Australian Broker Call

UBS rates AMA as Buy (1) -

AMA Group's operating income was a 14% beat to UBS's forecast. The broker notes volumes for the group are recovering and will determine AMA's ability to hit its second-half operating income margins of 9-10%.

UBS finds the valuation of the stock compelling and thinks if the group can achieve a good result in the second half, the stock may be in for a multi-stage re-rate. 

Valuation remains appealing and the broker has a Buy rating. Target is raised to $0.89 from $0.86.

Target price is $0.89 Current Price is $0.68 Difference: $0.21
If AMA meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates APA as Outperform (1) -

APA Group's FY21 first-half result broadly met Macquarie's estimates and management reiterated full-year guidance. Green adaptation was the highlight of the presentation, reports the broker.

APA Group now has strategies in place to pivot towards renewables and zero carbon. While gas remains the backbone the company acknowledges the future is with renewables, hydrogen and batteries. Timing of the shift is uncertain. Macquarie says the US remit is broadened to electricity; and the broker suspects APA Group may have a co-investor given the scale of the undertaking.

Macquarie expects capital expenditure will exceed -$1bn between FY21-23, firing earnings growth. Maturation and refinancing of debt would boost latency in the balance sheet.

EPS forecasts rise 4.6%, 1.7% and 1.2% across FY21, FY22 and FY23.

Target price eases -2.8% to $10.28. Outperform rating retained, the broker noting strong income, quality management and experience in developing electricity. 

Target price is $10.28 Current Price is $9.33 Difference: $0.95
If APA meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $10.84, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

UBS rates APA as Buy (1) -

APA Group's first half earnings were in-line with UBS's forecast but the broker is surprised with a higher than expected FY21 distribution guidance of 51c.

The result focused on the group's "strategy refresh" that aims to expand APA's growth ambitions into electricity transmission, renewables and firming generation assets.

The group expects more than -$1bn in organic growth capex over FY21-23 and sees growth opportunities worth more than $5bn over the next 5-10 years.

The Buy rating is unchanged. Target falls to $11.45 from $11.60.

Target price is $11.45 Current Price is $9.33 Difference: $2.12
If APA meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $10.84, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

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

Macquarie lifts the rating for Eagers Automotive to Outperform from Neutral as supply-demand dynamics appear likely to remain
supportive of margins until at least the second half of 2021, which should drive further earnings upgrades.

Management suggested there has likely been a structural shift in total global supply, caused by the permanent reduction of excess capacity and the closure of uneconomic factories.

The company reported FY20 results, with underlying operating profit (PBT) of $209.4m, in-line with recently updated guidance. The target price is increased to $14.50 from $14.30.

The broker highlights the company has exceeded its annualised synergy targets and achieved -$78m of permanent cost reductions during the initial response to covid, which will result in higher earnings (EBITDA margins) when pricing normalises.

Target price is $14.50 Current Price is $12.32 Difference: $2.18
If APE meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $14.16, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgan Stanley rates APE as Overweight (1) -

Morgan Stanley found no surprises in the pre-guided 2020 results. The broker notes the order book is strong and there has been early momentum evident in 2021.

The main announcement was the CEO succession, with Keith Thornton to take over from Martin Ward, effective immediately.

Overweight retained. Target is $17. Industry view: In-Line.

Target price is $17.00 Current Price is $12.32 Difference: $4.68
If APE meets the Morgan Stanley target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $14.16, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgans rates APE as Add (1) -

Morgans assesses Eagers Automotive has benefited from the structural cost-out executed during 2Q20 and the powerful margin tailwind that comes when inventory conditions are tight.

The pre-released profit (NPBT) of $209.4m was up 108% year-on-year as a very tough 1H was offset by a stronger 2H, explains the broker. Management noted the order book in early FY21 is ‘strong’ with demand tailwinds persisting.

Morgans leaves forecasts unchanged. The Add rating and $15.05 target are unchanged and the broker feels the negative market reaction to what was in fact a well-planned CEO transition was overdone.

Target price is $15.05 Current Price is $12.32 Difference: $2.73
If APE meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $14.16, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Ord Minnett rates APE as Upgrade to Accumulate from Hold (2) -

2020 results were in line with guidance provided in late January. The outlook has not changed, Ord Minnett observes, and the current record margins are expected to be sustained for some time given high demand and disrupted global supply chains.

The broker believes Eagers Automotive is ideally positioned to expand its leadership position over the medium term and widen the gap between scale networks and smaller operators. The broker upgrades to Accumulate from Hold and raises the target to $14.00 from $13.50.

Target price is $14.00 Current Price is $12.32 Difference: $1.68
If APE meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $14.16, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

UBS rates APE as Buy (1) -

Eagers Automotive reported a strong 2020 result, observes UBS, in line with expectations. Also, the business continues to win share and is executing its Next100 strategy well.

Group gross margin increases to 17.9% in 2020, up 100bps versus 2019 but remains well below 2015 levels. The broker is interested in the timing and amount of gross margin reversion with new vehicle supply normalising.

UBS expects profit before tax of $273m in 2021. In the broker's view, Eagers is a covid beneficiary and continues to offer upside medium term from an ongoing acceleration in front-end volumes and cost-base optimisation. Buy with a $15 target (unchanged).

Target price is $15.00 Current Price is $12.32 Difference: $2.68
If APE meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $14.16, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Credit Suisse rates APX as Neutral (3) -

2020 revenue grew 12% and operating earnings 7%. Credit Suisse suspects the historical upgrade pattern and tendency to beat expectations cannot be relied on any more, as the earnings base has become sizeable.

Revenue is also predominantly not recurring and the broker is alert for any impact from new entrants in the market. As a result, a Neutral rating is maintained. Target is reduced to $20 from $26.

Target price is $20.00 Current Price is $17.81 Difference: $2.19
If APX meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $23.28, suggesting upside of 38.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Macquarie rates APX as Underperform (5) -

Macquarie called it correctly (see update on February 17) and there would have been some kind of "we told you so" sentiment involved when today's post-result research response was put together.

It is Macquarie's thesis that smaller sized contracts lead to higher price competition and whatdayaknow: Appen's 2020 result disappointed, including the company's forward guidance.

Price competition remains a risk and might trigger further earnings downgrades, warns the broker. Underperform rating retained. Target price drops to $16 from $19.

Target price is $16.00 Current Price is $17.81 Difference: minus $1.81 (current price is over target).
If APX meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.28, suggesting upside of 38.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

UBS rates APX as Neutral (3) -

Appen delivered an in-line result with its downgraded guidance. UBS highlights near-term challenges for Appen include a strong AUD, first half impacts from major customer reprioritisation due to covid and new product development.

The company's 2021 operating income guidance range is $120-$130m and represents 18-28% growth over FY20. Over the medium-term, the broker has reset its growth expectations but also notes these are likely to be conservative if historical growth trends resume.

While liking Appen's long-term fundamentals, UBS believes the risks remain balanced in the near-term. Neutral rating with the target falling to $19.50 from $27.50.

Target price is $19.50 Current Price is $17.81 Difference: $1.69
If APX meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $23.28, suggesting upside of 38.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Macquarie rates ASG as Outperform (1) -

Autosports Group reports a FY21 half-release in the midpoint of pre-reported guidance.

Margins were above the pre-covid average thanks to increased demand and tight supply in metals, which yielded higher prices. Jobkeeper also helped.

Macquarie expects tight supply to continue for at least the FY21 year; a recovery in back-end activities; and that margins should normalise past FY21.

EPS forecasts rise 4.3% and 6.3% for FY21 and FY22. Target price rises to $2.15 from $1.90 to reflect earnigns growth and lower net debt. Outperform rating retained.

Target price is $2.15 Current Price is $1.90 Difference: $0.25
If ASG meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgans rates AVG as Add (1) -

Australian Vintage delivered a strong interim result, which exceeded Morgans forecasts. Solid top-line trends were considered aided by the tailwinds of lower V20 wine costs and production efficiencies from recent growth capex.

Revenue rose 7.8%, with strong performances across the UK and Australia reflecting the combined benefit of new product development (NPD), improved sales mix, distribution growth and increased Retail channel demand due to covid (particularly in the UK).

Add rating and the target price is increased to $0.83 from $0.79. Trading on a relatively low PE, with capital management upside and a strong growth outlook, Morgans continues to see the valuation as compelling.

Target price is $0.83 Current Price is $0.65 Difference: $0.18
If AVG meets the Morgans target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

UBS rates AWC as Buy (1) -

Alumina Ltd reported full-year earnings of US$147m for 2020, down -55% versus last year. Earnings in the second half at US$59m also showed a half on half fall of -33%.

UBS retains its Buy rating with a target of $2.

Target price is $2.00 Current Price is $1.67 Difference: $0.33
If AWC meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.88, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.5

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

Morgans rates BGA as Add (1) -

Following a stronger-than-expected result Morgans lifts profit (NPAT) forecasts for Bega Cheese.The highest upgrades are reserved for FY23 as it's considered the Lion Dairy & Drinks (LD&D) base-case synergy target is conservative.

The combined businesses will derive 80% of revenue from more stable branded product sales (versus 62% at present), reducing the group’s exposure to volatile commodity driven bulk earnings.

Earnings growth in the half reflected strong retail sales from its branded business, a lower cost base and its new lactoferrin facility. Add rating. The target rises to $6.80 from $6.10.

Target price is $6.80 Current Price is $6.15 Difference: $0.65
If BGA meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates BKL as Sell (5) -

The broker highlights material cost-outs and success in SE Asian markets as driving Blackmores' result, but retains Sell. Increased distribution in Indonesia saw sales jump 73% and after two years of underperformance, Chinese earnings rose 26%.

Australian revenues fell -10%. While this reflects an impacted student/visitor market and a mild flu season, the broker notes industry feedback suggests competition in the space has increased.

The broker is also concerned over guidance to a slower second half. The broker cuts forecasts on this basis, and higher promotional spend, and adverse currency movement. Target falls to $59.20 from $60.50.

Target price is $59.20 Current Price is $78.73 Difference: minus $19.53 (current price is over target).
If BKL meets the Citi target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $70.74, suggesting downside of -13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

Credit Suisse rates BKL as Neutral (3) -

Credit Suisse continues to assess Blackmores is in an upgrade cycle, as China returns to growth. The broker models 35% sales growth in FY21, supported by new product launches amid more innovation in sales to China flagged for the second half.

Nevertheless, the broker downgrades FY21 estimates for EBIT because of weaker Australian business and one-off costs. Sales growth of 10% is expected in FY22 followed by 5% long-term growth. Neutral maintained. Target rises to $80 from $65.

Target price is $80.00 Current Price is $78.73 Difference: $1.27
If BKL meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $70.74, suggesting downside of -13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

Macquarie rates BKL as Neutral (3) -

The first half result was ahead of Macquarie's expectations as earnings (EBIT) benefited from tighter costs. Cash flow was considered strong and the balance sheet solid with net cash of $71m.

The broker highlights the International segment is showing continued growth and strong operating leverage with earnings up 61% on revenues that increased 19%. Management sees continuing benefits of operational improvements offset by seasonality and weaker ANZ revenues.

Neutral rating with the target price increasing to $78.50 from $72.50, driven by earnings changes and net cash position (from net debt).

Target price is $78.50 Current Price is $78.73 Difference: minus $0.23 (current price is over target).
If BKL meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $70.74, suggesting downside of -13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

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

First half earnings (EBIT) were ahead of Morgan Stanley's estimates while sales missed forecasts. Australasian weakness was offset by a stronger result in Asia/China.

Morgan Stanley notes the balance sheet is strong, as is liquidity. In the second half, revenue is expected to be below the first half while growth in Asia will continue and Australasia remains challenged.

Morgan Stanley retains an Equal-weight rating and $70 target. Industry view is Attractive.

Target price is $70.00 Current Price is $78.73 Difference: minus $8.73 (current price is over target).
If BKL meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $70.74, suggesting downside of -13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

Morgan Stanley rates BTH as Overweight (1) -

First half results were in line with guidance and there were few surprises, Morgan Stanley notes.

The company has reiterated expectations for revenue to be at the top end of the $41-43m range, assuming stable FX rates and customer retention during integration.

The broker retains an Overweight rating and $1.40 target. Industry view is In-Line.

Target price is $1.40 Current Price is $0.90 Difference: $0.5
If BTH meets the Morgan Stanley target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates CAJ as Outperform (1) -

Credit Suisse considers the first half result flawless. Revenue was ahead of expectations as Capitol Health generated positive organic growth, even as around 80% of its business in Melbourne metro was subject to lockdown for three months.

The upside surprise for margins underlines the scope of internal improvement opportunities, the broker suggests. No guidance was provided and, while expecting stronger second half revenue, Credit Suisse does not anticipate extensive operating leverage.

Outperform retained. Target is raised to $0.43 from $0.35.

Target price is $0.43 Current Price is $0.34 Difference: $0.09
If CAJ meets the Credit Suisse target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Ord Minnett rates CAJ as Accumulate (2) -

Operating earnings (EBITDA) were up 50% in the first half, and after adjusting for JobKeeper Ord Minnett notes EBITDA still grew 17.5%. Cost control featured, with margins reaching 24.3%.

Ord Minnett expects growth in industry volumes will return to trend while the company should continue to gain market share. Accumulate retained. Target rises to $0.36 from $0.30.

Target price is $0.36 Current Price is $0.34 Difference: $0.02
If CAJ meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

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

City Chic Collective's solid 22% earnings growth was driven by online sales growth and lower wage and rent costs. The northern hemisphere accounted for 45% of sales and will be more than half by the end of FY21, Citi notes.

The Avenue and Evans acquisitions contributed to strong growth, as well as marketing spend and a return to more "normal" trading conditions locally. Margins were under pressure due to the higher cost of online fulfillment but the brokers sees some of this as transitory.

Citi expects the second half to be even stronger as the company cycles last year's initial covid disruption, offset by wage/rent costs returning. The rating is downgraded to Neutral from Buy on share price strength. Target rises to $4.30 from $4.00.

Target price is $4.30 Current Price is $4.05 Difference: $0.25
If CCX meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.48, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Macquarie rates CCX as Outperform (1) -

The first half result's underlying (pre-IFRS 16) earnings (EBITDA) of $23.3m were exactly in-line with Macquarie's recently upgraded forecasts. There was a - 9% miss on sales estimates with US exposures (excluding  Avenue) impacted by covid-19.

The broker highlights City Chic Collective products are being cross sold onto the Avenue platform and believes the products are poised to benefit from recovering demand for non-casual apparel. The Outperform rating and $4.60 target are retained.

Target price is $4.60 Current Price is $4.05 Difference: $0.55
If CCX meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.48, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Morgan Stanley rates CCX as Overweight (1) -

First half results were below Morgan Stanley's estimates. The main debate for the broker is the sustainability of operating earnings margins as online revenue grows.

EBITDA margins grew 17% in the half, during a period when online penetration increased to 73% from 53%. The broker suggests this demonstrates online revenue is not diluting group margins.

Overweight rating with a target of $4.50. Industry view is In-line.

Target price is $4.50 Current Price is $4.05 Difference: $0.45
If CCX meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.48, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Ord Minnett rates CCX as Accumulate (2) -

City Chic Collective remains well-positioned to deliver strong growth in the medium term, asserts a confident Ord Minnett looking at the company's expansion phase.

Also, the broker highlights that in Australia and New Zealand, City Chic plans to continue to grow through store openings and the upsizing of high potential stores.

In the northern hemisphere, the retailer will expand its online sales through its own City Chic presence via the Avenue business in North America and the Evans brand in the UK.

Accumulate rating with a 4.50 target price.

Target price is $4.50 Current Price is $4.05 Difference: $0.45
If CCX meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.48, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Citi rates DRR as Neutral (3) -

Deterra's profit result was always going to be messy being the first since demerging, but revenues and the dividend were in line with expectation. The dividend represented a 100% payout of post-demerger profit, the broker notes.

Management expects business development expenditure to increase in the second half with a focus on royalty opportunities in base metals, bulks and battery commodities rather than precious metals. Gearing may increase as a result.

Australia remains the target geography and ESG considerations mean shying away from thermal coal. Neutral and $4.50 target retained.

Target price is $4.50 Current Price is $4.64 Difference: minus $0.14 (current price is over target).
If DRR meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.91, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Credit Suisse rates DRR as Outperform (1) -

First half net profit was in line with estimates. Credit Suisse suggests earnings over FY21 and FY22 to reflect a more conservative ramp up at South Flank. The focus is now on bolt-on acquisitions without gearing the balance sheet too much.

Credit Suisse retains an Outperform rating and $4.80 target. While suspecting it may take time for the market to warm to the investment case the broker envisages upside for those willing to be patient.

Target price is $4.80 Current Price is $4.64 Difference: $0.16
If DRR meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.91, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Macquarie rates DRR as Outperform (1) -

The 1H21 earnings result was considered solid by Macquarie with earnings (EBITDA) in-line with expectations, while the interim dividend of 2.45 cents was higher than expected. The broker now forecasts a final dividend of 7 cents which increases to 10 cents at spot prices.

Outperform rating as buoyant iron-ore prices drive upgrade momentum with a spot price scenario generating 30% and 70% higher earnings for FY21 and FY22, explains Macquarie. A variance in cash sees the target reduced to $5.30 from $5.50.

Target price is $5.30 Current Price is $4.64 Difference: $0.66
If DRR meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.91, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

UBS rates DRR as Buy (1) -

Deterra Royalties's maiden half-year result delivered a net profit of $33.3m, ahead of UBS's forecast by 2%.

The company also announced a maiden dividend of 2.45c, a -13% miss to UBS's estimate of 2.8c. UBS notes the miss mostly reflects the timing of Deterra's demerger from Iluka Resources ((ILU)).

In the broker's view, the attraction of a royalty company like Deterra is its exposure to the underlying commodity without exposure to operating cost and capex. The MAC royalty offers this plus along with a circa 130% increase in volume as South Flank ramps up.

Buy rating with the target falling to $5.05 from $5.15.

Target price is $5.05 Current Price is $4.64 Difference: $0.41
If DRR meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.91, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Citi rates FCL as Buy (1) -

Fineos Corp's profit was in line and earnings slightly ahead of the broker on higher revenues and margins. Subscription revenue grew 35% and full year subs guidance is ahead of the broker's forecast.

Fineos has been selected as the claims management software provider by Partners Life for life insurance and medical claims in New Zealand. The broker sees this as positive as the first customer in A&NZ to move to the cloud could be used as a reference case.

However, a client loss led to a lower contribution from Limelight, services revenue growth slowed and forex headwinds are blowing.

Buy and $4.60 target retained.

Target price is $4.60 Current Price is $4.05 Difference: $0.55
If FCL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.61, suggesting upside of 15.8% (ex-dividends)

Forecast for FY21:

Forecast for FY22:

This company reports in EUR. 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 FCL as Outperform (1) -

1H21 Revenue was -1.2% below Macquarie's forecast though importantly software revenue rose 43.9% versus pcp and exceeded the Macquarie forecast by 2.8%. Meanwhile, services revenue missed the Macquarie forecast by -3.3%.

Management reaffirmed FY21 guidance of 30% subscription revenue growth before Limelight Health’s subscription revenue contribution. 

The broker highlights a contract win with Partners Life as an important step being the first cloud-based client in ANZ, which also extends to medical claims. 

Outperform rating retained. Target is reduced to $4.63 from $5.22 as the broker downgrades Services revenue by circa -10% in FY21. The change is largely the result of a large client in NZ ceasing Services work on a project earlier than expected.

Target price is $4.63 Current Price is $4.05 Difference: $0.58
If FCL meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.61, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.8

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

Ord Minnett rates FCL as Downgrade to Hold from Accumulate (3) -

Fineos Corp Holdings' first half result was strong across key metrics, observes Ord Minnett, with 20% organic growth at the top line and 35% organic growth in subscription revenues versus last year.

The near-term outlook from the company's FY21 guidance seems to be softer, suggests the broker, with the business impacted by a slower rate of new client success due to covid. The company now expects flat top-line revenue in the second half versus the first half.

Pending a resumption in new client activity, Ord Minnett downgrades to Hold from Accumulate with the target dropping to $4.10 from $4.36.

Target price is $4.10 Current Price is $4.05 Difference: $0.05
If FCL meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.61, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

This company reports in EUR. 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 FLT as Neutral (3) -

Due to the ongoing movement restrictions as a result of covid, Flight Centre saw 1H21 total travel value down -88% on the previous corresponding period to $1.5b with revenue down -90% to $160m. 

At first glance, Macquarie highlights the significant improvement in monthly cash burn, with the monthly run rate coming down to -$30m/month in December (Sept: -$43m, Jul: -$43m, initial target: -$65m).

Assuming no revenue improvement, the broker notes Flight Centre’s circa $900m available in cash (adjusted for bad debts & covenants), which provides a 22-month runway.

FY21 guidance was not provided, due to evolving border restrictions and the unknown vaccine impacts. The group stated it is targeting a return to break-even in both Leisure and Corporate travel during 2021.

While under review, the Neutral rating and $15.30 target price are unchanged.

Target price is $15.30 Current Price is $16.34 Difference: minus $1.04 (current price is over target).
If FLT meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.97, suggesting downside of -15.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Morgans rates HLO as Add (1) -

Helloworld reported a 1H21 loss (the smallest in the sector due to its very low cost base) that beat Morgans forecast on a number of key metrics.

The broker maintains an Add rating as the company is nearing break-even, has plenty of liquidity and has an attractive valuation based on more normalised earnings.

Management noted medium-term pent-up demand for travel is extremely strong and expected to ramp up rapidly. While stressing earnings uncertainty remains high in the short term, Morgans lifts the target to $3.10 from $2.28. Add rating.

Target price is $3.10 Current Price is $2.31 Difference: $0.79
If HLO meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Ord Minnett rates HLO as Upgrade to Hold from Lighten (3) -

Ord Minnett notes the interim result was indicative of a business in survival mode given its core operations were effectively shut during the half year.

While the stock price has declined materially since the downgrade to Lighten in December, and the broker upgrades back to Hold, a cautious view is retained on the medium-term outlook.

The great unknown is just how many franchisees within the retail network will remain in business once international travel resumes, the broker points out. Target is reduced to $2.40 from $2.65.

Target price is $2.40 Current Price is $2.31 Difference: $0.09
If HLO meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Citi rates HLS as Neutral (3) -

Healius' underlying profit result beat the broker by 11% due to a higher level of covid testing. Revenues were in line but earnings beat thanks to the company's Sustainable Improvement Program. Gearing dropped considerably following the sale of medical centres.

No full year guidance was offered but management expects solid trading in all divisions. Testing rates continued in the first two months of the second half but the base business has also begun to recover.

Neutral retained, target rises to $4.25 from $4.10.

Target price is $4.25 Current Price is $3.99 Difference: $0.26
If HLS meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.27, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Credit Suisse rates HLS as Outperform (1) -

First half earnings were ahead of expectations. Credit Suisse notes no acceleration in growth occurred in the second quarter relative to the first. This stemmed, partially, from weaker coronavirus testing.

No earnings guidance was provided but the company's outlook for its three divisions remains positive. Credit Suisse believes the shares will be supported by the $200m buyback program and a strong balance sheet that provides an opportunity to pursue M&A.

Outperform retained. Target is reduced to $4.25 and $4.30.

Target price is $4.25 Current Price is $3.99 Difference: $0.26
If HLS meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.27, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Macquarie rates HLS as Outperform (1) -

Macquarie had, prior to February, identified Healius as a potential surprise, but today yesterday's performance report is merely labeled as "largely in line".

Looking through the fine print, it turns out operational earnings (EBIT) of $136.6m were 3% ahead of the broker's forecast, led by better-than-expected Day Hospital earnings more than offsetting a weaker-than-expected Imaging result.

Macquarie remains positive on the near-term outlook with Healius possessing opportunities for growth over the medium-longer term. On this basis, the Outperform rating remains in place, while the price target lifts to $4.45 from $4.35.

Target price is $4.45 Current Price is $3.99 Difference: $0.46
If HLS meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.27, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

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

First half results were largely in line with Morgan Stanley's estimates. Healius is not providing FY21 guidance at this stage, given the unpredictable nature of the coronavirus outbreaks.

Morgan Stanley notes robust revenue growth continued in January/February in pathology while imaging revenue was up 8.6% in January.

Net debt has reduced further and the broker expects a buyback will recommence shortly. Equal-weight retained. Target is $4.05. Industry view: In-line.

Target price is $4.05 Current Price is $3.99 Difference: $0.06
If HLS meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.27, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgans rates HLS as Hold (3) -

First half underlying results for Healius were broadly in-line with Morgans forecasts. Solid revenue growth, underpinned by covid-related gains, and cost outs drove up margins and improved profitability explains the broker.

While Imaging was negatively impacted by the Victorian shutdown and increased costs, Pathology posted triple-digit profit growth and Day Hospitals/IVF turned around to show a profit, explains the analyst.

There are significant annualised savings to date from Stage I of the sustainable improvement program (SIP) across the four key areas of digitisation, work force, network optimisation, and sourcing. Stage II remains mostly in early stages.

The Hold rating is unchanged and the target price is increased to $4.04 from $3.53.

Target price is $4.04 Current Price is $3.99 Difference: $0.05
If HLS meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.27, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Ord Minnett rates HLS as Accumulate (2) -

First half revenue and earnings were in line with Ord Minnett's forecasts. The mix of earnings was more weighted to imaging and hospitals than the broker had expected.

A strong contribution from coronavirus testing is set to underpin earnings as the business transitions following the sale of medical centres.

The broker likes the new simplified business and the potential for M&A and retains an Accumulate rating with a $4.45 target.

Target price is $4.45 Current Price is $3.99 Difference: $0.46
If HLS meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.27, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

UBS rates HLS as Buy (1) -

Healius's first-half revenue and operating income were -2-3% below UBS's forecasts on account of slightly weaker than expected covid PCR testing revenue. The broker is pleased with the minimal decline in the routine pathology revenue.

UBS anticipates a recovery in diganostic services over the second half with GP and hospital attendances normalising.

Buy rating with a price target of $4.40.

Target price is $4.40 Current Price is $3.99 Difference: $0.41
If HLS meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.27, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Credit Suisse rates HMC as Neutral (3) -

First half results were in line with expectations, with completed developments the main driver of growth. Management has reiterated its ambition to grow funds under management to $5bn without needing additional equity.

Credit Suisse suspects the market's reaction was not a reflection of disappointment with the result, rather it was swept up in a broader sell-off across fund manager A-REITs. Neutral maintained. Target is raised to $3.90 from $3.87.

Target price is $3.90 Current Price is $3.73 Difference: $0.17
If HMC meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Morgans rates HMC as Add (1) -

Home Consortium delivered FFO of 7.3c which is up materially due to higher property income and lower finance costs after the HomeCo Daily Needs REIT ((HDN)) spin-off (retention of 26.6% stake).

The broker notes the company continues to evolve to a capital-light model. Assets under management (AUM) are currently $1.7bn with the medium term target unchanged at over $5bn.

Management FFO guidance is to be no less than 12.9cps which is in-line with the analyst’s expectations. DPS guidance is 12c with a 6c interim fully franked dividend declared. Add rating and target is reduced to $4.17 from $4.27.

Target price is $4.17 Current Price is $3.73 Difference: $0.44
If HMC meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Ord Minnett rates HMY as Buy (1) -

First half income beat Ord Minnett's expectations and FY21 gross income forecasts are upgraded by 2%. The broker is confident in the capacity of the book to deliver as the Australian scale-up strategy continues to progress as planned.

The broker notes, supported by $290m in undrawn facilities across the Australasian markets, the transition to higher-value warehouse funded loans can accelerate during the second half. Buy retained. Target is $3.90.

Target price is $3.90 Current Price is $2.06 Difference: $1.84
If HMY meets the Ord Minnett target it will return approximately 89% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates HT1 as Outperform (1) -

2020 operating earnings were slightly ahead of Credit Suisse estimates. While the radio market has been slower to recover compared with TV, the company finds recent indicators encouraging.

Credit Suisse observes the market is now in a better position to return to growth as weak pandemic-affected comparables will be cycled. Outperform rating and $2.10 target maintained.

Target price is $2.10 Current Price is $1.88 Difference: $0.22
If HT1 meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.67, suggesting downside of -11.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Macquarie rates HT1 as No Rating (-1) -

Judging from Macquarie's post result commentary, 2020 revenues marginally beat expectations, but operational earnings (EBITDA) marginally missed.

The accompanying Q1 trading update suggests momentum is building versus the same period last year. Macquarie finds early briefing activity for April and 2Q campaigns "encouraging".

The broker labels the report as broadly in-line and sees extra potential from an unlevered balance sheet. Macquarie is currently under research restriction.

Current Price is $1.88. Target price not assessed.

Current consensus price target is $1.67, suggesting downside of -11.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Ord Minnett rates HUB as Hold (3) -

First half operating earnings grew 41% amid solid margin expansion, Ord Minnett observes.

The broker was impressed with the flow in the core platform and believes opportunities abound as the company completes the acquisition of Xplore Wealth and launches a new private-labelled product for the IOOF Holdings ((IFL)) network.

Valuation prevents Ord Minnett from becoming more positive at this stage and a Hold rating is maintained. Target rises to $24.00 from $23.29.

Target price is $24.00 Current Price is $23.16 Difference: $0.84
If HUB meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $25.41, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Credit Suisse rates HUM as Neutral (3) -

BNPL earnings were a little lower than Credit Suisse expected in the first half and no interim dividend was declared.

The broker understands the reason for no dividend stems from a desire to invest in new products and markets but was surprised by the extent of the negative share price reaction.

Credit Suisse has no issue with the strategy and notes underlying costs are being well managed. Valuation is also undemanding, although the broker holds back from taking a more positive view not yet convinced the business can catch up with major competitors.

Neutral. Target is reduced to $1.20 from $1.40.

Target price is $1.20 Current Price is $1.08 Difference: $0.12
If HUM meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.38, suggesting upside of 30.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Macquarie rates HUM as Outperform (1) -

Humm Group reported its 1H21 result with cash net profit pre-reported. The group increased its cost guidance with weaker trends in the Australian cards business a source of disappointment for Macquarie. No dividend was announced which surprised the broker.

Even so, the broker firmly asserts the market reaction to the share price was unwarranted and extra aggressive. 

While disappointed, Macquarie's investment thesis remains intact and the broker expects earnings to be supported by impairment write-backs. The broker also expects the demand for credit to improve over 2021, which may support multiple re-ratings.

Outperform rating retained. Target falls to $1.35 from $1.40.

Target price is $1.35 Current Price is $1.08 Difference: $0.27
If HUM meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.38, suggesting upside of 30.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

UBS rates HUM as Buy (1) -

Humm Group had pre-reported its first-half cash net profit and reaffirmed its guidance.

UBS notes the market is concerned with the lack of meaningful acceleration in the buy now pay later (BNPL) volume growth despite investments made into the brand and competitive pressures impacting BNPL's merchant service fees.

The broker remains positive on the group's offshore expansion strategy and believes the key for Humm will be to demonstrate strong traction offshore.

UBS views Humm as a value play in the BNPL sector and retains its Buy rating with a target of $1.60.

Target price is $1.60 Current Price is $1.08 Difference: $0.52
If HUM meets the UBS target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $1.38, suggesting upside of 30.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Macquarie rates IEL as Outperform (1) -

Macquarie notes IDP Education's recovery profile seems to be improving ahead of expectations due to sticky student demand despite covid.

Despite headwinds in the half, the broker highlights lead indicators remain positive with IELTS testing expected to be back to pre-covid levels in December.

The broker also believes the company's digital investments seem to be paying off and are expected to drive margins as recovery continues.

Outperform rating with the target rising to $30.80 from $21.95.

Target price is $30.80 Current Price is $26.66 Difference: $4.14
If IEL meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $30.59, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgan Stanley rates IEL as Overweight (1) -

First half results beat Morgan Stanley's estimates, suggesting a materially improved competitive position post the pandemic.

While assessing the rebound in earnings is already included in FY22 and FY23 estimates the broker believes its forecasts are now materially de-risked.

Overweight retained. Target is raised to $30 from $24. Industry view: In-line.

Target price is $30.00 Current Price is $26.66 Difference: $3.34
If IEL meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $30.59, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgans rates IEL as Add (1) -

Morgans assesses the 1H21 result as solid in challenging conditions. Profit (NPAT) was 20% ahead of the broker's expectations, driven by IELTS test volumes and lower opex. Significant pent-up demand provides upside to the broker's forecasts as border restrictions ease.

The analyst's key outlook takeaways included IELTS testing volumes are improving further into 2H21, computer-delivered testing roll-out is to continue in 2H21 (boding well for IELTS capacity). Finally, placement regions (particularly UK and Canada) are showing strong demand.

Morgans lifts FY21-23 EPS forecasts by 34%,18% and 20%, respectively. Add rating and the target price is increased to $30.29 from $25.09.

Target price is $30.29 Current Price is $26.66 Difference: $3.63
If IEL meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $30.59, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

UBS rates IEL as Buy (1) -

IDP Education reported revenue of $269m and this coupled with solid cost control generated $68m in operating income, a material beat of 67% to UBS's forecast.

UBS finds IDP's result impressive that has cemented its position as a top-tier, quality stock. Despite closed borders, a good uptake of remote learning led to higher online enquiries (up 35%) versus pre-covid levels.

Also, the broker believes the structural thematic remains intact and IDP Education will exit the year stronger.

Buy rating is maintained with the target rising to $29.80 from $23. 

Target price is $29.80 Current Price is $26.66 Difference: $3.14
If IEL meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $30.59, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates IFL as No Rating (-1) -

A 17% rise in core profit for IOOF Holdings beat expectation, with lower interest costs helping. The ordinary dividend is as expected but the additional special, paid from the proceeds of shares in another fund and BT settlement income, surprised the market, the broker suggests.

The Advice transformation is underway but there's a long way to go. As the broker is advising it is under research restriction.

Current Price is $3.39. Target price not assessed.

Market Sentiment: 1.0

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

Credit Suisse rates IFL as Outperform (1) -

First half net profit was below Credit Suisse estimates, largely because of a miss on the net interest expense line. Revenue was strong, supported by gross margins, which is something the broker notes has not been the case for a while.

In FY22 gross margins are expected to decline again in the platform division as legacy clients are transferred to the Evolve platform.

Credit Suisse assesses there is significant demand for advice and a large opportunity for a firm such as IOOF Holdings. Outperform reiterated. Target is $5.

Target price is $5.00 Current Price is $3.39 Difference: $1.61
If IFL meets the Credit Suisse target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $4.55, suggesting upside of 36.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgan Stanley rates IFL as No Rating (-1) -

First half net profit was broadly in line with Morgan Stanley's estimates.

Given the large capital raising and potential for cash to be used to fund integration costs onto acquisitions, the broker suspects investors would have found the special dividend surprising. Yet, this could be just a sign of confidence in the balance sheet.

IOOF Holdings is seeking to become the lowest cost retail wealth manager and rebuild its platform and advice divisions. Around $1.1bn from six legacy products will move to be Evolve platform in early 2021.

Morgan Stanley is currently restricted on rating and target. Industry view: In-Line.

Current Price is $3.39. Target price not assessed.

Current consensus price target is $4.55, suggesting upside of 36.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Ord Minnett rates IFL as Buy (1) -

Ord Minnett envisages significant valuation upside but also substantial revenue margin pressure which will need to be offset through cost savings. First half net profit was in line with forecasts.

The company is confident in its prospects and balance sheet position, the broker suggests, with a special dividend of 3c per share declared along with the interim of 8c. Buy rating and $4.10 target retained.

Target price is $4.10 Current Price is $3.39 Difference: $0.71
If IFL meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.55, suggesting upside of 36.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgans rates ITG as Add (1) -

Intega Group's 1H21 result revealed earnings (EBITDA) in excess of Morgans estimates and a surprise 1 cent dividend. Management also flagged a share buyback and said a dividend will be declared at the full year result.

The Add rating is maintained. Morgans increases earnings forecasts for FY21-23 by 10%, 15% and 14%, respectively. The target price is increased to $0.58 from $0.50. The broker highlights margin expansion, a strong pipeline of work and scope for a further lift in margins.

Target price is $0.58 Current Price is $0.33 Difference: $0.25
If ITG meets the Morgans target it will return approximately 76% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates IVC as Neutral (3) -

InvoCare's net loss was pre-announced, impacted by one-off items. Operating revenue met expectations. The broker notes stats suggest the company likely maintained its A&NZ market share in the period.

No guidance offered as covid restrictions at funerals still apply. Given this is an unknown out of management control, attention will now turn to the 2021-25 strategic plan to be unveiled at InvoCare's investor day in May, suggests the broker.

Neutral and $11.50 target retained.

Target price is $11.50 Current Price is $11.28 Difference: $0.22
If IVC meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $11.08, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates IVC as Underperform (5) -

InvoCare's 2020 operating income was -4% versus Macquarie's forecast but excluding about $7m in significant items, it beat the broker's estimate by 2%. Australian funerals revenue was down -7% while Memorial Parks' revenue was up 1%.

Due to covid restrictions, no guidance was provided. Macquarie foresees a better 2021 although highlights this would be offset by rising costs.

InvoCare's result was tough in a year impacted by covid, observes the broker, with some costs and subdued case averages expected to linger through 2021.

Macquarie maintains its Underperform rating with a target of $9.30.

Target price is $9.30 Current Price is $11.28 Difference: minus $1.98 (current price is over target).
If IVC meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.08, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgans rates IVC as Add (1) -

An earnings decline in the 2020 result was amplified by the high fixed-cost nature of InvoCare’s business (mainly employees). This drove the earnings (EBITDA) margin down -740 basis points to 21.5%, explains Morgans.

A lower number of deaths and a decline in average revenue per funeral meant the result was lower than Morgans had expected though in-line with recent guidance.

More positively, data on Australian funeral volumes suggest the business at least maintained market share during the year and the balance sheet remains healthy. Add rating and target falls to $12.60 from $13.

Target price is $12.60 Current Price is $11.28 Difference: $1.32
If IVC meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $11.08, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgans rates JHC as Hold (3) -

The 1H21 result was below Morgans forecast. Recurring earnings (EBITDA) were down -29% due to lower occupancy and negative jaws (income growth rate less expense growth rates).

The broker emphasises the release of the final report from the Royal Commission is key and due on 26th February. It’s expected there will be additional funding assistance to offset higher compliance, nursing and covid associated costs.

Hold rating and target lifted to $0.834 from $0.737 as the broker rolls forward the forecast period to FY22, which is anticipated to be a more normal year.

Target price is $0.83 Current Price is $0.77 Difference: $0.064
If JHC meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $0.74, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Ord Minnett rates JHC as Downgrade to Accumulate from Buy (2) -

First half operating earnings were in line with Ord Minnett's forecasts despite government grants to cover coronavirus costs not being received.

The broker suggests the results have only limited bearing on the future given the industry reforms that are likely to emanate from the Royal Commission final report.

While Japara Healthcare is well-placed, Ord Minnett envisages sweeping changes to the funding of aged care with a new model to support a viable industry with long-term investment appeal.

Valuation is challenging, given the uncertainty, and the broker downgrades to Accumulate from Buy. Target rises to $0.86 from $0.75.

Target price is $0.86 Current Price is $0.77 Difference: $0.09
If JHC meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $0.74, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Morgans rates LAU as Hold (3) -

Morgans assesses Lindsay Australia delivered a solid result, with underlying earnings (EBITDA) rising 12%, in-line with recent guidance. Operating cashflow was considered strong and management expects the current level of growth to be maintained in the 2H21.

The analyst highlights the solid result reflected a continued focus on costs, improved operational efficiency and growth in the Rail business, which is seen as the key pillar of the group’s growth outlook.

The Hold rating is maintained. The target price is increased to $0.40 from $0.39 and Morgans suggests the business is doing well in gradually diversifying operations into new geographies and developing new revenue streams.

Target price is $0.40 Current Price is $0.36 Difference: $0.04
If LAU meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Macquarie rates LNK as No Rating (-1) -

In line with their pre-release, Link Administration's 1H21 result held few surprises, comments the broker following a quick glance over today's release.

Link Administration's core asset, PEXA deliveried $30.6m in operating NPATA (excluding interest income), of which $13.5m reflects the company’s share, slightly below Macquarie’s expected $15.0m.

Net debt / operating earnings (EBITDA) 2.4x, was slightly below the mid-point of the target range (2.0x–3.0x), and the cash balance will be reduced in 2H21 through repayment of debt.

Cost savings of $75m in FY22 target was reaffirmed, with $32m of annualised benefits delivered to date ($12.4m in 1H21), compared to the $40m target for FY21.

Macquarie is currently restricted on providing a rating or target.

Current Price is $4.73. Target price not assessed.

Current consensus price target is $5.20, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

UBS rates LYC as Neutral (3) -

UBS notes on the optimism that electric vehicles will accelerate demand for rare earth minerals, Lynas Rare Earths' share price has risen circa 150% from the beginning of 2020. 

The broker thinks some key risks to Lynas in the near term include enacting a $500m restructure of its operations by July 2023 to comply with Malaysian Government licences and increase in Chinese production that may put downward pressure on prices.

While optimism towards the electric vehicle thematic is warranted, UBS believes this has been more than priced in the share price. 

UBS downgrades to Sell from Neutral with a target of $4.30.

Target price is $4.30 Current Price is $5.74 Difference: minus $1.44 (current price is over target).
If LYC meets the UBS target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.5

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

Citi rates MGX as Buy (1) -

Mt Gibson Iron's underlying profit was in line. No dividend was declared as expected. Full year sales guidance is unchanged but cost guidance rises due to the impacts of recent weather interruptions and remedial works.

Other costs in FY21 will include Shine Project development/pre-production, Koolan capitalised waste stripping and other capital improvement projects, the broker notes.

Higher costs and lower iron grades lead the broker to cut forecasts but Buy and $1.20 target retained.

Target price is $1.20 Current Price is $0.92 Difference: $0.28
If MGX meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

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

Mount Gibson Iron's operating income and net profit of $136m and $75m were in line with Macquarie's expectations. No interim dividend was announced.

Cost guidance for Koolan Island has been increased to $70-75/t with grades expected to reduce to 58-61% over the next 6 months. 

The broker expects the accelerated stripping program to impact grades while weather interruptions have led the company to increase cost guidance.

Looking at the weaker outlook for the next second half, Macquarie downgrades to Neutral from Outperform. The target falls to $0.95 from $1.15.

Target price is $0.95 Current Price is $0.92 Difference: $0.03
If MGX meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Macquarie rates MHJ as Outperform (1) -

According to Macquarie, Michael Hill International's first-half result was strong, in line with guidance. Operating income rose by 67% to $58.9m. An interim dividend of 1.5c was declared.

Macquarie notes the start to the second half has been strong with same-store sales growth of 12% for the first eight weeks across each geography.

The broker believes Michael Hill offers an "enviable", "multi-facetted" growth strategy and offers solid growth in future revenue.

Target price rises to $1 from 75c. Outperform rating retained.

Target price is $1.00 Current Price is $0.72 Difference: $0.28
If MHJ meets the Macquarie target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $0.81, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Morgans rates MME as Add (1) -

MoneyMe pre-released 1H21 revenue of around $24m and gross loan book of circa $168m and delivered a $1.3m profit (NPAT), in-line with Morgans estimate.

The broker highlights accelerating origination momentum, improving asset quality and a book that is beginning to diversify, with newer products gaining traction.

Morgans alters FY21-FY22 cash profit estimates by 28% and -4% on lower loan impairment forecasts and changes in margin assumptions. Add rating and target is increased to $1.97 from $1.93.

Target price is $1.97 Current Price is $1.58 Difference: $0.39
If MME meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Ord Minnett rates MME as Buy (1) -

First half results were largely in line with expectations. The main surprise for Ord Minnett was the allocation of $900,000 to costs for investigating an unsolicited, conditional approach from a third party.

The parties did not come to acceptable terms to progress to a formal engagement but Ord Minnett considers the interest in the MoneyMe business at this stage of its life valid and justified.

Organic growth appears to have improved post balance sheet date, underpinned by new product growth. The Buy rating and $1.92 price target are unchanged.

Target price is $1.92 Current Price is $1.58 Difference: $0.34
If MME meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates MMS as Outperform (1) -

First half results were in line with guidance and the second half is expected to be similar. The main issue over the next 6-12 months, Credit Suisse assesses, is new vehicle supply and how this will affect novated lease earnings.

Nevertheless, the broker considers the lead indicators are positive. A restructured UK business is back to a small profit and the broker continues to anticipate earnings growth as conditions normalise. Outperform rating maintained. Target is $14.

Target price is $14.00 Current Price is $12.80 Difference: $1.2
If MMS meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $13.63, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Macquarie rates MMS as Neutral (3) -

McMillan Shakespeare's first half result was in line with the company's trading update. FY21 guidance remains unchanged.

Macquarie notes demand is rebounding with the order book higher versus the last year. McMillan expects supply to meet demand in the fourth quarter. Macquarie downgrades earnings estimates for FY21-23 by -0.6-2.9%.

Target is raised to $13.32 from $12.93. Neutral rating retained.

Target price is $13.32 Current Price is $12.80 Difference: $0.52
If MMS meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $13.63, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgan Stanley rates MMS as Overweight (1) -

Earnings for the first half were in line with prior guidance while revenue and EBITDA were better than Morgan Stanley forecast.

The company expects the operating performance in the second half will be similar to the first, ex JobKeeper. 

The broker maintains an Overweight rating and $14.30 target. Industry view: In-line.

Target price is $14.30 Current Price is $12.80 Difference: $1.5
If MMS meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $13.63, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Ord Minnett rates MMS as Hold (3) -

Ord Minnett highlights some key takeaways from McMillan Shakespeare's first half result including modest organic growth in novated leases and salary packages although deliveries continue to lag in novated leases.

Funds under administration in the plan partners business increased by 118% while operating cash flows were "robust". The broker believes the company is on track to utilise its new warehouse facility by June 2021.

The Hold rating is maintained with the target rising to $12.90 from $9.20.

Target price is $12.90 Current Price is $12.80 Difference: $0.1
If MMS meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $13.63, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Ord Minnett rates MNF as Buy (1) -

First half results were strong as global software customers drove growth in recurring revenue. Ord Minnett expects usage-based revenue will recover over the next 6-12 months as coronavirus vaccinations are rolled out.

The broker considers MNF Group has a superior growth story, with a strong balance sheet, positive sales momentum and the opportunity to be unlocked in Southeast Asia. The broker transfers coverage from Baillieu. Buy rating with a $6.08 target.

Target price is $6.08 Current Price is $5.00 Difference: $1.08
If MNF meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates MPL as Neutral (3) -

A beat from Medibank Private leads the broker to increase forecast earnings.

Improving policyholder growth and downgrading trends are helping alleviate some of the pressure on margins, the broker notes, and these should also be helped by the December quarter rate rise impacting in the second half.

The possibility of a further lowering in the hospital claims deferral rate should also see near term headline margins well supported. The broker retains Neutral on the unexpected departure of the CEO, which warrants caution.

Target rises to $3.05 from $2.95.

Target price is $3.05 Current Price is $2.79 Difference: $0.26
If MPL meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Credit Suisse rates MPL as Outperform (1) -

First half results beat Credit Suisse estimates. Medibank Private has increased its FY21 growth target to 3% from 1%.

Credit Suisse notes a 30% improvement in customer retention along with margin expansion and market share gains, signalling growth can continue.

The broker believes the stock offers compelling value and maintains an Outperform rating. Target is raised to $3.25 from $3.00.

Target price is $3.25 Current Price is $2.79 Difference: $0.46
If MPL meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Macquarie rates MPL as Upgrade to Neutral from Underperform (3) -

According to Macquarie, the Medibank Private first half result was strong with a $99m covid claims provision release, offsetting the $109m in customer-relief measures.

Macquarie notes the cost-out plan remains on track with Medibank raising its FY21 policyholder growth target to above 3%.

The company expects the dividend payout to be near the top end of the 75-85% target range. Policyholder growth is expected to be higher than 3% with cost-out targets on track for an FY21 cost base of $530m.

Macquarie upgrades to Neutral from Underperform with the target rising to $2.85 from $2.70.

Target price is $2.85 Current Price is $2.79 Difference: $0.06
If MPL meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Morgan Stanley rates MPL as Overweight (1) -

Insurance profit beat Morgan Stanley's estimates in the first half. Membership has grown and the second half is expected to benefit from reinstated premium increases.

The broker assesses the top line is showing more stability and an upgraded policy growth target shows more confidence in membership trends.

Overweight rating with a target price of $3.20. Industry view: In-line.

Target price is $3.20 Current Price is $2.79 Difference: $0.41
If MPL meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

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

The 1H21 profit (NPAT) result appeared to Morgans in-line with consensus expectations and a solid result with improved policyholder growth trends in Health Insurance (HI) the key highlight.

The broker feels these trends position the company well to accelerate HI growth over the medium term, while an increased cost-out plan should help buffer margins

The rating is moved to Add from Hold as Morgans can see total shareholder returns of over 10% on a 12-month view. The price target rises to $3.07 from $3.03 on slightly improved HI margin forecasts and after the broker incorporates the recent Myhealth acquisition.

Target price is $3.07 Current Price is $2.79 Difference: $0.28
If MPL meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

UBS rates MPL as Neutral (3) -

Medibank Private delivered a first-half result beat at the headline and underlying level, comments UBS. The broker notes continuing momentum in policyholder growth that should set the business up for top-line growth.

Going ahead, the broker believes risks include a CEO change and the potential return of covid related excess profits that raises questions on FY23 earnings growth prospects as well.

Neutral rating with a target of $3.20.

Target price is $3.20 Current Price is $2.79 Difference: $0.41
If MPL meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Morgans rates MVF as Add (1) -

The first half result came in above previously provided guidance, with underlying profit (NPAT) up $12m and an interim dividend of 2.1cps was declared. Management has provided FY21 guidance of underlying profit of $21- $23m and noted the 2H pipeline is looking solid.

The Add rating is unchanged and the target is increased to $0.86 from $0.84 after Morgans increased forecasts by around 10% across the forecast period. The group is looking for further expansion opportunities in the South East Asian region.

Target price is $0.86 Current Price is $0.80 Difference: $0.06
If MVF meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Ord Minnett rates MWY as Upgrade to Buy from Hold (1) -

Midway's first-half result showed a higher than expected operating income of $7.1m (versus Ord Minnett's forecast of $6.8m) and in the broker's view, reflects the first steps toward more positive trading following tough wood chip export conditions.

The result was led by higher volumes and the renegotiation of supply costs. Going ahead, the broker sees stabilising export market conditions with bleached hardwood kraft pulp (BHKP) prices returning to growth after bottoming in 2020.

The broker is of the view Midway deserves a second look at current levels and upgrades its recommendation to Buy from Hold. The target rises slightly to $1.21 from $1.20.

Target price is $1.21 Current Price is $0.96 Difference: $0.25
If MWY meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Credit Suisse rates MYX as Neutral (3) -

First half underlying operating earnings were below Credit Suisse estimates. This stemmed from a -$214m impairment of generic intangibles. Specialty brands performed in line with expectations but still down -13% at the gross profit level.

Going forward the main focus is on the FDA approval of Nextstellis in April as the broker believes this could be transformational for the company. Neutral retained. Target is reduced to $0.32 from $0.35.

Target price is $0.32 Current Price is $0.30 Difference: $0.02
If MYX meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates MYX as Neutral (3) -

Mayne Pharma Group reported a gross profit of $98m in line with Macquarie's forecast with operating income circa -6% below the broker's forecast due to higher operating expenses.

The generic products division revenues fell by -8% versus last year with a decline of -12% in gross profit. The broker notes the ongoing price pressure from competition led to the weaker result. The specialty brands division revenue fell -6% versus last year. 

Macquarie's investment thesis balances the medium-term opportunities for key products with near-term challenges for the generic and specialty divisions. Any delay in the delivery of these key products would present downside risk to earnings, warns the broker.

Neutral retained with the target falling to 32c from 36c.

Target price is $0.32 Current Price is $0.30 Difference: $0.02
If MYX meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

UBS rates MYX as Neutral (3) -

Mayne Pharma's first-half results were impacted by significant asset impairment, highlights UBS, with other non-recurring costs limited in comparison with prior periods.

Revenue in the generics products division was less than expected with management attributing the lacklustre performance to the lack of usual seasonal buying in the lead up to 2020 end. This may suggest potential carry forward into early 2021, suggests UBS.

Neutral rating with the target price falling to $0.32 from $0.37.

Target price is $0.32 Current Price is $0.30 Difference: $0.02
If MYX meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

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

After a recent significant fall in the share price, Morgans increases the rating to Add from Hold. Despite 1H21 being below the broker's forecast, driven mainly by lower GE Health sales and the higher Australian dollar, the momentum in 2Q bodes well for a much stronger 2H.

Even though the next product is still expected to come to market in FY22, the broker delays material revenue contribution from this until FY23 (was FY22), which results in around -35% downgrades across the forecast period and decreases the target to $6.69 from $6.86.

On the basis of the strong commitment to R&D, the analyst expects a range of products/platforms to be delivered over the next 5 years. 

Target price is $6.69 Current Price is $5.56 Difference: $1.13
If NAN meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $5.79, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Ord Minnett rates NAN as Upgrade to Hold from Lighten (3) -

Ord Minnett assesses the first half was the low point in earnings and notes the share price is significantly lower since the start of 2021, warranting a closer look at the business model.

While first half revenue was weaker than expected, the total installed base was in line with forecasts. The broker expects a lift in consumables revenue from the larger installed base and a recovery in hospital ultrasound procedures as the pandemic recedes.

Ord Minnett upgrades to Hold from Lighten and reduces the target to $5.30 from $5.60.

Target price is $5.30 Current Price is $5.56 Difference: minus $0.26 (current price is over target).
If NAN meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.79, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

UBS rates NAN as Buy (1) -

Nanosonics' result did not materially vary from UBS's expectations with revenue a circa -3% miss. According to UBS, the negative price action was due to confusion around lower revenue versus installed base growth due to distributor channel stocking.

UBS sees the price action as an opportunity to buy and expects Nanosonics to benefit from the covid-vaccine roll-out reducing access issues. Over the medium term, the broker sees revenue and operating income of 17% and 65% benefiting from installed base expansion.

Buy rating with the target falling to $7 from $7.20.

Target price is $7.00 Current Price is $5.56 Difference: $1.44
If NAN meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $5.79, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Credit Suisse rates NEC as Outperform (1) -

First half results were ahead of estimates. Credit Suisse observes Nine Entertainment has shown resilience in its TV market share and increases second half revenue share forecast to 41.1% from 39.5%.

Slower subscriber growth at Stan reflects a period of consolidation, in the broker's view. Management has indicated the quantum of any deals with digital platforms will "comfortably" exceed previous estimates. Outperform retained. Target rises to $3.25 from $2.95.

Target price is $3.25 Current Price is $2.93 Difference: $0.32
If NEC meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.26, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgan Stanley rates NEC as Overweight (1) -

Morgan Stanley was surprised by the lift in earnings in the first half, driven by stronger structural growth in digital assets.

No specific FY21 guidance was provided although the company indicated second half momentum remains strong.

Overweight rating retained. Target is $3. Industry view: Attractive.

Target price is $3.00 Current Price is $2.93 Difference: $0.07
If NEC meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.26, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

UBS rates NEC as Neutral (3) -

Nine Entertainment's first-half result was pre-guided and in line with UBS's forecast.

Going ahead, the broker believes a stronger TV ad market rebound may be in the offing. The broker also upgrades its Google and Facebook contribution assumptions for FY21-22. Earnings forecasts for FY21-22 have been upgraded by 17-29%.

UBS retains its Neutral rating with the target rising to $3 from $2.50.

Target price is $3.00 Current Price is $2.93 Difference: $0.07
If NEC meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.26, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Ord Minnett rates NSR as Accumulate (2) -

First half earnings, while up 14%, proved well below Ord Minnett's forecasts because of the timing of acquisitions. Occupancy was up 8% and revenue per available square metre up 11%, a material improvement suggesting occupancy is stabilising.

Ord Minnett likes the consolidation story and the significant improvement in operating metrics, believing the asset class undervalued, given increasing demand in its market. Accumulate retained. Target is reduced to $2.05 from $2.15.

Target price is $2.05 Current Price is $1.89 Difference: $0.16
If NSR meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.1

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

Morgan Stanley rates NTO as Overweight (1) -

2020 results were in line with guidance with revenue up 14%, slightly below prospectus.

Morgan Stanley notes non-recurring revenue was up 117% and will be watching this number over the rest of 2021, given the launch of new products.

Overweight rating with a target of $3.50. Industry view: In-line.

Target price is $3.50 Current Price is $2.64 Difference: $0.86
If NTO meets the Morgan Stanley target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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

Market Sentiment: 1.0

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

Citi rates NXT as Buy (1) -

A 29% year on year increase in underlying earnings from NextDC beat the broker by 8%, driven by a better than expected performance from generation 2 assets. The headline loss reflected a one-off.

Earnings margins expanded in the half but have been guided lower in the second half, although the broker believes this is conservative.

Yet another solid result from the company, the broker suggests, highlighting the recurring nature and operating leverage inherent in the business model. Buy and $14.80 target retained.

Target price is $14.80 Current Price is $11.18 Difference: $3.62
If NXT meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $14.21, suggesting upside of 24.6% (ex-dividends)

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

Macquarie rates NXT as Outperform (1) -

With strong results across the board, NextDC delivered 1H21 underlying earnings (EBITDA) of $65.7m, 10% better than Macquarie's forecast, with data centre services revenue of $121.6m, 6% above the broker’s estimates.

On the strength of that confidence, FY21 guidance was upgraded, with underlying earnings (EBITDA) of $130-133m ($125-130m prior), and data centre services revenue $246-251m ($242-250m prior).

The broker also observes S2 data centre (in Sydney's north) revenue is ramping up quickly, and on initial estimates beat its revenue/EBITDA by over 20%, with M2 broadly in line.

While it appears only around 1MW of retail was contracted in 1H21 (typically 2-3MW pa), Macquarie notes NextDC now has inventory available across all markets to drive further enterprise and network opportunities.

The broker retains an Outperform rating and target of $14.75.

Target price is $14.75 Current Price is $11.18 Difference: $3.57
If NXT meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $14.21, suggesting upside of 24.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

Ord Minnett rates NXT as Upgrade to Buy from Accumulate (1) -

First half results were ahead of Ord Minnett's forecast with strong growth in customer numbers and interconnections. The broker notes the company is progressing well with its expansion strategy and should be well funded for capital expenditure and growth in the short term.

The development approval for M3 has been formally submitted and endorsed and the broker expects this to translate into another wave of hyper-scale commitments in Melbourne over the next 6-12 months.

Rating is upgraded to Buy from Accumulate on valuation. Target is raised to $14.50 from $14.00.

Target price is $14.50 Current Price is $11.18 Difference: $3.32
If NXT meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $14.21, suggesting upside of 24.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

Morgans rates OTW as Hold (3) -

Morgans makes no material changes to forecasts after Over The Wire Holdings released a 1H21 result in-line with a December update and the broker's forecasts. A 1.75 cent dividend was declared. Gross profit margins expanded year-on-year to 56% from 51%.

Management said acquisitions are tracking as expected and they are comfortable with consensus forecasts of $26m for earnings (EBITDA) in FY21. 

The Hold rating and target of $4.25 are maintained as Morgans cautions that delivering healthy growth in the core business has been a challenge for the company over the last few periods.

Target price is $4.25 Current Price is $3.99 Difference: $0.26
If OTW meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.