -26% decline year-on-year.

Management remained tight lipped on forward guidance, which was previously withdrawn, the broker highlights.

On a brighter note: the company settled 27 homes from July 1 to August 12, indicating to Citi sales have not stalled.

With concerns over the VCAT decision on Lifestyle Communities' business model, the market remains uncertain over the earnings future, with the broker describing sentiment at "peak fear".

Target price is $9.50 Current Price is $8.82 Difference: $0.68
If LIC meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $10.39, suggesting upside of 22.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

Ord Minnett rates LIC as Accumulate (2) -

Lifestyle Communities pre-reported FY24 results with FY24 earnings meeting the revised update.

The market continues to focus on the lack of guidance, Ord Minnett stresses with balance sheet strengthening becoming management's new focus.

Ord Minnett has reduced its settlement assumptions to 280 from 382 which underpins a decline in the target price to $11.02 from $12.60, including a -26% downgrade in the average net profit for FY25 and FY26.

Lifestyle Communities has decided to pause several of its communities in light of the soft market conditions and the recent media backlash.

Accumulate rating unchanged.

Target price is $11.02 Current Price is $8.82 Difference: $2.2
If LIC meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $10.39, suggesting upside of 22.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

Bell Potter rates LOT as Speculative Buy (1) -

Lotus Resources announced changes to the board and senior management, Bell Potter notes, with Managing Director Keith Bowes moving to a technical Director position and Greg Bittar moving to the Chief Executive Officer.

The changes are designed to refresh and bring alternative views to the restart of the Kayelekera project, with a focus on potential offtake agreements and financing.

Speculative Buy and 65c target price unchanged. No changes to earnings forecasts.

Target price is $0.65 Current Price is $0.24 Difference: $0.41
If LOT meets the Bell Potter target it will return approximately 171% (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 NUF as Neutral (3) -

Nufarm reported a FY24 EBITDA trading update of $300m-$315m compared to the former guidance of $350m-$390m, a -15% decline or some -11% below Macquarie's forecast.

Management also highlighted an increase in gearing to between 2.5x-2.7. Notably, the company has no debt covenants.

Macquarie highlights the downgrade was due to tough conditions in AgChem in North America with competitive pressures.

European markets are also tough with reduced sales to the Chinese green roof market. Asia Pacific is noted by the broker as a "bright spot", creating some offset to weaker domestic pricing because of higher volumes.

Target price $5.10. Neutral rated.

Target price is $5.10 Current Price is $4.39 Difference: $0.71
If NUF meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.69, suggesting upside of 43.7% (ex-dividends)

The company's fiscal year ends in September.

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

Citi rates NWH as Buy (1) -

Today's FY24 results for NRW Holdings contained no surprises, according to Citi (in an early assessment), due to the recent (July) trading update.

The broker is pleased by 5% growth in the pipeline of opportunities compared to H1. 

Also, in a sign the pricing and risk allocation environment continues to be in favour of contractors, according to the analysts, the company's active tender balance more than doubled to $5.5bn.

FY25 revenue guidance of $3.1bn beat forecasts by Citi  and consensus by 3% and 4%, respectively, while EBITA guidance implies upgrades to forecasts by both of 5% and 6%, respectively.

Buy. The last target price in the FNArena database was $3.15. The broker refers to a $3.65 target without mentioning an increase.

Target price is $3.65 Current Price is $3.19 Difference: $0.46
If NWH meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.28, suggesting downside of -5.7% (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 NWH as Buy (1) -

In a quick responses to NRW Holdings' FY24 released today, UBS analysts comment they saw a "clean cash backed FY24 result".

The margin improvement in particular is welcomed as "pleasing"

UBS points out the mid-point of guidance represents another year of circa 10% earnings growth. This, the broker suggests, with the shares trading on 12x P/E presents as attractive, supporting UBS's Buy thesis.

Target price is $3.50 Current Price is $3.19 Difference: $0.31
If NWH meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.28, suggesting downside of -5.7% (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

Morgan Stanley rates NWL as Overweight (1) -

After reflecting further on FY24 results by Netwealth Group after yesterday's initial assessment (see below), Morgan Stanley lowers its target to $23.50 from $24 and maintains an Overweight rating. FY25 is expected to be another strong year.

Morgan Stanley notes a small miss versus consensus forecasts for Netwealth Group's FY24 results but a "strong" start to FY25 with $1.2bn in funds under administration (FUA) net inflows in July.

These July inflows are tracking ahead of the FY25 consensus forecast for $12.2bn, highlight the analysts.

No FY25 guidance was provided though management noted the new business pipeline and conversion rates remain "very strong" across all segments.

Target price is $23.50 Current Price is $20.68 Difference: $2.82
If NWL meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $21.91, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

UBS rates NWL as Buy (1) -

Netwealth Group's FY24 result came in -3% short of market profit forecasts. The miss was largely due to administration & ancillary revenues, UBS notes, where margins compressed on higher tiering and fee caps.

Costs were in line with UBS, and management has flagged a modestly higher rate of cost growth into FY25.

Netwealth has had a strong start to a seasonally weaker first quarter with $1.2bn net inflows during July, which supports the broker's FY25 outlook for 20% revenue growth at improved earnings margins.

Target falls to $24.00 from $24.50, Buy retained.

Target price is $24.00 Current Price is $20.68 Difference: $3.32
If NWL meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $21.91, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates ORA as Neutral (3) -

Following yesterday's initial assessment of Orora's better-than-feared FY24 result (see below), Citi raises its target to $2.55 from $2.30 and keeps a Neutral rating on a balanced risk/reward scenario.

Yesterday FNArena reported:

In an early response to today's FY24 release, Citi analysts comment Orora updated with a "messy" report, but it was overall largely in line.

EBIT actually beat forecasts by some 6%, the analysts acknowledge, but there is some low quality one-off through much lower D&A for Saverglass involved.

Citi suggests the market was fearful of another disappointment. From that perspective, today's market update is seen as a positive.

Target price is $2.55 Current Price is $2.39 Difference: $0.16
If ORA meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.60, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates ORA as No Rating (-1) -

Orora's FY24 result surpassed low market expectations and its own guidance, Macquarie notes, against the backdrop of a rejected indicative takeover bid from private equity firm Lone Star at $2.55/sh.

North America was the key driver of the 'beat', with good margin management and better than expected volumes, which improved late in period.

Orora is in discussions to potentially divest its North American business and Macquarie is on research restriction.

Current Price is $2.39. Target price not assessed.

Current consensus price target is $2.60, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgan Stanley rates ORA as Overweight (1) -

Morgan Stanley describes a "solid" FY24 result for Orora in a challenging market, aided by a stronger-than-expected 2H contribution. It's felt strategic/M&A activity provides validation of the inherent valuation upside

FY24 earnings (EBIT) beat forecasts by the broker and consensus by 7% and 6%, respectively. 

Unexpected by Morgan Stanley, a 5cps final dividend was declared.

Overweight. The target rises to $2.90 from $2.70. Industry view: In Line.

Target price is $2.90 Current Price is $2.39 Difference: $0.51
If ORA meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.60, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgans rates ORA as Hold (3) -

Orora reported FY24 earnings above previous revised guidance and Morgans forecasts.

Notably, consumer demand remains weak, and destocking continues, although conditions are expected to improve in FY25, the broker states.

A sealing of the deal to divest OPS would be well received by the market, Morgans believes.

The current share price discounts what is thought to be "multiple outcomes" for Orora, given the company received and rejected a private equity takeover offer.

Earnings forecasts are moved higher by 3% and 4% for FY25/FY26, respectively. Hold rating unchanged. Target price advances to $2.50 from $2.30.

Target price is $2.50 Current Price is $2.39 Difference: $0.11
If ORA meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.60, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

UBS rates ORA as Neutral (3) -

Orora delivered FY24 earnings 6% ahead of consensus forecasts, UBS notes, reflecting better than expected performance from both the Orora Packaging Solutions and Saverglass business units.

The Australasian business delivered 2% earnings growth, with record production from the Cans business helping to offset weak Glass volumes  Orora also announced that it is undertaking a portfolio review, and is in discussions to potentially divest its OPS business.

UBS is cautious on Orora's ability to deliver earnings growth in FY25, and looks for evidence of improved trading conditions for Saverglass. Target rises to $2.45 from $2.16, Neutral retained.

Target price is $2.45 Current Price is $2.39 Difference: $0.06
If ORA meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.60, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates ORG as Buy (1) -

Citi's conclusion post today's FY24 report release by Origin Energy is the earning trough will go deeper first before medium term earnings growth can reassess itself.

The broker highlights Energy Markets guidance of $1.1-1.4bn is -$100m shy of its own forecast. It also appears costs remain a key problem for management.

All divisions have underwhelmed and Citi observes management has guided to better cost control by FY26. Core net profit of $1.18bn was -7% below Citi and -10% below market consensus.

Buy. Target $11.50.

Target price is $11.50 Current Price is $10.60 Difference: $0.9
If ORG meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $11.11, suggesting upside of 15.7% (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 PLS as Neutral (3) -

Macquarie notes Pilbara Minerals has agreed to purchase Latin Resources ((LRS)) via a share swap of 0.07 new Pilbara Minerals share for each Latin Resources share.

The broker estimates the new issuance at 6.4% of the current Pilbara Minerals shares on issue. The deal represents a 57% premium to last close on the Latin Resources share price.

Macquarie likes the assets with the Colina project viewed as competitive on a global scale and the non-organic strategy is considered a positive for Pilbara Minerals.

Neutral rated. Target price $3.25.

Target price is $3.25 Current Price is $2.85 Difference: $0.4
If PLS meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.01, 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

Bell Potter rates PME as Hold (3) -

Pro Medicus reported growth in revenue and earnings before interest/tax of 29% and 33%, respectively.

Bell Potter notes the results are slightly better than forecasts with the analyst pointing to a dip below the 30% historical revenue growth rate for the first time, which was more than offset by an increase in the earnings margin by 180 basis points to 68.8%.

Management does not offer forward guidance. The broker highlights the positive macro tailwinds from a shortage in radiologists in the US which supports Visage's growth, alongside strong university demand and increased uptake in the integrated delivery networks.

The target price is lifted to $131 from $115 with an unchanged Hold rating.

Target price is $131.00 Current Price is $141.00 Difference: minus $10 (current price is over target).
If PME meets the Bell Potter target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $128.50, suggesting downside of -13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Citi rates PME as Sell (5) -

FY24 profit from Pro Medicus is a 5% beat against the consensus forecast on better-than-expected operating margins, while revenue is in line, explains Citi.

Management still sees a "huge amount of runway ahead" and believes current operating margins of around 70% are sustainable.

The FY24 dividend of 40cps was a 28% year-on-year increase. The target rises to $100 from $95. The broker's Sell rating is kept on valuation.

Target price is $100.00 Current Price is $141.00 Difference: minus $41 (current price is over target).
If PME meets the Citi target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $128.50, suggesting downside of -13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Macquarie rates PME as Outperform (1) -

Pro Medicus reported FY24 revenue growth of 29% with earnings growth of 34%, 4% ahead of Macquarie's forecasts. Management noted the number of requests for proposal has increased over the past 18-24 months, and is expecting the cadence to continue to increase.

Macquarie sees scope for increased penetration of the US addressable market, with upside to forecasts from the commercialisation of new products and expansion into new geographies.

Target rises to $152.50 from $127.50, Outperform retained.

Target price is $152.50 Current Price is $141.00 Difference: $11.5
If PME meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $128.50, suggesting downside of -13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Morgans rates PME as Hold (3) -

Another day, another record for Pro Medicus with slightly better than forecast results, the Morgans' analyst highlights.

For the broker it is time to join "the dance party" as multiple positive tailwinds converge for Pro Medicus including increasing cloud transition, a renewed government stance on cloud security, organic growth and higher rates.

Sustaining a compound 30% earnings growth rate will become more challenging, Morgans expects, but for now the company has a good number of slated contracts for FY25 and a pipeline of new ones.

The target price lifts to $139 from $85 (yes, you read that correctly). Hold rating unchanged.

Target price is $139.00 Current Price is $141.00 Difference: minus $2 (current price is over target).
If PME meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $128.50, suggesting downside of -13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Macquarie rates PMT as Outperform (1) -

Macquarie has updated its forecasts for Patriot Battery Metals' Shaakichiuwaanaan project (SCW) after incorporating the new resource forecast and optimising mining inventory assumptions.

The SCW base case is updated for 87% higher capex and 21% lower mining inventory at 70% resource conversion.

Macquarie continues to believe SCW is a global top-5 hard-rock lithium resource and a key project required to balance the lithium market in future.

Target decreases to 90c from $1.50 due to reductions in the broker's SCW valuation as a result of assumptions changes. Outperform retained.

Target price is $0.90 Current Price is $0.49 Difference: $0.41
If PMT meets the Macquarie target it will return approximately 84% (excluding dividends, fees and charges).

Current consensus price target is $1.05, suggesting upside of 118.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

This company reports in CAD. 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

Morgan Stanley rates REA as Overweight (1) -

Building on yesterday's research note on REA Group (see summary below), Morgan Stanley decides to raise its target for REA Group to $230 from $220. The Overweight rating is maintained. Industry View: Attractive.

Yesterday, FNArena reported:

As no positive surprise was forthcoming in final FY24 numbers for REA Group, Morgan Stanley predicts FY25 consensus numbers will either be little changed, or move slightly lower, on a cautious listings outlook.

Nonetheless, the broker's Overweight thesis remains, based on FY25 being another double-digit year for compounding price increases/yield. History also suggests owning REA Group shares leading up to an RBA rate cut cycle is beneficial, note the analysts.

Target price is $230.00 Current Price is $209.93 Difference: $20.07
If REA meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $216.60, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Bell Potter rates SVW as Buy (1) -

Seven Group reported slightly better than forecast earnings, Bell Potter states, with a robust contribution from Boral and WesTrac, which were ahead of estimates.

Energy including Beach Energy ((BPT)) was weak (again) and Seven West Media ((SWM)) reported a -58.5% fall in earnings.

The analyst emphasises energy/media are not signficant because of the "investment sizes."

Guidance came in a single digit earnings growth for FY25, which seems cautious to Bell Potter.

A Buy rating is retained with a revised target price of $46 from $45.

Target price is $46.00 Current Price is $39.19 Difference: $6.81
If SVW meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $41.73, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates SVW as Outperform (1) -

Seven Group reported FY24 results that were broadly in line with Macquarie's expectations. The group pointed to the strong growth outlook for WesTrac and Boral.

Energy came in below expectations and Beach Energy's ((BPT)) reserve statement was a particular disappointment. The focus remains
on the Waitsia start in early 2025.

Macquarie believes Seven Group remains well-placed to grow, anchored by a healthy WesTrac outlook and a continued Boral turnaround. Valuation is considered attractive in light of this, with the stock trading in line with historic averages.

Outperform retained, target rises to $43.90 from $42.10.

Target price is $43.90 Current Price is $39.19 Difference: $4.71
If SVW meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $41.73, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

UBS rates SVW as Buy (1) -

Seven Group delivered a solid FY24 result, UBS suggests, with earnings growth of 20% ahead of guidance. The Industrial Services segment delivered 28% growth, with strong operating performances across WesTrac, Coates, and Boral.

UBS remains Buy-rated on Seven Group, with the stock offering a three-year compound earnings growth rate of 7%, and strong operating cash flows supporting further deleveraging.

Continued improvement in Boral's operating performance is a key catalyst in the short term, which the broker expects investors to remain focused on post-acquistion.

Target rises to $45 from $43.

Target price is $45.00 Current Price is $39.19 Difference: $5.81
If SVW meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $41.73, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates SWM as Neutral (3) -

Seven West Media's FY24 earnings were down -33% year on year and reflected softer ad markets, Macquarie notes. A cost-out program has been launched into FY25 as conditions remain soft.

The pace of declines in forward bookings is nonetheless moderating which is a positive for the ad market outlook. Seven indicated total linear audiences were up 0.5% year on year with digital minutes viewed up 39%.

Macquarie remains concerned about the sectoral headwinds facing TV, given elevated costs and competition from streaming. The broker believes valuations for TV operators will remain suppressed until there is some visibility on this.

Target falls to 14c from 17c, Neutral retained.

Target price is $0.14 Current Price is $0.16 Difference: minus $0.02 (current price is over target).
If SWM meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.23, suggesting upside of 55.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

UBS rates SWM as Sell (5) -

The macro environment remains the key swing factor for Seven West Media into FY25, UBS suggests, with commentary of Sep/Oct bookings in Total TV down -4-5%, tracking slightly softer versus the broker, with Jul/Aug impacted by the Olympics.

The company has increased its cost reduction program to offset continued macro weakness and also the removal of the Meta deal. The broker thus raises its earnings forecasts.

Target of 16c nevertheless retained as the broker strips out expectations for incremental buybacks into FY25-26. UBS has a Sell rating on Seven West given its exposure to uncertain advertising markets and lack of capital return.

Target price is $0.16 Current Price is $0.16 Difference: $0
If SWM meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.23, suggesting upside of 55.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Macquarie rates TLS as Outperform (1) -

The FY24 earnings report from Telstra Group met the Macquarie and consensus forecasts with cashflow better than expected.

The 2H24 dividend came in at 9c fully franked with better than anticipated underlying earnings due to changes in depreciation/amortisation treatment on asset life.

Management's revised FY25 EBITDA guidance was up 0.6% at the mid-point which equates to -2% at the earnings level. The analyst attributes this to the sooner than expected price rises.

Mobile reported 9.2% EBITDA growth including slightly weaker pre-paid subscribers in the 2H24. Enterprise increased in the 2H24 on the 1H24 which Macquarie views as positive given the macro environment.

Outperform. Target price $4.30.

Target price is $4.30 Current Price is $3.87 Difference: $0.43
If TLS meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.10, suggesting upside of 3.3% (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

Morgan Stanley rates TPW as Overweight (1) -

Following FY24 sales and margins coming in well ahead of consensus expectations, Morgan Stanley raises its target for Temple & Webster to $13.15 from $11.50 and maintains an Overweight rating. Industry View: In-Line.

Momentum continued into FY25 with a 26% rise in sales on the previous corresponding period for the first six weeks, highlights the broker.

The analysts are increasingly confident management can achieve the long-term $1bn revenue target and long-term EBITDA margins of over 15%.

Target price is $13.15 Current Price is $12.08 Difference: $1.07
If TPW meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $12.09, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates TWE as Neutral (3) -

In an initial review of today's FY24 result for Treasury Wine Estates, Citi explains underlying NPAT of $407.5m aligned with the consensus forecast of $408.9m given results were largely pre-released on August 6.

Consensus is sitting at the top end of management's FY25 guidance for earnings (EBITS) of between $780-$810m. The broker notes this slightly better-than-expected outlook assumes strong top line luxury growth and stability across the remainder of the portfolio. 

The company is aiming to create a global premium division by the start of FY26 by combining Treasury Premium Brands (TPB) and the Americas Premium brand.

Target $13. Neutral.

Target price is $13.00 Current Price is $12.11 Difference: $0.89
If TWE meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $13.77, suggesting upside of 12.1% (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

Macquarie rates TWE as Outperform (1) -

The FY24 earnings report from Treasury Wine Estates was in line with the company's pre-announcement, Macquarie's first take notes, with FY25 guidance at the mid-point or -1.5% below consensus.

Notably, Penfolds reported 16% growth in earnings including the division shipping 3m cases, some 11% above the analyst's expectations, due to demand in Asia and Australia.

Macquarie highlights the shift to sales and marketing for its distributors to boost growth in the luxury US brands, Daou and Frank Family vineyards. The company noted the 19Crimes portfolio has stabilised.

The Outperform rating and $14 target are retained with a positive outlook on the US and Chinese markets.

Target price is $14.00 Current Price is $12.11 Difference: $1.89
If TWE meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $13.77, suggesting upside of 12.1% (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

Citi rates VVA as Buy (1) -

Citi upgrades earnings (EBIT) forecasts for Viva Leisure across FY25-27 following FY24 results showing management is leveraging its technology to generate high-margin, non-acquisition led earnings.

This improvement is being led by Viva Pay (already launched), and the announced Viva Pass, explain the analysts. 

While there is a limit to how much the fitness network can yield, any incremental initiatives boost margins for any future network rollout, highlights the broker.

Buy rating. The target rises to $2.60 from $2.50.

Target price is $2.60 Current Price is $1.36 Difference: $1.24
If VVA meets the Citi target it will return approximately 91% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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