Australian Broker Call

Citi rates ABP as Buy (1) -

Abacus Property Group's funds from operation slightly beat Citi's forecast, primarily driven by strong growth in storage income. FY distribution guidance is maintained.

Overall, pandemic impacts across the REIT’s portfolio were relatively limited, Citi notes, with healthy rent collection rates (96% for office and 93% for retail), and only 2% of rent waived. Office leasing volume was stable, while incentives remained flat at 29%.

The broker continues to see scope for further increase in asset values, particularly for the storage business, where furher M&A opportunities may present. Buy and $4.05 target retained.

Target price is $4.05 Current Price is $3.54 Difference: $0.51
If ABP meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.59, suggesting upside of 1.8% (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 ABP as Neutral (3) -

Higher tax expenses saw Abacus Property miss Macquarie's first half funds from operations forecast by -4%, but the 9.8 cents per share result was an 8% increase on the previous comparable period.

The company has implied full year funds from operations of 18.9-21.2 cents per share, given an initial dividend guidance for an 85-95% of funds from operation pay out equating to at least 18.0 cents per share. 

Following significant acquisition since an equity raising in December 2020, the company is now pursuing internal growth and value add opportunities in its existing portfolio. Earnings per share forecasts decrease -5.8%, -6.4% and -4.4% through to FY24 on tax costs. 

The Neutral rating is retained and the target price decreases to $3.54 from $3.70.

Target price is $3.54 Current Price is $3.54 Difference: $0
If ABP meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.59, suggesting upside of 1.8% (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 BHP as Outperform (1) -

BHP Group has indicated further investment in future-facing commodities, and has suggested to Macquarie that it may exceed previous medium-term capital expenditure guidance of US$10bn to increase investment in copper and nickel. 

The New South Wales Energy Coal (NSWEC) sale review continues, and while no delays have been flagged there remain only six months to complete according to BHP Group's timeline which could place the company in an unfavourable position for negotiations. 

The company should continue to benefit from strong commodity pricing. The Outperform rating and target price of $54.00 are retained.

Target price is $54.00 Current Price is $47.97 Difference: $6.03
If BHP meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $46.14, suggesting downside of -3.9% (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

Citi rates BLX as Buy (1) -

Citi has upgraded earnings forecasts in the wake of Beacon Lighting's second half trading update provided with its result. The broker sees increasing interest rates as a risk to the housing cycle and discretionary spending, both of which have been favourable for Beacon’s sales.

However analysis suggests an increase in the cash rate appears to have a lagged impact on house prices and renovation growth. Beacon’s upgraded long term rollout target of 184 stores implies 36% of its rollout potential still remains.

Citi retains Buy, given the long-duration growth prospects from rollout, trade and international, and a lag in earnings impact from rising rates. A roll-forward of valuation leads to a target cut to $3.00 from $3.55.

Target price is $3.00 Current Price is $2.60 Difference: $0.4
If BLX meets the Citi target it will return approximately 15% (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 CDA as Outperform (1) -

Ahead of Codan's first half result release the company has pre-reported revenue and profit of $257m and $50m respectively, but Macquarie notes the company is yet to provide full year guidance. 

Performance from Codan's recent acquisitions were a highlight, with DTC and Zetron ahead of targets. DTC reported earnings of $10m in the first half on a full year target of $14m, while Zetron's $6m first half earnings compares to an $8m full year target. 

DTC and Zetron are due to ship $36m and $22m in the second half respectively, and Codan is confident in the ability to significantly grow future profitability. 

The Outperform rating is retained and the target price decreases to $11.60 from $12.10. 

Target price is $11.60 Current Price is $8.54 Difference: $3.06
If CDA meets the Macquarie target it will return approximately 36% (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 CGF as Neutral (3) -

Citi is not always big on quantifying earnings results, but given slight forecast upgrades have followed Challenger's result release we might assume a positive response. The broker also declares FY guidance to be conservative.

Citi is expecting a larger loss from the bank in second half but the trends in Life seem strong with improving sales and a stable, or slightly increasing, margin. There is a question mark over maturities given the shorter dated nature of new business, but the trends look mostly positive.

Neutral retained, target rises to $7.00 from $6.40.

Target price is $7.00 Current Price is $6.74 Difference: $0.26
If CGF meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.81, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Credit Suisse rates CGF as Neutral (3) -

Challenger's December-half earnings outpaced consensus forecasts by 1% and Credit Suisse's by 4%, thanks to strength in the Life division.

But management reiterated guidance, leaving the broker surmising that earnings may be more volatile than thought, that annuity and book growth was of a lower quality, or that the company expects headwinds in the June half.

The broker believes it is the latter and forecasts a -6 basis point margin decline by June, which combined with other headwinds, could result in a -3% reduction in earnings.

Neutral rating retained, the broker pointing out the bank has little excess capital to deploy to fund growth, but keeps a keen eye peeled to interest rates. Target price rises to $6.40 from $6.25.

Target price is $6.40 Current Price is $6.74 Difference: minus $0.34 (current price is over target).
If CGF meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.81, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Macquarie rates CGF as Neutral (3) -

Challenger's first half results have included a reiteration of full year profit guidance of $430-480m, and Macquarie notes at the mid point this implies lower earnings in the second half. 

The Life segment saw book growth of 8.4% on the previous half, but earnings margins reduced to 2.56% from 2.65%. Further margin contraction in the coming half, coupled with increased bank costs, drive a full year earnings per share forecast decline of -3.9%. 

The Neutral rating is retained and the target price increases to $6.70 from $6.20. 

Target price is $6.70 Current Price is $6.74 Difference: minus $0.04 (current price is over target).
If CGF meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.81, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

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

Following Challenger's 1H results, Morgan Stanley concludes higher interest rates should support earnings growth and lifts its target price to $6.40 from $6. Cost pressures, which are expected to continue, were thought to provide some offset to the higher rates.

While earnings volatility and capital intensity continue to weigh, the broker awaits further details on an upcoming non-bank lending joint venture that may lessen these concerns. Equal-weight. Industry view: Attractive.

Target price is $6.40 Current Price is $6.74 Difference: minus $0.34 (current price is over target).
If CGF meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.81, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Morgans rates CGF as Add (1) -

Challenger Financial Services' December-half result outpaced consensus by 2%, and the dividend also outpaced, leaving the company tracking at the high end of guidance, says Morgans.

The broker admires the quality of the result, noting solid asset growth in Funds Management and Life business, and support for margins.

FY22 and FY23 EPS forecasts rise 4% to 5% accordingly.

Add rating retained given an undemanding multiple. Target price rises to $7.74 from $7.32.

Target price is $7.74 Current Price is $6.74 Difference: $1
If CGF meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $6.81, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Ord Minnett rates CGF as Hold (3) -

Challenger's interim profit exceeded both Ord Minnett and consensus estimates due to strong book growth and cash operating earnings that came in above guidance. The target price rises to $7 from $6.10. 

Guidance was maintained, which the analyst considers a conservative stance, given there's sufficient capacity to fund growth over the next few years. The Hold rating is maintained.

The broker points out additional revenue streams may arise from the relationship with major shareholder Apollo. Additionally, there's considered potential for improved returns on equity from the association, or a potential acquisition of Challenger.

Target price is $7.00 Current Price is $6.74 Difference: $0.26
If CGF meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.81, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

UBS rates CGF as Neutral (3) -

Challenger's first half result delivered sales growth, margin expansion and higher return on investment. UBS has lifted its full year earnings expectations to the top-end of guidance, noting guidance does imply an earnings dip in the second half.

Life segment net flows increased 43% on the previous comparable period, driving 5.0% book growth. The Apollo joint venture, expected to get underway this year, is anticipated to provide yield enhancement and fee opportunities. 

The Neutral rating is retained and the target price increases to $6.40 from $6.25.

Target price is $6.40 Current Price is $6.74 Difference: minus $0.34 (current price is over target).
If CGF meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.81, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Ord Minnett rates CQE as Hold (3) -

Charter Hall Social Infrastructure revealed a 2.5% 1H beat for operating earnings compared to Ord Minnett's forecast, due largely to lower interest costs. The FY22 distribution guidance of 17.2cps was retained.

The broker highlights like-for-like rent growth rebounded to 3.1%, versus 2.3% in FY21, helped along by a higher percentage of fixed reviews and stronger inflation.

The target price rises to $4.10 from $3.80. The Hold rating is maintained and the analyst notes the current difficulty in sourcing transactions due to competition for social infrastructure assets.

Target price is $4.10 Current Price is $3.89 Difference: $0.21
If CQE 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: 0.0

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

Credit Suisse rates CWN as Neutral (3) -

Crown's December-half earnings were weaker than expected but Credit Suisse points out that it is all academic in the face of the Blackstone takeover.

The only likely change to the scenario at this point is if AUSTRAC fines Crown more than -$750m, which will give Blackstone a chance to exit.

Neutral rating and $13.10 target price retained.

Target price is $13.10 Current Price is $12.47 Difference: $0.63
If CWN meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $13.57, suggesting upside of 10.2% (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

Credit Suisse rates CWY as Neutral (3) -

Cleanaway Waste Management's December-half result romped in 17% ahead of consensus forecasts, thanks to a 13% beat on revenue, although margins were weaker than forecast.

Management guided to a similar result in the June half, excluding the Suez Sydney contribution. FY22 earnings forecasts (EBITDA) are upgraded 5%.

Cleanaway also announced it will move to 100% stakes in the energy from waste facilities in Melbourne and Queensland, compared with the JV it was planning in Sydney with Macquarie ((MQG)), which Credit Suisse thinks is a good idea, increasing Cleanaway's optionality.

Target price rises to $2.80 from $2.60. Neutral rating retained.

Target price is $2.80 Current Price is $2.99 Difference: minus $0.19 (current price is over target).
If CWY meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.14, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates CWY as Outperform (1) -

Cleanaway Waste Management's first half results have come in slightly better than Macquarie had expected amid complex operational conditions, and a strategy revision from the company's new CEO provides clarity on outlook. 

The company has suggested second half earnings will be similar to the first half outcome, and Macquarie notes the announced restriction easing in both Victoria and New South Wales could offer upside risk. 

The Outperform rating is retained and the target price increases to $3.85 from $3.70.

Target price is $3.85 Current Price is $2.99 Difference: $0.86
If CWY meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Morgan Stanley rates CWY as Overweight (1) -

Cleanaway Waste Management's 1H earnings (EBITDA) were around 3% better than consensus expected, while guidance was also 2% to the good. Modest near-term consensus upgrades are expected by Morgan Stanley.

The analyst explains the economic recovery, new contracts and assets, as well as higher commodity prices resulted in a 13% net revenue beat versus expectation.

The broker awaits more detail on a 2030 strategy refresh, which at first glance looks promising. Meanwhile, the Overweight rating and $3.30 target are retained. Industry view: Cautious. 

Target price is $3.30 Current Price is $2.99 Difference: $0.31
If CWY meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Morgans rates CWY as Hold (3) -

Cleanaway Waste Management's result outpaced consensus and Morgans' forecasts, thanks to strong revenue growth, particularly in Solids.

Stronger revenue was struck on lower margins as net debt rose and capital intensity increased.

Management guides to a strong second-half, albeit weaker than the December half, and Morgans says the result suggests margins are tracking towards mid-term targets.

Earnings (EBITDA) forecasts rise 2% to 3% across FY22 to FY24.

Hold rating retained on valuation grounds. Target price rises to $2.87 from $2.75.

Target price is $2.87 Current Price is $2.99 Difference: minus $0.12 (current price is over target).
If CWY meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.14, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Ord Minnett rates CWY as Accumulate (2) -

Cleanaway Waste Management delivered much stronger 1H revenue than Ord Minnett expected though a partial offset was provided via margin compression. The Accumulate rating is maintained and the target price rises to $3.30 from $3.

Management expects improved 2H earnings margins across all divisions.

Looking forward, the analyst believes the company is set to benefit from some tailwinds including a reopening economy, banning of waste exports and the shift to a circular economy.

Target price is $3.30 Current Price is $2.99 Difference: $0.31
If CWY meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Credit Suisse rates DHG as Neutral (3) -

Domain Holdings Australia's December-half result outpaced consensus and Credit Suisse forecasts thanks to strong revenue in its Core Digital business and Print business.

Controllable yields suggest improving trends in the December quarter and the broker notes depth penetration improved across all states, although it expects this to moderate as competitive pressure builds.

FY22 EPS estimates rise 23%, buoyed by lower interest and depreciation and amortisation. FY23 estimates are steady given the delay in stamp duty removal.

Target price falls to $4.85 from $5.70 to reflect the delays to stamp duty reforms and an increased weighted average cost of capital. 

Neutral rating retained, the broker preferring Seek ((SEK)) or Carsales ((CAR)).

Target price is $4.85 Current Price is $4.37 Difference: $0.48
If DHG meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.30, suggesting upside of 26.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Macquarie rates DHG as Neutral (3) -

Domain Holdings Australia's first half earnings result of $61m was in line with Macquarie's expectations, but looking ahead the company noted second half listings will be cycling off  strong 45% growth in the previous comparable period. 

Tough comparables alongside an upcoming Federal election may subdue volume growth in the coming half, but this was already factored in Macquarie's forecasts. Yield growth of 19% was the strongest since the company's initial public listing. 

Earnings per share forecasts increase 8% and 1% in FY22 and FY23. 

The Neutral rating is retained and the target price decreases to $4.50 from $4.90.

Target price is $4.50 Current Price is $4.37 Difference: $0.13
If DHG meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.30, suggesting upside of 26.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Ord Minnett rates DHG as Hold (3) -

While the interim report for Domain Holdings Australia showed revenue ahead of Ord Minnett's forecast, cost inflation resulted in an earnings miss. It's noted cost inflation has been a common theme across the classified advertising sector.

The analyst points out that REA Group ((REA)) remains on track for continued outperformance compared to Domain, in terms of Tier 1
depth growth.

The Hold rating is retained and the target price falls to $4.80 from $5.05.

Target price is $4.80 Current Price is $4.37 Difference: $0.43
If DHG meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.30, suggesting upside of 26.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Morgans rates DTL as Add (1) -

Data#3's December-half result outpaced upgraded guidance from January, EPS growth nearly doubling revenue growth, leveraging returns, notes Morgans.

EPS and DPS rose 32% year on year and public cloud revenue rose 35% to $934m, accounting for 47% of revenue, while 67% of revenue is now recurring.

Consulting revenue rose 65% and Morgans notes a large order book is likely to battle it out with supply constraints in FY23, and management provides no further specific FY22 guidance, other than to expect the usual June-half profit skew.

EPS forecasts rise 1% in FY22 and FY23. Target price is steady at $6.46. Add rating retained.

Target price is $6.46 Current Price is $5.55 Difference: $0.91
If DTL meets the Morgans target it will return approximately 16% (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 EBO as Neutral (3) -

Ebos Group delivered another solid result in the first half, Citi notes, with revenue up 13% and earnings 14%. The broker forecasts second half earnings growth of 26%, of which the LifeHealthcare acquisition should contribute around 15%.

No guidance was provided, and management warned of covid uncertainties. However the new $80m pet food manufacturing facility remains on track and this will help Ebos achieve Animal Care division mid-teens earnings margins, Citi estimates.

Neutral retained, target rises to $38.50 from $34.50.

Target price is $38.50 Current Price is $38.30 Difference: $0.2
If EBO meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $39.94, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates EBO as No Rating (-1) -

Ebos Group's first half profit result indicated 16% growth and was a 10% beat on consensus forecasts. Acknowledging that covid presents uncertainty around outlook, Macquarie increases earnings per share forecasts 5%, 11% and 12% through to FY24. 

Alongside first half results, the company reported planned further investment for the year would bring capital expenditure to around $80m. The company's New South Wales pet food manufacturing facility investment is expected to provide $12m in earnings benefits from FY23. 

Given research restrictions Macquarie has not provided a rating or target price. 

Current Price is $38.30. Target price not assessed.

Current consensus price target is $39.94, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

UBS rates EVN as Neutral (3) -

An improved performance at Evolution Mining's Red Lake project in the second half appears key, and UBS expects the company can achieve full year production of 116,000 ounces, a miss on the guided 160,000 ounces, with expected March quarter improvement.

Better access to higher grades at the project this quarter should benefit. Outperformance at the Mungari project continues to be a driver for the company, supporting a 12% resource increase during the half. 

The Neutral rating and target price of $3.65 are retained.

Target price is $3.65 Current Price is $4.08 Difference: minus $0.43 (current price is over target).
If EVN meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.14, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

UBS rates FMG as Sell (5) -

Fortescue Metals Group has delivered a strong first half result, largely in line with UBS's expectations, and maintained full year guidance. The company did highlight expected inflationary pressures in the second half. 

According to UBS, completion of the Iron Bridge project this year is key for the company. While the project is on track, labour shortages in WA present risk. 

The company is also levered to stronger than anticipated iron ore prices and demand, but the broker warns this benefit may decrease as Chinese construction slows and supply lifts. 

The Sell rating is retained and the target price decreases to $16.30 from $16.70.

Target price is $16.30 Current Price is $20.50 Difference: minus $4.2 (current price is over target).
If FMG meets the UBS target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.11, suggesting downside of -13.8% (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: -0.6

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

Morgans rates GDF as Add (1) -

Garda Property Group's December-half result pleased Morgans thanks to improved portfolio occupancy.

Revaluation since October triggered a 14% upswing in portfolio value and another round of revaluations are expected by June.

The company has announced the purchase of a commercial property in Melbourne's Hawthorn east and plans to offload its industrial property at Heathwood in Queensland.

Target price rises to $1.83 from $1.71 on net asset valuation. Add rating retained.

Target price is $1.83 Current Price is $1.71 Difference: $0.12
If GDF meets the Morgans target it will return approximately 7% (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 GMG as Buy (1) -

Goodman Group's first half earnings beat Citi by 6%. FY guidance was upgraded for the second time in six months, to 20% growth. Dividend guidance is retained, but Citi continues to see guidance as being conservative.

Total assets under management came in 4% ahead of Citi's expectation, driven by strong revaluation growth and  stronger net acquisition activity. The outlook for AUM growth is positive as the broker expects industrial asset values to increase due to strong investment demand.

Buy retained, target rises to $29.50 from $28.00.

Target price is $29.50 Current Price is $23.98 Difference: $5.52
If GMG meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $26.61, suggesting upside of 15.4% (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 GMG as Outperform (1) -

Goodman Group's December-half result romped in ahead of consensus and Credit Suisse forecasts, thanks primarily to timing and completion factors in the Development division.

High overheads and taxes proved a partial drag on an otherwise solid result. The balance sheet is strong, earnings profile good and the company boasts strong leverage to the industrial sector, says the broker.

Management upgrades guidance to 20% EPS growth from 15%. Work in progress is hefty and is expected to be struck on higher margins, says the broker, with earnings skewed to the December half.

Rate rises worry the broker less than a market de-rating given high multiples (which the broker believes the company can hold).

Outperform rating retained. Target price rises to $26.09 from $25.01, the broker believing the company can easily deliver 8% growth over FY23 and FY24 relative to FY22.

Target price is $26.09 Current Price is $23.98 Difference: $2.11
If GMG meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $26.61, suggesting upside of 15.4% (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 GMG as Outperform (1) -

Following the first half Goodman Group has issued its second earnings per share guidance upgrade for the year, now guiding to 20% growth on FY21. Macquarie believes company commentary indicates 23% growth is likely, and notes further upside risk given the track record. 

Given a -$15bn asset divestment in recent years is now largely complete, Macquarie expects assets under management growth to improve. Macquarie upgrades earnings per share forecasts between 3.8% and 5.3% through to FY24.

The Outperform rating is retained and the target price increases to $27.38 from $26.63.

Target price is $27.38 Current Price is $23.98 Difference: $3.4
If GMG meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $26.61, suggesting upside of 15.4% (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 GMG as Overweight (1) -

Morgan Stanley's highlight from Goodman Group's 1H results was management's expectation that rental yields will increase by around 15% in FY22. This is thought to provide fundamental support to the circa 1% all-in management fees and the development margins.

First half EPS of 41.9cps beat the analyst's 36.1cps forecast and the consensus estimate of 37.3cps.

The group upgraded FY22 EPS guidance to 20% growth from 15%. The target price rises to $27.88 from $26.50 and the Overweight rating is unchanged. Industry view: In-Line. 

Target price is $27.88 Current Price is $23.98 Difference: $3.9
If GMG meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $26.61, suggesting upside of 15.4% (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 GMG as Downgrade to Hold from Accumulate (3) -

Goodman Group's interim profit was well ahead of Ord Minnett's forecast, underpinned by a 42% increase in development earnings.The broker downgrades its rating to Hold from Accumulate on valuation grounds, while the target price remains set at $25.

Management increased FY22 guidance and Ord Minnett observes growth of 27% in the first half is well above revised guidance for 20% operating EPS growth.

The outlook for development earnings is very strong, according to the broker, with rising work-in-progress in the past two years and continued margin expansion. It's also noted the company has $240m of earnings earned but not yet realised.

Target price is $25.00 Current Price is $23.98 Difference: $1.02
If GMG meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $26.61, suggesting upside of 15.4% (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 GOZ as Neutral (3) -

Growthpoint's December-half result outpaced Credit Suisse's forecasts, thanks to growth in net property income and lower net borrowing costs.

Management reiterates FY22 guidance, excluding the recent acquisition of 141 Camperwell Rd, Hawthorn East, which the broker considers to be conservative.

Gearing is low, the cost of debt eased, debt is 58% hedged, and the company is trading at a -9% discount to net tangible assets, notes the broker.

Credit Suisse tinkers with FFOPS estimates and raises the target price to $4.46 from $4.36. Neutral rating retained, although any capital deployment would provide upside, says the broker.

Target price is $4.46 Current Price is $4.14 Difference: $0.32
If GOZ meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.44, suggesting upside of 6.7% (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 GOZ as Upgrade to Outperform from Neutral (1) -

Having delivered first half funds from operations of 13.6 cents per share, equating to 7% growth on the previous comparable period, Macquarie was surprised by Growthpoint Properties Australia's reiteration of full year guidance of at least 27.0 cents per share. 

The broker sees little downside risk in the second half. Growthpoint Properties has around 8% of expiries in FY22, but 5% of these are tied to the Woolworths Larapinta lease where a notice of intention to exercise a 5-year option has already been issued.

Macquarie further highlights guidance does not include the Camberwell Road settlement which it expects to add 0.4 cents per share to guidance. Earnings per share forecasts increase 2.8%, 4.5% and 4.9% through to FY24. 

The rating is upgraded to Outperform from Neutral and the target price increases to $4.45 from $4.22.

Target price is $4.45 Current Price is $4.14 Difference: $0.31
If GOZ meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.44, suggesting upside of 6.7% (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 IPH as Outperform (1) -

IPH delivered first half earnings of $68.3m, up 10.7% on the previous comparable period, driven by organic earnings growth of 10% in Asia and 5% in Australia & New Zealand. The result drives a 5% and 4% earnings per share upgrade in FY22 and FY23 from Macquarie. 

Patent filing momentum continues in Asia, and the region excluding Singapore reported 16.2% filing growth in the half. The company continues to explore merger and acquisition opportunity outside Australia, which could offer further upside potential to forecasts. 

The Outperform rating is retained and the target price increases to $9.70 from $9.60.

Target price is $9.70 Current Price is $9.03 Difference: $0.67
If IPH meets the Macquarie target it will return approximately 7% (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 IPH as Add (1) -

IPH's December-half result outpaced the broker, the company posting like-for-like divisional earnings (EBITDA) of 10% in Asia and 5% in Australia, thanks to a net currency windfall and a small acquisition contribution.

The company lost market share in domestic filings due to integration disruption and a reduction in filings from one large customer. 

Morgans notes the company's balance sheet allows for debt-funded acquisition and planned offshore expansion should support medium-term growth.

The broker likes the defensive nature of the company, track record and solid cash-flow generation. 

Add rating retained. Target price rises to $9.52 from $9.25.

Target price is $9.52 Current Price is $9.03 Difference: $0.49
If IPH meets the Morgans 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: 1.0

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

Macquarie rates IRE as Neutral (3) -

Iress' FY21 result came in at the top end of guidance range having issued a downgrade to earlier guidance to account for $4-5m in costs related to the EQT Holdings ((EQT)) takeover bid. Macquarie noted the company issued an FY22 profit guidance range of $177-183m. 

The company also confirmed the sale of the mortgage software business continues and proceeds will be returned to shareholders. Hopes had been high for a sales multiple over 10x but Macquarie expects a multiple in the mid to high single digits is now more likely. 

The Neutral rating is retained and the target price decreases to $11.80 from $12.75.

Target price is $11.80 Current Price is $10.98 Difference: $0.82
If IRE meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $12.20, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in December.

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 IRE as Hold (3) -

Iress's 2021 result proved in-line with guidance, reports Ord Minnett, while adding steady revenue growth occurred in all segments except South Africa, with momentum increasing in 2H21.

The broker suggests the sale of the Mortgages business (widely anticipated) presents the option of capital management in addition to the buyback.

The broker believes the outlook for FY22 looks "solid". A change to a new analyst in charge has put the rating on Hold (instead of the prior Accumulate) while paring back the price target to $11.24 from $15.91.

Target price is $11.24 Current Price is $10.98 Difference: $0.26
If IRE meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $12.20, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in December.

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 JMS as Neutral (3) -

Jupiter Mines' 49.9% owned Tshipi e Ntle Manganese Mining announced an FY22 distribution in line with expectations, with Jupiter Mines taking a $22.0m share and $2.8m in marketing profits. Macquarie notes the result drives a -5% earnings per share decrease.  

Tshipi e Ntle will retain around 500m South African rand to fund capital and expenditure in the next year. Jupiter Mines will announce its final dividend with its full year result, which Macquarie predicts to be 1.4 cents equating to a -30% decline on the FY21 dividend. 

The Neutral rating and target price of $0.20 are retained. 

Target price is $0.20 Current Price is $0.22 Difference: minus $0.02 (current price is over target).
If JMS meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in February.

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 MAF as Buy (1) -

MA Financial Group's FY21 result met company guidance and Ord Minnett's forecasts with both Asset Management and Corporate
Advisory showing positive trends, comments the broker.

Ord Minnett highlights earnings guidance for FY22 has been maintained while fund flows have started the year well. Buy rating reiterated with an unchanged target price of $12.50.

Target price is $12.50 Current Price is $8.61 Difference: $3.89
If MAF meets the Ord Minnett target it will return approximately 45% (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

Macquarie rates MVF as Outperform (1) -

Monash IVF Group delivered a 3% beat to Macquarie's first half earnings forecast, with solid domestic cycle volumes driving the result. Domestic cycles were up 10% year-on-year, implying the company grew market share 120 basis points to 18.4%. 

Growth appears imminent, with the Singapore clinic to be opened in the second half and construction continuing on a new Bali-based clinic. Four specialists have been recruited for the Singapore location, as well as four additional specialists locally. 

Looking ahead, elective surgery restrictions are expected to impact on second half earnings but the company continues to expect growth on the previous comparable period. Earnings per share increase 5%, 6% and 6% through to FY24. 

The Outperform rating is retained and the target price increases to $1.20 from $1.15.

Target price is $1.20 Current Price is $1.12 Difference: $0.08
If MVF meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.22, suggesting upside of 8.6% (ex-dividends)

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

Morgan Stanley rates MVF as Overweight (1) -

Following 1H results for Monash IVF Group, Morgan Stanley raises FY22-24 EPS forecasts by 7%, 10% and 14%, respectively, after strong Australian cycle growth. As a result, the target price rises to $1.25 from $1.10. Overweight. Industry view In-Line.

The analyst believes the elevated industry base formed in the pandemic for cycle growth will be maintained. The company outstripped 3.6% industry growth for the first half, returning 6.6% growth.

Target price is $1.25 Current Price is $1.12 Difference: $0.13
If MVF meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.22, suggesting upside of 8.6% (ex-dividends)

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 MVF as Add (1) -

Monash IVF's December-half result outpaced Morgans forecasts and guidance, as strong industry conditions boosted revenue.

International IVF and ultrasound diagnostics were weak but the broker expects a recovery post covid.

Target price rises to $1.20 from $1.09. Add rating retained.

Target price is $1.20 Current Price is $1.12 Difference: $0.08
If MVF meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.22, suggesting upside of 8.6% (ex-dividends)

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

Credit Suisse rates NCM as Outperform (1) -

Newcrest Mining's December-half result sharply outpaced Credit Suisse's forecasts at the top line thanks largely to non-recurring and non-forecasted items.

At the earnings level, the result proved a slight beat. No buyback was announced, the company prioritising its capital expenditure program, but the broker wouldn't rule it out.

FY22 and FY23 EPS forecasts are bumped up. Outperform rating and $30 target price are retained.

Target price is $30.00 Current Price is $23.85 Difference: $6.15
If NCM meets the Credit Suisse target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $28.56, suggesting upside of 16.8% (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: 0.9

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

Macquarie rates NCM as Outperform (1) -

Newcrest Mining delivered a 36% earnings beat to Macquarie's first half forecasts, and updates to the company's resource and reserve guidance suggests a strong second half ahead. 

A 5.6m ounce maiden estimate at the Red Chris project largely drove the year-on-year reserves and resources increase. The company reported iron ore reserves increased 10% and inferred resources increased 39%, and copper resources also saw strong increases. 

Earnings per share forecasts increase 17% in FY22 and 16%, 17% and 16% through to FY25. 

The Outperform rating and target price of $33.00 are retained.

Target price is $33.00 Current Price is $23.85 Difference: $9.15
If NCM meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $28.56, suggesting upside of 16.8% (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: 0.9

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

Morgans rates NCM as Add (1) -

There were no surprises for Morgans in Newcrest Mining's result following the trading update in January. Lower production led to lower earnings, and cash flow was further weakened by investment in the business.

The US7.5c dividend was down -50% year on year, but still declared despite negative free cash flow.

Given its portfolio of large, long-life mines with geographic spread across Australia, Canada and PNG, and the potential for further growth, Newcrest offers good gold and copper price exposure with upside potential from studies due during 2022, Morgans suggests.

Add retained, target falls to $26.02 from $26.05.

Target price is $26.02 Current Price is $23.85 Difference: $2.17
If NCM meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $28.56, suggesting upside of 16.8% (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: 0.9

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

Ord Minnett rates NCM as Buy (1) -

Newcrest Mining has delivered a forecast-beating interim report, according to Ord Minnett. The stand-out "miss" was a significant reduction in the dividend to 7.5c (-50% below the broker's estimate).

Management at the gold miner has kept FY22 guidance intact and the analyst notes no further info on Wafi-Golpu. The target price of $29 and the Buy rating are maintained.

Target price is $29.00 Current Price is $23.85 Difference: $5.15
If NCM meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $28.56, suggesting upside of 16.8% (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: 0.9

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

Ord Minnett rates NGI as Buy (1) -

As per initial observations, Navigator Global Investments released a forecast-beating H1 performance. The interim dividend of US5.5c was equally better-than-anticipated.

Management at the firm has left FY22 guidance unchanged and Ord Minnett concludes management is probably being conservative and has penciled in a small beat.

The broker reiterates its Buy rating while the price target remains $2.40.

Target price is $2.40 Current Price is $1.74 Difference: $0.66
If NGI meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).

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: 1.0

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

Macquarie rates NST as Outperform (1) -

Northern Star has announced it will not exercise its option to acquire 50% of the Windfall Gold project in Quebec in Canada and Macquarie views the decision positively.

Northern Star, says Macquarie, can now concentrate on demonstrating success at Pogo before expanding its North American footprint.

Target $14. Outperform.

Target price is $14.00 Current Price is $9.44 Difference: $4.56
If NST meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $11.48, suggesting upside of 19.8% (ex-dividends)

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

Macquarie rates NWH as Outperform (1) -

Macquarie has kept a positive view post the release of interim financials, which seem to have mostly beaten the broker's expectations. Hence Outperform rating remains in place while the price target gains 10c to $2.30.

On Macquarie's account, operational numbers (EBITDA, etc) were in-line but Free Cash Flow and dividend beat. The order book of $4.0bn and tender pipeline of $19.5bn are healthy, in the broker's view.

Macquarie notes management has upgraded FY22 Ebit(a) guidance to $150-155m "flagging strong margins" which are the main positive focus one day after the event for Macquarie.

The broker points out, NRW Holdings is highly leveraged to iron ore capital spend and infrastructure spend, both of which currently enjoy significant tailwinds.

Target price is $2.30 Current Price is $1.99 Difference: $0.31
If NWH meets the Macquarie target it will return approximately 16% (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

UBS rates NWH as Buy (1) -

NRW Holdings has delivered top end of guidance earnings in the first half of $74.6m, driving the company to tighten full year forecasts to the upper end of range at $150-155m. UBS is forecasting the company will achieve full year earnings of $154m. 

The Mining Equipment, Technology and Services (METS) segment drove the result with an 8% beat on the broker's forecast. UBS highlights tough labour conditions in WA persist, but easing conditions could offer further upside risk. 

The Buy rating is retained and the target price increases to $2.50 from $2.40. 

Target price is $2.50 Current Price is $1.99 Difference: $0.51
If NWH meets the UBS 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: 1.0

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

Ord Minnett rates ORA as Hold (3) -

Orora's interim result revealed a strong Orora Packaging Solutions performance, according to Ord Minnett, with the prospect of further medium term upside for the business in Nth America. As a result, the target rises to $3.90 from $3.35. Hold rated.

Management is assessing both organic and inorganic opportunities for Orora Packaging Solutions. There's potential for a medium sized acquisition or access to higher value segments such as pharmaceuticals or cold chain logistics.

In Australia, lost wine export volumes from China have been offset by new contract wins in beer and soft drinks, explains the analyst.

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

Current consensus price target is $3.73, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Credit Suisse rates ORG as Downgrade to Neutral from Outperform (3) -

Origin Energy's December-half result fell -8% short of consensus forecasts and -6% short of Credit Suisse forecasts due to an exploration write-off in Integrated Gas, higher operating costs in Energy markets, and LNG cargo timing issues tipping operating cash flow into the negative.

Credit Suisse believes Eraring early closure notice is a plus, creating an ESG option.

Management anticipates rising gas prices will offset increased costs.

Target price eases to $6 from $6.10. Rating downgraded to Neutral from Outperform.

Target price is $6.00 Current Price is $6.16 Difference: minus $0.16 (current price is over target).
If ORG 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 $6.22, suggesting upside of 9.4% (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 ORG as Outperform (1) -

Origin Energy's interim performance proved well off the mark, but Macquarie explains it has all to do with exploration writedowns and APLNG accounting.

The broker is of the view that the early closure of Eraring saves money and addresses ESG issue faster than expected thus it should turn out a positive for investors.

Macquarie seems confident the Energy Markets business has now seen the bottom. Estimates have been reduced, but the target price goes up to $6.53 from $6.37. Outperform.

Target price is $6.53 Current Price is $6.16 Difference: $0.37
If ORG meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.22, suggesting upside of 9.4% (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

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

The main news from Origin Energy's 1H results was the bringing forward of the Eraring closure to 2025 from 2032, as a result of higher coal costs and the NSW Electricity Roadmap, explains Morgan Stanley. It's thought this will create electricity margin uncertainty.

Separately, 1H earnings (EBITDA) came in around -10% below the broker's and the consensus estimate.

A lift in FY22 earnings guidance implies to the analyst a favourable 2H, though most of this is captured in the current share price. The Equal-weight rating is maintained while the target price rises to $6.05 from $5.81. Industry View: Cautious.

Target price is $6.05 Current Price is $6.16 Difference: minus $0.11 (current price is over target).
If ORG meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.22, suggesting upside of 9.4% (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 ORG as Downgrade to Lighten from Hold (4) -

Ord Minnett lowers its rating for Origin Energy to Lighten from Hold following in-line interim results, and decreases its target price to $5.50 from $6.05.

The broker believes the result will be overshadowed by the announcement that Eraring will be closed early, and questions what
competitive advantage Origin now has in retailing.

The largest coal-plant in NSW is now expected to terminate by FY25 and the analyst expects this to have a negative impact on the market’s estimate of value, while likely driving wholesale prices higher.

Management has upgraded FY22 guidance, but Ord Minnett says that's all about the price of oil, and well-known among investors. More importantly, operating conditions remain challenging for Energy Markets, which might prove of greater significance.

Target price is $5.50 Current Price is $6.16 Difference: minus $0.66 (current price is over target).
If ORG meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.22, suggesting upside of 9.4% (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 ORG as Buy (1) -

 It is UBS's view that Origin Energy's H1 result was "materially" below expectations, including market consensus, but FY22 guidance and cash distribution guidance from APLNG in excess of $1.1bn have tilted the end result into positive, suggests the broker.

UBS seems to be on board with the decision to accelerate the mothballing of Eraring and replacing the coal-fired power station with a gigantic battery. The broker sees ESG benefits.

UBS notes among oil exposures under coverage, Origin Energy's share price implies the lowest oil price among all. Buy. Target moves to $6.65 from $6.60.

Target price is $6.65 Current Price is $6.16 Difference: $0.49
If ORG meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.22, suggesting upside of 9.4% (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 PAN as Outperform (1) -

Panoramic Resources completed the second concentrate shipment from Savannah on 15 February and Macquarie notes the shipment had a value of $20.5m, with the receipt of this cash reducing near-term funding pressure during the ramp up phase.

The broker expects two shipments to be completed in 4QFY22, which should see the mine turn cash flow positive.

Modest adjustments have been made to forecasts. Target lifts by 1c to 30c. Outperform.

Target price is $0.30 Current Price is $0.26 Difference: $0.04
If PAN meets the Macquarie target it will return approximately 15% (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

Ord Minnett rates PGH as Buy (1) -

\While Pact Group Holdings is currently navigating a highly disrupted operating environment, Ord Minnett sees early signs of a turnaround in 1H results, with organic growth in the core packaging businesses.

Meanwhile, in contract manufacturing, management targets $20m earnings (EBIT) in FY23, which should underpin a re-rating in the stock on a 12-month view, suggests the analyst. While the target falls to $3.10 from $4.30, the Buy rating is maintained.

Target price is $3.10 Current Price is $2.62 Difference: $0.48
If PGH meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.29, suggesting upside of 25.0% (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

Credit Suisse rates RIC as Outperform (1) -

Ridley Corporation's December-half result outpaced Credit Suisse's forecasts, posting strong organic growth and demonstrating strong momentum.

The broker spies plenty of opportunity to drive further growth, and appreciates the strong and strengthening balance sheet (management is open to capital management strategies).

The broker tinkers with EPS forecasts. Outperform rating retained. Target price rises to $1.70 from $1.55.

Target price is $1.70 Current Price is $1.53 Difference: $0.17
If RIC meets the Credit Suisse target it will return approximately 11% (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 S32 as Buy (1) -

South32's first half results were in line with Citi's estimates. Cost pressures are evident, as is the case for all miners, but as the broker is looking for base metal prices to move higher, FY22-23 earnings forecasts have been raised.

Cash flow generation was solid and the company has increased its buyback by $110m to $2.1bn, leaving $302m to be returned by September. Production guidance modestly up across the board.

Buy retained, target rises to $5.00 from $4.45.

Target price is $5.00 Current Price is $4.50 Difference: $0.5
If S32 meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 10.0% (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: 1.0

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

Credit Suisse rates S32 as Outperform (1) -

South32's December-half result proved a 3% beat on consensus forecasts and was in line with Credit Suisse.

The company increased its buyback program by US$110m, leaving a balance of US$302m to be returned by this September.

Management guides to broad-based cost increases and downgrades Illawarra production (and the broker spies capital expenditure creep at the operations) but overall, guidance outpaced the broker's forecasts.

On balance, hot commodity prices continue to seriously outpace cost increases.

Outperform rating and $5.30 target price retained.

Target price is $5.30 Current Price is $4.50 Difference: $0.8
If S32 meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 10.0% (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: 1.0

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

Macquarie rates S32 as Outperform (1) -

Macquarie found South32's interim report a rather mixed affair, but lower cost guidance allows for higher forecasts and spot prices are so strong, there is plenty of potential for sharply upgraded forecasts.

At current spot prices, highlights the broker, free cash-flow could be as high as 30% for FY23.

As far as H1 is concerned, Macquarie saw soft cash flow and a lower dividend, but earnings were deemed "strong".

Outperform rating. The price target shifts to $5.20 from $4.80.

Target price is $5.20 Current Price is $4.50 Difference: $0.7
If S32 meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 10.0% (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: 1.0

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

Morgan Stanley rates S32 as Overweight (1) -

South32 reported 1H underlying earnings (EBITDA) that were 7% above the consensus estimate though -2% below Morgan Stanley's expectation. The dividend of US$8.7cps was -8% below consensus.

Higher costs at Worsley Alumina and Illawarra (coal) were reponsible for the earnings miss versus the broker. Management guided to lower FY22 and FY23 production. 

The overweight rating and $4.95 target are unchanged. Industry view: Attractive.

Target price is $4.95 Current Price is $4.50 Difference: $0.45
If S32 meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 10.0% (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: 1.0

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

Morgans rates S32 as Add (1) -

South32's underlying earnings were up 138% year on year and ahead of Morgans' forecast. Strong earnings allowed the miner to ease its payout ratio to 40% but still announce a record interim dividend, while increasing its share buyback by a further US$110m.

With robust prices across its basket of metals, South32 is a key ex-iron ore, non-WA exposed miner offering investors diversified base metals exposure at an attractive multiple, the broker suggests.

Increased capex guidance leads to a target cut to $4.90 from $5.00. Add retained.

Target price is $4.90 Current Price is $4.50 Difference: $0.4
If S32 meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 10.0% (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: 1.0

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

Ord Minnett rates S32 as Buy (1) -

Estimates by Ord Minnett and consensus were in-line with South32's 1H underlying net profit. An increase of US$110m in the share buyback program surprised, while the 8.7cps interim dividend exceeded the 8cps expected.

The broker lifts its target price to $5 from $4.80 and maintains a Buy rating. Management flagged materially higher FY23 capital expenditure at the Illawarra Coal operation, and a slump in production from FY24.

Target price is $5.00 Current Price is $4.50 Difference: $0.5
If S32 meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 10.0% (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: 1.0

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

Credit Suisse rates SGR as No Rating (-1) -

Star Entertainment Group's December-half result continued to feel the brunt of covid casino lockdowns, which caused a -$74m loss.

Management guides to continued drag on January and February revenues, the news pushing FY22 EPS forecasts into the negative. No interim dividend was paid.

Credit Suisse lowers FY23-FY25 EPS forecasts -7% to -20% to reflect higher forecast funding costs relating to higher net debt following lockdowns.

FY23 EPS cuts were less severe, after management suggested the opening of the Brisbane Casino could be brought forward to early FY23.

Credit Suisse is on rating and target price restriction.

Current Price is $3.55. Target price not assessed.

Current consensus price target is $4.19, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Macquarie rates SGR as Outperform (1) -

Star Entertainment's H1 result was down -87% on a year ago, but the company had flagged it, so there were no surprises. Macquarie says investors have already moved on and are looking forward to a catalyst-packed FY23.

Assuming trading normalises from here, and those catalysts come to life, the broker believes the shares look attractive at these levels. Outperform. Target $4.10 (down from $4.25).

Macquarie does acknowledge there is a risk investors prefer to remain cautious until the completion of The Star Sydney licence review in mid-2022.

Target price is $4.10 Current Price is $3.55 Difference: $0.55
If SGR meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Morgans rates SGR as Add (1) -

Star Entertainment's earnings landed within a pre-announced range, down -87% due to the Sydney lockdown. Since Sydney's re-opening, trading has been brisk, Morgans notes, as customers make up for lost time. 

20%-plus year on year sales growth has persisted into the second half. The picture is more subdued in Brisbane, but this seems likely to normalise, the broker suggests.

The broker has made no major forecast changes, expecting 90% of FY earnings to be captured in the second half. A lower valuation multiple leads to a cut in target to $4.00 from $4.20, Add retained

Target price is $4.00 Current Price is $3.55 Difference: $0.45
If SGR meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

UBS rates SGR as Buy (1) -

Despite facing operating restrictions in Sydney and Queensland during the first half Star Entertainment Group has reported in-line earnings of $29m and year-on-year revenue growth of 7%. 

In the near-term, gaming trends appear to be improving and costs are expected to rise in the coming half. However, UBS expects these to subside into FY23 and for the company to benefit from strong cash flow from the same year. 

The Buy rating is retained and the target price decreases to $4.25 from $4.40. 

Target price is $4.25 Current Price is $3.55 Difference: $0.7
If SGR meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Credit Suisse rates STO as No Rating (-1) -

Santos's December half result met Credit Suisse's forecasts but FY22 guidance proved a -5% miss.

The guidance miss causes the broker to question production and capital expenditure assumptions and Credit Suisse says the company's production trajectory is down for the next few years.

While a strong oil price should be supportive, the broker expects continued negative price read throughs and, while the company is cheap compared to peers, the broker finds a serious upward re-rate unlikely.

The broker is restricted from issuing ratings and target prices.

Current Price is $7.07. Target price not assessed.

Current consensus price target is $8.95, suggesting upside of 27.9% (ex-dividends)

The company's fiscal year ends in December.

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: 0.8

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

Credit Suisse rates TAH as Neutral (3) -

Tabcorp Holding's December-half result outpaced Credit Suisse's forecasts, thanks to higher than forecast digital penetration and improved cost controls.

Lotteries proved the star of the show and the broker forecasts a compound annual growth rate  of 5.4% out to 2025. 

Credit Suisse also expects digital penetration will continue to rise to 43% from 37% over the same period, each point contributing 100bp to EBITDA growth.

The broker lowers wagering and media FY22 earnings forecasts to reflect competive pressure on margins and believes the business is worth -$300m less than originally proposed in 2021.

Neutral rating retained. Target price rises to $5.70 from $5.40.

Target price is $5.70 Current Price is $5.36 Difference: $0.34
If TAH meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.76, suggesting upside of 9.6% (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

Morgans rates TAH as Add (1) -

Tabcorp’s interim result materially exceeded Morgans' expectations, with another record result from Lotteries & Keno the clear highlight. As expected, Wagering & Media and Gaming Services were impacted by venue closures.

These businesses should nevertheless benefit from an easing in covid restrictions from the second half onwards. Wagering and Gaming are adequately funded to pursue their respective growth strategies post de-merger, the broker notes.

Add retained, target rises to $6.12 from $5.70.

Target price is $6.12 Current Price is $5.36 Difference: $0.76
If TAH meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.76, suggesting upside of 9.6% (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 TCL as Neutral (3) -

Transurban's earnings fell short of consensus, Citi notes, given long lockdowns in Sydney and Melbourne. Traffic is recovering but continues to be below pre-covid levels across the network, with large vehicle traffic outperforming.

FY distribution guidance is retained with dividends being in line with free cash flow, excluding capital releases.

Management continues to flag a range of development opportunities across the various cities, with the North American market offering the greatest number of opportunities over the near to medium term.

Revised traffic forecasts lead to a target increase to $14.10 from $13.49, Neutral retained.

Target price is $14.10 Current Price is $13.08 Difference: $1.02
If TCL meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $14.68, suggesting upside of 13.7% (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 TCL as Outperform (1) -

Transurban's December-half result broadly met Credit Suisse's forecasts, but differed on the mix; Melbourne disappointing by -4% and North America lapping the broker.

Costs rose due to higher insurance costs and investment in growth, notes the broker.

Management guides to $2.3bn in capital releases between FY22 and FY25, and expects covid risks could soon be behind the company.

But the broker is less optimistic, pegging a traffic recovery in FY23, and in the meantime expects dilutive acquisitions, higher financing costs, and project delivery risks to weigh.

Target price falls to $14.60 from $15.15. Outperform rating retained.

Target price is $14.60 Current Price is $13.08 Difference: $1.52
If TCL meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $14.68, suggesting upside of 13.7% (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 TCL as Outperform (1) -

Macquarie found Transurban's interim performance in-line, also noting the dividend was covered by free cashflow and the release included a maiden US dividend.

The expectation is that traffic on the toll roads will experience a quick recovery from here onwards. Inflation threat is low, says the broker, with 38% of assets benefiting with inflation below 4%, and 64% above 4%.

Equally important, capital releases of $2.3bn provides Transurban with capital to fund new growth opportunities and supplementing the dividend, if necessary.

Outperform. Target $14.82 (up 3%). The shares are seen offering value for investors.

Target price is $14.82 Current Price is $13.08 Difference: $1.74
If TCL meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $14.68, suggesting upside of 13.7% (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 TCL as Add (1) -

Transurban saw a -4% decline in earnings and a -12% decline in free cash flow in the first half but both results were actually better than Morgans expected. The dividend had already been disclosed.

Transurban has a high quality toll road portfolio that provides long-dated resilient cash flows with leverage to a covid recovery, the broker notes.

The broker's Add rating is not predicated on this result. It is based on taking the opportunity at current prices to buy a stock that in normal times frequently traded at or above net present value. Target falls to $14.29 from $14.57.

Target price is $14.29 Current Price is $13.08 Difference: $1.21
If TCL meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $14.68, suggesting upside of 13.7% (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 TCL as Buy (1) -

Ord Minnett sees how Transurban Group's interim report has missed the mark on multiple financial metrics. It appears the operation in Melbourne was much better, but everywhere else performance disappointed.

The broker does anticipate a recovery in traffic over the balance of FY22. Rising insurance premiums are contributing to higher costs, while margin compression pops up just about everywhere, reports the broker.

Nonetheless, higher operational expenditure will likely be absorbed, according to the analyst. Moreover, strong interest rate and inflation protection is expected to result in growing dividends. Buy. Target falls to $15.40 from $15.70.

Target price is $15.40 Current Price is $13.08 Difference: $2.32
If TCL meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $14.68, suggesting upside of 13.7% (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 TLS as Outperform (1) -

Telstra Corporation's December-half result met Credit Suisse's forecasts and was a touch shy of consensus at the earnings level, but missed both the broker and consensus at the revenue level.

Mobile outpaced forecasts, offseting weakness in other divisions, and the broker notes mobile trends remain favourable.

Core guidance is retained, and management reiterates aspirations for a compound annual growth in underlying earnings (EBITDA) of 5% out to FY25.

Outperform rating retained. Target price steady at $4.50 a share.

Target price is $4.50 Current Price is $3.90 Difference: $0.6
If TLS meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.43, suggesting upside of 13.1% (ex-dividends)

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

Macquarie rates TLS as No Rating (-1) -

At face value, Telstra's interim result represents a small "beat", but Macquarie highlights the Mobile division delivered a positive surprise while Fixed C&SB showed soft numbers.

Elsewhere, the NBN retailing margin was 4% and Telstra has delayed its aspiration to get this up into mid-teens until FY25 (versus FY23 prior).

On the positive side, management has the FY23 aspirational EBITDA reaffirmed. Macquarie is still under research restriction and has reduced estimates for the years ahead.

Noted: the broker has penciled in a dividend of 18.2 for FY24, up from 16c until then.

Current Price is $3.90. Target price not assessed.

Current consensus price target is $4.43, suggesting upside of 13.1% (ex-dividends)

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

Morgan Stanley rates TLS as Overweight (1) -

Following Telstra Corp's 1H results, Morgan Stanley has gained confidence in the sustainability of dividend payments. The return to positive earnings (EBITDA) growth, mobile top-line strength and higher margins aided that confidence.

While earnings were a -1% miss versus expectation, and the analyst trims EPS forecasts for FY22 and FY23 by -1%, the FY24 forecast rises by 4%. The price target moves to $4.60 from $4.50. Overweight. Industry view: In-Line.

The broker highlights the significance of 5.1% organic earnings growth on the previous corresponding period, after five years of falling earnings.

Target price is $4.60 Current Price is $3.90 Difference: $0.7
If TLS meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.43, suggesting upside of 13.1% (ex-dividends)

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

Morgans rates TLS as Add (1) -

Telstra's result showed a second consecutive half of underlying growth, as Morgans expected. Underlying earnings grew an impressive 55%. The reported numbers dipped due to lower NBN revenue and other one-off gains, while Mobile was the star performer.

The ordinary dividend increased from 5c to 6c, although total dividends will be flat year on year at 16c. Notably, ordinary earnings per share increased from 4.0c to 6.2c and now cover the ordinary dividend, the broker notes.

FY guidance was reiterated, and the broker has made no meaningful changes to forecasts. Add and $4.56 target retained.

Target price is $4.56 Current Price is $3.90 Difference: $0.66
If TLS meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.43, suggesting upside of 13.1% (ex-dividends)

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 TLS as Buy (1) -

Telstra Corp's first-half FY22 underlying operating earnings were 2% above Ord Minnett's estimate, while underlying profit was a -13% miss. The interim dividend of 8cps was expected.

The broker remains positive on the stock (Buy), due to the prospect of assets sales and an undemanding valuation though lowers its target price to $4.50 from $4.90.

Headwinds still remain in the fixed business, with the mid-teen margin target pushed out to FY25, and growth is being driven solely from the mobile business, explains the analyst.

Target price is $4.50 Current Price is $3.90 Difference: $0.6
If TLS meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.43, suggesting upside of 13.1% (ex-dividends)

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

UBS rates TLS as Neutral (3) -

Telstra Corporation's share price took a -4.2% tumble after the company's first half result release, but UBS notes results were in-line with expectations with earnings of $3,495m. The broker continues to find the low end of the full year earnings guidance range achievable. 

The result highlight was the mobile segment, reporting 5.0% average revenue per unit growth and 25% earnings growth. Investors appeared concerned by a -$1.50 impact postpaid handheld per unit revenues but UBS notes the impact is earnings neutral. 

The Neutral rating and target price of $4.00 are retained. 

Target price is $4.00 Current Price is $3.90 Difference: $0.1
If TLS meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.43, suggesting upside of 13.1% (ex-dividends)

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

Morgan Stanley rates TRS as Overweight (1) -

Following 1H results for The Reject Shop, Morgan Stanley notes the significant impact of omicron on foot traffic and Christmas trading though reiterates an Overweight rating. Indeed, a sharp rebound in activity could bring the broker's bull case scenario ($17) into play.

In the meantime, the target price falls to $9.50 from $10, given the delays in return to normal trading and the store roll-out, explains the analyst. More positively, gross margins and cost disciple are considered to have been strong. Industry view: In-line. 

Target price is $9.50 Current Price is $7.10 Difference: $2.4
If TRS meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $7.53, suggesting upside of 13.6% (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

Morgans rates TRS as Hold (3) -

The Reject Shop has managed to surprise on the upside, beating Morgans' forecast by 4% for the first-half of FY22. 

The broker notes gross margins held up well, but operating costs increased, and a further increase in operating costs for the second half is expected.

Morgans points out, The Reject Shop walks a tight rope as it operates on narrow margins and costs inflation is real. Hold rating retained while the target price only falls to $6.70 from $6.80 despite some hefty cuts to forecasts.

Target price is $6.70 Current Price is $7.10 Difference: minus $0.4 (current price is over target).
If TRS meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.53, suggesting upside of 13.6% (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 TRS as Hold (3) -

According to Ord Minnett's comments, The Reject Shop's interim performance showed management having navigated multiple challenges well, but conditions are expected to worsen in the second half.

Further out, the broker highlights the retailer continues to invest in its strategic initiatives to improve returns.

Released interim financials were largely in-line, says Ord Minnett. No dividend was expected, and none was declared. Hold. Target lifts to $6.40 from $5.60.

Target price is $6.40 Current Price is $7.10 Difference: minus $0.7 (current price is over target).
If TRS meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.53, suggesting upside of 13.6% (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

Credit Suisse rates TWE as Upgrade to Outperform from Neutral (1) -

Treasury Wine Estates' December-half result outpaced Credit Suisse's forecasts thanks to a successful reallocation from China to South East Asia of $100m of the $200m sales lost in FY2021, and management says the company has built a strong foundation in the region and that the market is greater than estimated.

The broker raises EPS forecasts 10% in FY22 and FY23 accordingly.

The premium brand business and margins were strong and pricing pressure is expected to emerge on grape prices in FY23, which, combined with inflation, reopening trade and cost savings, prompts the broker to raise margin forecasts to 12.5% by FY24 from 7.5% in FY21.

Strong inventory draw-down over the half translated into strong cash conversion. Broker upgrades to Outperform from Neutral. Target price rises to $13.50 from $12.45.

Target price is $13.50 Current Price is $11.94 Difference: $1.56
If TWE meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $13.34, suggesting upside of 11.0% (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

Citi rates WES as Upgrade to Neutral from Sell (3) -

Only in a parallel universe does Bunnings fail to beat expectations, but Citi admits it overestimated the contribution Bunnings would make to Wesfarmers' earnings to offset January guidance of a -58% earnings decline for Kmart/Target. Net earnings missed the broker by -3%.

The broker remains positive on Bunnings given its dominant market share puts it in an excellent position to pass on higher costs within ongoing strength of renovation activity and housing churn. Kmart/Target foot traffic will improve as omicron subsides.

With the stock trading near the broker's unchanged $50 target, the rating is upgraded to Neutral from Sell.

Target price is $50.00 Current Price is $50.81 Difference: minus $0.81 (current price is over target).
If WES meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $54.93, suggesting upside of 9.0% (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

Credit Suisse rates WES as Neutral (3) -

Wesfarmers' December-half result fell short of Credit Suisse's forecasts, the company demonstrating a willingness to sacrifice margins for business as competition intensifies, and Kmart and Target disappointing.

KMart and Target's earnings fall was proportionately large to revenue, notes the broker, suggesting the rising cost of goods continues to bite and spies little room for margin recovery in the near term.

Credit Suisse reports some solid reductions in scope 1 and scope 2 emissions (-14%), improvements in waste disposal and a beat on indigenous employment, all of which should keep the investment community on side.

Neutral rating retained. Target price falls to $55.19 from $58.08.

Target price is $55.19 Current Price is $50.81 Difference: $4.38
If WES meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $54.93, suggesting upside of 9.0% (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

Macquarie rates WES as Neutral (3) -

Macquarie finds Wesfarmers' pre-released interim result was saved by the cyclical operations of WesCEF while Bunnings disappointed and Kmart Group saw a -56% decline in earnings.

The broker does point out, Kmart lost -20% of its trading days during the period, while very strong results for WesCEF can be explained through higher commodity prices and demand for fertiliser.

EPS forecasts decline by -4%-5% for the years ahead. Target price falls to $54.50 from $60 on lower quality growth. Neutral.

Target price is $54.50 Current Price is $50.81 Difference: $3.69
If WES meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $54.93, suggesting upside of 9.0% (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

Morgans rates WES as Add (1) -

Wesfarmers' underlying earnings missed Morgans by -5%, following weaker than expected earnings from most divisions. Operating
cash flow fell -30% due mainly to higher inventory, supply chain disruptions, higher transport costs and labour constraints.

These factors are expected to persist into the second half. But despite ongoing uncertainty in the operating environment, the broker believes the company is well-placed to benefit when conditions improve.

Target falls to $58.50 from $60.80, Add retained.

Target price is $58.50 Current Price is $50.81 Difference: $7.69
If WES meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $54.93, suggesting upside of 9.0% (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 WES as Hold (3) -

Following Wesfarmer's interim report, Ord Minnett points out Bunnings, Officeworks and Industrial & Safety all performed below expectations, but very strong performances were delivered by Wesfarmers Chemicals Energy and Fertilisers (WESCEF).

Headwinds for the Bunnings, Kmart and Officeworks businesses are seen as temporary, though the analyst cautions on inflationary pressure and the required investment in online capabilities.

The broker cuts FY23 and FY24 earnings estimates by -5.0% and -5.7% and lowers its target price to $52.40 from $57. Hold.

Target price is $52.40 Current Price is $50.81 Difference: $1.59
If WES meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $54.93, suggesting upside of 9.0% (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

Citi rates WHC as Buy (1) -

Higher unit costs due to weather-disrupted production and diesel prices resulted in an earnings miss for Whitehaven Coal. However with thermal coal prices surging, Citi has upgraded FY earnings forecasts.

The 8c interim dividend was not expected alongside a 10% buyback over 12 months. FY production and cost guidances are unchanged but it is likely that capex spend ends up lower than guidance given modest first half spending.

Buy retained, target rises to $3.40 from $3.20.

Target price is $3.40 Current Price is $3.02 Difference: $0.38
If WHC meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).