Australian Broker Call

Macquarie rates ABP as Neutral (3) -

Abacus Property reported FY21 funds from operations per share (FFOps) of 18.4cps, -5% versus the previous period, and 4% ahead of consensus. The FY21 dividend per share of 17.5cps was increased 0.5cps given the strength in self-storage. 

While no quantitative FY22 guidance was provided, the group will payout 85-95% of FFO in FY22.

At first glance, Macquarie questions the decision to not provide quantitative FY22 guidance, and suspects one reason may be uncertainty regarding the impact of lockdowns, particularly on the group’s self-storage portfolio, given relatively short lease terms.

The broker's current FY22 FFOps forecast implies 9% growth year-on-year due to the impact of acquisitions.

 Outperform and target of $3.35 are both unchanged.

Target price is $3.35 Current Price is $3.25 Difference: $0.1
If ABP meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.12, suggesting downside of -6.2% (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 AMC as Outperform (1) -

Amcor reported underlying FY21 net profit of $1,158m just ahead of Macquarie's $1,155m estimates and has guided for 7-11% earnings per share growth in the year ahead versus FY22 consensus around 7.5% growth.

In an initial response to today's release, the broker notes margin performance was impressive, and raw materials continue to be very well managed, with no material impact from the pass-through of raw material costs on sales/EBIT for the year.

Outperform and the target price of $16.56 are both unchanged.

Target price is $16.56 Current Price is $16.62 Difference: minus $0.06 (current price is over target).
If AMC 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 $17.22, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.6

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

Morgan Stanley rates AMC as Overweight (1) -

FY21 earnings per share were broadly in line with Morgan Stanley's estimates and represented 16% growth.

Amcor is guiding to 7-11% growth in EPS. Included in guidance is a 10% lift to the Bemis synergy target and a US$400m buyback across FY22.

Overweight rating with a target of $19. Industry view: In-Line. 

Target price is $19.00 Current Price is $16.62 Difference: $2.38
If AMC meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $17.22, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.6

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

Ord Minnett rates AMC as Accumulate (2) -

In an initial assessment of Amcor's FY21 result, profit was marginally ahead of Ord Minnett's estimate, while across all other line items the result was broadly in-line. The mid-point of FY22 guidance for EPS growth is above the broker's and consensus forecasts.

The analyst feels the upgrade to total expected synergies from the Bemis integration will be taken as a positive, albeit one already anticipated by Ord Minnett. The broker retains its Accumulate rating and $17.50 target.

The allocation of $400m to buybacks for FY22 is $100m above the broker's current estimate. With guidance for FY22 EPS growth set at 7-11% and consensus sitting at 6.5%, the analyst expects a lift of circa 2-3% in full-year EPS estimates post-event.

Target price is $17.50 Current Price is $16.62 Difference: $0.88
If AMC meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $17.22, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.6

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

Ord Minnett rates AMS as Buy (1) -

Earlier today, Atomos released its FY21 results with revenue of $78.6m, 2.1% ahead of its $77m guidance, reports Ord Minnett in a quick response.

Gross margins were the highlight of the result, up 7.8%pts on the previous period to 47.6% and ahead of Ord Minnett by 2.7%pts.

The company reported that recently launched new products are performing well, and with the improved gross margin percentage combined with ongoing operational leverage, expects earnings margins to trend towards 12-15% - which represents a significant upside to the broker's forecasts.

The Buy rating is unchanged, and the target price remains at $1.47 but is currently under review.

Target price is $1.47 Current Price is $1.11 Difference: $0.36
If AMS meets the Ord Minnett target it will return approximately 32% (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 ANZ as Accumulate (2) -

Based on an initial response, Ord Minnett notes ANZ Bank's third-quarter FY21 Pillar 3 release was mostly positive, with benign credit quality trends driving a net provision release and lending-related exposure growth stronger than the broker would have expected.

While capital (12.2% CET1 ratio) looked a little soft, Ord Minnett notes this looked to be driven by one-off factors, with a -12bps impact from available for sale portfolio movement and deferred taxes, plus an increase in interest rate risk in the banking book (IRRBB) risk weighed assets (RWA).

ANZ's $1.5bn buy-back program has recently commenced, having bought back $190m in stock so far, and the full program is expected to reduce its CET1 ratio by ~35bp.

The broker maintains its Accumulate rating and $30 target price.

Target price is $30.00 Current Price is $28.42 Difference: $1.58
If ANZ meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $29.75, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in September.

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 AQR as Accumulate (2) -

APN Convenience Retail REIT's FY21 result was broadly in-line with Ord Minnett and consensus forecasts. However, FY22 funds from operations (FFO) and DPS guidance was around -3% below forecasts, driven by an announced $50m equity raising.

The broker notes FY22 FFO guidance assumes new acquisitions of $28.6m (plus $76.8m in committed acquisitions and developments previously announced), which will increase gearing to 31.2%. The broker lowers its target price to $3.89 from $3.91. Accumulate rating. 

The analyst feels there is both earnings and net tangible assets (NTA) upside for the REIT.

Target price is $3.89 Current Price is $3.71 Difference: $0.18
If AQR meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Credit Suisse rates ARB as Neutral (3) -

ARB Corporation's FY21 result was consistent with the July update, with gross profit of $273m, up 42% year-on-year, reflecting volume-driven overhead recoveries as well as the strengthening of the AUD versus THB.

ARB maintains a positive short-term outlook, citing strong global sales since the end of June, a strong order book, and strengthening new car sales in Australia.

Credit Suisse continues to see 4WD/PU penetration as a long-term structural growth story in both Australia and offshore and thinks the company is well-positioned to benefit from this with its strong brands.

The broker is forecasting a FY22 gross margin of 44.8%, marginally up on second-half FY21, reflecting a favourable AUD/THB cross rate.

Neutral rating is retained and the target price increases to $46.90 from $44.40.

Target price is $46.90 Current Price is $48.55 Difference: minus $1.65 (current price is over target).
If ARB meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $46.51, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.3

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

Macquarie rates ARB as Downgrade to Underperform from Neutral (5) -

Macquarie lauds the record result for FY21, with pre-tax profit up 92%. The broker believes this is a quality business with growth options yet valuation remains stretched.

Demand continues into FY22, underpinning the first half, and the broker expects this should remain elevated into the second half.

Despite revising pre-tax profit estimates to $157m for FY22, Macquarie downgrades to Underperform from Neutral. Target is raised to $44.00 from $40.10.

Target price is $44.00 Current Price is $48.55 Difference: minus $4.55 (current price is over target).
If ARB meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $46.51, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.3

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

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

On further assessment of ARB Corp's result (see yesterday's entry), which beat the broker, Ord Minnett has increased its target to $48 from $45. However on recent share price performance, the broker pulls back to Hold from Accumulate.

Ord Minnett expects demand to remain strong in the near term given solid 4WD and SUV demand, reflected in a solid order book, while store network expansion and further penetration into offshore markets also provide upside.

Target price is $48.00 Current Price is $48.55 Difference: minus $0.55 (current price is over target).
If ARB meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $46.51, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.3

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

Macquarie rates BHP as Outperform (1) -

FY21 underlying earnings were in line with expectations. The final dividend was better than expected. Macquarie notes the results have been overshadowed by confirmation of the proposed disposal of the petroleum business and plans to collapse the dual listing structure.

Incorporating higher cost guidance has driven a -3% reduction to the broker's FY22 earnings estimates and FY23 and FY24 are also lowered by -2% and -1%, respectively. Outperform maintained. Target is reduced to $58 from $60.

Target price is $58.00 Current Price is $51.33 Difference: $6.67
If BHP meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $48.38, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.2

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

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

FY21 results were in line with expectations. BHP Group has confirmed the de-merger of its petroleum division and collapse of the dual listing structure. Jansen has also been approved.

FY22 operating expenditure guidance is higher compared with Morgan Stanley's estimates. The broker notes, whether franking credits related to petroleum can be maintained within BHP Group is yet to be confirmed by the Australian Tax Office although no shortage of credits are expected given high tax payments in the iron ore business.

Morgan Stanley does not have a rating or target at present. Industry view is Attractive.

Current Price is $51.33. Target price not assessed.

Current consensus price target is $48.38, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.2

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

Morgans rates BHP as Hold (3) -

Morgans expects some larger M&A in future-facing metals by BHP Group after moves to divest its entire petroleum portfolio and remove its dual-listed share structure. Costs of the latter are estimated by management to have plummeted by -US$1.2bn to US$400-$500m.

The group has agreed to merge its Petroleum business with Woodside Petroleum ((WPL)), in an all-scrip transaction that ascribes a satisfactory value to BHP Group, according to the analyst. The two companies expect pre-tax synergies topping US$400m per year. 

Meanwhile, according to the analyst, the group posted in-line FY21 earnings (EBITDA) on a group earnings margin of 61%, carried by iron ore and to a lesser extent copper. The final dividend was considered ahead of expectations at US$2. 

Morgans maintains its Hold rating and edges up its target price to $45.90 from $45.50. The broker expect short-term downward share price pressure once it goes ex-dividend. It's thought there is an opportunity for more active investors to consider taking partial profits.

Target price is $45.90 Current Price is $51.33 Difference: minus $5.43 (current price is over target).
If BHP meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $48.38, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.2

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

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

FY21 earnings were in line with Ord Minnett's forecasts. The final dividend of US$2 was 4% ahead of estimates. The broker notes the intention to disband the dual-listed company structure, retaining a single Australian entity via a 1-for-1 offer.

The Jansen potash project has been approved at US$5.7bn although a -US$2bn impairment has been announced. Ord Minnett is restricted on research and cannot provide a rating or target at present.

Current Price is $51.33. Target price not assessed.

Current consensus price target is $48.38, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.2

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

UBS rates BHP as Neutral (3) -

FY21 earnings were in line and net debt and dividends ahead of expectations. BHP Group has announced the approval of Jansen and the merger of its petroleum division with Woodside Petroleum ((WPL)), both of which UBS anticipated.

UBS believes the risk/reward is balanced, with cash returns and restructuring supportive, although notes iron ore prices remain vulnerable. Neutral rating and $42 target retained.

Target price is $42.00 Current Price is $51.33 Difference: minus $9.33 (current price is over target).
If BHP meets the UBS target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $48.38, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.2

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

Credit Suisse rates BPT as Outperform (1) -

In general, Credit Suisse sees limited near-term positive catalysts for Beach Energy ahead of a material production uplift from mid-2022 (Otway, then Waitsia).

The broker sees near-term risk of disappointments versus consensus for Beach, but material upside on DCF basis, with momentum to potential return in 2022 driven by production increases, and potentially a high price LNG environment for Waitsia.

Outperform retained. Target falls to $1.50 from $1.96.

Target price is $1.50 Current Price is $1.03 Difference: $0.47
If BPT meets the Credit Suisse target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting upside of 29.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Credit Suisse rates BRG as Neutral (3) -

Breville Group's FY21 result was in line with guidance and management has continued to demonstrate a strong commitment to reinvesting in the business to drive future growth and expanding the group’s global footprint.

In FY21 gross margin benefited from mix and lower promotional activity.

Credit Suisse's estimates assume a return to forecast trend growth in second half FY22 for the Americas global product segment and in FY23 for APAC.

Target price lowers to $30.98 from $32.01 with the Neutral rating unchanged.

Target price is $30.98 Current Price is $30.36 Difference: $0.62
If BRG meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $33.59, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Macquarie rates BRG as Outperform (1) -

FY21 results were in line with Macquarie's expectations amid record sales of $1.2bn. The broker notes Breville continues to make a significant investment in the business and has entered new geographies.

Macquarie assesses the appeal is in the duration of the growth trajectory, over and above market demand. Outperform retained. Target is reduced to $34.37 from $34.80.

Target price is $34.37 Current Price is $30.36 Difference: $4.01
If BRG meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $33.59, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgan Stanley rates BRG as Overweight (1) -

FY21 results beat Morgan Stanley's expectations in terms of sales, while earnings met guidance because of higher reinvestment. The sell-off in the shares post the result suggests the market had bullish expectations, and the broker notes the outlook is highly unpredictable.

Gross margin headwinds in FY22 are anticipated from a weaker US dollar, cost increases and inflation in logistics. The company will look to offset these concerns through price increases.

Overweight rating. Target price is raised to $36 from $35. Industry: In-line.

Target price is $36.00 Current Price is $30.36 Difference: $5.64
If BRG meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $33.59, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgans rates BRG as Add (1) -

In selling off Breville Group shares after FY21 results, Morgans believes traders may have overlooked a ramping-up of investment in product development and marketing. Also, constant currency sales remained elevated through the second half, points out the analyst.

The broker made no major changes to estimates for FY22 and FY23, maintains its Add recommendation and raises its target price to $34 from $33.90. The weakening of the US dollar was considered to have a material impact on the translation of second half earnings

The premium attached to the share price is justified, in the analyst's view, given the prospect for multi-year, globally-derived organic revenue growth at or above 10%.

Target price is $34.00 Current Price is $30.36 Difference: $3.64
If BRG meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $33.59, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Ord Minnett rates BRG as Hold (3) -

For Ord Minnett's initial response on FY21 results: see yesterday's Report.

FY21 underlying profit was -6.2% below the broker's forecast. Normalised earnings (EBIT) increased 39.6%, in-line with the company’s guidance of $136m though below the analyst's forecast of $144m.

Ord Minnett lifts its target price to $30.50 from $28 and retains its Hold rating.. While top-line sales growth is expected to moderate in APAC in FY22, it should be offset by growth from Americas and Europe, the Middle East and Africa (EMEA).

A reduction in dividend to 13.5 cents from 20.5 cents reflects the company’s prior decision to lower its dividend payout ratio to 40%, from 70%, explains the broker.

Target price is $30.50 Current Price is $30.36 Difference: $0.14
If BRG meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $33.59, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

UBS rates BRG as Buy (1) -

FY21 EBIT was in line with guidance yet UBS suspects the reaction in the share price was a sign the market expected more. The broker believes the focus should be on the top-line momentum with global product sales in the second half up 35% on a comparable basis.

Incremental investment was also well flagged and makes strategic sense to UBS. Although the stock looks expensive the broker believes it offers good visibility for the short term and an attractive long-term growth profile. Buy rating and $35.70 target retained.

Target price is $35.70 Current Price is $30.36 Difference: $5.34
If BRG meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $33.59, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Macquarie rates BXB as Outperform (1) -

FY21 results beat recent guidance. Macquarie believes Brambles is well-placed to deliver 6% or more average annual underlying profit growth through to FY23.

Some slowing of volumes is assumed although an ongoing recovery within automotive is expected.

The broker is pleased Brambles is passing through cost inflation, highlighting that 80% of US contracts have pricing surcharges covering lumber and transport. Outperform retained. Target is raised to $13.00 from $12.30.

Target price is $13.00 Current Price is $12.00 Difference: $1
If BXB meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $12.36, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.7

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

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

Morgans assesses FY21 results were largely in-line with expectations though on a constant FX basis, earnings were slightly ahead of forecasts. After forecasting a low single digit 12-month total shareholder return, the broker downgrades its rating to Hold from Add.

The analyst highlights all regions delivered margin expansion despite cost headwinds, group return on invested capital (ROIC) increased 80 bps to 17.8% and the balance sheet remains healthy. The broker's target price rises to $12.23 from $12.11.

CHEP Americas was the key highlight for the analyst with earnings (EBIT) (constant FX) up 15% on the back of pallets volume growth, increased pricing and surcharges. This more than offsets higher plant and transport costs.

Target price is $12.23 Current Price is $12.00 Difference: $0.23
If BXB meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $12.36, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.7

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

Ord Minnett rates CL1 as Buy (1) -

For Ord Minnett's initial response on FY21 results: see yesterday's Report.

Given the growth potential, supported by an enviable client retention rate of 98%, the broker remains positive on the stock and retains its Buy rating and $2.40 target price.

Earnings (EBITDA) were broadly in-line with the broker's forecast and guidance. A final dividend of 2.5cps was declared, as expected.

Following on the recent purchase of ReckonDocs, the company has acquired TopDocs for -$13m (bringing another 1,600 unique customers). Management estimates an improved market share in the document and corporate compliance market to 18% from 14%. 

Target price is $2.40 Current Price is $1.78 Difference: $0.62
If CL1 meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates COE as Add (1) -

Morgans lowers its target to $0.29 from $0.34 and retains its Add rating, after Cooper Energy lowered FY21 guidance, on what appears to be higher expected production costs. FY21 guidance is for underlying earnings (EBITDAX) of $30m and a loss (NLAT) of -$26m.

Adjusting the assumed Orbost toll profile has reduced the analyst's near-term earnings forecasts and valuation. The broker still believes shares have recently become oversold relative to the risks faced at Sole.

Target price is $0.29 Current Price is $0.25 Difference: $0.04
If COE meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $0.34, suggesting upside of 55.5% (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 COL as Outperform (1) -

Coles Group's FY21 result was largely in line, while liquor and convenience were a beat with sales up 6.6% to $3.5bn with like-for-like sales up 6.3%.

During a first glance at the group's FY21 result, Macquarie notes supermarket sales growth over first 7 weeks of FY22 grew 1%  - or up 12% on 2-year basis - with online penetration positive at 8%. Liquor headline growth is flat although up 19% on 2-year basis. 

The broker also notes FY22 group gross capex to be up to $1.4m as previously guided.

Outperform retained. Target is $17.30.

Target price is $17.30 Current Price is $18.33 Difference: minus $1.03 (current price is over target).
If COL 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 $17.64, suggesting downside of -3.9% (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 CQR as Outperform (1) -

Charter Hall Retail REIT's FY21 result was in line with Credit Suisse's expectations, and in light of covid-related uncertainty, no FY22 guidance was provided.

FY21 rent collection was 97.1% after allowing for covid-related rent relief and was 93% in the month of July—although the broker expects it to trend lower in August.

The FY21 result gives Credit Suisse comfort over the REIT's operations during “normal” market conditions, with the main risk to the broker's earnings outlook being a longer-than-expected lockdown.

Outperform rating unchanged and target price increases to $4.03 from $3.99.

Target price is $4.03 Current Price is $3.74 Difference: $0.29
If CQR meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.80, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Macquarie rates CQR as Outperform (1) -

FY21 results were in line. For Macquarie, tenant metrics stood out with positive leasing spreads and an increase in occupancy. With lockdowns persisting, the broker now assumes around $10m of rental relief will be provided, lasting for the entirety of the first half.

The broker is keeping an eye on the balance sheet, as gearing at 34% is in the mid point of the target range. Outperform maintained. Target rises to $4.24 from $4.19.

Target price is $4.24 Current Price is $3.74 Difference: $0.5
If CQR meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.80, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates CQR as Accumulate (2) -

For Ord Minnett's initial response on Charter Hall Retail REIT's FY21 results: see yesterday's Report.

The broker maintains its Accumulate recommendation, with the FY21 result highlighting a return to strong operating metrics upon portfolio stabilisation. The target price rises to $4.05 from $3.97.

The analyst highlights strong like-for-like specialty moving annual total (MAT) growth, high rent collections, positive leasing spreads and a strong valuation uplift. The REIT has not provided FY22 guidance given the uncertainty of covid impacts.

Target price is $4.05 Current Price is $3.74 Difference: $0.31
If CQR meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.80, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

UBS rates CQR as Neutral (3) -

FY21 results were marginally above UBS estimates. UBS notes operating metrics continue to improve throughout the year but remains disappointed by a lack of guidance, given the tenant exposure and track record of rent collections in 2020.

The broker expects growth in operating earnings per security of 7.5% in FY22. Neutral maintained. Target rises to $3.86 from $3.60.

Target price is $3.86 Current Price is $3.74 Difference: $0.12
If CQR meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.80, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates CSL as Hold (3) -

CSL's FY21 profit result of $2,375m was above the guidance ($2,170-2,265m) and beat Ord Minnett's estimate of $2,265m by 5% and consensus by 2%.

The result included a $68m forex benefit which was not in the broker's forecasts.

FY22 profit guidance of $2,150-2,250m, is -5% below consensus at the mid-point and -1.5% below the broker's forecast.

At first glance, the broker suspects plasma collections recovery, barely above the level of last December, is likely to be the key focus.

While the result was largely in line, Ord Minnett notes the only aberrations in the financials (P&L) were slightly lower interest costs and another impairment (-$45m in first half and -$93m for the full year).

Hold rating and $280 target maintained.

Target price is $280.00 Current Price is $297.94 Difference: minus $17.94 (current price is over target).
If CSL meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $301.44, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

Credit Suisse rates DHG as Outperform (1) -

Domain Holdings reported FY21 earnings slightly below Credit Suisse forecasts, but net profit was higher than the broker's numbers due to lower D&A and a lower minorities outflow.

While costs guidance was higher than Credit Suisse's estimates, implying underlying opex of circa $215m in FY22, the broker notes this was impacted by some reclassification of development costs into opex with the step-up also driven by accelerated investment into the company’s Marketplace ambitions.

The broker's earnings per share changes are minimal, with lower D&A and minorities outflows also offsetting the higher opex.

Outperform rating and target of $5.40 are both unchanged.

Target price is $5.40 Current Price is $4.89 Difference: $0.51
If DHG meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.20, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates DHG as Neutral (3) -

FY21 results were mixed with revenue in line and net profit ahead of expectations. Macquarie notes costs are higher as the company invests in its marketplace platform.

While there is a strong track record of growing yield, Macquarie remains concerned about the sustainability of the uplift. Valuation support is also considered limited. Neutral maintained. Target is $4.80.

Target price is $4.80 Current Price is $4.89 Difference: minus $0.09 (current price is over target).
If DHG meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.20, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Morgan Stanley rates DHG as Overweight (1) -

FY21 results were "solid" in Morgan Stanley's view, although the prospect of extended lockdowns in Sydney and Melbourne could mean cuts to FY22 consensus expectations.

The second half lift of 13% in residential yields, along with a snapping back of listings when lockdowns end, sets up the potential for substantial positive operating leverage, the broker adds.

Overweight retained. Target is $5.50. Industry view is Attractive. 

Target price is $5.50 Current Price is $4.89 Difference: $0.61
If DHG meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.20, suggesting upside of 0.2% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Morgans rates DHG as Hold (3) -

FY21 results for Domain Holdings were in-line with Morgans estimates at the top line though a slight miss at the earnings (EBITDA) level. Costs were marginally above expectations, with guidance of close to double-digit cost growth in FY22. 

Normalised EPS was a 3% beat, driven by a strong rebound in domestic residential listings in the the second half, explains the broker. There was increased depth product penetration, as the strategy to embrace lower tiers of depth products is thought to be working.

While downgrading near-term assumptions, the analyst increases its valuation by 13%, driven mainly by increases to long-term forecasts (driven by NSW stamp duty reforms). Morgans increases its target price to $5 from $4.44 and retains its Hold rating.

Target price is $5.00 Current Price is $4.89 Difference: $0.11
If DHG meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.20, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Ord Minnett rates DHG as Hold (3) -

For a full summary of Ord Minnett's response to Domain Group's result, see yesterday's Report. Profit exceeded expectations due to lower D&A, while revenue was in line and the 4c dividend exceeded the broker's 2c expectation.

Hold retained on valuation, target unchanged at $4.80.

Target price is $4.80 Current Price is $4.89 Difference: minus $0.09 (current price is over target).
If DHG meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.20, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

UBS rates DHG as Upgrade to Buy from Neutral (1) -

FY21 results were ahead of expectations from a combination of revenue and lower costs. UBS believes aspirations to grow yield by 12% over the medium term are achievable.

Listing volumes for FY22 are considered "virtually impossible" to forecasts at this stage, given the unpredictability of lockdowns and a looming federal election.

Yet the broker takes a more positive view of the medium-term outlook and upgrades to Buy from Neutral. Target is raised to $5.70 from $5.20.

Target price is $5.70 Current Price is $4.89 Difference: $0.81
If DHG meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.20, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Citi rates DMP as Buy (1) -

Domino's Pizza's FY21 net profit was $188.2 million, 6% ahead of Citi and 1% above consensus.

The company expects challenging conditions continuing into FY22 and is flagging higher input and wage costs in 2022, primarily packaging and soft commodities.

In an early response, Citi expects the market to like the company's upgraded long-term rollout prospects. 

The 3-5 year new store opening outlook increased to 9% to 12%, up from 7% to 9%, although the broker notes this will come with 50% to 67% higher capex as Domino's assists franchisees with store expansions.

Buy rating: Target price $145.60.

Target price is $145.60 Current Price is $126.97 Difference: $18.63
If DMP meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $103.86, suggesting downside of -24.0% (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

Macquarie rates DXS as Neutral (3) -

FY21 results were in line with expectations. Macquarie finds distribution guidance for growth of 2% or more in FY22 is a positive, given the reintroduction of the leasing code of conduct.

Dexus will focus on higher returning opportunities via growth in funds management and the track record signals to the broker potential for further upside.

Despite the positives, Macquarie remains cautious on the outlook for office markets and retains a Neutral rating. Target rises to $11.11 from $11.04.

Target price is $11.11 Current Price is $10.53 Difference: $0.58
If DXS meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.78, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Morgan Stanley rates DXS as Overweight (1) -

FY22 guidance for distribution growth of no less than 2% is a sign of the robust nature of the company's earnings, Morgan Stanley asserts, despite perceptions of a tough office segment.

Dexus, along with all major A-REITs, is promoting its development pipeline and flagging $14.6bn in opportunities. Morgan Stanley considers Dexus one of the leaders among the large passive A-REITs, doing more with what it has.

Overweight retained. Target rises to $11.95 from $11.75. Industry view is In-Line.

Target price is $11.95 Current Price is $10.53 Difference: $1.42
If DXS meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $10.78, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Ord Minnett rates DXS as Hold (3) -

For a full summary of Ord Minnett's response to Dexus Property's result, see yesterday's entry.

In the interim, the broker has increased its target price to $11.30 from $10.90 on a solid result with the group well positioned for growth in FY22 following second-half acquisitions of assets and funds management businesses and funds.

Hold retained.

Target price is $11.30 Current Price is $10.53 Difference: $0.77
If DXS meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $10.78, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

UBS rates DXS as Neutral (3) -

FY21  earnings were weaker than UBS expected. The main reason was a higher interest expense and slightly lower trading profits. Guidance is for distribution growth of at least 2%, the broker suggests, is consistent with other A-REITs.

UBS asserts the outlook for office is increasingly challenged, as activity has slowed down, and when CBDs re-open the leases being cycled will reflect elevated rents from 2017-19. Neutral retained. Target rises to $11.15 from $10.90.

Target price is $11.15 Current Price is $10.53 Difference: $0.62
If DXS meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.78, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

UBS rates EML as Buy (1) -

FY21 results impressed UBS with revenue and earnings ahead of expectations. Guidance for FY22 is affected by reduced growth and incremental costs yet the broker suggests this is still better than what is priced into the stock.

The broker notes the solid momentum in the sales pipeline with 42 new contracts signed and 80 new programs launched in the second half.

Buy rating and target price of $5.30 retained.

Target price is $5.30 Current Price is $3.54 Difference: $1.76
If EML meets the UBS target it will return approximately 50% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates EVT as Neutral (3) -

The broker notes recent industry results indicate film studios are moving towards a 45 day theatrical window, rather than the historic 90 days. It represents a reduction in screening time, but is an improvement on the current simultaneous theatre/streaming release model.

The broker sees this as positive for cinema owners such as Event Hospitality & Entertainment, given it suggests studios still value threatrical release, but still a headwind compared to "normal" times and supportive of the broker's assumption of no full recovery before FY25.

Neutral and $12.65 target retained.

Target price is $12.65 Current Price is $12.50 Difference: $0.15
If EVT meets the Citi target it will return approximately 1% (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 FBU as Neutral (3) -

Fletcher Building reports FY21 at the top end of May guidance, and while there is no FY22 guidance as per recent custom, FY21 dividend per share (DPS) of NZ$0.30ps is well above Macquarie and consensus, which the broker suspects may signal confidence in the FY22 outlook.

In an initial response to today's market update, Macquarie notes previous clues point to a -$65m re-basing, with first guidance to be given at the October ASM.

The broker also notes NZ has moved into a 3-day nationwide/7-day Auckland lockdown today, which will distract from the result.

Neutral rating and target of  NZ$7.15 are both retained.

Current Price is $7.41. Target price not assessed.

Current consensus price target is $7.60, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Morgan Stanley rates FBU as Overweight (1) -

FY21 results were slightly ahead of Morgan Stanley's estimates and in line with guidance.

The broker believes the business is well positioned, and while coronavirus disruptions are a risk for the short term the company can beneft from strong end markets and tightness in global supply chains.

Overweight rating and NZ$8.10 are unchanged. Industry view is In-Line.

Current Price is $7.41. Target price not assessed.

Current consensus price target is $7.60, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Credit Suisse rates GPT as Outperform (1) -

Positive signs within GPT Group's first half FY21 result included a 24% jump in funds from operations per share (FFOp) on the previous period to 15.6c, well above Credit Suisse estimates (14.7c) due to the broker's overly conservative rent relief and re-leasing assumptions in first half FY21.

While guidance remains withdrawn in light of lockdowns, the broker thinks there is a high degree of predictability over GPT’s office and logistics portfolios, with the material uncertainty really relating to the retail portfolio, which represents 38% of the overall investment.
portfolio.

The broker thinks GPT continues to be discounted due to its retail exposure, with little (if any) value being given for its management business or future development pipeline.

Outperform rating is unchanged and the target price lifts to $5.02 from $4.84.

Target price is $5.02 Current Price is $4.77 Difference: $0.25
If GPT meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.98, suggesting upside of 2.7% (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

Morgans rates HPI as Add (1) -

The FY21 result for Hotel Property Investments was in-line with guidance, on the back of annual rent increases and new acquisitions, explains Morgans. The FY21 DPS was 19.3 cents and FY22 DPS guidance has been set at 20.5 cents.

Net rental income rose 8.6% on the previous corresponding period, which was driven by annual rent increases of 2.5% and income from new acquisitions, notes the analyst. Morgans retains its Add rating and $3.52 target price.

Target price is $3.52 Current Price is $3.33 Difference: $0.19
If HPI meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Ord Minnett rates HPI as Accumulate (2) -

FY21 distributable profit was in line with Ord Minnett's estimates and up 9%. The dividend of 19.3c was down -4%.

Ord Minnett assesses the impact of the pandemic on rent has been limited and the portfolio remains in good shape, with 100% hotel occupancy and a long 10.8-year weighted average lease expiry.

Accumulate rating and $3.60 target maintained.

Target price is $3.60 Current Price is $3.33 Difference: $0.27
If HPI meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Credit Suisse rates MFG as Neutral (3) -

Magellan Financial Group reported a net profit of $413m, -5% below consensus forecasts.

While fee income, costs, and core funds management earnings were largely in line with expectations, Credit Suisse notes the miss is driven predominantly by losses on associates, due largely to -$40m of start-up losses in Barrenjoey in FY21 for the group's 40% share.

Due to a step up in the tax rate in FY24, up 7.5% to around 30%, as offshore banking unit (OBU) rules are phased out and dilution from the DRP have also eroded Credit Suisse's earnings forecasts in the medium term, the broker has downgraded earnings per share (EPS) forecasts by -9-10% in FY22-23 and -18% in FY24

Neutral rating is unchanged and the target is lowered to $46.50 from $54.

Target price is $46.50 Current Price is $46.20 Difference: $0.3
If MFG meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $47.22, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates MFG as Neutral (3) -

Magellan Financial Group's FY21 funds management division results were broadly in line with revenue guidance, while costs came in below guidance. 

Management is guiding to funds management expenses of $125-130m, which at the mid-point is around $10m ahead of Macquarie's previous forecast. 

Macquarie also notes that tax changes coming into play from July 1, 2023, will have an approximate 8% impact on earnings from FY24. 

The broker updates earnings per share estimates by -3.8%, -3.2% and 3.8% through to FY24.

The Neutral rating is retained and the target price decreases to $46.75 from $47.50. 

Target price is $46.75 Current Price is $46.20 Difference: $0.55
If MFG meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $47.22, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgan Stanley rates MFG as Underweight (5) -

FY21 results generally missed Morgan Stanley's forecasts. While there were no comments on flows for FY22 the broker estimates around $500m of outflows in July. Estimates for outflows in FY22 are raised to $2.9bn.

The main item of news in the results was the initiative to raise capital via a distribution reinvestment plan at a -1.5% discount. Morgan Stanley suspects the 90-95% pay-out ratio is not sustainable and believes it should be cut.

Underweight maintained. Target is reduced to $34.00 from $39.60. Industry view: In-line. 

Target price is $34.00 Current Price is $46.20 Difference: minus $12.2 (current price is over target).
If MFG meets the Morgan Stanley target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.22, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates MFG as Add (1) -

After Magellan Financial Group's FY21 results, Morgans believes the earnings base is resilient with long-term growth supported by optionality within the Associate investments. 

Adjusted profit was dragged lower from share of Associate losses, and management expects a substantially lower loss in FY22 and material profitability on a 3-5 year time horizon. Adjusted profit pre-Associates was up 4%.

The broker feels proof of an investment performance turnaround will likely be required to improve weak sentiment and lowers its target price to $54.85 from $58.05 and retains its Add rating.

Target price is $54.85 Current Price is $46.20 Difference: $8.65
If MFG meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $47.22, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates MFG as Hold (3) -

Adjusting for one-offs, Magellan Financial's result was broadly in line with the broker. Those one-offs included a number of large items that impacted the P&L outside of the core funds management operations, blurring the otherwise in-line result.

These included costs associated with the restructure of the Magellan Global Fund and an announced DRP, underwritten 25–30%, to provide further financial flexibility in the business including increasing its investment in the Magellan Capital Partners.

Given the high return on equity of the funds management operation and the unproven track record of the new Magellan Capital
Partners division, the broker expects investors to remain cautious on added investment into this division in the near-term.

Hold retained, target price falls to $48.50 from $52.50.

Target price is $48.50 Current Price is $46.20 Difference: $2.3
If MFG meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $47.22, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

UBS rates MFG as Neutral (3) -

FY21 results were slightly ahead of UBS forecasts, reflecting resilient fee margins and cost control.

Still, adjusted net profit was weaker than anticipated and the weakness stemmed from the share of losses in Magellan Capital Partners.

UBS retains a Neutral rating and $52.70 target.

Target price is $52.70 Current Price is $46.20 Difference: $6.5
If MFG meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $47.22, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates NEA as Neutral (3) -

Nearmap's FY21 results saw revenues in line, while a bottom line beat came from stronger than forecast margin improvement, with earnings margins 2% ahead of Macquarie estimates.

At first glance, Macquarie observes a margin beat from strong operating leverage in the US: Gross margins from the US business improved to 44% versus 20% in the prior year, while the more mature A&NZ business saw gross margins increase to 91%.

In the broker's view, Nearmap’s strong annual contract value (ACV) momentum is a clear positive and expects sales efficiency to underpin the share price in the near-term.

Macquarie maintains its Neutral rating and target price of $2.60.

Target price is $2.60 Current Price is $2.06 Difference: $0.54
If NEA meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $2.72, suggesting upside of 31.9% (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 OZL as Lighten (4) -

At first glance, OZ Minerals' first half FY21 result is broadly in line with revenue of $986m, up 71% year-on-year due to high copper prices and Carrapateena.

A dividend of 16c fully franked (or $53m) was less than half Ord Minnett's expectation and implies a payout ratio of 15%.

Overall, while the results appear largely consistent with the comprehensive second-half results, the broker thinks the Prominent Hill study update potentially lifts the broker's DCF valuation.

Ord Minnett retains its Lighten rating and target price of $21 which are both currently under review.

Target price is $21.00 Current Price is $22.10 Difference: minus $1.1 (current price is over target).
If OZL 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 $24.14, suggesting upside of 9.7% (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

Credit Suisse rates RHC as Neutral (3) -

APRA Private Health Insurance hospital stats indicate private hospital industry benefits increased 26.3% year-on-year in second quarter FY21.

Credit Suisse estimates this was driven by episodic growth of 33.2% offset by negative price/mix.

The broker forecasts 18% year-on-year revenue growth for Ramsay Health Care Australia in second half FY21, with 1% growth in second half FY21 versus first half FY21, above the industry data.

While Credit Suisse continues to believe Ramsay will be a beneficiary of a volume tailwind post covid, the broker believes there remain near-term earnings pressures with higher costs and a prolonged NSW lockdown weighing on profitability.

Neutral rating with a $69 target price maintained.

Target price is $69.00 Current Price is $68.82 Difference: $0.18
If RHC meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $68.04, suggesting upside of 0.1% (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

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

ResMed announced the formal launch of the company's next platform, the AirSense 11 (S11) PAP series. While this was previously flagged, it has come slightly early and is timely in Morgan Stanley's view, given the Philips DS1 recall.

Market share gains associated with the new S11 in the absence of DS1 may have the potential to "lock" patients into the ResMed ecosystem, suggests the analyst.

This may potentially provide long-term benefits from share gains in masks/accessories as well, points out the broker. The Equal-Weight rating and $33.90 target price are unchanged.  Industry view: In-Line.

Target price is $33.90 Current Price is $38.17 Difference: minus $4.27 (current price is over target).
If RMD 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 $37.49, suggesting downside of -4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.3

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

Macquarie rates SCP as Outperform (1) -

While Shopping Centres Australasia Property Group's adjusted funds from operations was a 1% beat on Macquarie's forecast, the broker notes that adjusting for write-back of ECL and limited rental relief earnings FY21 would have been a -4% miss on expectations.

Macquarie notes that the company will continue to be acquisitive, and that Shopping Centres Australasia Property Group has flagged a potential shift into funds management, compared to current strategy aimed at retail equity. The company is yet to provide guidance for FY22. 

The Outperform rating is retained and the target price decreases to $2.65 from $2.69.

Target price is $2.65 Current Price is $2.62 Difference: $0.03
If SCP meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Morgan Stanley rates SCP as Overweight (1) -

Shopping Centres Australasia Property Group has reported FY21 funds from operations (FFO) of 14.76 cents, in-line with the 14.6 cents estimated by Morgan Stanley. There was no FY22 guidance due to covid uncertainties.

Ahead of the analyst's forecast for 14.5 cents, management flagged a target DPS of 15 cents, in an undisrupted covid environment. Rent collection as a percentage of full contracted rent improved to 92% in the month of June, in-line with pre-covid levels.

The broker maintains an Overweight rating. The target of $2.79 is unchanged. In-Line industry view.

Target price is $2.79 Current Price is $2.62 Difference: $0.17
If SCP meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Ord Minnett rates SCP as Hold (3) -

SCA Property's 12.9% year on year increase in funds from operations beat both the broker and guidance, thanks to minimal covid-related expense in the second half. The full year dividend was down -0.8% on FY20.

No guidance provided due to lockdown uncertainty, with the broker noting lockdowns in Victoria and NSW will be an earnings headwind, particularly in the first half of FY22, with an estimated -$1.0m per month impact from rent waivers.

The REIT nevertheless offers a defensive portfolio, with anchor tenants representing 48% of income, occupancy at 97.4%, 4.6% sales growth and specialty costs declining to 8.6%, argues the broker. Hold retained, target rises to $2.70 from $2.60.

Target price is $2.70 Current Price is $2.62 Difference: $0.08
If SCP meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

UBS rates SCP as Neutral (3) -

Earnings rebounded in the second half of FY21, delivering growth for the full year of 1%. UBS was disappointed no guidance was provided for FY22.

The company expects to regain adjusted earnings of more than $0.15 per security once the pandemic ends and proceeds from the equity raising are fully deployed.

UBS upgrades estimates by 4% to reflect increased acquisition activity and the lower cost of debt. Neutral maintained. Target rises to $2.65 from $2.43.

Target price is $2.65 Current Price is $2.62 Difference: $0.03
If SCP meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

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

SG Fleet Group's full year results were around a -5% miss on Macquarie's expectations. New vehicle supply constraints impacted second-hand vehicle pricing and provided a boost to end-of-lease income. 

However, Macquarie notes pipeline and recovery commentary is positive heading into FY22, with strong FY21 order growth moving a significant pipeline of orders into FY22. It is expected that delivery constraints will continue, causing further lengthening of the order book. 

The rating is downgraded to Neutral and the target price decreases to $2.98 from $3.07.

Target price is $2.98 Current Price is $2.85 Difference: $0.13
If SGF meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Morgan Stanley rates SGF as Overweight (1) -

In the wake of FY21 results, Morgan Stanley believes supply headwinds masked momentum for SG Fleet Group though headwinds may continue. However, there's considered clear upside risk on strong customer activity, new wins and UK acceleration post-lockdown.

Profit (NPATA) was slightly ahead of the broker's estimate though a 139,000 closing fleet was down -3% on the previous corresponding period. The Overweight rating is unchanged. The target is increased to $3.60 from $3.50 after incorporating LeasePlan.

Industry view: In-Line. No guidance was provided. FY22 lease demand could easily exceed expectations, notes the analyst. 

Target price is $3.60 Current Price is $2.85 Difference: $0.75
If SGF meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Citi rates SGM as Neutral (3) -

Sims posted a solid beat of forecasts. The broker highlights cost savings compared to FY19 but also notes weak cash conversion, albeit due partly to a timing issue.

The broker expects second half FY21 momentum to continue into FY22 but with scrap prices now moderating, does not expect the first half to match the last. FY22-23 earnings forecasts are nevertheless raised substantially and target rises to $19 from $18.

But Neutral retained on rising global macroeconomic uncertainties around global growth.

Target price is $19.00 Current Price is $17.12 Difference: $1.88
If SGM meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $19.08, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Credit Suisse rates SGM as Outperform (1) -

Sims delivered FY21 earnings of $387m, 2% above $360-380m guidance range provided mid-June, and prior guidance of $260-310m.

Management stated that second half FY21 did not benefit from any price/timing one-off and that the second half FY21 earnings trend had continued into July.

Credit Suisse has removed the modelled reversal of a one-off from the broker's FY22 forecast and increased FY22 earnings 77%, and in FY23 by 1%.

The broker notes free cash flow in second half FY21 was negative despite the strongest earnings in 13 years, due to a $169m working capital increase driven by a $300m inventory increase.

Outperform rating is unchanged and the target rises to $19.80 from $18.70.

Target price is $19.80 Current Price is $17.12 Difference: $2.68
If SGM meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $19.08, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

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

Despite a sales miss in FY21, Macquarie notes Sims reported underlying earnings and net profit of $284.1m in line with the broker's expectations. 

A strong outcome from SA Recycling, supported by ANZ and UK Metals, has driven the broker to update earnings per share estimates by 30.8%, 4.4% and -8.0% through to FY24. 

Macquarie expects improving volume trends to continue into FY22.

The rating is downgraded to Neutral and the target price decreases to $18.20 from $19.80.

Target price is $18.20 Current Price is $17.12 Difference: $1.08
If SGM meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $19.08, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

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

Sims reported second half underlying earnings (EBIT) which was a 5% beat versus Morgan Stanley and consensus forecasts, driven by lower-than-expected revenue, but stronger margins. The latter was thought to be supported by the company's cost-out program.

No quantitative guidance was provided though management noted the strong trend in the second half has continued into FY22. With scrap prices supporting the outlook, the analyst feels further upside is reliant on execution on growth initiatives.

The broker lifts its FY22 EPS forecast by 38%, driven by the higher expected margins, and partly offset by lower forecast revenue growth. In FY23, the EPS forecast increases 50%. The broker's Equal-weight rating and $19.50 target are retained. The industry view is In-Line.

Target price is $19.50 Current Price is $17.12 Difference: $2.38
If SGM meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $19.08, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Ord Minnett rates SGM as Buy (1) -

FY21 net profit was ahead of Ord Minnett's forecast. The broker believes Sims is well situated from a top-down perspective as the global steel industry is intent on maximising scrap consumption in order to decarbonise.

The broker is attracted to scrap markets given the potential for Chinese imports to increase. The broker also considers the stock is trading well below valuation and retains a Buy rating with a $20 target.

Target price is $20.00 Current Price is $17.12 Difference: $2.88
If SGM meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $19.08, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates STO as No Rating (-1) -

Macquarie notes that Santos has reported solid first half results driven by marginally lower-than-expected operating costs.

The company has maintained guidance for production, which remains a miss on Macquarie's forecast, and capital expenditure for FY21. Macquarie highlights that spending is ramping up at the Barossa project and driving a capital expenditure skew in the second half. 

The broker updates earnings per share forecasts by 6% and 1% for FY21 and FY22 respectively. 

Due to research restrictions Macquarie cannot advise on either a target price or rating at present.

Current Price is $6.16. Target price not assessed.

Current consensus price target is $8.01, suggesting upside of 29.1% (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: 0.7

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

Morgan Stanley rates STO as Overweight (1) -

Following first half FY21 results in-line with Morgan Stanley's expectations, the broker notes higher commodity prices have led to stronger free cash as Santos has lowered costs. The dividend of US0.055 was circa 10% higher half-on-half, driven by stronger operating cash flow.

Management comments suggest upstream production costs will be at the lower end of guidance.

While the stock's recent trading appears to be impacted by the merger proposal, the analyst believes the merger will ultimately be good for the company. The Overweight rating and target price of $8.60 are retained. Industry view: Attractive.

Target price is $8.60 Current Price is $6.16 Difference: $2.44
If STO meets the Morgan Stanley target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $8.01, suggesting upside of 29.1% (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: 0.7

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

Morgans rates STO as Add (1) -

First half earnings (EBITDAX) exceeded Morgans estimate by 3%, while the recovery in oil and gas prices resulted in solid year-on-year growth of 24%. A better-than-expected cost performance assisted the outperformance. The interim dividend was US$0.055.

The analyst highlights impressive costs achieved at Darwin LNG and a smaller-than-expected increase in Cooper Basin costs. Morgans maintains its Add rating and expects increasing investor support as the company executes on the Oil Search ((OSH)) merger.

Management flagged an interest in utilising its high resulting equity in PNG LNG to better align the PNG LNG and Papua LNG joint ventures. Morgans maintains its Add rating and lowers its target price to $8.55 from $8.60.

Target price is $8.55 Current Price is $6.16 Difference: $2.39
If STO meets the Morgans target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $8.01, suggesting upside of 29.1% (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: 0.7

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

Ord Minnett rates STO as Buy (1) -

First half results were broadly in line. Significantly, Santos has generated substantial cash flow at an annualised yield of 13% while lowering the cash break-even point.

Ord Minnett expects the second half will be active, given the proposed merger with Oil Search is scheduled for a scheme vote in November and management has identified infrastructure assets for sale.

Ord Minnett reiterates a Buy rating while reducing the target to $8.05 from $8.15.

Target price is $8.05 Current Price is $6.16 Difference: $1.89
If STO meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $8.01, suggesting upside of 29.1% (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: 0.7

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

UBS rates STO as Buy (1) -

First half results were ahead of UBS estimates. The broker believes the first half dividend of 5.5c reflects confidence the company can manage the capital demands of the business as it embarks on a number of growth projects.

UBS expects near-term catalysts will support a re-rating and retains a Buy rating.  Guidance on deal synergies for the proposed merger with Oil Search ((OSH)) is expected to be completed by the end of August.

Moomba CCS remains on track for the fourth quarter. Target is raised to $8.30 from $8.25.

Target price is $8.30 Current Price is $6.16 Difference: $2.14
If STO meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $8.01, suggesting upside of 29.1% (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: 0.7

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

Morgans rates SXY as Add (1) -

Senex Energy has achieved the final investment decision (FID) on its Atlas expansion, aimed at growing Atlas production by 50%. Morgans retains its add rating and $4.50 target price.

An agreement on infrastructure is being finalised with Jemena to extend the existing Atlas tolling agreement and cover plant capex for the company.

Target price is $4.50 Current Price is $3.08 Difference: $1.42
If SXY meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $3.83, suggesting upside of 25.5% (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

Ord Minnett rates TAH as Hold (3) -

At first glance, Tabcorp Holdings FY21 result was a slight beat on Ord Minnett estimates at the top line due to better than expected wagering and gaming services revenues.

At the bottom line net profit was a beat due to lower than expected interest expense and better gaming services margins.

Heading into FY22 the broker expects a consensus downgrade on earnings due to lockdown implications across wagering and gaming services.

The Hold rating and $4.20 target are maintained.

Target price is $4.20 Current Price is $4.85 Difference: minus $0.65 (current price is over target).
If TAH meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.46, suggesting upside of 13.6% (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 TGR as Outperform (1) -

While Tassal's FY21 result was modestly below Credit Suisse estimates, which the broker doesn't ascribe major significance to given the covid related disruption to prices during the period, Credit Suisse was more disappointed with cashflow.

The broker believes the group will need to deliver improved FY22 cashflow performance as well as earnings growth to support a re-rate.

Overall, the broker continues to expect good earnings growth in FY22/23 back to normalised levels, and notes valuation looks undemanding.

Due to a lower FY21 base and slightly lower margin assumptions, Credit Suisse has decreased FY22-23 earnings per share (EPS) forecasts by -6-7%.

Outperform rating is unchanged and the target is lowered to $3.85 from $3.90.

Target price is $3.85 Current Price is $3.51 Difference: $0.34
If TGR meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates VVA as Buy (1) -

Viva Leisure's -$6.4m loss was greater than the broker's -$4.4m forecast due to higher expenses and D&A. Revenues beat expectations, concentration in the ACT has reduced to 40% from above 70% since IPO and performance in non covid-impact areas has been strong.

But net cash was well below the broker's asumption and the new lockdowns are creating further pressure. The company has subsequently stood down 1400 of 1800 employees and will renegotiate rent arrangements, and will pause expansion plans.

The broker sees no change to longer term prospects, but lockdowns will put significant pressure on the balance sheet short term. Buy and $2.50 target retained.

Target price is $2.50 Current Price is $1.70 Difference: $0.8
If VVA meets the Citi target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates VVA as Buy (1) -

In the wake of FY21 results, Ord Minnett lowers its target price to $3.02 from $3.42 and retains its Buy rating. Viva Leisure continues to remain highly leveraged to stay-at-home orders and FY22 to date has seen a -$4.2m impact to earnings (EBITDA).

Should NSW remain in lockdown through to November 2021, management estimates a -$7.8m impact to earnings, which the analyst incorporates into forecasts. Normalised FY21 earnings were at the lower end of the guidance range and a -2.1% miss versus the broker.

The analyst also reduces greenfield forecasts to account for the freeze in new capex during this lockdown period.

Target price is $3.02 Current Price is $1.70 Difference: $1.32
If VVA meets the Ord Minnett target it will return approximately 78% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

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

West African Resources has announced underground diamond drilling at the M1S mine has found strong gold intersections outside the mine plan, offering early potential for the growth of the mine according to Macquarie.

The company plans to undertake further drilling in the fourth quarter of FY21 and the second quarter of 2022 to deliver resource estimation and mine planning in 2022.

Given recent share price weakness, the rating is upgraded to Outperform and the target price of $1.15 is retained. 

Target price is $1.15 Current Price is $1.03 Difference: $0.12
If WAF meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 WBC as Buy (1) -

Westpac's June quarter capital update implies a second half FY21 run-rate slightly above forecast, but still some -10% below the first half average. The bank had previoulsy flagged lower net interest margins and lower Markets & Treasury revenues, as well as higher costs.

The broker foresees a recovery in system growth in both mortgage and business lending, leading to an income recovery in FY22, even if Markets & Treasury revenue continues to underperform against long term averages.

Buy and $30 target retained.

Target price is $30.00 Current Price is $25.45 Difference: $4.55
If WBC meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $28.37, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in September.

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

Credit Suisse rates WBC as Outperform (1) -

During a third quarter FY21 update, Westpac Banking Corp stated the company will consider a return of capital and provide an update at the FY21 result.

Westpac also reiterated considerations that margins for second half FY21 are expected to be lower and FY21 expenses expected to be higher.

While not without execution risk, Credit Suisse sees Westpac as an unloved restructuring story, offering considerable consensus earnings upside over FY22–23 driven by expenses together with a balance sheet that has regained momentum.

The broker's Outperform rating and $28 target are retained for Westpac Bank.

Target price is $28.00 Current Price is $25.45 Difference: $2.55
If WBC meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $28.37, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in September.

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 WBC as Neutral (3) -

Westpac Banking Corporation has provided a quarterly update, with Macquarie noting the capital position remains strong given the company's 12.8% proforma Common Equity Tier 1.The broker sees scope for an approximate $4.5bn off-market buyback.

Further, Macquarie highlighted results appeared to be around -$228m weaker, likely given lower markets income and higher expenses. 

Macquarie has made minor updates to forecast estimates, with cash earnings downgrades from FY22 and beyond largely attributed to divestments and earnings per share upgrades driven by the buyback.

The Neutral rating and target price of $26.50 are retained.

Target price is $26.50 Current Price is $25.45 Difference: $1.05
If WBC meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $28.37, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in September.

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

Morgan Stanley rates WBC as Overweight (1) -

After a third quarter update by Westpac Bank, Morgan Stanley notes no major surprises though some earnings headwinds. The $29.20 target price and Overweight rating are unchanged. Industry view: In-line.

The broker thinks the Forum Finance loss and lower Markets and Treasury income will weigh on second half profit. Management stated the second half margin is expected to be "lower than 1H21" and FY21 expenses will be "higher than FY20".

The Board "will consider a capital return" with an update expected at the FY21 result in November. The broker feels a buyback announcement looks likely in November, and trading multiples are attractive. 

Target price is $29.20 Current Price is $25.45 Difference: $3.75
If WBC meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $28.37, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in September.

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 WBC as Add (1) -

Westpac Bank announced that “given excess capital and franking credits, the Board will consider a return of capital, with an update expected at our FY21 results”. Morgans forecasts $8bn of off-market share buybacks over FY22 and FY23.

Management has reiterated net interest margin (NIM) and expense guidance. Morgans retains its Add rating and $29.50 target price, as capital management potential was already reflected in the analyst's valuation.

Target price is $29.50 Current Price is $25.45 Difference: $4.05
If WBC meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $28.37, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in September.

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

Ord Minnett rates WBC as Hold (3) -

Westpac's trading update was largely confined to asset quality and capital. Commentary on net interest margins and cost was broadly in line with Ord Minnett's expectations.

The broker suspects the share price performance, down slightly, reflects margin pressure for the second half. All up, Ord Minnett concludes the update is another indication of the challenges facing banks which are overweight in Australian mortgages.

The broker is not yet tempted by valuation support and retains a Hold rating and $27 target.

Target price is $27.00 Current Price is $25.45 Difference: $1.55
If WBC meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $28.37, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in September.

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 WPL as Outperform (1) -

Woodside Petroleum has agreed to an all-scrip acquisition of BHP Group's ((BHP)) Petroleum assets. It is Macquarie's view that the merger ratio could be more positive for Woodside Petroleum but that the company is getting more than it's giving up. 

Under the merger Woodside Petroleum shareholders will own 52% while BHP Petroleum will receive 48% equivalent of the enlarged share base. According to Macquarie, this does dissolve some of Woodside Petroleum's upside valuation.

The Outperform rating and target price of $28.20 are retained.

Target price is $28.20 Current Price is $20.73 Difference: $7.47
If WPL meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $27.48, suggesting upside of 35.2% (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: 0.8

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

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

Morgan Stanley sees potential EPS accretion within the 5% range increasing to more like 15% upon the successful execution of synergies, after the announced merger with BHP Group's ((BHP)) Petroleum assets.

The broker expects MergeCo revenues will approximate US$10bn per year over the next few years and earnings (EBITDA) should exceed US$7bn at around US$60/bbl oil. Industry view: Attractive.

The broker is acting as an advisor to the merger and submits no target price or rating at this juncture. 

Current Price is $20.73. Target price not assessed.

Current consensus price target is $27.48, suggesting upside of 35.2% (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: 0.8

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

UBS rates WPL as Buy (1) -

UBS assesses the merger with BHP Group's petroleum business de-risks its investment view across a number of fronts.

The broker expects the merger should reduce gearing to 12% and be accretive to free cash flow, supported by a diversified portfolio of higher return oil products.

Further synergies could unlock value for shareholders. Woodside Petroleum intends to execute a sale agreement by October, obtaining shareholder approvals in early 2022.

UBS notes, if the transaction were to fail, 2022 gearing would rise to 39% and likely require additional capital. Hence, the merger offers a better value proposition. Buy rating and $26.10 price target unchanged.

Target price is $26.10 Current Price is $20.73 Difference: $5.37
If WPL meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $27.48, suggesting upside of 35.2% (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: 0.8

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