Australian Broker Call
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April 26, 2023
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
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Today's Upgrades and Downgrades
CHL - | Camplify Holdings | Upgrade to Buy from Accumulate | Ord Minnett |
CYC - | Cyclopharm | Upgrade to Buy from Hold | Bell Potter |
RIO - | Rio Tinto | Upgrade to Hold from Lighten | Ord Minnett |
SGR - | Star Entertainment | Downgrade to Neutral from Outperform | Macquarie |
XRO - | Xero | Upgrade to Buy from Neutral | UBS |
Overnight Price: $45.02
Morgans rates BHP as Add (1) -
While BHP Group already represents value, any further market volatility could unearth an an even more attractive buying opportunity, notes Morgans, in the wake of an in-line 3Q operational result.
WA Iron Ore production of 58.7mt was a 4% beat compared to the consensus forecast, while 3Q copper production was mixed.
Management lowered FY23 production guidance at Escondida though now expects both Olympic Dam and Antamina to produce at the upper end of guidance.
The Add rating is unchanged and the target falls to $50.40 from $51.10.
Target price is $50.40 Current Price is $45.02 Difference: $5.38
If BHP meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $44.53, suggesting upside of 1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 286.64 cents and EPS of 488.02 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 470.8, implying annual growth of N/A. Current consensus DPS estimate is 303.3, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 9.3. |
Forecast for FY24:
Morgans forecasts a full year FY24 dividend of 370.43 cents and EPS of 626.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 439.4, implying annual growth of -6.7%. Current consensus DPS estimate is 309.4, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 10.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.27
Macquarie rates BOE as Outperform (1) -
Construction at Boss Energy's Honeymoon project is on time and on budget with production expected to start in the fourth quarter of 2023. Total capital expenditure commitment is -$65m, to date, around 62% of the budget of -$105.4m.
Macquarie notes there is upside to both life-of-mine and production on exploration success. Outperform rating retained. Target price steady at $3.20.
Target price is $3.20 Current Price is $2.27 Difference: $0.93
If BOE meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.70 cents. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $20.70
Citi rates BSL as Buy (1) -
BlueScope Steel has raised June-half earnings (EBIT) guidance thanks to a strong performance at North Star due to stronger than forecast HRC spreads and prices, coupled with its expansion ramp-up.
Citi raises FY23/24 forecasts 26% and 11% accordingly and expects that moves by China to reduce steel production in the December half will most likely improve regional steel pricing while also reducing iron-ore prices, which should positively affect BlueScope's cost base.
The broker also expects stronger US steel products pricing should boost margins there, and observes a rise in Australian steel prices as well.
Buy rating retained. Target price rises to $23.50 from $20.
Target price is $23.50 Current Price is $20.70 Difference: $2.8
If BSL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $21.62, suggesting upside of 8.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 50.00 cents and EPS of 253.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 247.7, implying annual growth of -56.7%. Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 8.0. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 50.00 cents and EPS of 155.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 194.1, implying annual growth of -21.6%. Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 10.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BSL as Lighten (4) -
BlueScope Steel has upgraded earnings guidance by 43% thanks to strong steel prices and hot rolled US coil spreads, which augur 50% higher earnings for the company's North Star mini-mill for the June half, stronger North American coated products realised margins and rising Australian steel-product prices.
Ord Minnett says the news derisks the dividend.
Lighten rating and $15 target price retained, the broker expecting steel prices and hot rolled coil spreads will return to historical averages and that steel-spread risk could emerge in 2024 due to structural changes in the Chinese economy.
Target price is $15.00 Current Price is $20.70 Difference: minus $5.7 (current price is over target).
If BSL meets the Ord Minnett target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $21.62, suggesting upside of 8.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 50.00 cents and EPS of 237.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 247.7, implying annual growth of -56.7%. Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 8.0. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 50.00 cents and EPS of 159.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 194.1, implying annual growth of -21.6%. Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 10.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BSL as Buy (1) -
BlueScope Steel has upgraded second half EBIT by 43% at the mid point to $700-770m, UBS observes. This is underpinned by the performance of North Star as spreads are tracking above guidance.
UBS increases spread assumptions for the US business, given stronger pricing and forward indicators.
Despite concerns around a more subdued macro economic backdrop the broker envisages value on a one-year basis in the stock and retains a Buy rating. Target is raised to $23.20 from $21.80.
Target price is $23.20 Current Price is $20.70 Difference: $2.5
If BSL meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $21.62, suggesting upside of 8.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
UBS forecasts a full year FY23 dividend of 50.00 cents and EPS of 248.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 247.7, implying annual growth of -56.7%. Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 8.0. |
Forecast for FY24:
UBS forecasts a full year FY24 dividend of 50.00 cents and EPS of 178.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 194.1, implying annual growth of -21.6%. Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 10.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $14.12
Macquarie rates BXB as Neutral (3) -
Brambles has reported 9% revenue growth and increased FY23 guidance, lifting revenue growth guidance to 14-15% and underlying profit to 17-19%. Pallet availability is improving through de-stocking.
Importantly, Macquarie notes free cash flow after dividends is expected to turn positive in FY23. The broker expects revenue tailwinds will moderate from FY24 and growth rates progressively normalise.
Neutral retained. Target rises to $13.70 from $12.90.
Target price is $13.70 Current Price is $14.12 Difference: minus $0.42 (current price is over target).
If BXB meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $14.64, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 34.40 cents and EPS of 68.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.6, implying annual growth of N/A. Current consensus DPS estimate is 40.2, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 18.7. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 37.19 cents and EPS of 74.38 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 86.2, implying annual growth of 12.5%. Current consensus DPS estimate is 46.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CHL CAMPLIFY HOLDINGS LIMITED
Travel, Leisure & Tourism
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Overnight Price: $1.87
Ord Minnett rates CHL as Upgrade to Buy from Accumulate (1) -
Camplify Holdings' March-quarter revenue sharply outpaced Ord Minnett's forecasts after rising 204% thanks to strong average booking values.
The broker sheets this back to strong category growth post covid, market dominance, and a rising preference for cost-effective holidays.
The broker says the company is building a strong presence in the peer-to-peer RV rental segment, and appreciates the company's positive cash flow and strong balance sheet. EPS forecasts rise across the board.
Rating rises to Buy from Accumulate. Target price rises to $2.60 from $2.11.
Target price is $2.60 Current Price is $1.87 Difference: $0.735
If CHL meets the Ord Minnett target it will return approximately 39% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.30 cents. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.70 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CYC CYCLOPHARM LIMITED
Medical Equipment & Devices
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Overnight Price: $2.19
Bell Potter rates CYC as Upgrade to Buy from Hold (1) -
The US Federal Drug Administration (FDA) has advised Cyclopharm that its response is complete and that the company will be eligible for review; and has set a potential approval date of September 29, 2023.
Bell Potter estimates the market for Cyclopharm's Technegas at US$180m. The broker sounds miffed about the last approval delay, which the FDA claimed was based on a lack of safety and efficacy data, while Cyclopharm pointed out that the Complete Response Letter did not relate to such, not to mention the tens of thousands of doses already being delivered to patients outside the US each year, says the broker.
Meanwhile, Bell Potter claims the nuclear medicine community in the US is champing at the bit to get started and observes the company is well capitalised to start the launch.
Rating upgraded to Buy from Hold. Target price rises to $2.80 from $1.70.
Target price is $2.80 Current Price is $2.19 Difference: $0.61
If CYC meets the Bell Potter target it will return approximately 28% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 1.00 cents and EPS of minus 6.50 cents. |
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 1.00 cents and EPS of 3.20 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.66
Macquarie rates DEG as Outperform (1) -
The definitive feasibility study for De Grey Mining's Mallina project is on track for mid 2023. Project financing has commenced and a final decision is expected in the second half of the year.
The company is targeting resource and reserve growth along with the potential for an underground operation, albeit the latter is not in Macquarie's base case. Outperform rating and $1.90 target retained.
Target price is $1.90 Current Price is $1.66 Difference: $0.245
If DEG meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $1.83, suggesting upside of 10.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -1.0, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.6, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DHG DOMAIN HOLDINGS AUSTRALIA LIMITED
Real Estate
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Overnight Price: $3.26
Macquarie rates DHG as Neutral (3) -
Macquarie expects Domain Holdings Australia will report a listings decline of -19% in the March quarter and forecasts second half listings will be down -16%.
The outlook is considered subdued, given a seasonally slower period in the June quarter for residential listings. That said, the broker notes the company has a greater exposure to any upswing in residential listings compared with REA Group ((REA)).
Neutral maintained. Target is raised to $3.20 from $3.10.
Target price is $3.20 Current Price is $3.26 Difference: minus $0.06 (current price is over target).
If DHG 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 $3.40, suggesting upside of 2.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 4.70 cents and EPS of 6.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.8, implying annual growth of 15.3%. Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 48.8. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 5.20 cents and EPS of 10.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.2, implying annual growth of 50.0%. Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 32.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $21.49
Macquarie rates FMG as Underperform (5) -
Macquarie makes slight changes to the earnings outlook for Fortescue Metals in the wake of the March quarter production report. FY23 earnings forecasts drop less than -1% while FY24-28 estimates are lowered -1-2% to reflect adjustments to the strip ratio assumptions.
The above drives a cut to the target, to $17.00 from $17.50. Underperform maintained as the stock is trading on modest free cash flow yields of 6-8% amid uncertainty over capital commitment to FFI.
Target price is $17.00 Current Price is $21.49 Difference: minus $4.49 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.39, suggesting downside of -20.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 179.04 cents and EPS of 282.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 254.8, implying annual growth of N/A. Current consensus DPS estimate is 188.7, implying a prospective dividend yield of 9.1%. Current consensus EPS estimate suggests the PER is 8.1. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 137.15 cents and EPS of 212.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.3, implying annual growth of -19.0%. Current consensus DPS estimate is 147.7, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 10.0. |
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
Ord Minnett rates FMG as Lighten (4) -
Fortescue Metals's March-quarter report met Ord Minnett's forecasts.
The broker observes steel-making margins tightened in the quarter due to macro concerns, increasing demand for the company's cheaper lower-grade ore, and raising realised prices for Fortescue.
Lighten rating and $15 target price retained, the broker citing higher unit costs and the company's premium to the broker's valuation.
Target price is $15.00 Current Price is $21.49 Difference: minus $6.49 (current price is over target).
If FMG meets the Ord Minnett target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.39, suggesting downside of -20.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 258.71 cents and EPS of 369.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 254.8, implying annual growth of N/A. Current consensus DPS estimate is 188.7, implying a prospective dividend yield of 9.1%. Current consensus EPS estimate suggests the PER is 8.1. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 264.15 cents and EPS of 377.63 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.3, implying annual growth of -19.0%. Current consensus DPS estimate is 147.7, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 10.0. |
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 FMG as Sell (5) -
While shipments from the Pilbara reached a nine-month record of 143.1mt in the March quarter, UBS reduces FY23 estimates to 191mt as a result of the impact of Cyclone Ilsa. Meanwhile, realised prices were firm and cost performance strong.
On the broker's modelling, Fortescue Metals is pricing in US$75//t and trades on a 10.9% FY23 and 10.3% FY24 free cash flow yield. Yet the broker expects capital expenditure will lift again as Gabon and FFI projects get underway.
Sell rating maintained, on iron ore price downside risk. Target is reduced to $17.40 from $19.80.
Target price is $17.40 Current Price is $21.49 Difference: minus $4.09 (current price is over target).
If FMG meets the UBS target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.39, suggesting downside of -20.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
UBS forecasts a full year FY23 dividend of 255.77 cents and EPS of 276.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 254.8, implying annual growth of N/A. Current consensus DPS estimate is 188.7, implying a prospective dividend yield of 9.1%. Current consensus EPS estimate suggests the PER is 8.1. |
Forecast for FY24:
UBS forecasts a full year FY24 dividend of 173.45 cents and EPS of 232.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.3, implying annual growth of -19.0%. Current consensus DPS estimate is 147.7, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 10.0. |
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
Overnight Price: $1.48
Shaw and Partners rates GDC as Buy (1) -
Global Data Centre has announced a strategy to realise assets and focus on cash and returns from the current passive and operating investments.
Shaw and Partners envisages potential for liquidity on the Perth data centre, as well as AirTrunk and the Etix operating data centre. The broker is disappointed to witness the end of the operating asset growth in edge data centres globally.
Valuation has shifted with a change in methodology. Buy rating retained and the broker remains bullish on the share price outlook. Target is $2.58, from $2.59.
Target price is $2.58 Current Price is $1.48 Difference: $1.1
If GDC meets the Shaw and Partners target it will return approximately 74% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.50 cents. |
Forecast for FY24:
Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.30 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.82
Bell Potter rates GOR as Buy (1) -
Gold Road Resources' March-quarter production report appears to have pleased Bell Potter, the company reporting strong cash flow despite a lower head-grade. Management reaffirmed production guidance and expects grades will improve this year as the company taps higher grade ore.
Both free cash flow and operating cash flow outpaced the broker, thanks in part to investment sales, and tax timing. Sales missed the broker's forecasts by -6% due to sequencing delays and poor weather, which pushed the company to lower grade extraction.
Bell Potter appreciates Gold Road Resources' strong cash-flow generating, debt-free, unhedged balance sheet and believes the company is well positioned for growth. EPS forecasts fall -12% in 2023; -16% in 2024; and -6% in 2025.
Buy rating retained. Target price rises to $2.05 from $1.90 to reflect the mark-to-market update for the company's listed investments (DeGrey Mining ((DEG)) alone gaining 22% recently).
Target price is $2.05 Current Price is $1.82 Difference: $0.235
If GOR meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.09, suggesting upside of 11.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 1.50 cents and EPS of 11.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 74.1%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 2.00 cents and EPS of 10.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.1, implying annual growth of -1.8%. Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 16.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GOR as Neutral (3) -
First quarter production was better than Macquarie expected. Gold Road Resources delivered 826,000 ozs of gold at Gruyere. Costs were also better than anticipated.
The main catalyst is consistent mill throughput of 9.5mtpa, Macquarie asserts, and an additional pebble crusher due for tie-in later in the year should support this.
Target is raised to $1.90 from $1.80. Neutral.
Target price is $1.90 Current Price is $1.82 Difference: $0.085
If GOR meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.09, suggesting upside of 11.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 3.40 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 74.1%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 2.20 cents and EPS of 7.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.1, implying annual growth of -1.8%. Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 16.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates GOR as Buy (1) -
Gold Road Resources' March-quarter result outpaced Ord Minnett as sharply lower-than-forecast expenditure combined with high mill utilisation and investment sales.
All up, $44.3m in cash landed on the balance sheet, and the broker expects the company will report its highest all in sustaining cost margin in the June quarter, given its production is unhedged, prices remain elevated and capital expenditure is forecast to remain low.
Buy rating retained. Target price rises 5% to $2.05 from $1.95.
Target price is $2.05 Current Price is $1.82 Difference: $0.235
If GOR meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.09, suggesting upside of 11.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 3.00 cents and EPS of 12.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 74.1%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 2.00 cents and EPS of 12.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.1, implying annual growth of -1.8%. Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 16.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates GOR as Buy (1) -
March quarter production was in line with expectations while costs were better than forecast. The highlight of the quarter was mill throughput averaging 9.9mtpa, amid good availability and some softer oxide blending.
Gold Road Resources remains one of the broker's picks in gold amid several upcoming catalysts including higher grades from open-pit stages 3 & 4 and higher gold price expectations. Buy rating and $2.35 target maintained.
Target price is $2.35 Current Price is $1.82 Difference: $0.535
If GOR meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $2.09, suggesting upside of 11.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
UBS forecasts a full year FY23 dividend of 3.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 74.1%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY24:
UBS forecasts a full year FY24 dividend of 4.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.1, implying annual growth of -1.8%. Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 16.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IVC INVOCARE LIMITED
Consumer Products & Services
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Overnight Price: $12.11
Ord Minnett rates IVC as Accumulate (2) -
Ord Minnett reviews InvoCare after the withdrawal of TPG Global's non-binding indicative offer, which was rejected by the board.
The broker observes that while the proposal was sharply higher than the company's trading price at the time, it was opportunistic, TPG hoping to take advantage of shareholder disappointment over results, and still undervalued the company by -13%.
Meanwhile, the broker observes TPG retains a 20% stake and has requested a board seat, suggesting the company remains a target.
All up, the broker believes InvoCare offers compelling value and a wide economic moat, and expects the business to stabilise after covid disruptions.
Accumulate rating and $14.50 target price retained.
Target price is $14.50 Current Price is $12.11 Difference: $2.39
If IVC meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $12.40, suggesting upside of 11.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 26.00 cents and EPS of 37.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.9, implying annual growth of N/A. Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 31.1. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 30.00 cents and EPS of 42.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.0, implying annual growth of 8.6%. Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 28.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.24
Citi rates MP1 as Neutral (3) -
Citi expects Megaport's March-quarter result due on April 28 could disappoint on key metrics, albeit improve slightly on the December quarter.
The broker expects a weak macro environment will continue to drag, but also observes repricing and a cost out should boost margins, while the company's cash burn is expected to ease.
Neutral rating and $7.05 target price retained.
Target price is $7.05 Current Price is $4.24 Difference: $2.81
If MP1 meets the Citi target it will return approximately 66% (excluding dividends, fees and charges).
Current consensus price target is $9.02, suggesting upside of 116.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 11.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -15.7, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -3.7, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $25.86
Macquarie rates NWS as Neutral (3) -
Macquarie observes headwinds are forming across the News Corp advertising businesses and realtor volumes. There is also higher operating expenditure likely for Foxtel from sports rights.
The broker forecasts advertising revenue declines of -10-15% across Dow Jones, News Media and SVS in the third quarter.
Amid limited evidence the group is pursuing an asset sell-down strategy and with earnings uncertainty weighing on the share price, the Neutral rating is retained. Target is lowered to $23 from $34.
Target price is $23.00 Current Price is $25.86 Difference: minus $2.86 (current price is over target).
If NWS 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 $28.67, suggesting upside of 11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 29.40 cents and EPS of 52.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.4, implying annual growth of N/A. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 38.9. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 29.40 cents and EPS of 93.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 111.0, implying annual growth of 67.2%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 23.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.46
Morgans rates QAL as Initiation of coverage with Add (1) -
Qualitas is a real estate fund manager overseeing a series of funds on behalf of sovereign wealth funds, private banks and pension funds. The funds invest predominantly in senior debt to residential real estate developers.
Morgans notes real estate credit delivers a better risk-adjusted return than is currently available for comparable equity investments and initiates coverage with an Add rating and $2.75 target. Currently Qualitas has $5.8bn in funds under management (FUM).
The analyst points out Qualitas' longer term growth potential has increased as regulated deposit taking institutions (ADIs) have retreated from real estate development finance. ADI's are required to hold more capital against their riskier development finance loans.
Australia has under-built on multi-unit residential real estate development since the GFC, and the broker's positive view on this sector underpins its Add thesis.
Target price is $2.75 Current Price is $2.46 Difference: $0.29
If QAL meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 5.00 cents and EPS of 7.00 cents. |
Forecast for FY24:
Morgans forecasts a full year FY24 dividend of 7.00 cents and EPS of 12.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $117.00
Ord Minnett rates RIO as Upgrade to Hold from Lighten (3) -
Rio Tinto's March-quarter result appears to have pleased Ord Minnett, thanks to strong iron-ore shipments. The broker observes that the company's share of Pilbara iron ore shipments grew 16% on the previous March quarter thanks to higher production and inventory drawdowns.
Ord Minnett now suspects its forecasts may be a tad conservative should production remain elevated but holds its ground for now, expecting a decline in 2023 copper production and awaiting further signs on iron-ore demand.
Meanwhile, aluminium, alumina and bauxite production missed the broker's forecasts. Rating upgraded to Hold from Lighten. Target price is steady at $107.
Target price is $107.00 Current Price is $117.00 Difference: minus $10 (current price is over target).
If RIO meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $113.07, suggesting upside of 0.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 1137.59 cents and EPS of 1887.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1165.6, implying annual growth of N/A. Current consensus DPS estimate is 728.3, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 9.6. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 747.90 cents and EPS of 1246.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1253.1, implying annual growth of 7.5%. Current consensus DPS estimate is 776.6, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 9.0. |
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
Overnight Price: $4.45
Citi rates S32 as Buy (1) -
South32's March-quarter production disappointed Citi, management cutting production guidance and net-debt missing the broker's forecast (steady with the December close).
Production missed forecasts in the March-quarter across all of the company's key commodities, due to a range of challenges across a range of assets such as flooding, unscheduled maintenance, environmental orders (now lifted), and a conveyor belt failure.
Citi cuts production and EPS forecasts accordingly. Buy rating retained. Target price falls to $4.90 from $5.50.
Target price is $4.90 Current Price is $4.45 Difference: $0.45
If S32 meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $4.98, suggesting upside of 19.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 29.40 cents and EPS of 40.57 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.1, implying annual growth of N/A. Current consensus DPS estimate is 22.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 9.7. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 35.28 cents and EPS of 55.12 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.9, implying annual growth of 20.4%. Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 8.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates S32 as Outperform (1) -
Macquarie found the March quarter results weak and most operations had production below expectations. Guidance has been lowered for five operations in FY23, including by -8% at Mozal, -7% at Cerro Matoso, -7% at Illawarra, -6% at Cannington and -4% at Alumar.
The broker downgrades earnings forecasts as a result which drives a cut to the target of -6%, to $4.80 from $5.10. Outperform is maintained.
Target price is $4.80 Current Price is $4.45 Difference: $0.35
If S32 meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.98, suggesting upside of 19.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 16.02 cents and EPS of 47.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.1, implying annual growth of N/A. Current consensus DPS estimate is 22.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 9.7. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 18.52 cents and EPS of 46.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.9, implying annual growth of 20.4%. Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 8.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates S32 as Buy (1) -
UBS was disappointed with the March quarter as production was weaker quarter on quarter and FY23 guidance was reduced. Mozal aluminium guidance is reduced to 340,000t, while guidance from Brazil is reduced to 1.34mt. Cannington guidance is lowered by -6%.
The reduction to guidance stemmed from a slow ramp up post fatalities at Mozal, floods at Cannington and geotechnical issues in the Illawarra. Gemco was the bright spot in terms of performance, leading to an upgrade to its guidance.
UBS retains a Buy rating and reduces the target to $5.30 from $5.70.
Target price is $5.30 Current Price is $4.45 Difference: $0.85
If S32 meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $4.98, suggesting upside of 19.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
UBS forecasts a full year FY23 dividend of 24.99 cents and EPS of 39.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.1, implying annual growth of N/A. Current consensus DPS estimate is 22.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 9.7. |
Forecast for FY24:
UBS forecasts a full year FY24 dividend of 36.75 cents and EPS of 49.98 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.9, implying annual growth of 20.4%. Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 8.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.29
Macquarie rates SGR as Downgrade to Neutral from Outperform (3) -
A deterioration in Star Entertainment's revenue has caused Macquarie to re-evaluate its numbers. The broker remains comfortable with the leverage ratios and expects the company can negotiate covenant relief.
The company has provided a trading update and outlined cost cutting initiatives along with a strategic review of Star Sydney and the balance sheet.
The "ultimate debate", in the broker's view, is around the asset value of the integrated resorts. Macquarie does not envisage enough margin of safety and downgrades to Neutral from Outperform. Target is lowered to $1.35 from $1.65.
Target price is $1.35 Current Price is $1.29 Difference: $0.06
If SGR meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $1.58, suggesting upside of 24.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.7, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 74.7. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.0, implying annual growth of 135.3%. Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 31.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.27
Ord Minnett rates SMR as Buy (1) -
Stanmore Resources' March-quarter result sharply outpaced Ord Minnett's forecasts, thanks to stronger than forecast production and boosted by contributions from Poitrel and South Walker Creek acquisitions.
Sales also outpaced but cash disappointed as the company took the opportunity to pay down debt, and due to a boost to capital expenditure.
The broker retains its thesis that the company will benefit as major miners divest met coal assets.
Buy rating retained. Target price falls to $4.20 from $4.50 to reflect changes to the broker's commodity deck and capital expenditure forecasts.
Target price is $4.20 Current Price is $3.27 Difference: $0.93
If SMR meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 7.50 cents and EPS of 77.70 cents. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 25.60 cents and EPS of 43.20 cents. |
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
Overnight Price: $92.99
Morgan Stanley rates SQ2 as Equal-weight (3) -
Morgan Stanley suspects Block shares may continue to weaken given SMB health concerns and growing risk related to Square Seller.
The broker spies declines in Square Seller's merchant processors activity, observing consensus CAGR forecasts do not align with those of Square Seller (about 11%, compare with 16%).
Morgan Stanley estimates even a small deceleration in Square Seller will have a disproportionate affect on Block's share price, and would also slow the rollout of Cash App.
Equal-Weight rating and US$70 target price retained. Industry View: Attractive.
Current Price is $92.99. Target price not assessed.
Current consensus price target is $149.00, suggesting upside of 58.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 108.44 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 161.6, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 58.2. |
Forecast for FY24:
Morgan Stanley forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 7.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 284.7, implying annual growth of 76.2%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 33.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $91.87
UBS rates XRO as Upgrade to Buy from Neutral (1) -
UBS envisages scope for cash flow to surprise over the medium term.
The broker suspects the market is being too conservative and forecasts underlying free cash flow growing to $339m by FY26. Options should emerge in North America from the targeted strategy and open banking catalysts.
Growth in the core business is expected to continue, despite efficiency initiatives. UBS upgrades Australasian net subscriber additions from an average of 89,000 per annum to 246,000 over FY23-26.
Rating is upgraded to Buy from Neutral and the target raised to $109.00 from $90.85.
Target price is $109.00 Current Price is $91.87 Difference: $17.13
If XRO meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $92.62, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY23:
UBS forecasts a full year FY23 dividend of 0.00 cents and EPS of 22.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.0, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 389.9. |
Forecast for FY24:
UBS forecasts a full year FY24 dividend of 0.00 cents and EPS of 100.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.9, implying annual growth of 266.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 106.5. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.52
Shaw and Partners rates ZIP as Buy (1) -
Shaw and Partners considers the March quarter performance "solid" and Australasia stood out for Zip Co, with stronger-than-expected yields.
The broker observes, while investor sentiment has been damaged in terms of global BNPL, business models are shifting towards profit.
Moreover, as BBSW rate increases slow and unit margins emerge as the focus, investor interest should return to the sector. The broker retains a Buy rating and $2.02 target.
Target price is $2.02 Current Price is $0.52 Difference: $1.505
If ZIP meets the Shaw and Partners target it will return approximately 292% (excluding dividends, fees and charges).
Current consensus price target is $0.82, suggesting upside of 57.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 15.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -28.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY24:
Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 9.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -13.2, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
Company | Last Price | Broker | New Target | Prev Target | Change | |
BHP | BHP Group | $43.96 | Morgans | 50.40 | 51.10 | -1.37% |
BSL | BlueScope Steel | $19.86 | Citi | 23.50 | 20.50 | 14.63% |
UBS | 23.20 | 21.80 | 6.42% | |||
BXB | Brambles | $14.32 | Macquarie | 13.70 | 12.90 | 6.20% |
CHL | Camplify Holdings | $1.90 | Ord Minnett | 2.60 | 2.11 | 23.22% |
CYC | Cyclopharm | $2.05 | Bell Potter | 2.80 | 1.70 | 64.71% |
DHG | Domain Holdings Australia | $3.32 | Macquarie | 3.20 | 3.10 | 3.23% |
FMG | Fortescue Metals | $20.66 | Macquarie | 17.00 | 17.50 | -2.86% |
UBS | 17.40 | 19.80 | -12.12% | |||
GDC | Global Data Centre | $1.51 | Shaw and Partners | 2.58 | 2.59 | -0.39% |
GOR | Gold Road Resources | $1.88 | Bell Potter | 2.05 | 1.90 | 7.89% |
Macquarie | 1.90 | 1.80 | 5.56% | |||
Ord Minnett | 2.05 | 1.85 | 10.81% | |||
NWS | News Corp | $25.83 | Macquarie | 23.00 | 34.00 | -32.35% |
S32 | South32 | $4.16 | Citi | 4.90 | 5.00 | -2.00% |
Macquarie | 4.80 | 5.10 | -5.88% | |||
UBS | 5.30 | 5.70 | -7.02% | |||
SGR | Star Entertainment | $1.27 | Macquarie | 1.35 | 1.65 | -18.18% |
SMR | Stanmore Resources | $3.15 | Ord Minnett | 4.20 | 4.40 | -4.55% |
XRO | Xero | $93.57 | UBS | 109.00 | 90.85 | 19.98% |
Summaries
BHP | BHP Group | Add - Morgans | Overnight Price $45.02 |
BOE | Boss Energy | Outperform - Macquarie | Overnight Price $2.27 |
BSL | BlueScope Steel | Buy - Citi | Overnight Price $20.70 |
Lighten - Ord Minnett | Overnight Price $20.70 | ||
Buy - UBS | Overnight Price $20.70 | ||
BXB | Brambles | Neutral - Macquarie | Overnight Price $14.12 |
CHL | Camplify Holdings | Upgrade to Buy from Accumulate - Ord Minnett | Overnight Price $1.87 |
CYC | Cyclopharm | Upgrade to Buy from Hold - Bell Potter | Overnight Price $2.19 |
DEG | De Grey Mining | Outperform - Macquarie | Overnight Price $1.66 |
DHG | Domain Holdings Australia | Neutral - Macquarie | Overnight Price $3.26 |
FMG | Fortescue Metals | Underperform - Macquarie | Overnight Price $21.49 |
Lighten - Ord Minnett | Overnight Price $21.49 | ||
Sell - UBS | Overnight Price $21.49 | ||
GDC | Global Data Centre | Buy - Shaw and Partners | Overnight Price $1.48 |
GOR | Gold Road Resources | Buy - Bell Potter | Overnight Price $1.82 |
Neutral - Macquarie | Overnight Price $1.82 | ||
Buy - Ord Minnett | Overnight Price $1.82 | ||
Buy - UBS | Overnight Price $1.82 | ||
IVC | InvoCare | Accumulate - Ord Minnett | Overnight Price $12.11 |
MP1 | Megaport | Neutral - Citi | Overnight Price $4.24 |
NWS | News Corp | Neutral - Macquarie | Overnight Price $25.86 |
QAL | Qualitas | Initiation of coverage with Add - Morgans | Overnight Price $2.46 |
RIO | Rio Tinto | Upgrade to Hold from Lighten - Ord Minnett | Overnight Price $117.00 |
S32 | South32 | Buy - Citi | Overnight Price $4.45 |
Outperform - Macquarie | Overnight Price $4.45 | ||
Buy - UBS | Overnight Price $4.45 | ||
SGR | Star Entertainment | Downgrade to Neutral from Outperform - Macquarie | Overnight Price $1.29 |
SMR | Stanmore Resources | Buy - Ord Minnett | Overnight Price $3.27 |
SQ2 | Block | Equal-weight - Morgan Stanley | Overnight Price $92.99 |
XRO | Xero | Upgrade to Buy from Neutral - UBS | Overnight Price $91.87 |
ZIP | Zip Co | Buy - Shaw and Partners | Overnight Price $0.52 |
RATING SUMMARY
Rating | No. Of Recommendations |
1. Buy | 18 |
2. Accumulate | 1 |
3. Hold | 8 |
4. Reduce | 2 |
5. Sell | 2 |
Wednesday 26 April 2023
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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